NeuroBo Pharmaceuticals Reports Third Quarter 2021 Financial Results
Third Quarter Highlights
"In October, following a positive recommendation from the independent data safety monitoring board, we continued 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," stated
Management Transition
As previously announced, the Company has appointed
"It has been a privilege to serve as Chief Executive Officer of NeuroBo and guide it to the current stage of clinical development. I am confident that the company will be in good hands under Gil's stewardship and am pleased to work alongside the team during the transition period and beyond as a continuing member of NeuroBo's Board," added
Third Quarter 2021 Financial and Operating Results
- Research and Development (R&D) Expenses were
$1.4 million for the three months endedSeptember 30, 2021 as compared to$1.3 million for the three months endedSeptember 30, 2020 . The$0.1 million increase in the third quarter of 2021 was primarily attributable to an increase in clinical trial costs in 2021 on a net basis when compared to the comparable quarter in the prior year. - General and Administrative Expenses were
$2.1 million for the three months endedSeptember 30, 2021 , compared to$1.8 million for the three months endedSeptember 30, 2020 . The increase of$0.3 million in the current period was primarily due to an increase in legal and consulting costs of$0.2 million , payroll costs of$0.1 million , public company costs of$0.1 million and insurance costs of$0.1 million , offset in part by a reduction in facility related costs of$0.1 million and stock-based compensation of$0.1 million when compared to the comparable prior year period. - Interest Income for the quarters ended
September 30, 2021 and 2020 was$3,000 and$6,000 , respectively, related to cash deposits. - Net Loss for the quarter ended
September 30, 2021 was$3.5 million , or$0.16 per basic and diluted share, based on 22,285,492 weighted average common shares outstanding, compared with a net loss of$3.1 million , or$0.19 per basic and diluted share, based on 16,427,307 weighted average common shares outstanding for the quarter endedSeptember 30, 2020 . - Cash and Cash Equivalents were
$7.0 million as ofSeptember 30, 2021 , compared with$10.1 million as ofDecember 31, 2020 . Operating at its current level of clinical activity and including the proceeds from theOctober 2021 registered direct offering, 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 development expenses, 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: recent changes in NeuroBo's management; 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 |
$ |
6,984 |
$ |
10,089 |
|||
Prepaid expenses |
812 |
546 |
|||||
Other assets |
48 |
48 |
|||||
Total current assets |
7,844 |
10,683 |
|||||
Right-of-use assets and other |
111 |
130 |
|||||
Property and equipment, net |
122 |
155 |
|||||
Total assets |
$ |
8,077 |
$ |
10,968 |
|||
Liabilities and stockholders' equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
953 |
$ |
2,575 |
|||
Accrued liabilities |
922 |
1,096 |
|||||
Lease liability, short-term |
26 |
24 |
|||||
Total current liabilities |
1,901 |
3,695 |
|||||
Lease liability, long-term |
51 |
70 |
|||||
Total liabilities |
1,952 |
3,765 |
|||||
Commitments and contingencies (Notes 4, 5, 6 and 11) |
|||||||
Stockholders' equity |
|||||||
Preferred stock, |
— |
— |
|||||
Common stock, |
22 |
20 |
|||||
Additional paid–in capital |
83,349 |
73,713 |
|||||
Accumulated other comprehensive income |
4 |
14 |
|||||
Accumulated deficit |
(77,250) |
(66,544) |
|||||
Total stockholders' equity |
6,125 |
7,203 |
|||||
Total liabilities and stockholders' equity |
$ |
8,077 |
$ |
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 Nine Months Ended |
|||||||||||
|
|
|||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||
Operating expenses: |
||||||||||||
Research and development |
$ |
1,394 |
$ |
1,265 |
$ |
4,549 |
$ |
4,091 |
||||
General and administrative |
2,070 |
1,795 |
6,171 |
6,110 |
||||||||
Total operating expenses |
3,464 |
3,060 |
10,720 |
10,201 |
||||||||
Loss from operations |
(3,464) |
(3,060) |
(10,720) |
(10,201) |
||||||||
Interest income |
3 |
6 |
14 |
34 |
||||||||
Other expense, net |
— |
— |
— |
(1) |
||||||||
Loss before income taxes |
(3,461) |
(3,054) |
(10,706) |
(10,168) |
||||||||
Provision for income taxes |
— |
— |
— |
— |
||||||||
Net loss |
(3,461) |
(3,054) |
(10,706) |
(10,168) |
||||||||
Other comprehensive (loss) income, net of tax |
1 |
13 |
(10) |
(15) |
||||||||
Comprehensive loss |
$ |
(3,460) |
$ |
(3,041) |
$ |
(10,716) |
$ |
(10,183) |
||||
Loss per share: |
||||||||||||
Net loss per share, basic and diluted |
$ |
(0.16) |
$ |
(0.19) |
$ |
(0.49) |
$ |
(0.63) |
||||
Weighted average common shares outstanding: |
||||||||||||
Basic and diluted |
22,285,492 |
16,427,307 |
22,036,184 |
16,135,000 |
View original content:https://www.prnewswire.com/news-releases/neurobo-pharmaceuticals-reports-third-quarter-2021-financial-results-301423860.html
SOURCE