ARCA biopharma Announces First Quarter 2022 Financial Results
03 May 2022 - 6:15AM
ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company
applying a precision medicine approach to developing genetically
targeted therapies for cardiovascular diseases, today reported
first quarter 2022 financial results and provided a corporate
update.
Dr. Michael Bristow, ARCA’s President and Chief
Executive Officer, commented, “We are in the process of evaluating
options for creating stockholder value, including potential
development of our assets, partnering and other strategic
options.”
In April, the Board of Directors established a
Special Committee to evaluate strategic options for maximizing
stockholder value.
First Quarter 2022 Summary Financial
Results
Cash and cash equivalents were
$49.1 million as of March 31, 2022, compared to $53.4 million as of
December 31, 2021. ARCA believes that its current cash and cash
equivalents, will be sufficient to fund its operations at the
current levels through at least the middle of 2023. The Company’s
review of its strategic options may impact this projection.
Research and development (R&D)
expenses were $2.2 million for the quarter ended March 31,
2022, compared to $2.9 million for the corresponding period in
2021. The $0.7 million decrease in R&D expenses in the first
quarter was primarily related to the completion of enrollment in
the rNAPc2 Phase 2b clinical trial in the fourth quarter of 2021.
R&D expenses in 2022 are expected to be lower than 2021.
General and administrative (G&A)
expenses were $1.1 million for the quarter ended March 31,
2022, compared to $1.2 million for the corresponding period in
2021. The $0.1 million decrease in expenses was primarily a result
of lower personnel costs, offset by increases in consulting costs.
G&A expenses in 2022 are expected to be consistent with those
in 2021 as the Company maintains administrative activities to
support its ongoing operations.
Total operating expenses for the
quarter ended March 31, 2022 were $3.3 million compared to $4.1
million for the first quarter of 2021.
Net loss for the quarter ended
March 31, 2022 was $3.3 million, or $0.23 per basic and diluted
share, compared to $4.1 million, or $0.33 per basic and diluted
share in the first quarter of 2021.
About ARCA biopharmaARCA biopharma
is dedicated to developing genetically and other targeted therapies
for cardiovascular diseases through a precision medicine approach
to drug development. At present, ARCA is evaluating options for
development of its assets, including partnering and other strategic
options. For more information, please visit www.arcabio.com or
follow the Company on LinkedIn.
Safe Harbor StatementThis press
release contains "forward-looking statements" for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. These statements include, but are not limited to,
statements regarding potential future development plans for Gencaro
and rNAPc2, if any, the Company’s review of strategic options. Such
statements are based on management's current expectations and
involve risks and uncertainties. Actual results and performance
could differ materially from those projected in the forward-looking
statements as a result of many factors, including, without
limitation, the risks and uncertainties associated with: ARCA’s
financial resources and whether they will be sufficient to meet its
business objectives and operational requirements; ARCA may not be
able to raise sufficient capital on acceptable terms, or at all, to
continue development of rNAPc2 or Gencaro or to otherwise continue
operations in the future; results of earlier clinical trials may
not be confirmed in future clinical trials; the protection and
market exclusivity provided by ARCA’s intellectual property; risks
related to the drug discovery and the regulatory approval
processes; the Company’s ability to complete a strategic
transaction, and, the impact of competitive products and
technological changes. These and other factors are identified and
described in more detail in ARCA’s filings with the Securities and
Exchange Commission, including without limitation ARCA’s annual
report on Form 10-K for the year ended December 31, 2021,
and subsequent filings. ARCA disclaims any intent or obligation to
update these forward-looking statements.
Investor & Media
Contact:Derek Cole720.940.2163derek.cole@arcabio.com
(Tables follow)
|
ARCA BIOPHARMA, INC. |
BALANCE SHEET DATA(in
thousands)(unaudited) |
|
|
March 31, 2022 |
|
December 31, 2021 |
Cash and cash equivalents |
$ |
49,059 |
|
$ |
53,359 |
Working capital |
$ |
47,820 |
|
$ |
50,923 |
Total assets |
$ |
51,014 |
|
$ |
54,924 |
Total stockholders’ equity |
$ |
47,938 |
|
$ |
51,043 |
ARCA BIOPHARMA, INC.STATEMENTS OF
OPERATIONS(unaudited) |
|
Three Months Ended |
|
|
March 31, |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
(in thousands, except shareand per share
amounts) |
|
Costs and expenses: |
|
|
|
|
|
|
|
Research and development |
$ |
2,179 |
|
|
$ |
2,876 |
|
General and administrative |
|
1,098 |
|
|
|
1,226 |
|
Total costs and expenses |
|
3,277 |
|
|
|
4,102 |
|
Loss from operations |
|
(3,277 |
) |
|
|
(4,102 |
) |
|
|
|
|
|
|
|
|
Interest and other income |
|
7 |
|
|
|
2 |
|
Other loss |
|
(2 |
) |
|
|
— |
|
Net loss |
$ |
(3,272 |
) |
|
$ |
(4,100 |
) |
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.23 |
) |
|
$ |
(0.33 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
14,410,143 |
|
|
|
12,356,928 |
|
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