Pardes Biosciences Reports Full Year 2021 Financial Results and Provides Business Update
CARLSBAD, Calif. March 29, 2022 (GLOBE NEWSWIRE) - Pardes Biosciences, Inc. (NASDAQ: PRDS), a clinical-stage biopharmaceutical company developing PBI-0451 as a potential stand-alone novel direct-acting, oral antiviral drug candidate for the treatment and prevention of SARS-CoV-2 infections and associated diseases (i.e., COVID-19), today reported financial results for the full year ended December 31, 2021 and provided a business update.
"2021 was a transformational year for Pardes, culminating in the completion of our business combination and successful financing, which positioned us well to continue working urgently to develop PBI-0451 as a potential stand-alone oral antiviral drug candidate for the treatment and prevention of COVID-19. We have seen oral antiviral treatments begin to emerge, and while they are a great starting point - there is a clear need for additional therapies, especially for those individuals with the greatest need - such as those who are older or those with co-morbid medical conditions," said Tom Wiggans, Chief Executive Officer and Chairman of Pardes Biosciences. "We are encouraged by the observations from our First-in-Human Phase 1 study, which is pending completion, and we look forward to leveraging these insights to inform our upcoming Phase 2/3 study, which we plan to initiate in the middle of the year."
Recent Corporate Highlights
About Pardes Biosciences, Inc.
Pardes Biosciences is a clinical-stage biopharmaceutical company created to help solve pandemic-sized problems, starting with COVID-19. We areapplying modern reversible-covalent chemistry as a starting point to discover anddevelop novel oral drug candidates. For more information, please visit www.pardesbio.com.
About PBI-0451
PBI-0451 is an orally administered direct-acting antiviral (DAA) that inhibits the coronavirus (CoV) main protease (Mpro), including the SARS-CoV-2 that causes COVID-19. Inhibition of Mpro prevents the liberation and assembly of the viral replication complex of the viral replication complex within infected cells that is required to produce more viral RNA and virions. Safety and pharmacokinetic (PK) data from the first-in-human study (Study PBI-0451-0001, NCT 05011812) support that PBI-0451, administered twice daily (BID) as a stand-alone agent has the potential to yield substantial antiviral activity against SARS-CoV-2 clinically. This is supported by favorable tolerability and safety data from oral administration of PBI-0451.
Availability of Other Information about Pardes Biosciences
Pardes Biosciences intends to use the Investors page of its website (https://ir.pardesbio.com) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure). Accordingly, investors should monitor Pardes Biosciences' Investors website, in addition to following Pardes' press releases, Securities and Exchange Commission filings, public conference calls, presentations and webcasts.
Investor Contact:
ir@pardesbio.com
Stephen Jasper
Gilmartin Group
(858) 525-2047
stephen@gilmartinir.com
Select Financial Information:
Pardes Biosciences, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
Year Ended December 31, | Period from February 27, 2020 (inception) through December 31, | |||||
2021 | 2020 | |||||
Operating expenses: | ||||||
Research and development | $ | 28,152 | $ | 4,563 | ||
General and administrative | 10,336 | 750 | ||||
Total operating expenses | 38,488 | 5,313 | ||||
Loss from operations | 38,488 | 5,313 | ||||
Other income (expense): | ||||||
Interest expense, net | (30 | ) | - | |||
Change in fair value of SAFE liability | - | (7,693 | ) | |||
Total other expense, net | (30 | ) | (7,693 | ) | ||
Net loss and comprehensive loss | $ | (38,518 | ) | $ | (13,006 | ) |
Weighted-average number of common shares -basic and diluted | 3,800,506 | - | ||||
Net loss per share - basic and diluted | $ | (10.13 | ) | $ | - |
Pardes Biosciences, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31, | December 31, | |||
2021 | 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 268,678 | $ | 3,410 |
Prepaid expenses and other current assets | 6,581 | 194 | ||
Total current assets | 275,259 | 3,604 | ||
Total assets | $ | 275,259 | $ | 3,604 |
Liabilities and stockholders' equity (deficit) | ||||
Current liabilities: | ||||
Accounts payable | $ | 2,385 | $ | 1,394 |
Accrued expenses | 6,580 | 408 | ||
Simple agreements for future equity (SAFE) | - | 14,808 | ||
Total current liabilities | 8,965 | 16,610 | ||
Total liabilities | 8,965 | 16,610 | ||
Stockholders' equity (deficit): | ||||
Preferred stock | - | - | ||
Common stock | 6 | - | ||
Additional paid-in capital | 317,812 | - | ||
Accumulated deficit | (51,524 | ) | (13,006 | ) |
Total stockholders' equity (deficit) | 266,294 | (13,006 | ) | |
Total liabilities and stockholders' equity (deficit) | $ | 275,259 | $ | 3,604 |
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Pardes Biosciences Inc. published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 21:01:36 UTC.