BOSTON, April 1,
2022 /PRNewswire/ -- NeuroBo Pharmaceuticals,
Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company,
today announced financial results for the year ended December 31, 2021.
Management Commentary
"Since I joined NeuroBo in November of 2021, we have had the
opportunity to significantly strengthen our team including the
addition of highly accomplished executive, D. Gordon Strickland, to our Board of Directors in
January and, most recently, with the appointment of Danamarie Belpulsi, M.D. to our Scientific
Advisory Board. Their collective experience will be invaluable as
we continue to move programs through the clinic," stated
Gil Price, M.D. President and Chief
Executive Officer of NeuroBo.
"Also of note, following a positive recommendation from the
independent data safety monitoring board, in the fourth quarter of
last year, we continue to advance our Phase 2/3 clinical trial of
lead drug candidate, ANA001, a proprietary oral niclosamide
formulation, in development as a treatment for patients with
moderate to severe COVID-19 and expect to complete the phase 2
portion of the trial in the third quarter of this year. We look
forward to providing further updates on our clinical progress in
the near future."
Management also noted that, subsequent to the October 2021 registered direct offering, the
company expects that its cash will be adequate to fund operations
into the fourth quarter of 2022.
Full Year 2021 Financial and Operating Results
- Research and Development (R&D) Expenses were
$6.5 million for the year ended
December 31, 2021 as compared to
$4.5 million for the year ended
December 31, 2020. The $2.0 million increase during the year ended
December 31, 2021 was primarily
attributed to increased clinical trial and drug manufacturing of
$1.9 million and $0.4 million, respectively, for the development
of ANA001, offset by a reduction of preclinical costs of
$0.3 million.
- General and Administrative Expenses were $8.8 million for the year ended December 31, 2021 compared to $7.8 million for the year ended December 31, 2020. The increase of $1.0 million was primarily due to increased
personnel costs of $0.6 million,
increased costs associated with operating as a public company of
$0.3 million, and increased insurance
costs of $0.4 million, offset by
reductions of facilities and professional fees costs of
$0.3 million and $0.1 million, respectively, when compared to the
comparable prior year.
- Net Loss for the year ended December 31, 2021 was $15.3 million, or $0.66 per basic and diluted share, based on
23,143,792 weighted average common shares outstanding, compared
with a net loss of $29.7 million, or
$1.83 per basic and diluted share,
based on 16,217,339 weighted average common shares outstanding for
the year ended December 31, 2020.
- Cash and Cash Equivalents were $16.4 million as of December 31, 2021, compared with $10.1 million as of December 31, 2020. Operating at its current level
of clinical activity, NeuroBo expects its cash position will be
adequate to fund operations into the fourth quarter of 2022.
About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc. is a clinical-stage biotechnology
company focused on developing and commercializing multi-modal
disease-modifying therapies.
For more information visit: https://www.neurobopharma.com.
Forward Looking Statements
Any statements in this press release that are not statements of
historical fact constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
statements regarding NeuroBo's obtaining financing for development
of its products and conducting clinical trials and the nature of
such financing, the development of NeuroBo's product candidates,
the ability to obtain regulatory and other approvals for and
commence new clinical trials and the therapeutic potential, timing
and nature of clinical trials and potential regulatory approval of
NeuroBo's clinical programs and pipeline. Forward-looking
statements are usually identified by the use of words, such as
"believes," "anticipates," "expects," "intends," "plans," "may,"
"potential," "will," "could" and similar expressions. Actual
results may differ materially from those indicated by
forward-looking statements as a result of various important factors
and risks. These factors, risks and uncertainties include, but are
not limited to: recent changes in NeuroBo's management; the ability
to obtain approval and initiate new clinical trials, including the
Phase 2/3 trial as a post-exposure prophylaxis for the prevention
of COVID-19; the clinical utility, potential benefits and market
acceptance of NeuroBo's product candidates, including ANA001 and
Gemcabene; the effect of future milestone payments and royalties on
the results of operations and financial position of NeuroBo; the
occurrence of health epidemics or contagious diseases, such as
COVID-19, and potential effects on NeuroBo's business, clinical
trial sites, supply chain and manufacturing facilities; the effects
of the ongoing war in Ukraine,
particularly as it relates to NeuroBo's clinical trials; NeuroBo's
ability to continue as a going concern; the timing of completion of
NeuroBo's clinical trials, including with respect to ANA001; the
timing of the availability of data from NeuroBo's clinical trials,
including with respect to ANA001; NeuroBo's ability to
successfully collaborate with existing collaborators or enter into
new collaborations and to fulfill its obligations under any such
collaboration agreements; the impact of government laws and
regulations; NeuroBo's ability to protect its intellectual property
position; and NeuroBo's need for additional financing and the
nature of such financing to fulfill its stated goals.
Please refer to NeuroBo's most recent annual report on
Form 10-K, as well as NeuroBo's subsequent filings on Form 10-Q and
Form 8-K, which are available on the SEC's website (www.sec.gov),
for a full discussion of the risks and other factors that may
impact any forward-looking statements in this press release. In
addition, the forward-looking statements included in this press
release represent NeuroBo's views as of the date hereof. NeuroBo
anticipates that subsequent events and developments will cause its
views to change. However, while NeuroBo may elect to update these
forward-looking statements at some point in the future, NeuroBo
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing NeuroBo's views as of any date subsequent to the date
hereof.
Contact:
Rx Communications Group
Michael Miller
+1-917-633-6086
mmiller@rxir.com
- Tables to Follow -
NeuroBo
Pharmaceuticals, Inc.
|
Consolidated Balance
Sheets
|
(in thousands,
except share amounts and par value)
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
|
|
$
|
16,387
|
|
$
|
10,089
|
|
Prepaid expenses
|
|
|
197
|
|
|
546
|
|
Other assets
|
|
|
—
|
|
|
48
|
|
Total current
assets
|
|
|
16,584
|
|
|
10,683
|
|
Right-of-use assets and other
|
|
|
105
|
|
|
130
|
|
Property and equipment, net
|
|
|
110
|
|
|
155
|
|
Total assets
|
|
$
|
16,799
|
|
$
|
10,968
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
830
|
|
$
|
2,575
|
|
Accrued liabilities
|
|
|
1,301
|
|
|
1,096
|
|
Lease liability, short-term
|
|
|
26
|
|
|
24
|
|
Total current
liabilities
|
|
|
2,157
|
|
|
3,695
|
|
Lease liability,
long-term
|
|
|
45
|
|
|
70
|
|
Total
liabilities
|
|
|
2,202
|
|
|
3,765
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares
authorized as of
December 31, 2021 and 2020; no
shares issued or outstanding as of
December 31, 2021 and
2020.
|
|
|
—
|
|
|
—
|
|
Common stock, $0.001 par value per share, 100,000,000 shares
authorized as
of December 31, 2021 and 2020;
26,661,771 and 19,671,182 shares issued
and outstanding as of December
31, 2021 and 2020, respectively.
|
|
|
27
|
|
|
20
|
|
Additional paid–in capital
|
|
|
96,394
|
|
|
73,713
|
|
Accumulated other comprehensive income
|
|
|
4
|
|
|
14
|
|
Accumulated deficit
|
|
|
(81,828)
|
|
|
(66,544)
|
|
Total stockholders'
equity
|
|
|
14,597
|
|
|
7,203
|
|
Total liabilities and
stockholders' equity
|
|
$
|
16,799
|
|
$
|
10,968
|
|
NeuroBo
Pharmaceuticals, Inc.
|
Consolidated
Statements of Operations and Comprehensive Loss
|
(in thousands,
except share and per share amounts)
|
|
|
|
For the Year
Ended
|
|
|
|
December 31,
|
|
|
|
2021
|
|
2020
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and development
|
|
$
|
6,546
|
|
$
|
4,531
|
|
Acquired in‑process research and development
|
|
|
—
|
|
|
17,339
|
|
General and administrative
|
|
|
8,752
|
|
|
7,846
|
|
Total operating
expenses
|
|
|
15,298
|
|
|
29,716
|
|
Loss from
operations
|
|
|
(15,298)
|
|
|
(29,716)
|
|
Interest
income
|
|
|
14
|
|
|
39
|
|
Other expense,
net
|
|
|
—
|
|
|
(1)
|
|
Loss before income
taxes
|
|
|
(15,284)
|
|
|
(29,678)
|
|
Provision for income
taxes
|
|
|
—
|
|
|
—
|
|
Net loss
|
|
|
(15,284)
|
|
|
(29,678)
|
|
Other comprehensive
(loss) income, net of tax
|
|
|
(10)
|
|
|
2
|
|
Comprehensive
loss
|
|
$
|
(15,294)
|
|
$
|
(29,676)
|
|
Loss per
share:
|
|
|
|
|
|
|
|
Net
loss per share, basic and diluted
|
|
$
|
(0.66)
|
|
$
|
(1.83)
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
23,143,792
|
|
|
16,217,339
|
|
View original
content:https://www.prnewswire.com/news-releases/neurobo-pharmaceuticals-reports-full-year-2021-financial-results-301515393.html
SOURCE NeuroBo Pharmaceuticals, Inc.