Moleculin Reports Full Year 2023 Financial Results
– Year marked by growing body of positive Annamycin efficacy and safety clinical data expected to support advancement into a pivotal study for AML
– Company to host conference call and webcast
– Company to issue separate clinical trial update press release Monday prior to the conference call
"Over the course of 2023 we established a significant growing body of positive clinical and encouraging safety data for Annamycin that continues to strengthen our confidence in the potential of our next generation, non-cardiotoxic chemotherapy in the treatment landscape for hard-to-treat cancers and viruses," commented
Recent Highlights
- Announced 2023 year-end Annamycin clinical trials preliminary data and 2024 expectations for multiple data readouts and transition to pivotal Phase 2B/3;
- Closed a registered direct offering priced at-the-market under Nasdaq rules with a single healthcare-focused institutional investor and certain of the Company's executive officers, a board member and concurrent private placement for gross proceeds of
$4.5 million before deducting the placement agent's fees and other estimated offering expenses payable by the Company pushing the Company's cash runway into the fourth quarter of 2024; and - Presented positive interim data from the Company's ongoing European Phase 1B/2 clinical trial evaluating Annamycin for the treatment of AML (MB-106) to key opinion leaders and current investigators at a meeting held in conjunction with the 65th
American Society of Hematology Meeting and Exposition (ASH) inSan Diego, CA.
Summary of Financial Results for the Full Year 2023
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
The net loss for the year ended
As of
Conference Call and Webcast
Moleculin management will host its quarterly conference call and webcast for investors, analysts, and other interested parties
Interested participants and investors may access the conference call by dialing (877) 407-0832 (domestic) or (201) 689-8433 (international) and referencing the Moleculin Biotech Conference Call. The live webcast will be accessible on the Events page of the Investors section of the Moleculin website, moleculin.com, and will be archived for 90 days.
About
Additionally, the Company is developing WP1066, an Immune/Transcription Modulator capable of inhibiting p-STAT3 and other oncogenic transcription factors while also stimulating a natural immune response, targeting brain tumors, pancreatic and other cancers, and WP1220, an analog to WP1066, for the topical treatment of cutaneous T-cell lymphoma. Moleculin is also engaged in the development of a portfolio of antimetabolites, including WP1122 for the potential treatment of COVID-19 and other viruses, as well as cancer indications including brain tumors, pancreatic and other cancers.
For more information about the Company, please visit www.moleculin.com and connect on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the Company's forecasted cash burn rate (including its estimate of cash sufficient to meet its projected operating requirements). Although Moleculin believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Moleculin has attempted to identify forward-looking statements by terminology including 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. "Risk Factors" in our most recently filed Form 10-K filed with the
Investor Contact:
(833) 475-8247
MBRX@jtcir.com
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Unaudited Condensed Consolidated Balance Sheets |
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(in thousands) |
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Current assets: |
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Cash and cash equivalents |
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$ 23,550 |
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$ 43,145 |
Prepaid expenses and other current assets |
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2,723 |
|
2,451 |
Total current assets |
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26,273 |
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45,596 |
Furniture and equipment, net |
|
272 |
|
275 |
Intangible assets |
|
11,148 |
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11,148 |
Operating lease right-of-use asset |
|
524 |
|
403 |
Total assets |
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$ 38,217 |
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$ 57,422 |
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Current liabilities: |
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Accounts payable and accrued expenses and other current liabilities |
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$ 6,815 |
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$ 4,819 |
Total current liabilities |
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6,815 |
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4,819 |
Operating lease liability - long-term, net of current portion |
|
474 |
|
335 |
Warrant liability - long term |
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4,855 |
|
77 |
Total liabilities |
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12,144 |
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5,231 |
Total stockholders' equity |
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26,073 |
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52,191 |
Total liabilities and stockholders' equity |
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$ 38,217 |
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$ 57,422 |
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Unaudited Condensed Consolidated Statements of Operations |
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Year Ended |
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(in thousands, except share and per share amounts) |
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2023 |
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2022 |
Revenues |
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$ - |
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$ - |
Operating expenses: |
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Research and development |
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19,487 |
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18,968 |
General and administrative and depreciation and amortization |
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10,144 |
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11,672 |
Total operating expenses |
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29,631 |
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30,640 |
Loss from operations |
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(29,631) |
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(30,640) |
Other income: |
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(Loss) gain from change in fair value of warrant liability |
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(1,044) |
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1,335 |
Transaction costs allocated to warrant liabilities |
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(510) |
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- |
Other income, net |
|
48 |
|
40 |
Interest income, net |
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1,368 |
|
240 |
Net loss |
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$ (29,769) |
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$ (29,025) |
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Net loss per common share - basic and diluted |
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$ (15.07) |
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$ (15.22) |
Weighted average common shares outstanding - basic and diluted |
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1,975,610 |
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1,906,960 |
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