As of December 31, 2021, Allena Pharmaceuticals, Inc. (NasdaqGS:ALNA) had approximately $30 million in cash and cash equivalents, and $10 million of outstanding convertible debt. The Company expects that its cash and cash equivalents will be sufficient to fund the Company's current operational plan through the first quarter of 2022 provided that the Company is not required to repay any of its outstanding debt prior to the expiration of the interest-only period that extends through the third quarter of 2022. In light of the positive initial Phase 2a results for the 201 trial and anticipated additional data from the ALLN-346 program, as well as the advanced stage of the reloxaliase program, the Company has initiated a process to explore a range of strategic and financing alternatives to maximize shareholder value and has engaged Stifel, Nicolaus & Company, Incorporated (“Stifel”) to act as a strategic advisor for this process.

Potential strategic alternatives that may be evaluated include partnerships for either or both of the Company's development candidates, a sale of one or both of the development candidates, a sale or merger of the Company, or securing additional financing to enable further development of the Company's programs. There can be no assurance that this strategic review process will result in the Company pursuing any transaction or that any transaction, if pursued, will be completed. The Company has not set a timetable for completion of this strategic review process, and the Company does not intend to comment further unless or until its Board of Directors has approved a definitive course of action, the review process is concluded, or it is determined other disclosure is appropriate. Louis Brenner, M.D., President and Chief Executive Office said, “We are very encouraged by the data we have generated in both our development stage programs, which have each shown statistically significant reductions in the clinical biomarkers of disease severity and have demonstrated attractive tolerability profiles based on GI-specific mechanisms of action and lack of systemic absorption.

With positive initial data in the ALLN-346 Phase 2a program and reloxaliase's status as the most advanced development candidate for EH patients, we believe that these two novel drug candidates, if successfully developed, have the potential to make a difference for patients. We look forward to working with Stifel as we explore various strategic and financing alternatives to maximize value for Allena's shareholders.".