NeuroBo Pharmaceuticals Reports Second Quarter 2021 Financial Results
Management Commentary
"During the second quarter, we continued to advance the Phase 2/3 clinical trial of our lead drug candidate, ANA001, a proprietary oral niclosamide formulation, in development as a treatment for patients with moderate to severe COVID-19," stated
Second Quarter 2021 Financial and Operating Results
- Research and Development (R&D) Expenses were
$2.0 million for the three months endedJune 30, 2021 as compared to$0.7 million for the three months endedJune 30, 2020 . The$1.3 million increase in the second quarter of 2021 was primarily attributed to an overall increase in research development activity in 2021 on a net basis when compared to the comparable quarter in the prior year. - General and Administrative Expenses were
$1.9 million for the three months endedJune 30, 2021 , compared to$1.7 million for the three months endedJune 30, 2020 . The increase of$0.2 million in the current period was primarily due to additional insurance premium costs of$0.1 million , payroll costs of$0.1 million and consulting costs of$0.1 million , offset in part by a reduction of facility related costs of$0.1 million when compared to the comparable period in the prior year. - Net Loss for the quarter ended
June 30, 2021 was$3.9 million , or$0.18 per basic and diluted share, based on 22,200,074 weighted average common shares outstanding, compared with a net loss of$2.4 million , or$0.15 per basic and diluted share, based on 16,303,681 weighted average common shares outstanding for the quarter endedJune 30, 2020 . - Cash and Cash Equivalents were
$9.5 million as ofJune 30, 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 first 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 the development of NeuroBo's product candidates 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: the failure to obtain all of the benefits or recognize all of the synergies anticipated from the ANA acquisition; the integration of ANA potentially diverting management resources from operational matters and other strategic opportunities; the effect of future milestone payments and royalties specified in the ANA acquisition agreement 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; NeuroBo's ability to continue as a going concern; the timing of completion of NeuroBo's planned clinical trials, including with respect to ANA001 and Gemcabene; the timing of the availability of data from NeuroBo's clinical trials, including with respect to ANA001 and Gemcabene; NeuroBo's plans to research, develop and commercialize its current and future product candidates, including the potential alternative pathways for NB-01; NeuroBo's ability to successfully collaborate with existing collaborators or enter into new collaborations and to fulfill its obligations under any such collaboration agreements; the clinical utility, potential benefits and market acceptance of NeuroBo's product candidates, including ANA001 and Gemcabene; the impact of government laws and regulations; NeuroBo's ability to protect its intellectual property position; and NeuroBo's need for additional financing to fulfill its stated goals; and other factors discussed in the "Risk Factors" section of NeuroBo's Annual Report on Form 10-K filed with the
Contacts:
+1-917-633-6086
mmiller@rxir.com
- Tables to Follow -
|
|||||||
Consolidated Balance Sheets |
|||||||
(in thousands, except share amounts and par value) |
|||||||
|
|
||||||
2021 |
2020 |
||||||
(unaudited) |
|||||||
Assets |
|||||||
Current assets: |
|||||||
Cash |
$ |
9,513 |
$ |
10,089 |
|||
Prepaid expenses |
789 |
546 |
|||||
Other assets |
166 |
48 |
|||||
Total current assets |
10,468 |
10,683 |
|||||
Right-of-use assets and other |
117 |
130 |
|||||
Property and equipment, net |
134 |
155 |
|||||
Total assets |
$ |
10,719 |
$ |
10,968 |
|||
Liabilities and stockholders' equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
347 |
$ |
2,575 |
|||
Accrued liabilities |
811 |
1,096 |
|||||
Lease liability, short-term |
25 |
24 |
|||||
Total current liabilities |
1,183 |
3,695 |
|||||
Lease liability, long-term |
58 |
70 |
|||||
Total liabilities |
1,241 |
3,765 |
|||||
Commitments and contingencies (Notes 4, 5, 6 and 11) |
|||||||
Stockholders' equity |
|||||||
Preferred stock, |
— |
— |
|||||
Common stock, |
22 |
20 |
|||||
Additional paid–in capital |
83,242 |
73,713 |
|||||
Accumulated other comprehensive income |
3 |
14 |
|||||
Accumulated deficit |
(73,789) |
(66,544) |
|||||
Total stockholders' equity |
9,478 |
7,203 |
|||||
Total liabilities and stockholders' equity |
$ |
10,719 |
$ |
10,968 |
|
|||||||||||||
Consolidated Statements of Operations and Comprehensive Loss |
|||||||||||||
(in thousands, except share and per share amounts) |
|||||||||||||
(unaudited) |
|||||||||||||
For the Three Months Ended |
For the Six Months Ended |
||||||||||||
|
|
||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||
Operating expenses: |
|||||||||||||
Research and development |
$ |
2,012 |
$ |
674 |
$ |
3,155 |
$ |
2,826 |
|||||
General and administrative |
1,914 |
1,718 |
4,101 |
4,315 |
|||||||||
Total operating expenses |
3,926 |
2,392 |
7,256 |
7,141 |
|||||||||
Loss from operations |
(3,926) |
(2,392) |
(7,256) |
(7,141) |
|||||||||
Interest income |
5 |
8 |
11 |
28 |
|||||||||
Other expense, net |
— |
— |
— |
(1) |
|||||||||
Loss before income taxes |
(3,921) |
(2,384) |
(7,245) |
(7,114) |
|||||||||
Provision for income taxes |
— |
— |
— |
— |
|||||||||
Net loss |
(3,921) |
(2,384) |
(7,245) |
(7,114) |
|||||||||
Other comprehensive (loss) income, net of tax |
(4) |
6 |
(11) |
(28) |
|||||||||
Comprehensive loss |
$ |
(3,925) |
$ |
(2,378) |
$ |
(7,256) |
$ |
(7,142) |
|||||
Loss per share: |
|||||||||||||
Net loss per share, basic and diluted |
$ |
(0.18) |
$ |
(0.15) |
$ |
(0.33) |
$ |
(0.44) |
|||||
Weighted average common shares outstanding: |
|||||||||||||
Basic and diluted |
22,200,074 |
16,303,681 |
21,909,464 |
15,987,240 |
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