Sio Gene Therapies Announces Fiscal Year 2021 Year-End Financial Results
June 14 2022 - 7:00AM
Sio Gene Therapies Inc. (NASDAQ: SIOX) today provided financial
results for its fiscal year ended March 31, 2022.
Fiscal Fourth Quarter Financial Summary
For the fourth fiscal quarter ended March 31, 2022, research and
development expenses were $12.6 million, an increase of $4.4
million compared to the prior year quarter. The current period
increase was primarily related to increased AXO-AAV-GM1 clinical
trial material manufacturing expenses.
General and administrative expenses for the fourth fiscal
quarter ended March 31, 2022 were $0.5 million, a decrease of $3.5
million compared to the prior year quarter. $3.4 million of the
decrease was stock-based compensation expense primarily associated
with a reversal of expense related to certain equity instruments of
our affiliate, Roivant Sciences Ltd. ("RSL"), held by our former
CEO (the "RSL Equity Instruments"), who resigned in January 2022.
Expensing of the RSL Equity Instruments commenced upon the
liquidity event vesting condition being met upon the closing of
RSL's business combination with Montes Archimedes Acquisition Corp.
on September 30, 2021.
The net loss for the fourth fiscal quarter ended March 31, 2022
was $13.3 million, or $0.18 per share, compared to a net loss of
$3.3 million, or $0.05 per share, in the prior year quarter.
Fiscal Year Financial Summary
For the fiscal year ended March 31, 2022, research and
development expenses were $53.4 million, an increase of $28.5
million compared to the fiscal year ended March 31, 2021. The
current period increase was primarily related to (i) a $10.8
million increase in AXO-AAV-GM1 program expenses primarily related
to clinical trial material manufacturing expenses (not including a
milestone payment disclosed in (iii)), (ii) a $7.0 million increase
in AXO-AAV-GM2 program expenses primarily related to non-GMP and
GMP manufacturing expenses and clinical trial expenses (not
including a milestone payment disclosed in (iii)), (iii) $5.0
million in total milestone payments in the year ended March 31,
2022 under the AXO-AAV-GM1 ($1.5 million), AXO-AAV-GM2 ($1.5
million) and AXO-Lenti-PD ($2.0 million) programs.
General and administrative expenses for the fiscal year ended
March 31, 2022 were $18.2 million, an increase of $0.9 million
compared to the fiscal year ended March 31, 2021.
The current period increase was primarily related to an increase
of $3.9 million of stock-based compensation expense associated with
the "RSL Equity Instruments". This increase was partially offset by
decreases of (i) $1.7 million for rent, depreciation and facility
expenses primarily due to the downsizing of our New York office
footprint, (ii) $0.7 million for tax, auditing and accounting fees
resulting primarily from the simplification of our corporate
structure and the domestication of Sio Gene Therapies Inc. from
Bermuda to Delaware that was completed in November 2020, and (iii)
$0.7 million for stock-based compensation expense unrelated to the
RSL Equity Instruments.
The net loss for the fiscal year ended March 31, 2022 was $71.9
million, or $0.98 per share, compared to a net loss of $32.4
million, or $0.62 per share, in the fiscal year ended March 31,
2021.
As of March 31, 2022, we had $63.7 million of cash and cash
equivalents. We hold no short-term or long-term debt on the balance
sheet.
Forward-Looking Statements
This press release contains forward-looking statements for the
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
The use of words such as "expect," "estimate," "may" and other
similar expressions are intended to identify forward-looking
statements. For example, all statements Sio makes regarding costs
associated with its operating activities and funding requirements
and/or cash burn runway are forward-looking. All forward-looking
statements are based on estimates and assumptions by Sio’s
management that, although Sio believes to be reasonable, are
inherently uncertain. All forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially from those that Sio expected. Such risks and
uncertainties include, among others, the impact of the Covid-19
pandemic on Sio’s operations; the actual funds required for planned
operating activities, including wind-down activities for clinical
programs and exploration of strategic alternatives; costs and risks
related to headcount reductions and capital conservation plans; the
ability to explore and execute upon strategic alternatives; the
ability to efficiently wind down clinical programs and conduct
required activities during wind down processes; and the outcome of
interactions with regulatory agencies. These statements are also
subject to a number of material risks and uncertainties that are
described in Sio’s most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission on June 14, 2022, as
updated by its subsequent filings with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the
date on which it was made. Sio undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by law.
Contacts:
Media
Josephine Belluardo, Ph.D. LifeSci Communications(646)
751-4361jo@lifescicomms.cominfo@siogtx.com
Investors and Analysts
David W. NassifSio Gene Therapies Inc.Chief Executive Officer,
Chief Financial Officer and General
Counseldavid.nassif@siogtx.com
SIO GENE THERAPIES
INC.Consolidated Statements of
Operations(In thousands, except share and per share
amounts)
|
Three Months Ended March 31, |
|
Years Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development
expenses |
|
|
|
|
|
|
|
(includes stock-based compensation expense of $235 and $303
for the three months ended March 31, 2022 and 2021,
respectively, and $1,286 and $1,583 for the years ended
March 31, 2022 and 2021, respectively) |
$ |
12,606 |
|
|
$ |
8,244 |
|
|
$ |
53,399 |
|
|
$ |
24,903 |
|
General and administrative
expenses |
|
|
|
|
|
|
|
(includes stock-based compensation expense of $(2,827) and
$615 for the three months ended March 31, 2022 and 2021,
respectively, and $6,139 and $2,909 for the years ended
March 31, 2022 and 2021, respectively) |
|
470 |
|
|
|
3,965 |
|
|
|
18,163 |
|
|
|
17,294 |
|
Total operating expenses |
|
13,076 |
|
|
|
12,209 |
|
|
|
71,562 |
|
|
|
42,197 |
|
Other expenses (income): |
|
|
|
|
|
|
|
Interest expense |
|
8 |
|
|
|
1 |
|
|
|
27 |
|
|
|
799 |
|
Other expense (income) |
|
(47 |
) |
|
|
(8,971 |
) |
|
|
39 |
|
|
|
(10,359 |
) |
Loss before income tax expense
(benefit) |
|
(13,037 |
) |
|
|
(3,239 |
) |
|
|
(71,628 |
) |
|
|
(32,637 |
) |
Income tax expense
(benefit) |
|
287 |
|
|
|
92 |
|
|
|
259 |
|
|
|
(212 |
) |
Net loss |
$ |
(13,324 |
) |
|
$ |
(3,331 |
) |
|
$ |
(71,887 |
) |
|
$ |
(32,425 |
) |
Net loss per share of common
stock — basic and diluted |
$ |
(0.18 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.98 |
) |
|
$ |
(0.62 |
) |
Weighted-average shares of common stock outstanding — basic and
diluted |
|
73,714,743 |
|
|
|
66,251,597 |
|
|
|
73,211,565 |
|
|
|
52,181,398 |
|
SIO GENE THERAPIES
INC.Consolidated Balance Sheets(In
thousands, except share and per share amounts)
|
March 31, 2022 |
March 31, 2021 |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ |
63,729 |
|
|
$ |
118,986 |
|
Restricted cash |
|
1,184 |
|
|
|
— |
|
Receivable from sale of long-term investment |
|
— |
|
|
|
4,343 |
|
Prepaid expenses and other current assets |
|
5,214 |
|
|
|
7,348 |
|
Income tax receivable |
|
1,609 |
|
|
|
1,656 |
|
Total current assets |
|
71,736 |
|
|
|
132,333 |
|
Long-term restricted cash |
|
— |
|
|
|
1,184 |
|
Operating lease right-of-use assets |
|
2,444 |
|
|
|
1,152 |
|
Property and equipment, net |
|
900 |
|
|
|
478 |
|
Total assets |
$ |
75,080 |
|
|
$ |
135,147 |
|
Liabilities and
Stockholders’ Equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ |
3,984 |
|
|
$ |
1,341 |
|
Accrued expenses |
|
8,232 |
|
|
|
9,196 |
|
Current portion of operating lease liabilities |
|
786 |
|
|
|
311 |
|
Total current liabilities |
|
13,002 |
|
|
|
10,848 |
|
Operating lease liabilities,
net of current portion |
|
1,730 |
|
|
|
932 |
|
Total liabilities |
|
14,732 |
|
|
|
11,780 |
|
Stockholders’ equity: |
|
|
Common stock, par value $0.00001 per share, 1,000,000,000 shares
authorized, 73,739,378 and 69,377,567 shares issued
and outstanding at March 31, 2022 and
March 31, 2021, respectively |
|
1 |
|
|
|
1 |
|
Accumulated other comprehensive income |
|
337 |
|
|
|
335 |
|
Additional paid-in capital |
|
922,966 |
|
|
|
914,100 |
|
Accumulated deficit |
|
(862,956 |
) |
|
|
(791,069 |
) |
Total stockholders’ equity |
|
60,348 |
|
|
|
123,367 |
|
Total liabilities and
stockholders’ equity |
$ |
75,080 |
|
|
$ |
135,147 |
|
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