ENGLEWOOD, Colo., May 16, 2022 /PRNewswire/ -- Ampio Pharmaceuticals, Inc. (NYSE American: AMPE), a biopharmaceutical company focused on the advancement of immunomodulatory therapies for the treatment of pain resulting from osteoarthritis in the knee and potentially other articular joints, today reported financial results for the first quarter ended March 31, 2022.

Ampio Pharmaceuticals Logo. (PRNewsFoto/Ampio Pharmaceuticals, Inc.) (PRNewsfoto/Ampio Pharmaceuticals, Inc.)

First Quarter Financial Results

  • Net Loss: Net loss was $5.6 million for the first quarter of 2022 compared to net loss of $3.7 million for the first quarter of 2021. Further details on these variances are below.
  • R&D Expenses: Research and development expenses were $3.7 million for the first quarter of 2022 compared to $2.3 million for the first quarter of 2021. The primary drivers of the increase were increases in (i) clinical trial and sponsored research expenses and (ii) salaries and professional fees.
  • G&A Expenses: General and administrative expenses were $3.3 million for the first quarter of 2022 compared to $1.5 million for the first quarter of 2021. The primary drivers of the increase were increases in (i) salaries and professional fees and (ii) non-cash stock-based compensation expense.
  • Cash Position / Liquidity: Cash and cash equivalents on March 31, 2022, totaled $28.8 million, compared to $33.9 million as of December 31, 2021. The decrease of $5.1 million is primarily attributable to cash required to fund business operations. Based on our current cash position and projection of operating expenses and capital expenditures, we believe that we will have sufficient liquidity to fund operations into the second half of 2023.

Further details on First Quarter 2022 Financials are included below:

AMPIO PHARMACEUTICALS, INC.
Condensed Balance Sheets
(unaudited)










March 31, 


December 31, 



2022


2021








Assets







Current assets







  Cash and cash equivalents


$

28,837,000


$

33,892,000

  Prepaid expenses and other



1,070,000



1,740,000

    Total current assets



29,907,000



35,632,000








  Fixed assets, net



2,302,000



2,564,000

  Right-of-use asset, net



577,000



629,000

Total assets


$

32,786,000


$

38,825,000








Liabilities and Stockholders' Equity







Current liabilities







  Accounts payable and accrued expenses


$

5,208,000


$

4,811,000

  Lease liability-current portion



318,000



311,000

    Total current liabilities



5,526,000



5,122,000








  Lease liability-long-term



533,000



614,000

  Warrant derivative liability



4,474,000



5,805,000

Total liabilities



10,533,000



11,541,000








Commitments and contingencies (Note 5)














Stockholders' equity







  Preferred Stock, par value $0.0001; 10,000,000 shares authorized; none issued





  Common Stock, par value $0.0001; 300,000,000 shares authorized; shares issued and outstanding - 227,186,867 as of March 31, 2022 and 227,325,381 as of December 31, 2021



23,000



23,000

  Additional paid-in capital



245,468,000



244,863,000

  Accumulated deficit



(223,238,000)



(217,602,000)

    Total stockholders' equity



22,253,000



27,284,000








Total liabilities and stockholders' equity


$

32,786,000


$

38,825,000

 

AMPIO PHARMACEUTICALS, INC.
Condensed Statements of Operations
(unaudited)










Three Months Ended March 31, 



2022


2021








Operating expenses







  Research and development


$

3,687,000


$

2,296,000

  General and administrative



3,283,000



1,523,000

Total operating expenses



6,970,000



3,819,000








Other income







  Interest income



3,000



1,000

  Derivative gain



1,331,000



151,000

Total other income



1,334,000



152,000








Net loss


$

(5,636,000)


$

(3,667,000)








Net loss per common share:







  Basic


$

(0.02)


$

(0.02)

  Diluted


$

(0.03)


$

(0.02)








Weighted average number of common shares outstanding:







  Basic



226,083,328



195,387,047

  Diluted



226,110,693



200,752,267

About Ampio Pharmaceuticals, Inc.

Ampio Pharmaceuticals, Inc. is a biopharmaceutical company primarily focused on the advancement of immunology-based therapies for the potential treatment of multiple inflammatory conditions (e.g., osteoarthritis of the knee (OAK) and other articular joints). Ampio's lead drug is Ampion™.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," or "estimate" or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements.

Such forward-looking statements include, for example, statements about Ampio's projection of operating expenses, capital expenditures and future liquidity. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include the risk factors described in the Ampio's Annual Report on Form 10-K for the year ended December 31, 2021, and other factors set forth in Ampio's filings with the Securities and Exchange Commission, including Ampio's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.

The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Ampio assumes no obligation to update or revise these forward-looking statements for any reason, except as required by law.

Investor and Media Contacts: 

Tony Russo or Nic Johnson
Russo Partners
info@ampiopharma.com
tony.russo@russopartnersllc.com
nic.johnson@russopartnersllc.com

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SOURCE Ampio Pharmaceuticals, Inc.

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