NightHawk Biosciences Provides Q2 2023 Business Update
14 Août 2023 - 10:05PM
NightHawk Biosciences (NYSE American:
NHWK), a fully integrated biopharmaceutical company
specializing in the end-to-end development, manufacturing, and
commercialization of innovative medical countermeasures that combat
unmet and emerging biothreats, today provided strategic, financial,
and operational updates for the quarter ended June 30, 2023.
Jeff Wolf, Chief Executive Officer of NightHawk,
commented, “Development of our biomanufacturing operations,
continues to progress. Specifically, we continue to invest in our
San Antonio facilities and are currently evaluating a variety of
strategic options to advance these operations. In parallel, we are
continuing our R&D activities, and are highly encouraged by the
latest preclinical data. Towards this end, our strategy is to
further develop these potential therapies through key milestones,
with a focus on licensing or partnering these assets to maximize
value for shareholders. We look forward to providing updates on
these programs.”
Second Quarter 2023 Financial
Results
- For the three months ended June 30,
2023 we recognized $0.7 million of revenue from process
development. For the three months ended June 30, 2022 we recognized
$0.05 million of service revenue. The increase in process
development revenue is attributable to the operations of the San
Antonio CDMO facility.
- Research and development expenses
increased approximately 21.3% to $5.7 million for the three months
ended June 30, 2023 compared to $4.7 million for the three months
ended June 30, 2022. The components of R&D expense are as
follows, in millions: HS-110 expense increased by $0.3 million
primarily due to site close out fees; HS-130 expense decreased to
$0 from $0.1 million due to the de-prioritization of our oncology
assets; PTX-35 expense decreased by $0.4 million primarily due to
the discontinued clinical trial and development of the product
candidate in the third quarter of 2022; ANTHIM was not acquired
until the second quarter of 2022 and the 2023 expense primarily
relates to fill finish; other programs expense decreased by $0.3
million primarily due to a decrease in laboratory supplies expense
related to preclinical R&D expenses; and unallocated research
expenses increased by $0.9 million primarily due to increased
personnel costs, including stock-based compensation from stock
awards, contractor expense and supplies purchased for discovery
projects.
- Cost of revenues were $0.4 million
for the three months ended June 30, 2023. These expenses primarily
reflect direct cost of labor, overhead and material costs. There
was no cost of revenues for the three months ended June 30, 2022 as
the Scorpius facility was not operational.
- Selling, general and administrative
expenses were $7.4 million and $4.9 million for the three months
ended June 30, 2023 and 2022, respectively. The increase was
primarily due to increases in consulting and other professional
expenses of $0.7 million, personnel expense of $0.5 million,
marketing expense of $0.5 million, facility expense of $0.3
million, rent expense of $0.2 million, depreciation and
amortization of $0.3 million, insurance and taxes of $0.2 million,
offset by a decrease in supplies expense of $0.2 million.
- Net loss attributable to NightHawk
Biosciences was approximately $13.9 million, or ($0.53) per basic
and diluted share, for the three months ended June 30, 2023,
compared to approximately $6.8 million, or ($0.27) per basic and
diluted share, for the three months ended June 30, 2022.
- As of June 30, 2023, the Company
had approximately $18.6 million in cash, cash equivalents, and
short-term investments.
NightHawk Biosciences,
Inc.NightHawk Biosciences is 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 its
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 invest in
the Company’s San Antonio facilities, continuing our R&D
activities, further developing potential therapies through key
milestones, with a focus on licensing or partnering these assets to
maximize value for shareholders providing further updates and the
Company’s evolving strategy unlocking significant value for
stockholders. Important factors that could cause actual results to
differ materially from current expectations include, among others,
NightHawk’s ability to continue to invest in and advance its
research and biomanufacturing efforts, including its San Antonio
facility, NightHawk’s ability to successfully develop potential
therapies through key milestones, NightHawk’s financing needs, its
cash balance being sufficient to sustain operations and its ability
to raise capital when needed, NightHawk’s ability 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, 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, 2022, 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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