CohBar Reports Fourth Quarter and Full-Year 2021 Financial Results and Provides Corporate Update
March 29 2022 - 4:01PM
CohBar, Inc. (NASDAQ: CWBR), 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, today reported its
financial results for the fourth quarter and full year ended
December 31, 2021 and provided a corporate update.
“2021 was a year of significant growth for CohBar, highlighted
by positive topline data from our first human study and the
demonstration of clinical proof-of-concept for our platform, the
nomination of our second clinical candidate, and the addition of
high-quality talent to our leadership and Board,” stated Dr. Joseph
Sarret, Chief Executive Officer. “As we begin 2022, we are
well-positioned to advance our mission and execute on our goals.
Today, we announced that we have aligned our resources to focus on
three main areas – the development of our IPF program, CB5138-3,
the discovery of additional novel peptide families through our
novel Mito+ platform, and securing a partner for further
development of CB4211. I’m optimistic about this focused strategy
and excited for what our team can achieve in 2022 and beyond.”
Recent Corporate Updates
- Focused
Pipeline to Advance Key Programs:
CohBar has aligned its resources to focus on three main areas: (1)
the development of its novel peptide analog, CB5138-3, for the
treatment of idiopathic pulmonary fibrosis (IPF). In addition to
the ongoing IND-enabling studies, the company is focused on
optimizing drug delivery to increase the likelihood of success in
the clinic for this hard-to-treat patient population. The IND for
this program is now expected to be submitted in the second half of
2023; (2) the discovery and development of additional novel peptide
families using the company’s novel Mito+ platform; and (3) the
pursuit of a partnership for further development of CB4211.
- Appointed Nick Vlahakis,
MBBS, as Acting Chief Medical Officer: Today, CohBar
announced the appointment of Nick Vlahakis, MBBS, as acting Chief
Medical Officer. Dr. Vlahakis is an experienced pulmonary and
critical care clinician with clinical development expertise
encompassing both early and late stage trials across a wide range
of therapeutic areas, including IPF. Before joining CohBar, he was
VP and Head of Clinical Development at Global Blood Therapeutics
Inc. (GBT) where he advanced voxelotor (Oxbryta) to approval in
sickle cell disease. Prior to GBT, he served as the VP and Head of
the Respiratory Disease Area at Unity Biotechnology, developing
clinical strategy for pre-clinical assets across a broad range of
respiratory diseases. Dr. Vlahakis began his industry career at
Genentech, serving as clinical lead for products in early and late
clinical development. Prior to Genentech, Dr. Vlahakis was on
faculty at Mayo Clinic and had an NIH-funded lab studying the
biology of fibrosis, acute lung injury and angiogenesis. Dr.
Vlahakis received his MBBS medical degree at the University of
Adelaide in Australia and completed his Internal Medicine residency
and Pulmonary Fellowship at Mayo Clinic. He is also a published
scientist with more than 60 peer-reviewed articles.
Fourth Quarter 2021 Highlights
- Announced Changes to its
Board of Directors and R&D Leadership. In December
2021, the company announced that its founders Drs. Nir Barzilai,
Pinchas Cohen, and John Amatruda transitioned from the Board of
Directors to a reconstituted Scientific Advisory Board. In
addition, Ken Cundy, Ph.D., resigned as Chief Scientific Officer,
effective March 31, 2022, and the company appointed Kent
Grindstaff, Ph.D. as Senior Vice President of Research, effective
January 4, 2022.
- Completed Equity Financing: In November 2021,
the company completed an underwritten public offering of common
stock and warrants, with aggregate gross proceeds of approximately
$15 million. The company intends to use the proceeds from this
offering to fund research and development and other general
corporate purposes.
- Presented Late-Breaking Poster on CB4211 at The Liver
Meeting® 2021: In November 2021, the company presented
data from its Phase 1a/1b clinical study of CB4211 during The
American Association for the Study of Liver Diseases (AASLD) Annual
Meeting (The Liver Meeting® 2021).
Fourth Quarter 2021 Financial Highlights
- Cash and Investments: The company had cash and
investments of $26.2 million as of December 31, 2021, compared to
$21.0 million as of December 31, 2020. The cash burn for the
quarter ended December 31, 2021 was approximately $3.0
million.
- R&D Expenses: Research and development
expenses were $0.8 million for the three months ended December 31,
2021, compared to $2.7 million in the prior year quarter. The
decrease in research and development expenses was primarily due to
lower clinical trial and preclinical costs due to the timing of
those costs.
- G&A Expenses: General and
administrative expenses were $2.0 million for the three months
ended December 31, 2021, compared to $1.7 million in the prior year
quarter. The increase in general and administrative expenses
was primarily due to higher stock-based compensation
costs.
- Net Loss: For the three months ended December
31, 2021, net loss, which included $0.6 million of non-cash
expenses, was $2.8 million, or $0.04 per basic and diluted share.
For the three months ended December 31, 2020, net loss, which
included $0.6 million of non-cash expenses, was $4.7 million, or
$0.08 per basic and diluted share.
Fourth Quarter and Full-Year 2021 Investor
Call:The call is open to the public and can be accessed
via live teleconference or webcast.Date: March 29, 2022
Time: 5:00 p.m. ET (2:00 p.m. PT)
Conference Audio
- Dial-in U.S. and Canada: (877) 451-6152
- Dial-in International: (201) 389-0879
- Conference ID No.: 13726040
Webcast
- A simultaneous webcast of the call
will be accessible via the Investors section of the CohBar website
at www.cohbar.com.
For individuals participating in the Investor Call or webcast,
please call or login to the conference audio approximately 10
minutes prior to its start.
An audio replay of the call will be available. beginning at 8:00
p.m. Eastern Time on March 29, 2022, through 11:59 p.m. Eastern
Time on April 19, 2022. To access the recording please dial (844)
512-2921 in the U.S. and Canada, or (412) 317-6671 internationally,
and reference Conference ID# 13726040. The audio recording will
also be available at www.cohbar.com during the same period.
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. CohBar has assembled
the leading position in exploring the mitochondrial genome and its
utility for the development of novel therapeutics, including
world-renowned expertise in mitochondrial biology, a broad
intellectual property estate, key opinion leaders and disciplined
drug discovery and development processes. CohBar is utilizing its
Mito+ platform to identify and develop modified versions of natural
peptides called analogs to treat a variety of serious conditions,
with a focus on diseases involving inflammation and fibrosis.
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
statements regarding timing and anticipated outcomes of research
and clinical trials for our product candidates; expectations
regarding the growth of therapies developed from modified
mitochondrial peptides as a significant future class of drug
products; and statements regarding anticipated therapeutic
properties and potential of our mitochondrial peptide analogs and
other potential therapies. 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:
our ability to successfully advance drug discovery and development
programs, including the delay or termination of ongoing clinical
trials and the timing of announcements and updates relating to our
clinical trials and related data; our possible inability to
mitigate the prevalence and/or persistence of the injection site
reactions, or the possibility of other developments affecting the
viability of CB4211 or CB5138-3 as a clinical candidate or its
commercial potential; results that are different from earlier data
results including less favorable results that may not support
further clinical development; our ability to raise additional
capital when necessary to continue our operations; our ability to
recruit and retain key management and scientific personnel; the
risk that our intellectual property may not be adequately
protected; our ability to establish and maintain partnerships with
corporate and industry partners; and risks related to the impact on
our business of the COVID-19 pandemic or similar public health
crises. 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 securities regulators, 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.
Contacts: Jordyn TaraziDirector of
Investor RelationsCohBar, Inc.(650)
445-4441Jordyn.tarazi@cohbar.com
CohBar, Inc. |
Balance Sheets |
|
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|
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As of |
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December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
4,992,145 |
|
|
$ |
2,894,575 |
|
Investments |
|
|
21,253,866 |
|
|
|
18,120,266 |
|
Vendor receivable |
|
|
173,499 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
|
527,380 |
|
|
|
413,692 |
|
Total current assets |
|
|
26,946,890 |
|
|
|
21,428,533 |
|
Property and equipment, net |
|
|
260,612 |
|
|
|
394,004 |
|
Intangible assets, net |
|
|
19,309 |
|
|
|
18,075 |
|
Other assets |
|
|
69,620 |
|
|
|
67,403 |
|
Total assets |
|
$ |
27,296,431 |
|
|
$ |
21,908,015 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
371,993 |
|
|
$ |
727,599 |
|
Accrued liabilities |
|
|
196,020 |
|
|
|
1,141,741 |
|
Accrued payroll and other compensation |
|
|
754,314 |
|
|
|
853,335 |
|
Note payable, net of debt discount and offering costs of $8,723 and
$15,656 as of December 31, 2021 and |
|
|
|
|
2020, respectively |
|
366,277 |
|
|
|
349,344 |
|
Total current liabilities |
|
|
1,688,604 |
|
|
|
3,072,019 |
|
Notes payable, net of debt discount and offering costs of $0 and
$26,159 as of December 31, 2021 and |
|
|
|
|
|
|
|
|
2020, respectively |
|
|
- |
|
|
|
348,841 |
|
Total liabilities |
|
|
1,688,604 |
|
|
|
3,420,860 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
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|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.001 par value, Authorized 5,000,000
shares; |
|
|
|
|
No shares issued and outstanding as of December 31, 2021 and
December 31, 2020, respectively |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value, Authorized 180,000,000 shares; |
|
|
|
|
Issued and outstanding 86,339,567 shares as of December 31,
2021 and 61,117,524 as of December 31, 2020 |
|
|
86,340 |
|
|
|
61,118 |
|
Additional paid-in capital |
|
|
110,255,549 |
|
|
|
87,684,323 |
|
Accumulated deficit |
|
|
(84,734,062 |
) |
|
|
(69,258,286 |
) |
Total stockholders’ equity |
|
|
25,607,827 |
|
|
|
18,487,155 |
|
Total liabilities and stockholders’ equity |
|
$ |
27,296,431 |
|
|
$ |
21,908,015 |
|
|
|
|
|
|
CohBar, Inc. |
Statements of Operations |
|
|
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|
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|
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For The Three Months Ended December 31, |
|
|
For The Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
- |
|
|
$ |
- |
|
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
798,580 |
|
|
|
2,697,165 |
|
|
|
|
7,705,090 |
|
|
|
6,937,610 |
|
General and administrative |
|
|
1,983,022 |
|
|
|
1,667,587 |
|
|
|
|
7,703,065 |
|
|
|
6,261,905 |
|
Total operating expenses |
|
|
2,781,602 |
|
|
|
4,364,752 |
|
|
|
|
15,408,155 |
|
|
|
13,199,515 |
|
Operating loss |
|
|
(2,781,602 |
) |
|
|
(4,364,752 |
) |
|
|
|
(15,408,155 |
) |
|
|
(13,199,515 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,212 |
|
|
|
3,085 |
|
|
|
|
5,578 |
|
|
|
41,149 |
|
Interest expense |
|
|
(7,561 |
) |
|
|
(77,046 |
) |
|
|
|
(40,108 |
) |
|
|
(311,410 |
) |
Equity modification expense |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(2,290,688 |
) |
Amortization of debt discount and offering costs |
|
|
(4,358 |
) |
|
|
(269,237 |
) |
|
|
|
(33,091 |
) |
|
|
(504,497 |
) |
Total other expense |
|
|
(10,707 |
) |
|
|
(343,198 |
) |
|
|
|
(67,621 |
) |
|
|
(3,065,446 |
) |
Net loss |
|
$ |
(2,792,309 |
) |
|
$ |
(4,707,950 |
) |
|
|
$ |
(15,475,776 |
) |
|
$ |
(16,264,961 |
) |
Basic and diluted net loss per share |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
|
$ |
(0.23 |
) |
|
$ |
(0.33 |
) |
Weighted average common shares outstanding - basic and diluted |
|
|
79,062,525 |
|
|
|
58,477,667 |
|
|
|
|
66,629,458 |
|
|
|
48,814,353 |
|
|
|
|
|
|
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