NeuroBo Pharmaceuticals Reports Full Year 2021 Financial Results
Management Commentary
"Since I joined NeuroBo in November of 2021, we have had the opportunity to significantly strengthen our team including the addition of highly accomplished executive,
"Also of note, following a positive recommendation from the independent data safety monitoring board, in the fourth quarter of last year, we continue to advance our Phase 2/3 clinical trial of lead drug candidate, ANA001, a proprietary oral niclosamide formulation, in development as a treatment for patients with moderate to severe COVID-19 and expect to complete the phase 2 portion of the trial in the third quarter of this year. We look forward to providing further updates on our clinical progress in the near future."
Management also noted that, subsequent to the
Full Year 2021 Financial and Operating Results
- Research and Development (R&D) Expenses were
$6.5 million for the year endedDecember 31, 2021 as compared to$4.5 million for the year endedDecember 31, 2020 . The$2.0 million increase during the year endedDecember 31, 2021 was primarily attributed to increased clinical trial and drug manufacturing of$1.9 million and$0.4 million , respectively, for the development of ANA001, offset by a reduction of preclinical costs of$0.3 million .
- General and Administrative Expenses were
$8.8 million for the year endedDecember 31, 2021 compared to$7.8 million for the year endedDecember 31, 2020 . The increase of$1.0 million was primarily due to increased personnel costs of$0.6 million , increased costs associated with operating as a public company of$0.3 million , and increased insurance costs of$0.4 million , offset by reductions of facilities and professional fees costs of$0.3 million and$0.1 million , respectively, when compared to the comparable prior year.
- Net Loss for the year ended
December 31, 2021 was$15.3 million , or$0.66 per basic and diluted share, based on 23,143,792 weighted average common shares outstanding, compared with a net loss of$29.7 million , or$1.83 per basic and diluted share, based on 16,217,339 weighted average common shares outstanding for the year endedDecember 31, 2020 .
- Cash and Cash Equivalents were
$16.4 million as ofDecember 31, 2021 , compared with$10.1 million as ofDecember 31, 2020 . Operating at its current level of clinical activity, NeuroBo expects its cash position will be adequate to fund operations into the fourth quarter of 2022.
About
For more information visit: https://www.neurobopharma.com.
Forward Looking Statements
Any statements in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding NeuroBo's obtaining financing for development of its products and conducting clinical trials and the nature of such financing, the development of NeuroBo's product candidates, the ability to obtain regulatory and other approvals for and commence new clinical trials and the therapeutic potential, timing and nature of clinical trials and potential regulatory approval of NeuroBo's clinical programs and pipeline. Forward-looking statements are usually identified by the use of words, such as "believes," "anticipates," "expects," "intends," "plans," "may," "potential," "will," "could" and similar expressions. Actual results may differ materially from those indicated by forward-looking statements as a result of various important factors and risks. These factors, risks and uncertainties include, but are not limited to: recent changes in NeuroBo's management; the ability to obtain approval and initiate new clinical trials, including the Phase 2/3 trial as a post-exposure prophylaxis for the prevention of COVID-19; the clinical utility, potential benefits and market acceptance of NeuroBo's product candidates, including ANA001 and Gemcabene; the effect of future milestone payments and royalties on the results of operations and financial position of NeuroBo; the occurrence of health epidemics or contagious diseases, such as COVID-19, and potential effects on NeuroBo's business, clinical trial sites, supply chain and manufacturing facilities; the effects of the ongoing war in
Contact:
+1-917-633-6086
mmiller@rxir.com
- Tables to Follow -
|
|||||||
Consolidated Balance Sheets |
|||||||
(in thousands, except share amounts and par value) |
|||||||
|
|
||||||
2021 |
2020 |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash |
$ |
16,387 |
$ |
10,089 |
|||
Prepaid expenses |
197 |
546 |
|||||
Other assets |
— |
48 |
|||||
Total current assets |
16,584 |
10,683 |
|||||
Right-of-use assets and other |
105 |
130 |
|||||
Property and equipment, net |
110 |
155 |
|||||
Total assets |
$ |
16,799 |
$ |
10,968 |
|||
Liabilities and stockholders' equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
830 |
$ |
2,575 |
|||
Accrued liabilities |
1,301 |
1,096 |
|||||
Lease liability, short-term |
26 |
24 |
|||||
Total current liabilities |
2,157 |
3,695 |
|||||
Lease liability, long-term |
45 |
70 |
|||||
Total liabilities |
2,202 |
3,765 |
|||||
Commitments and contingencies |
|||||||
Stockholders' equity |
|||||||
Preferred stock, |
— |
— |
|||||
Common stock, |
27 |
20 |
|||||
Additional paid–in capital |
96,394 |
73,713 |
|||||
Accumulated other comprehensive income |
4 |
14 |
|||||
Accumulated deficit |
(81,828) |
(66,544) |
|||||
Total stockholders' equity |
14,597 |
7,203 |
|||||
Total liabilities and stockholders' equity |
$ |
16,799 |
$ |
10,968 |
|
|||||||
Consolidated Statements of Operations and Comprehensive Loss |
|||||||
(in thousands, except share and per share amounts) |
|||||||
For the Year Ended |
|||||||
|
|||||||
2021 |
2020 |
||||||
Operating expenses: |
|||||||
Research and development |
$ |
6,546 |
$ |
4,531 |
|||
Acquired in‑process research and development |
— |
17,339 |
|||||
General and administrative |
8,752 |
7,846 |
|||||
Total operating expenses |
15,298 |
29,716 |
|||||
Loss from operations |
(15,298) |
(29,716) |
|||||
Interest income |
14 |
39 |
|||||
Other expense, net |
— |
(1) |
|||||
Loss before income taxes |
(15,284) |
(29,678) |
|||||
Provision for income taxes |
— |
— |
|||||
Net loss |
(15,284) |
(29,678) |
|||||
Other comprehensive (loss) income, net of tax |
(10) |
2 |
|||||
Comprehensive loss |
$ |
(15,294) |
$ |
(29,676) |
|||
Loss per share: |
|||||||
Net loss per share, basic and diluted |
$ |
(0.66) |
$ |
(1.83) |
|||
Weighted average common shares outstanding: |
|||||||
Basic and diluted |
23,143,792 |
16,217,339 |
View original content:https://www.prnewswire.com/news-releases/neurobo-pharmaceuticals-reports-full-year-2021-financial-results-301515393.html
SOURCE