Multiple clinical data readouts expected in second half of
2022
LOS
GATOS, Calif., May 16, 2022
/PRNewswire/ -- Aridis Pharmaceuticals, Inc. (Nasdaq: ARDS), a
biopharmaceutical company focused on the discovery and development
of novel anti-infective therapies to treat life-threatening
infections, today reported financial and corporate results for its
first quarter ended March 31, 2022.
First Quarter Highlights
- Continued enrollment in the Company's Phase 2a study of AR-501
targeting cystic fibrosis (CF), conducted in collaboration with
funding support from the CF Foundation. The top-line data from this
CF study is now expected in 2H 2022.
- Continued enrollment in the Company's Phase 3 study evaluating
AR-301 for the treatment of Ventilator Associated Pneumonia (VAP).
Aridis remains on track to report top-line data in 2H 2022.
- The Company remains on track to initiate the Phase 3 trial of
AR-320 for the prevention of VAP in mid-2022 following regulatory
feedback on the clinical development plans and Phase 3 study design
received from the U.S. Food and Drug Administration (FDA) and
European Medicines Agency (EMA).
- Aridis remains on track to initiate a Phase 1/2 clinical trial
late in the second half of 2022 to evaluate AR-701, a monoclonal
antibody (mAb) cocktail, for the treatment of COVID-19 .
"We are on track to report top-line data from multiple clinical
trials this year, including our Phase 2a study in CF and our Phase
3 study evaluating AR-301 for the treatment of VAP," commented
Vu Truong, Ph.D., Chief Executive
Officer of Aridis Pharmaceuticals. "We believe these data readouts,
combined with the planned initiation of our Phase 3 trial of AR-320
and the first in-human study of AR-701 towards the end of this
year, position Aridis for a pivotal year of important clinical
milestones. We remain focused on building our leadership in the
respiratory health space and appreciate the financial support of
organizations like the Gates Foundation and European Commission's
IMI program for these important therapeutic areas. We look forward
to sharing further updates on the progress of our development
programs in the weeks and months ahead."
Clinical Program Update
AR-501 (gallium citrate): Following the successful
demonstration of safety in healthy adults in a Phase 1 clinical
study, the Company initiated its Phase 2a study to evaluate the
safety, pharmacokinetic (PK), and preliminary efficacy in cystic
fibrosis (CF) patients. The Phase 2a study is actively enrolling
patients with a goal of delivering full data readout in 2H 2022.
AR-501 is being developed in collaboration with the CF Foundation
and has been granted Orphan Drug Designation (ODD), Fast Track and
Qualified Infectious Disease Product (QIDP) designations by the
FDA. In addition, the European Medicines Agency (EMA) granted ODD
to AR-501. The study underway is a randomized, double-blind,
placebo-controlled Phase 2a trial investigating the safety
and PK of multiple-ascending doses of inhaled AR-501 in CF patients
with chronic bacterial lung infections. Details of the Phase 1/2a
clinical trial can be viewed on https://www.clinicaltrials.gov
using identifier NCT03669614.
AR-301 (tosatoxumab): AR-301 is being evaluated in a
Phase 3 clinical study as an adjunctive treatment to standard of
care antibiotics in Staphylococcus aureus VAP patients. The
ongoing AR-301 Phase 3 study remains blinded, and the independent
Data Safety Monitoring Committee with access to unblinded data
continues to monitor study subjects and has not expressed any
safety concerns. The Company observed modest improvement in
enrollment in recent months despite the continued COVID-19
pandemic. However, because a significant number of participating
clinical sites in the study are in Eastern Europe, the escalating Ukraine-Russia conflict is adding additional
enrollment challenges. At the present time, the company
anticipates reporting top-line data in the 2H 2022.
The trial represents the first ever Phase 3 superiority clinical
study evaluating immunotherapy with a fully human mAb to treat
acute pneumonia in the ICU setting. Details of the study can be
viewed on www.clinicaltrials.gov using identifier NCT03816956.
AR-320 (suvratoxumab): AR-320 is a fully human, IgG1
monoclonal antibody targeting S. aureus alpha toxin. AR-320
is active against infections caused by both methicillin resistant
S. aureus 'MRSA' and methicillin resistant sensitive S.
aureus 'MSSA'. The Company completed successful discussions
with the EMA via the Scientific Advisory meeting and the FDA via an
End-of-Phase 2 meeting, including obtaining agreement on the
planned Phase 3 study serving as a single pivotal trial. The
regulatory feedback from these agencies is incorporated in the
Company's clinical study design. The Company expects to launch its
Phase 3 SAATELLITE-2 study of AR-320 in the mid-2022 in
collaboration with the public-private COMBACTE-Net consortium of
HAP/VAP experts, funded by the Innovative Medicines Initiative
(IMI) program of the European Commission in the amount of up to
25 million Euros. Details of the
Phase 3 SAATELLITE-2 clinical trial can be viewed on
https://www.clinicaltrials.gov using identifier: NCT05331885
A multinational, randomized, double-blind, placebo-controlled
Phase 2 study (n=196 patients) showed that mechanically ventilated
ICU patients colonized with S. aureus who were
treated with suvratoxumab, a fully human mAb, demonstrated a
relative risk reduction in onset of pneumonia by 32% in
the overall intent-to-treat (ITT) study population, and by a
statistically significant 47% in the under 65-year-old
population, which is the target population in the planned Phase 3
study. This statistically significant relative risk reduction in
the target population was also associated with a substantial
reduction in the duration of care needed in the ICU and
hospital.
AR-701: AR-701 is a cocktail of two fully human
immunoglobulin G1 (IgG1) mAbs discovered from screening the
antibody secreting B-cells of convalescent SARS-CoV-2 infected
(COVID-19) patients. Each mAb of the AR-701 cocktail neutralizes
coronaviruses using a distinct mechanism of action, namely
inhibition of viral fusion and entry into human cells (AR-703) or
blockage of virus binding to the human 'ACE2' receptor (AR-720).
The AR-701 mAbs are engineered to be half-life extended and
potentially active for 6-12 months in the blood. AR-701 is being
developed as a long-acting intramuscular prophylactic to prevent
COVID-19 infections, as well as a self-administered inhaled
formulation for the treatment of COVID-19 patients who are not yet
hospitalized. In February 2022,
Aridis reported that both of its fully human mAbs in the AR-701
cocktail neutralized the SARS-CoV-2 Omicron variant. Moreover, both
mAbs conferred strong protection against Omicron infected animals
when given either parenterally or by intranasal administration. The
performance of the AR-701 cocktail is published in Biorxiv [see
https://www.biorxiv.org/content/10.1101/2022.03.05.483133v1]. We
expect to initiate a Phase 1 clinical study towards the end of
2022.
First Quarter Financial Results:
- Cash: Total cash, cash equivalents and restricted cash
as of March 31, 2022, were
approximately $14.2 million. During
the first quarter, the company received a second $5 million tranche from its non-dilutive loan
facility with Streeterville Capital. The first $5 million tranche was received in November 2021.
- Revenues: Grant and licensing revenue increased to
approximately $1.2 million for the
quarter ended March 31, 2022
primarily due to the recognition of revenue from grants from the
Cystic Fibrosis Foundation (CFF) and the Gates Foundation as well
as from Kermode Biotechnologies, Inc., an Apex technology licensee.
There was no grant and licensing revenue reported for the quarter
ended March 31, 2021.
Research and Development Expenses: Research and development
expenses were $6.5 M in the quarter
ended March 31, 2022, up from
$5.0 M in the prior year period. The
increase was due primarily to drug manufacturing expenses for our
Phase 3 clinical trial evaluating AR-320 for the prevention of VAP
($1.0 M), other spending in
preparation for the initiation of the AR-320 Phase 3 clinical trial
($0.8 M), and manufacturing of
clinical supplies for the initiation of a Phase 1 clinical trial
evaluating AR-701 for the treatment of COVID-19 ($0.5 M). These increases were offset by decreases
in expenditures for our ongoing Phase 3 clinical trial evaluating
AR-301 for the treatment of VAP ($0.7M) and on our ongoing Phase 2a clinical trial
evaluating AR-501 for the treatment of cystic fibrosis
($0.1 M).
- General and Administrative Expenses: General and
administrative expenses were $2.2 M
for the quarter ended March 31, 2022,
up from $1.9 M in the prior year
period. The increase was due primarily to professional fees and an
increase in salaries and wages.
- Interest Income (Expense) net: Net interest expense was
approximately $0.4 M for the quarter
ended March 31, 2022, up from no net
interest income for the prior year period. The increased expense
was primarily due to our debt servicing in Q1 2022.
- Other Income: Other income in the quarter ended
March 31, 2022 was $22,000, an increase from $7,000 during the quarter ended March 31, 2021. This increase was primarily due
to income from a sublease agreement we entered into with a tenant
in March 2021 to sublet a small
portion of our Los Gatos
facility.
- Net Loss: The net loss available to common stockholders
for the quarter ended March 31, 2022,
was approximately $7.8 million, or
$0.44 net loss per share, compared to
a net loss available to common stockholders of approximately
$7.9 million, or $0.77 net loss per share, for the quarter ended
March 31, 2021. The weighted average
common shares outstanding used in computing net loss per share
available to common stockholders was 17.7 million and 10.2 million
for the quarters ended March 31 of
2022 and 2021, respectively.
About Aridis Pharmaceuticals, Inc.
Aridis Pharmaceuticals, Inc. discovers and develops
anti-infectives to be used as first-line treatments to combat
antimicrobial resistance (AMR) and viral pandemics. The Company is
utilizing its proprietary ʎPEX and MabIgX® technology
platforms to rapidly identify rare, potent antibody-producing
B-cells from patients who have successfully overcome an infection,
and to rapidly manufacture mAbs for therapeutic treatment of
critical infections. These mAbs are already of human origin and
functionally optimized by the natural human immune system for high
potency. Hence, they are already fit-for-purpose and do not require
further engineering optimization to achieve full functionality.
The Company has generated multiple clinical stage mAbs targeting
bacteria that cause life-threatening infections such as ventilator
associated pneumonia (VAP) and hospital acquired pneumonia (HAP),
in addition to preclinical stage antibacterial and antiviral mAbs.
The use of mAbs as anti-infective treatments represents an
innovative therapeutic approach that harnesses the human immune
system to fight infections and is designed to overcome the
deficiencies associated with the current standard of care, which is
broad spectrum antibiotics. Such deficiencies include, but are not
limited to, increasing drug resistance, short duration of efficacy,
disruption of the normal flora of the human microbiome and lack of
differentiation among current treatments. The mAb portfolio is
complemented by a non-antibiotic novel mechanism small molecule
anti-infective candidate being developed to treat lung infections
in cystic fibrosis patients. The Company's pipeline is highlighted
below:
Aridis' Pipeline
AR-301 (VAP). AR-301 is a fully human IgG1 mAb
currently in Phase 3 clinical development targeting
gram-positive Staphylococcus aureus (S.
aureus) alpha-toxin in VAP patients.
AR-320 (nosocomial pneumonia). AR-320 is a
fully human mAb targeting S. aureus alpha-toxin for
prevention of nosocomial pneumonia. Statistically significant Phase
2 data in the target population of those ≤ 65 years of age was
published in the September 2021
Lancet Infectious Diseases journal. The Company has completed
discussions with the EMA and FDA on study design and expects to
launch its Phase 3 study of AR-320 in mid-2022.
AR-101 (HAP). AR-101 is a fully human
immunoglobulin M (IgM) mAb in Phase 2 clinical development
targeting Pseudomonas aeruginosa (P.
aeruginosa) liposaccharides serotype O11, which accounts
for approximately 22% of all P.
aeruginosa hospital acquired pneumonia cases worldwide.
This program is licensed to the Serum Institute of India and Shenzhen Arimab.
AR-501 (cystic fibrosis). AR-501 is an inhaled
formulation of gallium citrate with broad-spectrum anti-infective
activity being developed to treat chronic lung infections in cystic
fibrosis patients. This program is currently in a Phase 2a
clinical study in CF patients.
AR-701 (COVID-19). AR-701 is a cocktail of fully
human mAbs discovered from convalescent COVID-19 patients that are
directed at multiple envelope proteins of the SARS-CoV-2 virus.
AR-401 (blood stream infections). AR-401 is a
fully human mAb preclinical program aimed at treating infections
caused by gram-negative Acinetobacter baumannii.
AR-201 (RSV infection). AR-201 is a fully human IgG1
mAb directed against the F-protein of diverse clinical isolates of
respiratory syncytial virus (RSV). This program is licensed
exclusively to the Serum Institute of India.
For additional information on Aridis Pharmaceuticals, please
visit https://aridispharma.com/.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and
uncertainties. These statements may be identified by the use
of words such as "anticipate," "believe," "forecast," "estimated"
and "intend" or other similar terms or expressions that concern
Aridis' expectations, strategy, plans or intentions. These
forward-looking statements are based on Aridis' current
expectations and actual results could differ materially.
There are a number of factors that could cause actual events
to differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to,
the need for additional financing, the timing of regulatory
submissions, Aridis' ability to obtain and maintain regulatory
approval of its existing product candidates and any other product
candidates it may develop, approvals for clinical trials may be
delayed or withheld by regulatory agencies, risks relating to the
timing and costs of clinical trials, risks associated with
obtaining funding from third parties, management and employee
operations and execution risks, loss of key personnel, competition,
risks related to market acceptance of products, intellectual
property risks, risks related to business interruptions, including
the outbreak of COVID-19 coronavirus, which could seriously harm
our financial condition and increase our costs and expenses,
risks associated with the uncertainty of future financial results,
Aridis' ability to attract collaborators and partners and risks
associated with Aridis' reliance on third party
organizations. While the list of factors presented here is
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Actual results could
differ materially from those described or implied by such
forward-looking statements as a result of various important
factors, including, without limitation, market conditions and the
factors described under the caption "Risk Factors" in Aridis' 10-K
for the year ended December 31, 2021,
and Aridis' other filings made with the Securities and Exchange
Commission. Forward-looking statements included herein are
made as of the date hereof, and Aridis does not undertake any
obligation to update publicly such statements to reflect subsequent
events or circumstances.
Aridis
Pharmaceuticals, Inc.
Condensed
Consolidated Balance Sheets
(In
thousands)
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
12,475
|
|
|
$
|
18,098
|
|
Other current and
noncurrent assets
|
|
|
11,342
|
|
|
|
8,698
|
|
Total assets
|
|
$
|
23,817
|
|
|
$
|
26,796
|
|
Total
liabilities
|
|
|
44,226
|
|
|
|
39,906
|
|
Total stockholders'
deficit
|
|
|
(20,409)
|
|
|
|
(13,110)
|
|
Total liabilities and stockholders' deficit
|
|
$
|
23,817
|
|
|
$
|
26,796
|
|
Aridis
Pharmaceuticals, Inc.
Condensed
Consolidated Statements of Operations
(In thousands,
except share and per share amounts)
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
Revenue
|
|
$
|
1,187
|
|
|
$
|
—
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
6,450
|
|
|
|
4,955
|
|
General and administrative
|
|
|
2,161
|
|
|
|
1,944
|
|
Total operating
expenses
|
|
|
8,611
|
|
|
|
6,899
|
|
Loss from
operations
|
|
|
(7,424)
|
|
|
|
(6,899)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest (expense) income, net
|
|
|
(364)
|
|
|
|
1
|
|
Other income
|
|
|
22
|
|
|
|
7
|
|
Net loss
|
|
$
|
(7,766)
|
|
|
$
|
(6,891)
|
|
Deemed
dividends
|
|
|
—
|
|
|
|
(986)
|
|
Net loss available to
common stockholders
|
|
$
|
(7,766)
|
|
|
$
|
(7,877)
|
|
Weighted-average common
shares outstanding used in computing net
loss per share available to common
stockholders, basic and diluted
|
|
|
17,701,592
|
|
|
|
10,230,043
|
|
Net loss per share to
common stockholders, basic and diluted
|
|
$
|
(0.44)
|
|
|
$
|
(0.77)
|
|
|
|
|
|
|
|
|
|
|
Included stock based
compensation as follows:
|
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
166
|
|
|
$
|
160
|
|
General and administrative
|
|
|
301
|
|
|
|
407
|
|
|
|
$
|
467
|
|
|
$
|
567
|
|
|
|
|
|
|
|
|
|
|
Contact:
Investor Relations
Dave Gentry, CEO
RedChip Companies
ARDS@redchip.com
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SOURCE Aridis Pharmaceuticals, Inc.