• |
Appointed Susan McClatchey as Vice President and Head of Quality
|
• |
Named to both the Nasdaq Biotechnology Index and the ICE Biotechnology Index
|
• |
Transitioned from the NYSE American to the Nasdaq Global Market to better align with industry peers
|
• |
Appointed Howard J. Federoff, M.D., Ph.D., as Chief Executive Officer and President; Kevin D'Amour, Ph.D. as Chief Scientific Officer; Jay Sial as Chief Administrative Officer and Roger Sidhu, M.D. as Chief Medical Officer
|
• |
Completed the acquisition of Novellus, Inc. ("Novellus") in July 2021, which developed next-generation engineered mesenchymal stem cell ("MSC") therapies using patented mRNA-based cell reprogramming and gene editing technologies licensed from Factor Bioscience ("Factor").
|
• |
Raised over $52 million in net proceeds through equity line sales of common stock for general corporate purposes, including working capital to be used to enhance the development of the mRNA gene editing and cell therapies technology licensed from Factor.
|
• |
Published results of IRX-2 (a human-derived mixed cytokine product) monotherapy in early-stage breast cancer in Breast Cancer Research
|
• |
Acquired an exclusive license for mRNA gene editing and cell therapies technology of Factor Bioscience Limited and Novellus Therapeutics
|
• |
Became a public company pursuant to our merger transaction with NTN Buzztime, Inc. ("NTN")
|
December 31, 2021 |
December 31, 2020 | |||||||
ASSETS
| ||||||||
Current assets:
| ||||||||
Cash
|
$
|
16,985
|
$
|
1,630
| ||||
Accounts receivable
|
684
|
-
| ||||||
Prepaid expenses and other current assets
|
1,097
|
102
| ||||||
Total current assets
|
18,766
|
1,732
| ||||||
Property and equipment,net
|
670
|
594
| ||||||
Right-of-use assets - operating leases
|
2,567
|
2,093
| ||||||
Goodwill
|
2,044
|
2,044
| ||||||
In-process research and development
|
6,860
|
6,860
| ||||||
Investment in minority interest
|
1,000
|
-
| ||||||
Security deposits and other assets
|
522
|
453
| ||||||
Total assets
|
$
|
32,429
|
$
|
13,776
| ||||
LIABILITIES AND STOCKHOLDERS' AND MEMBERS' EQUITY (DEFICIT)
| ||||||||
Current liabilities:
| ||||||||
Accounts payable
|
$
|
1,755
|
$
|
1,275
| ||||
Accrued expenses
|
1,249
|
1,051
| ||||||
Loans payable
|
-
|
410
| ||||||
PPP loan, current
|
-
|
116
| ||||||
Operating lease liabilities, current
|
426
|
273
| ||||||
Other current liabilities
|
247
|
-
| ||||||
Total current liabilities
|
3,677
|
3,125
| ||||||
Contingent consideration
|
19,930
|
20,110
| ||||||
Operating lease liabilities, non-current
|
2,297
|
1,905
| ||||||
PPP loan, non-current
|
-
|
194
| ||||||
Other liabilities
|
23
|
23
| ||||||
Total liabilities
|
25,927
|
25,357
| ||||||
Stockholders' and members' equity (deficit):
| ||||||||
Class A membership units
|
-
|
23,202
| ||||||
Class B membership units
|
-
|
1,400
| ||||||
Class C membership units
|
-
|
1,000
| ||||||
Common units
|
-
|
198
| ||||||
Series A preferred stock, $0.005 par value, $156 liquidation preference, 156 shares authorized, issued and outstanding at December 31, 2021; no shares issued and outstanding at December 31, 2020
|
1
|
-
| ||||||
Common stock, $0.005 par value, 100,000 shares authorized, 52,021 issued and outstanding at December 31, 2021; no shares issued and outstanding at December 31, 2020.
|
260
|
-
| ||||||
Additional paid-in capital
|
165,944
|
-
| ||||||
Accumulated deficit
|
(159,703
|
)
|
(37,381
|
)
| ||||
Total stockholders' and members' equity (deficit)
|
6,502
|
(11,581
|
)
| |||||
Total liabilities and stockholders' and members' equity (deficit)
|
$
|
32,429
|
$
|
13,776
|
Three months ended December 31,
|
Years ended December 31,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Operating expenses:
| ||||||||||||||||
Research and development
|
$
|
4,181
|
$
|
1,651
|
$
|
12,705
|
$
|
3,951
| ||||||||
Acquired in-process research and development
|
-
|
-
|
80,538
|
-
| ||||||||||||
General and administrative
|
4,354
|
555
|
14,724
|
3,297
| ||||||||||||
Transaction costs
|
-
|
-
|
5,765
|
-
| ||||||||||||
Change in fair value of contingent consideration
|
570
|
19,240
|
(180
|
)
|
19,240
| |||||||||||
Total operating expenses
|
9,105
|
21,446
|
113,552
|
26,488
| ||||||||||||
Loss from operations
|
(9,105
|
)
|
(21,446
|
)
|
(113,552
|
)
|
(26,488
|
)
| ||||||||
Other expenses:
| ||||||||||||||||
Loss on sale of NTN assets
|
-
|
-
|
(9,648
|
)
|
-
| |||||||||||
Other income (expense), net
|
647
|
(12
|
)
|
899
|
(43
|
)
| ||||||||||
Total other expenses, net
|
647
|
(12
|
)
|
(8,749
|
)
|
(43
|
)
| |||||||||
Loss before income taxes
|
(8,458
|
)
|
(21,458
|
)
|
(122,301
|
)
|
(26,531
|
)
| ||||||||
Provision for income taxes
|
(5
|
)
|
-
|
(5
|
)
|
-
| ||||||||||
Net loss
|
(8,463
|
)
|
(21,458
|
)
|
(122,306
|
)
|
(26,531
|
)
| ||||||||
Series A preferred stock dividend
|
(8
|
)
|
-
|
(16
|
)
|
-
| ||||||||||
Net loss attributable to common stockholders
|
$
|
(8,471
|
)
|
$
|
(21,458
|
)
|
$
|
(122,322
|
)
|
$
|
(26,531
|
)
| ||||
Net loss per common share - basic and diluted
|
$
|
(0.16
|
)
|
$
|
(1.22
|
)
|
$
|
(2.82
|
)
|
$
|
(1.51
|
)
| ||||
Weighted average shares outstanding - basic and diluted
|
52,039
|
17,639
|
43,306
|
17,588
|
For years ended December 31, | ||||||||
2021
|
2020
| |||||||
Cash flows used in operating activities:
| ||||||||
Net loss
|
$
|
(122,306
|
)
|
$
|
(26,531
|
)
| ||
Adjustments to reconcile net loss to net cash used in operating activities:
| ||||||||
Depreciation and amortization
|
117
|
98
| ||||||
Stock-based compensation
|
5,235
|
91
| ||||||
Amortization of right-to-use asset
|
342
|
-
| ||||||
Transaction costs - shares to Financial Advisor
|
5,765
|
-
| ||||||
Loss on sale of NTN assets
|
9,648
|
-
| ||||||
Loss on disposal of fixed assets
|
13
|
-
| ||||||
Gain on forgiveness of PPP loan
|
(310
|
)
|
-
| |||||
Acquired in-process research and development
|
80,538
|
-
| ||||||
Change in fair value of contingent consideration
|
(180
|
)
|
19,240
| |||||
Changes in operating assets and liabilities:
| ||||||||
Account receivable
|
(659
|
)
|
-
| |||||
Prepaid expenses and other current assets
|
(850
|
)
|
(16
|
)
| ||||
Security deposits and other non-current assets
|
(34
|
)
|
(90
|
)
| ||||
Accounts payable and accrued expenses
|
(485
|
)
|
(930
|
)
| ||||
Operating lease liability
|
(322
|
)
|
12
| |||||
Other liabilities
|
-
|
25
| ||||||
Net cash used in operating activities
|
(23,488
|
)
|
(8,101
|
)
| ||||
Cash flows used in investing activities:
| ||||||||
Purchase of property and equipment
|
(154
|
)
|
(39
|
)
| ||||
Purchase of NTN, net of cash acquired
|
147
|
-
| ||||||
Purchase of Novellus, net of common stock issued and cash acquired
|
(22,854
|
)
|
-
| |||||
Proceeds from the sale of NTN assets, net of cash disposed
|
119
|
-
| ||||||
Net cash used in investing activities
|
(22,742
|
)
|
(39
|
)
| ||||
Cash flows provided by financing activities:
| ||||||||
Net proceeds of common stock issued to Lincoln Park
|
52,025
|
-
| ||||||
Proceeds from sale of members' equity
|
10,500
|
4,359
| ||||||
Proceeds from the exercise of stock options
|
10
|
-
| ||||||
Proceeds from loans payable
|
-
|
310
| ||||||
Repayment of NTN's PPP loan
|
(532
|
)
|
-
| |||||
Principal payments on notes payable
|
(410
|
)
|
-
| |||||
Dividends paid to Series A preferred shareholders
|
(8
|
)
|
-
| |||||
Net cash provided by financing activities
|
61,585
|
4,669
| ||||||
Net increase (decrease) in cash and cash equivalents
|
15,355
|
(3,471
|
)
| |||||
Cash and cash equivalents at beginning of period
|
1,630
|
5,101
| ||||||
Cash and cash equivalents at end of period
|
$
|
16,985
|
$
|
1,630
|
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Disclaimer
Brooklyn Immunotherapeutics Inc. published this content on 15 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2022 21:23:05 UTC.