ENGLEWOOD, Colo., May 16, 2022
/PRNewswire/ -- Ampio Pharmaceuticals, Inc. (NYSE American:
AMPE), a biopharmaceutical company focused on the advancement of
immunomodulatory therapies for the treatment of pain resulting from
osteoarthritis in the knee and potentially other articular joints,
today reported financial results for the first quarter ended
March 31, 2022.
First Quarter Financial Results
- Net Loss: Net loss was $5.6
million for the first quarter of 2022 compared to net loss
of $3.7 million for the first quarter
of 2021. Further details on these variances are below.
- R&D Expenses: Research and development expenses were
$3.7 million for the first quarter of
2022 compared to $2.3 million for the
first quarter of 2021. The primary drivers of the increase were
increases in (i) clinical trial and sponsored research expenses and
(ii) salaries and professional fees.
- G&A Expenses: General and administrative expenses were
$3.3 million for the first quarter of
2022 compared to $1.5 million for the
first quarter of 2021. The primary drivers of the increase were
increases in (i) salaries and professional fees and (ii) non-cash
stock-based compensation expense.
- Cash Position / Liquidity: Cash and cash equivalents on
March 31, 2022, totaled $28.8 million, compared to $33.9 million as of December 31, 2021. The decrease of $5.1 million is primarily attributable to cash
required to fund business operations. Based on our current cash
position and projection of operating expenses and capital
expenditures, we believe that we will have sufficient liquidity to
fund operations into the second half of 2023.
Further details on First Quarter 2022 Financials are included
below:
AMPIO
PHARMACEUTICALS, INC. Condensed Balance
Sheets (unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
28,837,000
|
|
$
|
33,892,000
|
Prepaid expenses
and other
|
|
|
1,070,000
|
|
|
1,740,000
|
Total
current assets
|
|
|
29,907,000
|
|
|
35,632,000
|
|
|
|
|
|
|
|
Fixed assets,
net
|
|
|
2,302,000
|
|
|
2,564,000
|
Right-of-use
asset, net
|
|
|
577,000
|
|
|
629,000
|
Total assets
|
|
$
|
32,786,000
|
|
$
|
38,825,000
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts payable
and accrued expenses
|
|
$
|
5,208,000
|
|
$
|
4,811,000
|
Lease
liability-current portion
|
|
|
318,000
|
|
|
311,000
|
Total
current liabilities
|
|
|
5,526,000
|
|
|
5,122,000
|
|
|
|
|
|
|
|
Lease
liability-long-term
|
|
|
533,000
|
|
|
614,000
|
Warrant
derivative liability
|
|
|
4,474,000
|
|
|
5,805,000
|
Total
liabilities
|
|
|
10,533,000
|
|
|
11,541,000
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 5)
|
|
|
|
|
|
|
|
|
|
|
|
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Stockholders'
equity
|
|
|
|
|
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|
Preferred Stock,
par value $0.0001; 10,000,000 shares authorized; none
issued
|
|
|
—
|
|
|
—
|
Common Stock,
par value $0.0001; 300,000,000 shares authorized; shares issued and
outstanding - 227,186,867 as of March 31, 2022 and
227,325,381 as of December 31, 2021
|
|
|
23,000
|
|
|
23,000
|
Additional
paid-in capital
|
|
|
245,468,000
|
|
|
244,863,000
|
Accumulated
deficit
|
|
|
(223,238,000)
|
|
|
(217,602,000)
|
Total
stockholders' equity
|
|
|
22,253,000
|
|
|
27,284,000
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
32,786,000
|
|
$
|
38,825,000
|
AMPIO
PHARMACEUTICALS, INC. Condensed Statements of
Operations (unaudited)
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Three Months Ended
March 31,
|
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2022
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2021
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|
|
|
|
|
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Operating
expenses
|
|
|
|
|
|
|
Research and
development
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|
$
|
3,687,000
|
|
$
|
2,296,000
|
General and
administrative
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|
|
3,283,000
|
|
|
1,523,000
|
Total operating
expenses
|
|
|
6,970,000
|
|
|
3,819,000
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
Interest
income
|
|
|
3,000
|
|
|
1,000
|
Derivative
gain
|
|
|
1,331,000
|
|
|
151,000
|
Total other
income
|
|
|
1,334,000
|
|
|
152,000
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(5,636,000)
|
|
$
|
(3,667,000)
|
|
|
|
|
|
|
|
Net loss per common
share:
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.02)
|
|
$
|
(0.02)
|
Diluted
|
|
$
|
(0.03)
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
226,083,328
|
|
|
195,387,047
|
Diluted
|
|
|
226,110,693
|
|
|
200,752,267
|
About Ampio Pharmaceuticals, Inc.
Ampio Pharmaceuticals, Inc. is a biopharmaceutical company
primarily focused on the advancement of immunology-based therapies
for the potential treatment of multiple inflammatory conditions
(e.g., osteoarthritis of the knee (OAK) and other articular
joints). Ampio's lead drug is Ampion™.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Any statements contained
in this press release that are not statements of historical fact
may be deemed to be forward-looking statements. Without limiting
the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," or "estimate" or comparable terminology are intended
to identify forward-looking statements. Forward-looking statements
are subject to various risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in such statements.
Such forward-looking statements include, for example, statements
about Ampio's projection of operating expenses, capital
expenditures and future liquidity. The risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied in these forward-looking statements include
the risk factors described in the Ampio's Annual Report on Form
10-K for the year ended December 31,
2021, and other factors set forth in Ampio's filings with
the Securities and Exchange Commission, including Ampio's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2022.
The forward-looking statements in this press release speak only
as of the date of this press release. Except as required by law,
Ampio assumes no obligation to update or revise these
forward-looking statements for any reason, except as required by
law.
Investor and Media Contacts:
Tony Russo or Nic Johnson
Russo Partners
info@ampiopharma.com
tony.russo@russopartnersllc.com
nic.johnson@russopartnersllc.com
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SOURCE Ampio Pharmaceuticals, Inc.