CohBar Reports First Quarter 2022 Financial Results and Highlights Recent Corporate Progress
May 16 2022 - 4:01PM
CohBar, Inc. (NASDAQ: CWBR), a clinical stage biotechnology company
leveraging the power of the mitochondria and the peptides encoded
in its genome to develop potential breakthrough therapeutics
targeting chronic and age-related diseases, today reported its
financial results for the first quarter ended March 31, 2022 and
highlighted recent corporate progress.
“I am optimistic about the year ahead and the opportunity we
have at CohBar to develop therapies for difficult to treat,
multi-factorial diseases. In 2022, we remain focused on execution
and with a strong team in place, we are well positioned to advance
our mitochondrial programs and deliver on our focused strategy,”
stated Dr. Joseph Sarret, Chief Executive Officer. “During the
first quarter we made steady progress across key areas of our
business. We aligned our resources to focus on three main areas –
the advancement of our IPF program toward the clinic, the discovery
and development of additional novel peptide families with our Mito+
platform, and securing a potential partner for CB4211.”
Recent Corporate Updates and First Quarter
Highlights
- Expanded Patent Coverage for CB4211: The
company announced today that on May 17, 2022 the United States
Patent and Trademark Office will issue a patent, U.S. No.
11,332,497, covering methods of use of CB4211, CohBar’s most
advanced candidate, for treating obesity. This patent is expected
to be eligible for listing in the FDA Orange Book upon approval of
CB4211 as a therapeutic for obesity in the United States.
Additionally, the company announced progress in its international
patent prosecution strategy, with the issuance of a Japanese patent
covering CB4211 and related compositions, as well as a CB4211
medicine for treating NASH.
- Received Extension from Nasdaq to Comply with Listing
Requirements: On May 12, the company announced that
Nasdaq has granted CohBar’s request for a 180-day extension, to
November 7, 2022, to achieve compliance with the $1.00 bid price
requirement for continued listing on Nasdaq.
- Advanced CB5138-3 for Idiopathic Pulmonary Fibrosis
(IPF): CohBar is advancing CB5138-3 through IND-enabling
studies and is working to optimize drug delivery to increase the
likelihood of success in the clinic for this hard-to-treat patient
population. CohBar expects to submit an Investigational New Drug
Application for this program to the US Food and Drug Administration
in the second half of 2023.
- Increased Investment in Mito+
Platform: CohBar is investing further resources in
its novel platform to discover and develop additional peptide
families and identify new product candidates. CohBar’s scientific
research team is mining the mitochondrial genome to identify the
peptide families that show the most promise to treat
multi-factorial diseases involving inflammation, fibrosis and/or
metabolic dysregulation.
- Strengthened Leadership with Appointment of Nick
Vlahakis, MBBS, as Acting Chief Medical Officer: In March,
CohBar announced the appointment of Nick Vlahakis, MBBS as acting
Chief Medical Officer. Dr. Vlahakis is an experienced pulmonary and
critical care clinician and clinical drug developer, having led
molecule development strategy and early and late-stage trials in
both large and small companies across a wide range of therapeutic
areas, including IPF.
First Quarter 2022 Financial Highlights
- Cash and Investments: The company had cash and
investments of $23.5 million as of March 31, 2022, compared to
$26.2 million as of December 31, 2021. The cash burn for the
quarter ended March 31, 2022 was approximately $3.1 million.
- R&D Expenses: Research and development
expenses were $1.5 million for the three months ended March 31,
2022, compared to $2.7 million in the prior year quarter. The
decrease in research and development expenses was primarily due to
lower preclinical and clinical trial costs primarily due to the
timing of those expenses.
- G&A Expenses: General and
administrative expenses were $1.7 million for the three months
ended March 31, 2022, compared to $1.4 million in the prior year
quarter. The increase in general and administrative expenses was
primarily due to higher stock-based compensation costs and legal
fees associated with protecting the company’s intellectual property
portfolio.
- Net Loss: For the three months ended March 31,
2022, net loss, which included $0.5 million of non-cash expenses,
was $3.3 million, or $0.04 per basic and diluted share. For the
three months ended March 31, 2021, net loss, which included $0.4
million of non-cash expenses, was $4.0 million, or $0.07 per basic
and diluted share.
Details for the Conference Call:
Date: May 16, 2022Time: 5:00 p.m. ET
(2:00 p.m. PT)
Conference Audio
- Dial-in U.S. and Canada: (877) 451-6152
- Dial-in International: (201) 389-0879
- Conference ID No.: 13728737
Webcast
- A simultaneous webcast of the call will be accessible via the
Investors section of the CohBar website at www.cohbar.com.
For individuals participating in the Investor Call or webcast,
please call or login to the conference audio approximately 10
minutes prior to its start.
An audio replay of the call will be available beginning at 8:00
p.m. Eastern Time on May 16, 2022, through 11:59 p.m. Eastern Time
on June 6, 2022. To access the recording please dial (844) 512-2921
in the U.S. and Canada, or (412) 317-6671 internationally, and
reference Conference ID No. 13728737. The audio recording will also
be available at www.cohbar.com during the same period.
About CohBar
CohBar (NASDAQ: CWBR) is a clinical-stage biotechnology company
leveraging the power of the mitochondria and the peptides encoded
in its genome to develop potential breakthrough therapeutics
targeting chronic and age-related diseases with limited to no
treatment options. CohBar has assembled the leading position in
exploring the mitochondrial genome and its utility for the
development of novel therapeutics, including world-renowned
expertise in mitochondrial biology, a broad intellectual property
estate, key opinion leaders and disciplined drug discovery and
development processes. CohBar is utilizing its Mito+ platform to
identify and develop modified versions of natural peptides called
analogs to treat a variety of serious conditions, with a focus on
diseases involving inflammation and fibrosis.
For additional company information, please visit www.cohbar.com
and engage with us on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements that are
not historical facts within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
only on our current beliefs, expectations and assumptions regarding
the future of our business, future plans and strategies,
projections, anticipated events and other future conditions. In
some cases you can identify these statements by forward-looking
words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “could,” “should,” “would,” “project,”
“plan,” “expect,” “goal,” “seek,” “future,” “likely” or the
negative or plural of these words or similar expressions. Examples
of such forward-looking statements include but are not limited to
statements regarding ongoing and planned research and development
activities, including planned clinical trials, regulatory status
and strategies and the timing of announcements and updates relating
to our regulatory filings and clinical trials; the ability to
provide patent protection for our Mito+ platform; the potential
listing of our patents in the FDA's Orange Book; the ability to
remain listed on the Nasdaq Capital Market; expectations regarding
the growth of therapies developed from modified mitochondrial
peptides as a significant future class of drug products; and
statements regarding anticipated therapeutic properties and
potential of our mitochondrial peptide analogs and other potential
therapies. You are cautioned that such statements are not
guarantees of future performance and that actual results or
developments may differ materially from those set forth in these
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements include:
our ability to successfully advance drug discovery and development
programs, including the delay or termination of ongoing clinical
trials and the timing of announcements and updates relating to our
clinical trials and related data; our possible inability to
mitigate the prevalence and/or persistence of the injection site
reactions, or the possibility of other developments affecting the
viability of CB4211 or CB5138-3 as a clinical candidate or its
commercial potential; results that are different from earlier data
results including less favorable results that may not support
further clinical development; our ability to raise additional
capital when necessary to continue our operations; our ability to
recruit and retain key management and scientific personnel; the
risk that our intellectual property may not be adequately
protected; our ability to establish and maintain partnerships with
corporate and industry partners; and risks related to the impact on
our business of the COVID-19 pandemic or similar public health
crises. Additional assumptions, risks and uncertainties are
described in detail in our registration statements, reports and
other filings with the Securities and Exchange Commission and
applicable Canadian securities regulators, which are available on
our website, and at www.sec.gov or www.sedar.com.
You are cautioned that such statements are not guarantees of
future performance and that our actual results may differ
materially from those set forth in the forward-looking statements.
The forward-looking statements and other information contained in
this news release are made as of the date hereof and CohBar does
not undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. Nothing herein shall constitute an
offer to sell or the solicitation of an offer to buy any
securities.
Contacts: Jordyn TaraziDirector of Investor
RelationsCohBar, Inc.(650) 445-4441Jordyn.tarazi@cohbar.com
|
CohBar, Inc. |
Condensed Balance Sheets |
|
|
|
|
|
|
|
As of |
|
|
March 31, 2022 |
|
December 31, 2021 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
1,563,984 |
|
|
$ |
4,992,145 |
|
Investments |
|
|
21,963,818 |
|
|
|
21,253,866 |
|
Vendor receivable |
|
|
- |
|
|
|
173,499 |
|
Prepaid expenses and other current assets |
|
|
375,381 |
|
|
|
527,380 |
|
Total current assets |
|
|
23,903,183 |
|
|
|
26,946,890 |
|
Property and equipment, net |
|
|
228,117 |
|
|
|
260,612 |
|
Intangible assets, net |
|
|
19,003 |
|
|
|
19,309 |
|
Other assets |
|
|
76,596 |
|
|
|
69,620 |
|
Total assets |
|
$ |
24,226,899 |
|
|
$ |
27,296,431 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
640,693 |
|
|
$ |
371,993 |
|
Accrued liabilities |
|
|
136,785 |
|
|
|
196,020 |
|
Accrued payroll and other compensation |
|
|
446,320 |
|
|
|
754,314 |
|
Note payable, net of debt discount and offering costs of $0 and
$8,723 as of March 31, 2022 and December 31, 2021,
respectively |
|
|
- |
|
|
|
366,277 |
|
Total liabilities |
|
|
1,223,798 |
|
|
|
1,688,604 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.001 par value, Authorized 5,000,000
shares; |
|
|
|
|
No shares issued and outstanding as of March 31, 2022 and December
31, 2021, respectively |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value, Authorized 180,000,000 shares; |
|
|
|
|
Issued and outstanding 86,981,684 shares as of March 31, 2022 and
86,339,567 as of December 31, 2021 |
|
|
86,982 |
|
|
|
86,340 |
|
Additional paid-in capital |
|
|
110,911,954 |
|
|
|
110,255,549 |
|
Accumulated deficit |
|
|
(87,995,835 |
) |
|
|
(84,734,062 |
) |
Total stockholders’ equity |
|
|
23,003,101 |
|
|
|
25,607,827 |
|
Total liabilities and stockholders’ equity |
|
$ |
24,226,899 |
|
|
$ |
27,296,431 |
|
CohBar, Inc. |
Condensed Statements of Operations |
(unaudited) |
|
|
|
|
|
|
|
For The Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
Revenues |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development |
|
|
1,506,308 |
|
|
|
2,654,772 |
|
General and administrative |
|
|
1,744,918 |
|
|
|
1,358,679 |
|
Total operating expenses |
|
|
3,251,226 |
|
|
|
4,013,451 |
|
Operating loss |
|
|
(3,251,226 |
) |
|
|
(4,013,451 |
) |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest income |
|
|
- |
|
|
|
3,173 |
|
Interest expense |
|
|
(1,824 |
) |
|
|
(14,560 |
) |
Amortization of debt discount and offering costs |
|
|
(8,723 |
) |
|
|
(13,506 |
) |
Total other expense |
|
|
(10,547 |
) |
|
|
(24,893 |
) |
Net loss |
|
$ |
(3,261,773 |
) |
|
$ |
(4,038,344 |
) |
Basic and diluted net loss per share |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
Weighted average common shares outstanding - basic and diluted |
|
|
86,726,347 |
|
|
|
61,560,279 |
|
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