On November 8., 2022 CohBar, Inc. (NASDAQ: CWBR), a clinical stage biotechnology company leveraging the power of the mitochondria and the peptides encoded in its genome to develop potential breakthrough therapeutics targeting chronic and age-related diseases, reported its financial results for the third quarter ended September 30, 2022 and highlighted recent corporate progress (Press release, CohBar, NOV 8, 2022, View Source [SID1234623406]).
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"I’m pleased with the team’s performance during the third quarter of 2022 in advancing our top priorities, including improving the formulation of CB5138-3, our product candidate for IPF," stated Dr. Joseph Sarret, Chief Executive Officer. "We continue to operate the company in a prudent financial manner, and we completed a reverse stock split, which was a necessary step to regain compliance with Nasdaq and enable potential access to institutional capital. Looking ahead, we are prioritizing activities that will support the planned clinical development of our IPF program and we look forward to communicating additional progress in the near future."
Recent Updates and Third Quarter 2022 Highlights
Formulation Work for CB5138-3 Ongoing: The company continues to advance CB5138-3, its lead program for IPF, through IND-enabling studies and formulation activities. In the second half of 2023, CohBar plans to submit an Investigational New Drug Application (IND) for CB5138-3 to the U.S. Food and Drug Administration pending a suitable formulation.
Strengthened Board with Appointment of Effie Tozzo, Ph.D: CohBar announced the appointment of Dr. Effie Tozzo as an independent director to the company’s board of directors. Dr. Tozzo brings 26 years of research and development expertise at both established pharmaceutical and innovative biotechnology companies, including extensive experience in mitochondria research.
Executed Reverse Stock Split: CohBar implemented a 1-for-30 reverse stock split effective on September 23, 2022. The company utilized this corporate action to regain compliance with Nasdaq’s $1.00 minimum bid price requirement. The company has since received a letter from Nasdaq confirming that it has achieved compliance with the listing requirements.
Third Quarter 2022 Financial Highlights
Cash, Cash Equivalents and Investments: The company had cash, cash equivalents and investments of $18.3 million as of September 30, 2022, compared to $26.2 million as of December 31, 2021. The cash burn for the quarter ended September 30, 2022 was approximately $1.9 million.
R&D Expenses: Research and development expenses were $1.0 million for the three months ended September 30, 2022, compared to $1.6 million in the prior year quarter. The decrease in research and development expenses was primarily due to lower program costs due to the timing of those expenses.
G&A Expenses: General and administrative expenses were $1.4 million for the three months ended September 30, 2022, compared to $1.8 million in the prior year quarter. The decrease in general and administrative expenses was due to lower stock-based compensation costs.
Net Loss: For the three months ended September 30, 2022, net loss, which included $0.4 million of non-cash expenses, was $2.4 million, or $0.82 per basic and diluted share on a post-split basis. For the three months ended September 30, 2021, net loss, which included $0.7 million of non-cash expenses, was $3.4 million, or $1.61 per basic and diluted share on a post-split basis.
Details for the Conference Call:
A simultaneous webcast of the call will be accessible via the Investors section of the CohBar website at www.cohbar.com.
For individuals participating in the Investor Call or webcast, please call or login to the conference audio approximately 10 minutes prior to its start.
An audio replay of the call will be available beginning at 8:00 p.m. Eastern Time on November 8, 2022, through 11:59 p.m. Eastern Time on November 29, 2022. To access the recording please dial (844) 512-2921 in the U.S. and Canada, or (412) 317-6671 internationally, and reference Conference ID# 10171343. The audio recording will also be available at www.cohbar.com during the same period.