Applied Molecular Transport Reports First Quarter 2023 Financial Results
May 11 2023 - 4:05PM
Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a
biopharmaceutical company, today reported financial results for the
first quarter ended March 31, 2023.
Recent Business Highlights
- Engaged MTS Health
Partners, L.P. as advisors in a process to explore strategic
alternatives for the company
- Appointed Shawn Cross to serve as chief
executive officer and board chair
- Tahir Mahmood, Ph.D., co-founder and
former CEO remains a member of the board and retained as a
consultant
Financial Results for the First Quarter
Ended March 31, 2023
Research and development (R&D)
expenses. Total R&D expenses for the first
quarter of 2023 were $13.0 million, compared to $31.2 million for
the same period in 2022. The overall decrease was attributable to
our restructuring of operations, related reductions in workforce
implemented in March 2023 and halting all research and development
activities.
General and administrative (G&A)
expenses. Total G&A expenses for the first quarter of
2023 were $6.8 million, compared to $11.3 million for the same
period in 2022. The overall decrease was attributable to our
restructuring of operations and related reductions in workforce
implemented in March 2023.
Restructuring, impairment, and related
charges. Total restructuring, impairment, and related
charges for the first quarter of 2023 were $8.7 million as the
company halted all research and development activities, commenced
the close out of existing programs and reduced its workforce by
approximately 82%. There were no restructuring, impairment, and
related charges recorded for the same period in 2022.
Net loss. Net loss for the
first quarter of 2023 was $27.9 million, compared to
$42.6 million for the same period in 2022. Operating
expenses for the first quarter of 2023 were $28.5 million and
interest income was $0.6 million.
Cash and cash equivalents. As
of March 31, 2023, cash and cash equivalents were
$41.8 million. The company believes its cash and cash
equivalents will be sufficient to allow the company to fund its
current operating plan for at least twelve months.
About Applied Molecular Transport
Inc.
AMT is a biopharmaceutical company that has
developed novel oral biologic product candidates, by leveraging its
technology platform to design biologic product candidates in
patient-friendly oral dosage forms. AMT’s product candidates are
designed to precisely target the relevant pathophysiology of the
disease. AMT’s proprietary technology platform is incorporated in
its product candidates, exploiting existing natural cellular
trafficking pathways to drive the active transport of diverse
therapeutic modalities across the IE barrier. Active transport is
an efficient mechanism that utilizes the cell’s own machinery to
transport materials across the IE barrier. The company has halted
all research and development activities and commenced a process to
explore strategic alternatives.
For additional information on AMT, please
visit www.appliedmt.com.
Forward-Looking Statements
This press release contains forward-looking
statements as that term is defined in Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements involve substantial risks and
uncertainties. All statements other than statements of historical
facts contained in this press release are forward-looking
statements including statements relating to AMT’s plans,
expectations, forecasts and future events. Such forward-looking
statements include, but are not limited to, statements regarding
the ability of AMT to enter into a strategic transaction and
sufficiency of AMT’s cash resources. In some cases, you can
identify forward- looking statements by terminology such as
“believe,” “estimate,” “intend,” “may,” “plan,” “potentially,”
“will,” “expect,” “enable,” “likely” or the negative of these terms
or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections
about future events and trends that we believe may affect our
financial condition, results of operations, business strategy and
financial needs. Actual events, trends or results could differ
materially from the plans, intentions and expectations disclosed in
these forward-looking statements based on various factors.
Information regarding the foregoing and additional risks may be
found in the section entitled “Risk Factors” in AMT’s Annual and
Quarterly Reports on Form 10-K and 10-Q filed with the Securities
and Exchange Commission (the “SEC”), and AMT’s future reports to be
filed with the SEC. These forward-looking statements are made as of
the date of this press release, and AMT assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements, except as required by law.
Applied Molecular Transport
Inc.Condensed Balance
Sheets(unaudited)(in thousands)
|
March 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
41,771 |
|
|
$ |
61,145 |
|
Prepaid expenses |
|
1,929 |
|
|
|
2,688 |
|
Other current assets |
|
370 |
|
|
|
186 |
|
Long-lived assets held for sale |
|
2,250 |
|
|
|
— |
|
Total current assets |
|
46,320 |
|
|
|
64,019 |
|
Property and equipment,
net |
|
2,790 |
|
|
|
8,183 |
|
Operating lease right-of-use
assets |
|
32,086 |
|
|
|
33,222 |
|
Finance lease right-of-use
assets |
|
688 |
|
|
|
584 |
|
Restricted cash |
|
916 |
|
|
|
916 |
|
Other assets |
|
495 |
|
|
|
522 |
|
Total assets |
$ |
83,295 |
|
|
$ |
107,446 |
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
871 |
|
|
$ |
1,583 |
|
Accrued expenses |
|
10,990 |
|
|
|
8,660 |
|
Lease liabilities, operating lease - current |
|
4,774 |
|
|
|
4,639 |
|
Lease liabilities, finance lease - current |
|
184 |
|
|
|
205 |
|
Total current liabilities |
|
16,819 |
|
|
|
15,087 |
|
Lease liabilities, operating
lease |
|
29,974 |
|
|
|
31,228 |
|
Lease liabilities, finance
lease |
|
114 |
|
|
|
49 |
|
Other liabilities |
|
244 |
|
|
|
244 |
|
Total liabilities |
|
47,151 |
|
|
|
46,608 |
|
Stockholders’ equity: |
|
|
|
Common stock |
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
430,027 |
|
|
|
426,804 |
|
Accumulated deficit |
|
(393,887 |
) |
|
|
(365,970 |
) |
Total stockholders’ equity |
|
36,144 |
|
|
|
60,838 |
|
Total liabilities and stockholders’ equity |
$ |
83,295 |
|
|
$ |
107,446 |
|
Applied Molecular Transport
Inc.Condensed Statements of
Operations(unaudited)(in thousands,
except share and per share amounts)
|
|
Three MonthsEnded March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
$ |
12,988 |
|
|
$ |
31,239 |
|
General and administrative |
|
|
6,752 |
|
|
|
11,337 |
|
Restructuring, impairment, and related charges |
|
|
8,743 |
|
|
|
— |
|
Total operating expenses |
|
|
28,483 |
|
|
|
42,576 |
|
Loss from operations |
|
|
(28,483 |
) |
|
|
(42,576 |
) |
Interest income, net |
|
|
579 |
|
|
|
(3 |
) |
Other income (expense), net |
|
|
(13 |
) |
|
|
4 |
|
Net loss |
|
$ |
(27,917 |
) |
|
$ |
(42,575 |
) |
Net loss per share, basic and
diluted |
|
$ |
(0.71 |
) |
|
$ |
(1.10 |
) |
Weighted-average shares of
common stock outstanding, basic and diluted |
|
|
39,188,397 |
|
|
|
38,641,365 |
|
Refer to the Company’s applicable SEC filings for previously
reported periods.
Investor Relations Contact:Alexandra
SantosWheelhouse Life Science Advisorsasantos@wheelhouselsa.com
Media Contact:Aljanae ReynoldsWheelhouse Life
Science Advisorsareynolds@wheelhouselsa.com
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