NightHawk Biosciences Provides Second Quarter 2022 Business Update
10 Août 2022 - 10:05PM
NightHawk Biosciences (NYSE American:
NHWK), a fully-integrated biopharmaceutical company
focused on developing first-in-class therapies to modulate the
immune system, today provided strategic, financial, and operational
updates for the second quarter ended June 30, 2022.
Jeff Wolf, Chief Executive Officer of NightHawk,
commented, “We continue to advance our evolution towards becoming a
fully-integrated biopharmaceutical company via our subsidiary
ecosystem. Specifically, we are on track to open the Scorpion San
Antonio biologics manufacturing facility in Q3 and are actively
progressing development efforts for our newly-announced commercial
scale biomanufacturing facility in Manhattan, Kansas. We intend to
provide a full suite of CDMO manufacturing and bioanalytic services
to biopharmaceutical clients. I’m pleased to report that feedback
from prospective customers has been positive, and we look forward
to commercial announcements in the near-term.”
“On the clinical front, we continue to evaluate
a variety of strategic options for our HS-110 and PTX-35 programs
moving forward. Our Elusys subsidiary recently executed a contract
to deliver ANTHIM® to Canada’s National Emergency Strategic
Stockpile, our first sale of ANTHIM® outside the United States.
Finally, we continue to advance our research efforts and expand our
pipeline through ongoing development at our Skunkworx subsidiary.
Overall, we are extremely encouraged by the outlook for the
business and look forward to providing further updates on our
growing pipeline and commercial activities.”
Second Quarter 2022 Financial
Results
- Recognized $0.05 million of
contract revenue for the quarter ended June 30, 2022 compared to
$0.5 million of grant and contract revenue for the quarter ended
June 30, 2021. The decrease in grant revenue in the current-year
period is due to the fact that we recognized all $15.2 million of
grant revenue during 2021. As of June 30, 2022, we had a grants
receivable balance of $1.5 million for CPRIT proceeds not yet
received, but for which the costs had been incurred or the
conditions of the award had been met. We continue our efforts to
secure future non-dilutive grant funding to subsidize ongoing
research and development costs.
- Research and development expenses were $4.7 million for the
three months ended June 30, 2022 compared to $4.2 million for the
three months ended June 30, 2021. The increase was primarily due to
expenses associated with the ongoing Phase 1 clinical trial of
PTX-35, integration costs associated with ANTHIM®, as well as
unallocated research expenses consisting of personnel costs,
including stock-based compensation from stock awards, contractor
expense and supplies purchased for discovery projects.
- General and administrative expenses were $4.9 million and $2.9
million for the three months ended June 30, 2022 and 2021,
respectively. The increase was due to increased labor and
consulting costs, additional facility and office expenses and other
professional services, and an increase in stock-based compensation
expense.
- Net loss attributable to NightHawk Biosciences was
approximately $10.2 million, or ($0.40) per basic and diluted share
for the three months ended June 30, 2022, compared to approximately
$6.5 million, or ($0.26) per basic and diluted share for the three
months ended June 30, 2021.
- As of June 30, 2022, the Company had approximately $69.9
million in cash and cash equivalents.
NightHawk Biosciences,
Inc.NightHawk Biosciences is a fully-integrated
biopharmaceutical company focused on the development of new drugs
from discovery through commercialization. The Company leverages its
integrated ecosystem of subsidiaries to accelerate the development
of novel therapies that arm the immune system, breaking through
barriers that prolong traditional drug development. This empowers
us to bring our ideas to life with efficient control, superior
quality, and uncharacteristic agility.
For more information on the Company and is
subsidiaries, please visit: www.nighthawkbio.com, and also
follow us on Twitter.
Forward Looking StatementThis
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In some cases
forward-looking statements can be identified by terminology such as
"may," "should," "potential," "continue," "expects," "anticipates,"
"intends," "plans," "believes," "estimates," and similar
expressions, and include statements such as continuing to advance
the Company’s evolution towards becoming a fully-integrated
biopharmaceutical company via its subsidiary ecosystem, being on
track to open the Scorpion San Antonio biologics manufacturing
facility in Q3 and actively progressing development efforts for the
Company’s newly-announced commercial scale biomanufacturing
facility in Manhattan, Kansas, providing a full suite of CDMO
manufacturing and bioanalytic services to biopharmaceutical
clients, providing commercial announcements in the near-term,
continuing to evaluate a variety of strategic options for our
HS-110 and PTX-35 programs and continuing to advance the Company’s
research efforts and expand its pipeline through ongoing
development at its Skunkworx subsidiary. Important factors that
could cause actual results to differ materially from current
expectations include, among others, the ability to transition into
a fully-integrated biopharmaceutical company via its subsidiary
ecosystem, the ability to successfully integrate Elusys and expand
ANTHIM® distribution abroad , NightHawk’s ability to commence
operation in San Antonio and Kansas when anticipated and to
successfully operate as a CDMO, NightHawk’s and its subsidiaries’
ability to maintain license agreements, the continued maintenance
and growth of NightHawk’s and its subsidiaries’ patent estates,
NightHawk’s product candidates demonstrating safety and
effectiveness, as well as results that are consistent with prior
results, the ability to initiate clinical trials and if initiated,
the ability to complete them on time and achieve the desired
results and benefits continuing enrollment as expected, the ability
to obtain regulatory approval for commercialization of product
candidates or to comply with ongoing regulatory requirements,
regulatory limitations relating to NightHawk’s ability to promote
or commercialize its product candidates for the specific
indications, acceptance of product candidates in the marketplace
and the successful development, marketing or sale of NightHawk’s
products, developments by competitors that render such products
obsolete or non-competitive, and other factors described in
NightHawk’s annual report on Form 10-K for the year ended December
31, 2021, subsequent quarterly reports on Form 10-Qs and any other
filings NightHawk makes with the SEC. The information in this
presentation is provided only as of the date presented, and
NightHawk undertakes no obligation to update any forward-looking
statements contained in this presentation on account of new
information, future events, or otherwise, except as required by
law.
Media and Investor Relations ContactDavid
Waldman+1 919 289 4017investorrelations@heatbio.com
Nighthawk Biosciences (AMEX:NHWK)
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