CohBar Reports Second Quarter 2023 Financial Results
August 14 2023 - 4:01PM
CohBar, Inc. (NASDAQ: CWBR) today reported its financial results
and highlights for the second quarter ended June 30, 2023.
Second Quarter 2023 Summary and Financial
Results
- Entered into Definitive Merger Agreement with
Morphogenesis: In May 2023, CohBar announced that the
company entered into a definitive merger agreement with a privately
held biotechnology company, Morphogenesis, Inc. (“Morphogenesis”),
for an all-stock transaction to advance a late-stage oncology
pipeline. The combined company is expected to operate under the
name “TuHURA Biosciences, Inc.” and to trade on The Nasdaq Capital
Market (“Nasdaq”). The transaction is expected to close in the
fourth quarter of 2023.
- Cash, Cash Equivalents and Investments: The
company had cash, cash equivalents and investments of $12.3 million
as of June 30, 2023, compared to $15.7 million as of December 31,
2022.
- R&D Expenses: Research and development
expenses were $0.2 million for the three months ended June 30,
2023, compared to $1.2 million in the prior year quarter. The lower
research and development expenses are due to the suspension of our
development activities.
- G&A Expenses: General and
administrative expenses were $4.3 million for the three months
ended June 30, 2023, compared to $1.6 million in the prior year
quarter. The increase in general and administrative expenses was
primarily due to costs related to the merger with Morphogenesis and
compensation charges incurred related to the retention of our key
executives.
- Net Loss: For the three months ended June 30,
2023, net loss, which included $0.3 million of non-cash expenses,
was $4.3 million, or $1.49 per basic and diluted share. For the
three months ended June 30, 2022, net loss, which included $0.5
million of non-cash expenses, was $2.7 million, or $0.94 per basic
and diluted share.
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.
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
express or implied statements regarding CohBar’s or Morphogenesis’
management team’s expectations, hopes, beliefs, intentions or
strategies regarding the future including, without limitation,
statements regarding: the proposed merger and the expected effects,
perceived benefits or opportunities and related timing with respect
thereto, expectations regarding clinical trials and research and
development programs; and the expected trading of the combined
company’s stock on the Nasdaq Capital Market. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. 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: the risk
that the conditions to the closing or consummation of the merger
transaction with Morphogenesis (the “Proposed Transaction”) are not
satisfied, including the failure to obtain stockholder approval for
the Proposed Transaction; the risk that the previously announced
concurrent financing in connection with the Proposed Transaction is
not completed in a timely manner or at all; uncertainties as to the
timing of the consummation of the Proposed Transaction and the
ability of each of CohBar and Morphogenesis to consummate the
transactions contemplated by the Proposed Transaction; risks
related to CohBar’s and Morphogenesis’ ability to correctly
estimate their respective operating expenses and expenses
associated with the Proposed Transaction, as applicable, as well as
uncertainties regarding the impact any delay in the closing would
have on the anticipated cash resources of the resulting combined
company upon closing and other events and unanticipated spending
and costs that could reduce the combined company’s cash resources;
the occurrence of any event, change or other circumstance or
condition that could give rise to the termination of the Proposed
Transaction by either company; the effect of the announcement or
pendency of the Proposed Transaction on CohBar’s or Morphogenesis’
business relationships, operating results and business generally;
costs related to the merger; the outcome of any legal proceedings
that may be instituted against CohBar, Morphogenesis, or any of
their respective directors or officers related to the merger
agreement or the transactions contemplated thereby; the ability of
CohBar or Morphogenesis to protect their respective intellectual
property rights; competitive responses to the Proposed Transaction;
unexpected costs, charges or expenses resulting from the Proposed
Transaction; legislative, regulatory, political and economic
developments; and additional risks described in the “Risk Factors”
section of CohBar’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022 filed with the SEC. 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 authorities, 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.
Contact:investors@cohbar.com
CohBar,
Inc. |
Balance
Sheets |
|
|
|
|
|
|
|
As of |
|
|
June 30, 2023 |
|
December 31, 2022 |
|
|
(unaudited) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
6,192,343 |
|
|
$ |
5,930,731 |
|
Investments |
|
|
6,119,012 |
|
|
|
9,806,591 |
|
Vendor receivable |
|
|
42,323 |
|
|
|
27,500 |
|
Prepaid expenses and other current assets |
|
|
119,742 |
|
|
|
453,681 |
|
Total current assets |
|
|
12,473,420 |
|
|
|
16,218,503 |
|
Property and equipment, net |
|
|
1,728 |
|
|
|
65,509 |
|
Intangible assets, net |
|
|
17,469 |
|
|
|
18,083 |
|
Other assets |
|
|
13,476 |
|
|
|
63,572 |
|
Total assets |
|
$ |
12,506,093 |
|
|
$ |
16,365,667 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
1,375,742 |
|
|
$ |
180,104 |
|
Accrued liabilities |
|
|
498,377 |
|
|
|
327,868 |
|
Accrued payroll and other compensation |
|
|
1,127,786 |
|
|
|
525,666 |
|
Total liabilities |
|
|
3,001,905 |
|
|
|
1,033,638 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.001 par value, Authorized 5,000,000
shares; |
|
|
|
|
No shares issued and outstanding as of June 30, 2023 and December
31, 2022, respectively |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value, Authorized 12,000,000 shares; |
|
|
|
|
Issued and outstanding 2,906,926 shares as of June 30, 2023 and
December 31, 2022, respectively |
|
|
2,907 |
|
|
|
2,907 |
|
Additional paid-in capital |
|
|
112,908,754 |
|
|
|
112,238,392 |
|
Accumulated deficit |
|
|
(103,407,473) |
|
|
|
(96,909,270) |
|
Total stockholders’ equity |
|
|
9,504,188 |
|
|
|
15,332,029 |
|
Total liabilities and stockholders’ equity |
|
$ |
12,506,093 |
|
|
$ |
16,365,667 |
|
|
|
|
|
|
CohBar,
Inc. |
Condensed
Statements of Operations |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended June 30, |
|
For The Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
178,862 |
|
|
|
1,186,900 |
|
|
|
1,199,601 |
|
|
|
2,693,208 |
|
General and administrative |
|
|
4,254,487 |
|
|
|
1,556,785 |
|
|
|
5,533,760 |
|
|
|
3,301,703 |
|
Total operating expenses |
|
|
4,433,349 |
|
|
|
2,743,685 |
|
|
|
6,733,361 |
|
|
|
5,994,911 |
|
Operating
loss |
|
|
(4,433,349) |
|
|
|
(2,743,685) |
|
|
|
(6,733,361) |
|
|
|
(5,994,911) |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
|
100,997 |
|
|
|
18,717 |
|
|
|
235,158 |
|
|
|
18,717 |
|
Interest
expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,824) |
|
Amortization
of debt discount and offering costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,723) |
|
Total other income |
|
|
100,997 |
|
|
|
18,717 |
|
|
|
235,158 |
|
|
|
8,170 |
|
Net
loss |
|
$ |
(4,332,352) |
|
|
$ |
(2,724,968) |
|
|
$ |
(6,498,203) |
|
|
$ |
(5,986,741) |
|
Basic and
diluted net loss per share |
|
$ |
(1.49) |
|
|
$ |
(0.94) |
|
|
$ |
(2.24) |
|
|
$ |
(2.07) |
|
Weighted
average common shares outstanding - basic and diluted |
|
|
2,906,926 |
|
|
|
2,899,390 |
|
|
|
2,906,926 |
|
|
|
2,895,158 |
|
|
|
|
|
|
|
|
|
|
CohBar (NASDAQ:CWBR)
Historical Stock Chart
From Mar 2024 to Apr 2024
CohBar (NASDAQ:CWBR)
Historical Stock Chart
From Apr 2023 to Apr 2024