— Strong cash position with
“Our financial results show the beneficial effects on operating expenses and cash resulting from the termination of the licenses to our three clinical-stage programs and the significant headcount reduction initiated in April. The winddown process of these programs will soon be concluded but the process will continue as we reduce our real estate footprint. We have been working closely with the
Fiscal First Quarter Financial Summary
For the fiscal first quarter ended
(i) | program-specific costs relating to our prior AXO-Lenti-PD and AXO-AAV-GM1 and AXO-AAV-GM2 programs, which decreased |
(ii) | unallocated internal costs, which decreased |
General and administrative expenses for the fiscal first quarter ended
The net loss for the fiscal first quarter ended
As of
Forward-Looking Statements
This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "expect," "estimate," "may" and other similar expressions are intended to identify forward-looking statements. For example, all statements Sio makes regarding costs associated with its operating activities, potential cost savings and other benefits from cost reduction activities, potential strategic alternatives, and funding requirements and/or cash burn runway are forward-looking. All forward-looking statements are based on estimates and assumptions by Sio’s management that, although Sio believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Sio expected. Such risks and uncertainties include, among others, the impact of the Covid-19 pandemic on Sio’s operations; the actual funds required for our planned operating activities, including wind-down activities for clinical programs and exploration of strategic alternatives; costs, risks and timing related to headcount reductions and capital conservation plans; the ability to explore and execute upon strategic alternatives; the ability to efficiently wind down clinical programs and conduct required activities during wind down processes; and the outcome of interactions with regulatory agencies. These statements are also subject to a number of material risks and uncertainties that are described in Sio’s most recent Annual Report on Form 10-Q filed with the
Contacts:
Media, Investors and Analysts
Chief Executive Officer, Chief Financial Officer and General Counsel
david.nassif@siogtx.com
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended | |||||||
2022 | 2021 | ||||||
Operating expenses: | |||||||
Research and development expenses | |||||||
(includes stock-based compensation (benefit) expense of | $ | 5,542 | $ | 8,058 | |||
General and administrative expenses | |||||||
(includes stock-based compensation expense of | 2,992 | 3,859 | |||||
Total operating expenses | 8,534 | 11,917 | |||||
Other (income) expenses: | |||||||
Other income, net | (124 | ) | (19 | ) | |||
Loss before income tax benefit | (8,410 | ) | (11,898 | ) | |||
Income tax benefit | (4 | ) | (28 | ) | |||
Net loss | $ | (8,406 | ) | $ | (11,870 | ) | |
Net loss per share of common stock — basic and diluted | $ | (0.11 | ) | $ | (0.16 | ) | |
Weighted-average shares of common stock outstanding — basic and diluted | 73,765,292 | 72,861,870 |
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share amounts)
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 54,771 | $ | 63,729 | |||
Restricted cash | 1,184 | 1,184 | |||||
Prepaid expenses and other current assets | 2,821 | 5,214 | |||||
Income tax receivable | 355 | 1,609 | |||||
Total current assets | 59,131 | 71,736 | |||||
Operating lease right-of-use assets | 2,267 | 2,444 | |||||
Property and equipment, net | 1,084 | 900 | |||||
Total assets | $ | 62,482 | $ | 75,080 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,240 | $ | 3,984 | |||
Accrued expenses | 6,101 | 8,232 | |||||
Current portion of operating lease liabilities | 808 | 786 | |||||
Total current liabilities | 9,149 | 13,002 | |||||
Operating lease liabilities, net of current portion | 1,554 | 1,730 | |||||
Total liabilities | 10,703 | 14,732 | |||||
Stockholders’ equity: | |||||||
Common stock, par value | 1 | 1 | |||||
Additional paid-in capital | 922,807 | 922,966 | |||||
Accumulated deficit | (871,362 | ) | (862,956 | ) | |||
Accumulated other comprehensive income | 333 | 337 | |||||
Total stockholders’ equity | 51,779 | 60,348 | |||||
Total liabilities and stockholders’ equity | $ | 62,482 | $ | 75,080 |
Source:
2022 GlobeNewswire, Inc., source