Angion Biomedica Corp (NASDAQ:ANGN), a biopharmaceutical company that has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, today provided a corporate update and reported its financial results for the quarter ended June 30, 2022.

On June 29, 2022, Angion announced discontinuation of JUNIPER, its Phase 2 dose-finding trial of ANG-3070 in patients with primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis (FSGS) and immunoglobulin A nephropathy (IgAN). This trial, which began enrolling patients in December 2021, was discontinued in the interest of patient safety based upon a reassessment of the risk/benefit profile of ANG-3070 in patients with established serious kidney disease.

On July 25, 2022, Angion announced the commencement of a process to explore and evaluate strategic options to enhance and preserve shareholder value and the engagement of Oppenheimer & Co., Inc. as the company’s strategic advisor to assist in this process. Potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, merger, reverse merger, other business combination, sale of assets, licensing, or other strategic transactions involving Angion. There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. Angion has discontinued development of ANG-3070 for all indications and discontinued most other development activities pending conclusion of this process.

“The strategic options process is under way and we are taking the steps we deem appropriate to preserve cash resources,” stated Dr. Jay Venkatesan, Angion’s President and Chief Executive Officer. “As we noted in our press release on July 25, we do not expect to disclose developments with respect to this process unless and until the process has been completed or a disclosure is otherwise deemed necessary or legally required.”

Second Quarter 2022 Financial Results

As of June 30, 2022, Angion had cash and cash equivalents totaling $63.4 million. Angion expects current cash resources to be sufficient to fund projected operating requirements for at least 12 months following the issuance date of its condensed consolidated financial statements.

Contract revenue for the quarter ended June 30, 2022 was $0.7 million compared with $0.5 million in the second quarter of 2021.

Research and development expenses for the quarter ended June 30, 2022 were $6.1 million compared with $14.4 million in the second quarter of 2021.

General and administrative expenses for the quarter ended June 30, 2022 were $3.6 million compared with $4.3 million in the second quarter of 2021.

Other income (expense) for the quarter ended June 30, 2022 was $(0.1) million compared with $1.2 million in the second quarter of 2021.

Net loss for the quarter ended June 30, 2022 was $9.1 million, or $0.30 per share, compared with $17.1 million, or $0.58 per share, in the second quarter of 2021.

About AngionAngion has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases. For more information, please visit angion.com.

Forward Looking StatementsStatements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Angion’s plans to explore and evaluate strategic options to enhance and preserve shareholder value and take other actions to immediately reduce cash burn and Angion’s expectation to have cash sufficient to fund its planned operations for the 12 months following the issuance date of our condensed consolidated financial statements. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Angion’s ability to execute its planned exploration and evaluation of strategic alternatives; and unexpected demands on Angion’s cash resources. For a fuller description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see Angion’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 30, 2022, and Angion’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, to be filed with the Securities and Exchange Commission on August 15, 2022, especially, in each case, under the caption “Risk Factors,” as well as other documents that may be filed by Angion from time to time with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law.

ANGION BIOMEDICA CORP. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts)(unaudited)

  Three Months Ended June 30,   Six Months Ended June 30,
    2022       2021       2022       2021  
Revenue:              
Contract revenue $ 653     $ 540     $ 2,301     $ 911  
Total revenue   653       540       2,301       911  
Operating expenses:              
Research and development   6,073       14,444       17,740       28,742  
General and administrative   3,615       4,340       8,081       10,352  
Total operating expenses   9,688       18,784       25,821       39,094  
Loss from operations   (9,035 )     (18,244 )     (23,520 )     (38,183 )
Other income (expense), net   (104 )     1,172       141       (15,576 )
Net loss   (9,139 )     (17,072 )     (23,379 )     (53,759 )
Net loss per common share, basic and diluted $ (0.30 )   $ (0.58 )   $ (0.78 )   $ (2.02 )
Weighted average common shares outstanding, basic and diluted   29,973,886       29,670,329       29,966,609       26,574,290  

ANGION BIOMEDICA CORP. Condensed Consolidated Balance Sheets (in thousands)(unaudited)

  June 30,2022   December 31,2021
Assets      
Current assets      
Cash and cash equivalents $ 63,372     $ 88,756  
Grants receivable         806  
Prepaid expenses and other current assets   2,513       1,685  
Total current assets   65,885       91,247  
Property and equipment, net   388       451  
Operating lease right-of-use assets   3,589       3,986  
Investments in related parties   865       723  
Other assets   86       106  
Total assets $ 70,813     $ 96,513  
Liabilities and stockholders’ equity      
Current liabilities      
Accounts payable $ 2,656     $ 4,710  
Accrued expenses   4,086       3,219  
Operating lease liabilities, current   943       894  
Financing obligation, current   62       58  
Deferred revenue, current         2,301  
Warrant liability   33       114  
Total current liabilities   7,780       11,296  
Operating lease liabilities, noncurrent   2,990       3,475  
Financing obligation, noncurrent   202       235  
Other liabilities, noncurrent   81        
Total liabilities   11,053       15,006  
Commitments and contingencies      
Stockholders' equity      
Common stock   301       300  
Additional paid-in capital   297,875       296,445  
Accumulated other comprehensive loss   98       (103 )
Accumulated deficit   (238,514 )     (215,135 )
Total stockholders' equity   59,760       81,507  
Total liabilities and stockholders' equity $ 70,813     $ 96,513  
Contact
David D. Miller
Sr. Director of Corporate Affairs
investors@angion.com
Angion Biomedica (NASDAQ:ANGN)
Historical Stock Chart
From Mar 2023 to Mar 2023 Click Here for more Angion Biomedica Charts.
Angion Biomedica (NASDAQ:ANGN)
Historical Stock Chart
From Mar 2022 to Mar 2023 Click Here for more Angion Biomedica Charts.