On Tuesday, genetically modified salmon producer AquaBounty posted second quarter net losses of $5.5 mimillion (€5.4 million), a nearly 6 percent increase from the $5.2 million (€5.1 million) in losses it reported in the same quarter last year.

The company also announced it is changing its plans regarding the construction of its new full-scale land-based farming facility in Ohio.

The land-based salmon producer had begun the process to place a mix of tax-exempt and taxable bonds through the Toledo-Lucas County Port Authority, whose board has approved the issuance of up to $300 million (€260 million) in bonds to support the financing of the project. But as central banks have tightened monetary policy to control inflation, hundreds of billions in value have been wiped off the bond market since the start of the year.

“On the bond financing front, we have decided to slow the process down temporarily in order to evaluate the current economic forces that are driving both inflation and interest rates higher,” CEO Sylvia Wulf said.

“Since our estimate for construction of the farm currently exceeds our previous range of $290-$320 million (€283-€313 million), we will review all options for reducing cost, including potentially phasing the construction of the 10,000 metric ton farm with an initial production output level that would demonstrate our competitive advantage and ability to operate at commercial scale."

Cash, cash equivalents, marketable securities and restricted cash for the company totaled $149.2 million (€146 million), compared to $191.2 million (€187 million) last year.

The company generated just $1.1 million (€1 million) for the past quarter, as compared to $227,000 (€222,000) in the second quarter of 2021. Since its founding in 1991, AquaBounty has accrued losses of more than $100 million (€97 million).

In November last year, shares in the company, which trade on the NASDAQ, fell sharply when it was announced that investment firm Third Security had sold more than 12 million shares. Following the announcement of results for the quarter on Tuesday, shares fell to $1.53 (€1.50).