NightHawk Biosciences Provides Third Quarter 2022 Business Update
14 Novembre 2022 - 10:01PM
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 third quarter ended September 30, 2022.
Jeff Wolf, Chief Executive Officer of NightHawk,
commented, “We are continuing to progress our biodefense and
biomanufacturing efforts within our Elusys and Scorpion
subsidiaries. Towards this end, we are making substantial
investments in our biomanufacturing capabilities, including our
Scorpion San Antonio biologics manufacturing facility, as well as
our planned biomanufacturing facility in Manhattan, Kansas.”
Mr. Wolf continued, “Given our evolving focus,
we are deprioritizing our oncology programs and discontinuing
further development of our clinical-stage oncology assets,
including HS-110 and PTX-35, to focus on our biomanufacturing
efforts and the discovery, development, and commercialization of
innovative medical countermeasures to address unmet and emerging
biothreats.”
Mr. Wolf added, “During the quarter, we also
recognized $6 million of one-time revenue, related to the sale of
ANTHIM® to Canada’s National Emergency Strategic Stockpile, with
80% of these proceeds to be paid out to the former shareholders of
Elusys as part of the original purchase consideration.
Nevertheless, we believe this is validation of our strategic
decision to acquire Elusys earlier this year.”
Third Quarter 2022 Financial
Results
- Recognized $6.0 million of revenue
for the quarter ended September 30, 2022, which included $5.98
million of product sales revenue, $0.06 million of contract
revenue, and no CPRIT grant revenue. For the three months ended
September 30, 2021 we recognized $0.5 million of grant revenue for
qualified expenditures under the CPRIT grant. The increase in
product sales revenue is due to the sale of ANTHIM to the Canadian
government. The decrease in grant revenue in the current-year
period is due to the fact that we have recognized all $15.2 million
of CPRIT grant revenue. As of September 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.
- Product cost of sales for the three
months ended September 30, 2022 was $6.4 million. No product sales
were recognized for the three months ended September 30, 2021. The
increase was due to the cost of sales related to the ANTHIM sale to
Canada’s National Emergency Strategic Stockpile. Cost of sales was
$5.9 million of inventory, $0.3 million of pre-acquisition backlog,
$0.2 million of shipping and fulfillment expense and $0.01 million
of royalty expense.
- Research and development expenses
increased to $6.9 million for the three months ended September 30,
2022 compared to $4.4 million for the three months ended September
30, 2021.
- General and administrative expenses
were $5.1 million and $3.4 million for the three months ended
September 30, 2022 and 2021, respectively. The increase was
primarily due to increased personnel costs, as well as higher
consulting and professional expenses, offset by a decrease in
stock-based compensation expense of $0.2 million.
- Net loss attributable to NightHawk
Biosciences was approximately $13.0 million, or ($0.51) per basic
and diluted share for the three months ended September 30, 2022,
compared to approximately $7.4 million, or ($0.30) per basic and
diluted share for the three months ended September 30, 2021.
- As of September 30, 2022, the
Company had approximately $57.4 million in cash and cash
equivalents, and short-term investments.
NightHawk Biosciences,
Inc.NightHawk Biosciences is a fully-integrated
biopharmaceutical company focused on the discovery and
commercialization of innovative medical countermeasures to defend
against emerging biothreats. The Company leverages its integrated
ecosystem of subsidiaries to streamline the advancement of novel
therapies, 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 make
progress in our biodefense and biomanufacturing efforts through our
Elusys and Scorpion subsidiaries the planned biomanufacturing
facility in Manhattan, Kansas and the sale to Canada’s National
Emergency Strategic Stockpile being validation of NightHawk’s
strategic decision to acquire Elusys earlier this year. Important
factors that could cause actual results to differ materially from
current expectations include, among others, the ability to continue
to make progress in our biodefense and biomanufacturing efforts
through our Elusys and Scorpion subsidiaries, the ability to
successfully integrate Elusys and expand ANTHIM® distribution
abroad, NightHawk’s ability to commence operation in Kansas when
anticipated and to successfully operate as a CDMO in San Antonio
and Kansas, 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, 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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