CohBar Reports Third Quarter 2022 Financial Results and Highlights Recent Corporate Progress
09 November 2022 - 8:03AM
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 third quarter ended September 30, 2022
and highlighted recent corporate progress.
“I’m pleased with the team’s performance during the third
quarter of 2022 in advancing our top priorities, including
improving the formulation of CB5138-3, our product candidate for
IPF,” stated Dr. Joseph Sarret, Chief Executive Officer. “We
continue to operate the company in a prudent financial manner, and
we completed a reverse stock split, which was a necessary step to
regain compliance with Nasdaq and enable potential access to
institutional capital. Looking ahead, we are prioritizing
activities that will support the planned clinical development of
our IPF program and we look forward to communicating additional
progress in the near future.”
Recent Updates and Third Quarter 2022
Highlights
- Formulation Work for CB5138-3 Ongoing: The
company continues to advance CB5138-3, its lead program for IPF,
through IND-enabling studies and formulation activities. In the
second half of 2023, CohBar plans to submit an Investigational New
Drug Application (IND) for CB5138-3 to the U.S. Food and Drug
Administration pending a suitable formulation.
- Strengthened Board with Appointment of Effie Tozzo,
Ph.D: CohBar announced the appointment of Dr. Effie Tozzo
as an independent director to the company’s board of directors. Dr.
Tozzo brings 26 years of research and development expertise at both
established pharmaceutical and innovative biotechnology companies,
including extensive experience in mitochondria research.
- Executed Reverse Stock
Split: CohBar implemented a 1-for-30 reverse stock split
effective on September 23, 2022. The company utilized this
corporate action to regain compliance with Nasdaq’s $1.00 minimum
bid price requirement. The company has since received a letter from
Nasdaq confirming that it has achieved compliance with the listing
requirements.
Third Quarter 2022 Financial Highlights
- Cash, Cash Equivalents and Investments: The
company had cash, cash equivalents and investments of $18.3 million
as of September 30, 2022, compared to $26.2 million as of December
31, 2021. The cash burn for the quarter ended September 30, 2022
was approximately $1.9 million.
- R&D Expenses: Research and development
expenses were $1.0 million for the three months ended September 30,
2022, compared to $1.6 million in the prior year quarter. The
decrease in research and development expenses was primarily due to
lower program costs due to the timing of those expenses.
- G&A Expenses: General and
administrative expenses were $1.4 million for the three months
ended September 30, 2022, compared to $1.8 million in the prior
year quarter. The decrease in general and administrative
expenses was due to lower stock-based compensation costs.
- Net Loss: For the three months ended September
30, 2022, net loss, which included $0.4 million of non-cash
expenses, was $2.4 million, or $0.82 per basic and diluted share on
a post-split basis. For the three months ended September 30, 2021,
net loss, which included $0.7 million of non-cash expenses, was
$3.4 million, or $1.61 per basic and diluted share on a post-split
basis.
Details for the Conference Call:
Date: November 8, 2022Time: 5:00 p.m. ET (2:00 p.m. PT)
Conference Audio
- Dial-in U.S. and Canada: (855) 560-2576
- Dial-in International: (412) 317-5242
- Conference ID No.: 10171343
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 November 8, 2022, through 11:59 p.m. Eastern
Time on November 29, 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# 10171343. 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 a 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. CohBar is planning to
file an IND for its second clinical candidate CB5138-3 in the
second half of 2023, with an initial indication of idiopathic
pulmonary fibrosis. The company has previously demonstrated
clinical proof of concept for its approach with the positive
topline data from its CB4211 product candidate being developed for
NASH and obesity.
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 ongoing and planned research and development
activities, including planned clinical trials, regulatory status
and strategies and the timing of announcements and updates relating
to our regulatory filings and clinical trials; the ability to
remain listed on the Nasdaq Capital Market; 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. |
Condensed
Balance Sheets |
|
|
|
|
|
|
|
As of |
|
|
September 30, 2022 |
|
December 31, 2021 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
4,211,379 |
|
|
$ |
4,992,145 |
|
Investments |
|
|
14,128,120 |
|
|
|
21,253,866 |
|
Vendor receivable |
|
|
- |
|
|
|
173,499 |
|
Prepaid expenses and other current assets |
|
|
683,359 |
|
|
|
527,380 |
|
Total current assets |
|
|
19,022,858 |
|
|
|
26,946,890 |
|
Property and equipment, net |
|
|
174,773 |
|
|
|
260,612 |
|
Intangible assets, net |
|
|
18,389 |
|
|
|
19,309 |
|
Other assets |
|
|
76,596 |
|
|
|
69,620 |
|
Total assets |
|
$ |
19,292,616 |
|
|
$ |
27,296,431 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
257,317 |
|
|
$ |
371,993 |
|
Accrued liabilities |
|
|
92,487 |
|
|
|
196,020 |
|
Accrued payroll and other compensation |
|
|
196,695 |
|
|
|
754,314 |
|
Note payable, net of debt discount and offering costs of $0 and
$8,723 as of September 30, 2022 and December 31, 2021,
respectively |
|
|
- |
|
|
|
366,277 |
|
Total liabilities |
|
|
546,499 |
|
|
|
1,688,604 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No
shares issued and outstanding as of September 30, 2022 and December
31, 2021, respectively |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value, Authorized 12,000,000 shares;
Issued and outstanding 2,906,926 shares as of September 30, 2022
and 2,877,985 as of December 31, 2021 |
|
|
2,907 |
|
|
|
2,878 |
|
Additional paid-in capital |
|
|
111,855,921 |
|
|
|
110,339,011 |
|
Accumulated deficit |
|
|
(93,112,711 |
) |
|
|
(84,734,062 |
) |
Total stockholders’ equity |
|
|
18,746,117 |
|
|
|
25,607,827 |
|
Total liabilities and stockholders’ equity |
|
$ |
19,292,616 |
|
|
$ |
27,296,431 |
|
|
|
|
|
|
|
CohBar,
Inc. |
Condensed
Statements of Operations |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended September 30, |
|
For The Nine Months Ended September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
1,037,111 |
|
|
|
1,634,063 |
|
|
|
3,730,319 |
|
|
|
6,906,510 |
|
General and administrative |
|
|
1,433,699 |
|
|
|
1,777,000 |
|
|
|
4,735,402 |
|
|
|
5,720,043 |
|
Total operating expenses |
|
|
2,470,810 |
|
|
|
3,411,063 |
|
|
|
8,465,721 |
|
|
|
12,626,553 |
|
Operating
loss |
|
|
(2,470,810 |
) |
|
|
(3,411,063 |
) |
|
|
(8,465,721 |
) |
|
|
(12,626,553 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest
income |
|
|
78,902 |
|
|
|
1,226 |
|
|
|
97,274 |
|
|
|
4,366 |
|
Interest
expense |
|
|
- |
|
|
|
(7,562 |
) |
|
|
(1,479 |
) |
|
|
(32,547 |
) |
Amortization
of debt discount and offering costs |
|
|
- |
|
|
|
(4,359 |
) |
|
|
(8,723 |
) |
|
|
(28,733 |
) |
Total other income (expense) |
|
|
78,902 |
|
|
|
(10,695 |
) |
|
|
87,072 |
|
|
|
(56,914 |
) |
Net
loss |
|
$ |
(2,391,908 |
) |
|
$ |
(3,421,758 |
) |
|
$ |
(8,378,649 |
) |
|
$ |
(12,683,467 |
) |
Basic and
diluted net loss per share |
|
$ |
(0.82 |
) |
|
$ |
(1.61 |
) |
|
$ |
(2.90 |
) |
|
$ |
(6.09 |
) |
Weighted
average common shares outstanding - basic and diluted |
|
|
2,903,403 |
|
|
|
2,129,686 |
|
|
|
2,890,723 |
|
|
|
2,081,318 |
|
|
|
|
|
|
|
|
|
|
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