Press Release
Windtree Therapeutics Reports First Quarter 2022 Financial Results and Provides Key Business Updates
May 05, 2022
Announced positive topline results from Phase 2
SEISMiC study of istaroxime in early cardiogenic shock
Late-breaker presentation of additional SEISMiC study results at the European
Management to host investor call following the presentation on
“We are excited to announce positive topline results from our Phase 2 SEISMiC study of istaroxime in early cardiogenic shock and look forward to presenting a more complete set of results in a late-breaker session at the
Key Business Updates
- Announced positive top line data in the Company’s Phase 2 study of istaroxime in early cardiogenic shock caused by heart failure. The study met its primary endpoint in systolic blood pressure profile over six hours with the istaroxime treated group performing significantly better compared to the control group. The positive results support the Company’s development and potential regulatory pathway in cardiogenic shock.
- Announced a late-breaker presentation at the upcoming
European Society of Cardiology Heart Failure Conference taking place onMay 21-24, 2022 inMadrid, Spain . The presentation, entitled: “The Safety and Efficacy of Istaroxime for Pre-Cardiogenic Shock,” will be presented by Dr.Marco Metra , Professor of Cardiology and Director of theInstitute of Cardiology of the Department of Medical and Surgical Specialties,Radiological Sciences and Public Health of the University and Civil Hospitals ofBrescia, Italy , and Principal Investigator of the Company’s Phase 2 SEISMiC study of istaroxime in early cardiogenic shock. The presentation will take place onMonday, May 23, 2022 , and the Company intends to host a conference call following the presentation to share the details of the SEISMiC data including primary and secondary endpoints, cardiac function, safety, and tolerability. - Announced results for the Company’s Phase 2 single-arm study of lucinactant (KL4 surfactant) designed to evaluate the safety and tolerability of lucinactant delivered as a liquid via the endotracheal tube in 20 patients who were mechanically ventilated due to COVID-19 associated lung injury and severe ARDS. The study demonstrated that intratracheal administration of reconstituted lyophilized lucinactant was generally safe and well tolerated with stable to improved oxygenation and other physiological parameters after dosing, supporting the feasibility of this approach to develop a potential treatment for critically ill patients with ARDS due to COVID-19 and other causes.
Select Financial Results for the First Quarter ended
For the first quarter ended March 31, 2022, the Company reported an operating loss of $8.3 million, compared to an operating loss of $9.1 million in the first quarter of 2021.
Research and development expenses were $5.3 million for the first quarter of 2022, compared to $4.4 million for the first quarter of 2021. The increase in research and development expenses is primarily due to an increase of
General and administrative expenses for the first quarter of 2022 were $3.0 million, compared to $4.7 million for the first quarter of 2021. The decrease in general and administrative expenses is primarily due to (i) a decrease of
The Company reported a net loss of $8.1 million (
As of
Readers are referred to, and encouraged to read in its entirety, the Company’s Quarterly Report on Form 10-Q for the quarter ended
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are based on information available to the Company as of the date of this press release and are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company's current expectations. Examples of such risks and uncertainties include: risks and uncertainties associated with the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the Company's clinical trials, clinical trial timelines or disruption in supply chain; the success and advancement of the clinical development programs for istaroxime, KL4 surfactant and the Company's other product candidates; the impacts of political unrest, including as a result geopolitical tension, including escalation in the conflict between Russia and
Contact Information:
212.915.3820 or monique@lifesciadvisors.com
Consolidated Balance Sheets
(in thousands, except share and per share data) |
2022 |
2021 |
||||||
Unaudited | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 15,541 | $ | 22,348 | |||
Prepaid expenses and other current assets | 906 | 1,143 | |||||
Total current assets | 16,447 | 23,491 | |||||
Property and equipment, net | 548 | 1,011 | |||||
Restricted cash | 154 | 154 | |||||
Operating lease right-of-use assets | 2,207 | 2,381 | |||||
Intangible assets | 32,070 | 32,070 | |||||
15,682 | 15,682 | ||||||
Total assets | $ | 67,108 | $ | 74,789 | |||
LIABILITIES & STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 724 | $ | 693 | |||
Accrued expenses | 3,554 | 3,408 | |||||
Operating lease liabilities - current portion | 472 | 528 | |||||
Loans payable - current portion | - | 294 | |||||
Total current liabilities | 4,750 | 4,923 | |||||
Operating lease liabilities - non-current portion | 1,944 | 2,071 | |||||
Restructured debt liability - contingent milestone payments | 15,000 | 15,000 | |||||
Other liabilities | 3,800 | 3,800 | |||||
Deferred tax liabilities | 6,885 | 7,114 | |||||
Total liabilities | 32,379 | 32,908 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, |
- | - | |||||
Common stock, |
28 | 28 | |||||
Additional paid-in capital | 831,206 | 830,231 | |||||
Accumulated deficit | (793,451 | ) | (785,324 | ) | |||
(3,054 | ) | (3,054 | ) | ||||
Total stockholders’ equity | 34,729 | 41,881 | |||||
Total liabilities & stockholders’ equity | $ | 67,108 | $ | 74,789 |
Consolidated Statements of Operations
(in thousands, except per share data) |
Three Months Ended | |||||||
2022 | 2021 | ||||||
Expenses: | |||||||
Research and development | $ | 5,345 | $ | 4,410 | |||
General and administrative | 2,988 | 4,669 | |||||
Total operating expenses | 8,333 | 9,079 | |||||
Operating loss | (8,333 | ) | (9,079 | ) | |||
Other income (expense): | |||||||
Interest income | 1 | 50 | |||||
Interest expense | (13 | ) | (41 | ) | |||
Other income, net | 218 | 109 | |||||
Total other income, net | 206 | 118 | |||||
Net loss | $ | (8,127 | ) | $ | (8,961 | ) | |
Net loss per common share | |||||||
Basic and diluted | $ | (0.29 | ) | $ | (0.51 | ) | |
Weighted average number of common shares outstanding | |||||||
Basic and diluted | 28,295 | 17,695 |
Source: Windtree Therapeutics