Blue Water Vaccines Reports First Quarter 2022 Financial Results and Recent Business Developments
May 13 2022 - 5:01PM
Blue Water Vaccines Inc. (“BWV” or “Blue Water Vaccines” or “the
Company”), today announced its financial results for the first
quarter ended March 31, 2022 and provided an update on recent
business developments and progress. Blue Water Vaccines is a
pre-clinical stage biotechnology company developing vaccines
against multiple infectious diseases, including influenza,
norovirus, rotavirus, and acute otitis media (AOM) from
Streptococcus pneumoniae colonization.
“The first quarter of this year had several exciting updates for
Blue Water Vaccines, most notably the successful closing of our
initial public offering,” said Joseph Hernandez, Chairman and Chief
Executive Officer of Blue Water Vaccines. “We continue to advance
our transformational vaccine pipeline to address significant global
public health challenges and look forward to sharing additional
developments throughout the rest of 2022.”
Q1 2022 and Recent Corporate Developments
- On February 23, 2022, BWV closed its
initial public offering of 2,222,222 shares of common stock at a
public offering price of $9.00 per share, with aggregate gross
proceeds of approximately $20 million. Boustead Securities, LLC
acted as the sole book-running manager for the offering.
- In February 2022, the Company
appointed James Sapirstein, R.Ph., M.B.A. to the Blue Water
Vaccines Board of Directors. Sapirstein has over 35 years of
experience within the biotechnology sector and brings a strong
combination of healthcare and business experience to the team.
- In February 2022, the Company
appointed John Rice, Ph.D. to its Scientific Advisory Board. In
addition to his work in microbiology and virology early in his
career, he brings over 30 years of experience in venture capital
and previously served on the BWV board of directors before BWV’s
IPO.
- On April 19, 2022, BWV closed a
private placement with gross proceeds of approximately $8.0
million.
Q1 2022 and Recent Vaccine Candidate
Developments
- On March 22, 2022, BWV announced
that researchers at licensing partner Cincinnati Children’s
Hospital Medical Center published a research paper in Nano Research
supporting the versatility of the Company’s norovirus shell and
protrusion (S&P) platform into influenza vaccine applications,
in addition to the current utilization of this platform to develop
a vaccine for gastroenteritis caused by norovirus or rotavirus,
BWV-301.
- On April 20, 2022, Brian Price,
Ph.D., BWV’s Head of Technology Strategy, presented new data
surrounding the Company’s development of BWV-101, a universal
influenza vaccine candidate, at the World Vaccine Congress 2022 in
Washington, DC. This data showed new evidence for epitopes of
limited variability for influenza B and H3N2 strains in addition to
those found previously for H1 at The University of Oxford. The
Company hypothesizes that the combination of H1, H3N2, and
influenza B epitopes within BWV-101 will provide high levels of
protection against various potential strains and eliminate the need
for yearly re-vaccination. Provisional patents have been filed for
additional epitopes of limited variability in H3N2 and influenza
B.
- On May 11, 2022, BWV announced the
expansion of its license agreement with St. Jude Children’s
Research Hospital to pursue the research and development of
BWV-201, an intranasal Streptococcus pneumoniae induced acute
otitis media (AOM) vaccine candidate. This expanded research
agreement funds research into the viability of this method as a
vaccine platform to potentially provide protection against multiple
pathogens, including non-typeable Haemophilus influenzae, which
represents another leading cause of acute otitis media (AOM). The
American Academy of Pediatrics reports over 5 million cases of AOM
in the United States each year, resulting in approximately 30
million medical care visits and over 10 million antibiotic
prescriptions.
Q1 2022 Financial
Highlights
- Cash position: Cash
was $18.6 million as of March 31, 2022, as compared to $1.9 million
as of December 31, 2021. The substantial increase was primarily due
to the initial public offering, with gross proceeds of
approximately $20 million. In addition, a private placement closed
on April 19, with gross proceeds of approximately $8 million.
- Research and development
expenses: R&D expenses were $0.46 million for the
three months ended March 31, 2022, as compared to $0.09 million for
the same period in 2021. The increase was primarily due to an
increase in preclinical development activities mainly related to
BWV-201 and an increase in research and development personnel
costs.
- General and administrative
expenses: G&A expenses were approximately $1.6 million
for the three months ended March 31, 2022, as compared to $0.2
million for the same period in 2021. The increase was primarily due
to an increase in legal, advisory, and other expenses associated
with the initial public offering and an increase in headcount and
related cost.
- Net loss: Net loss
was approximately $2.1 million as of March 31, 2022, as compared to
$0.3 million for the same period in 2021.
BLUE WATER VACCINES
INC.Condensed Balance Sheets
|
|
March 31,2022 |
|
|
December 31,2021 |
|
ASSETS |
|
(Unaudited) |
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
18,609,249 |
|
|
$ |
1,928,474 |
|
Prepaid expenses |
|
|
90,005 |
|
|
|
234,551 |
|
Deferred offering costs |
|
|
238,804 |
|
|
|
757,646 |
|
Receivable from related parties |
|
|
164,515 |
|
|
|
152,524 |
|
Total current assets |
|
|
19,102,573 |
|
|
|
3,073,195 |
|
|
|
|
|
|
|
|
|
|
Prepaid expenses, long-term |
|
|
129,454 |
|
|
|
— |
|
Property and equipment, net |
|
|
15,399 |
|
|
|
11,502 |
|
Deposit |
|
|
87,638 |
|
|
|
— |
|
Total assets |
|
$ |
19,335,064 |
|
|
$ |
3,084,697 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
907,538 |
|
|
$ |
582,605 |
|
Accrued expenses |
|
|
1,893,438 |
|
|
|
1,055,515 |
|
Total current liabilities |
|
|
2,800,976 |
|
|
|
1,638,120 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (see Note 7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.00001 par value, 10,000,000 shares authorized
at March 31, 2022 and December 31, 2021 |
|
|
|
|
|
|
|
|
Series Seed: 0 and 1,150,000 shares designated at March 31,
2022 and December 31, 2021, respectively; 0 and 1,146,138 shares
issued and outstanding at March 31, 2022 and December 31,
2021, respectively; $0 and $15.4 million aggregate liquidation
preference at March 31, 2022 and December 31, 2021,
respectively |
|
|
— |
|
|
|
11 |
|
Common stock, $0.00001 par value, 250,000,000 shares authorized at
March 31, 2022 and December 31, 2021; 11,048,587 and 3,200,000
shares outstanding at March 31, 2022 and December 31, 2021,
respectively |
|
|
110 |
|
|
|
32 |
|
Additional paid-in-capital |
|
|
24,561,309 |
|
|
|
7,403,204 |
|
Accumulated deficit |
|
|
(8,027,331 |
) |
|
|
(5,956,670 |
) |
Total stockholders’ equity |
|
|
16,534,088 |
|
|
|
1,446,577 |
|
Total liabilities and stockholders’ equity |
|
$ |
19,335,064 |
|
|
$ |
3,084,697 |
|
BLUE WATER
VACCINES INC.Condensed Statements of
Operations(Unaudited)
|
|
Three Months Ended
March 31,2022 |
|
|
Three Months Ended
March 31,2021 |
|
Operating costs and
expenses |
|
|
|
|
|
|
General and administrative |
|
$ |
1,615,569 |
|
|
$ |
237,544 |
|
Research and development |
|
|
455,092 |
|
|
|
88,237 |
|
Total operating expenses |
|
|
2,070,661 |
|
|
|
325,781 |
|
Loss from operations |
|
|
(2,070,661 |
) |
|
|
(325,781 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,070,661 |
) |
|
$ |
(325,781 |
) |
Cumulative preferred stock
dividends |
|
|
96,359 |
|
|
|
137,687 |
|
Net loss applicable to common
stockholders |
|
|
(2,167,020 |
) |
|
|
(463,468 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders, basic and diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding, basic and diluted |
|
|
6,339,435 |
|
|
|
3,200,000 |
|
About Blue Water Vaccines
Blue Water Vaccines Inc. is a biopharmaceutical company focused
on developing transformational vaccines to address significant
health challenges globally. Headquartered in Cincinnati, OH, the
company holds the rights to proprietary technology developed at the
University of Oxford, Cincinnati Children's Hospital Medical Center
(CCHMC), and St. Jude Children's Hospital. The company is
developing a universal flu vaccine that will provide protection
from all virulent strains in addition to licensing a novel
norovirus (NoV) S&P nanoparticle versatile virus-like particle
(VLP) vaccine platform from CCHMC to develop vaccines for multiple
infectious diseases, including norovirus/rotavirus and malaria,
among others. Additionally, Blue Water Vaccines is developing a
Streptococcus pneumoniae (pneumococcus) vaccine candidate, designed
to specifically prevent the highly infectious middle ear
infections, known as Acute Otitis Media (AOM), in children. For
more information, visit www.bluewatervaccines.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as “anticipate,” “believe,” “forecast,”
“estimate,” “expect,” and “intend,” among others. These
forward-looking statements are based on BWV’s 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, risks related to the development
of BWV’s vaccine candidates, including, but not limited to BWV-301;
the failure to obtain FDA clearances or approvals and noncompliance
with FDA regulations; delays and uncertainties caused by the global
COVID-19 pandemic; risks related to the timing and progress of
clinical development of our product candidates; our need for
additional financing; uncertainties of patent protection and
litigation; uncertainties of government or third party payor
reimbursement; limited research and development efforts and
dependence upon third parties; and substantial competition. As with
any vaccine under development, there are significant risks in the
development, regulatory approval and commercialization of new
products. BWV does not undertake an obligation to update or revise
any forward-looking statement. Investors should read the risk
factors set forth in BWV’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, filed with the Securities and
Exchange Commission (the “SEC”) on March 31, 2022, and periodic
reports filed with the SEC on or after the date thereof. All of
BWV’s forward-looking statements are expressly qualified by all
such risk factors and other cautionary statements. The information
set forth herein speaks only as of the date thereof.
Investor Contact Information:Investor
RelationsEmail: investors@bluewatervaccines.com
Media Contact Information:Media
Relations513-620-4101Email: media@bluewatervaccines.com
Blue Water Biotech (NASDAQ:BWV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blue Water Biotech (NASDAQ:BWV)
Historical Stock Chart
From Sep 2023 to Sep 2024