NightHawk Biosciences Provides Q3 2023 Business Update
20 Novembre 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 therapies, today provided
strategic, financial, and operational updates for the quarter ended
September 30, 2023.
Jeff Wolf, Chief Executive Officer of NightHawk,
commented, “We are very pleased with the progress of our Scorpius
San Antonio facility where operations are advancing well and the
feedback from our customers has been extremely positive. As a
result, we are currently evaluating a variety of strategic options
to maximize the potential of the business. We look forward to
providing further updates on our efforts in the near future.”
Third Quarter 2023 Financial
Results
- In August, the Company determined
to make available for sale the equity interests of Elusys
Therapeutics, Inc. Therefore, the results of operations have been
reclassified as discontinued operations on a retrospective basis
for all periods presented.
- For the three months ended
September 30, 2023 we recognized $6.7 million of revenue from
product sales, which is included in discontinued operations, $0.6
million of revenue from process development and $0.1 million from
service revenue. For the three months ended September 30, 2022 we
recognized $5.98 million of product sales revenue, which is
included in discontinued operations, and $0.5 million of grant
revenue. The increase in product sales revenue is due to the
completion of the manufacturing conversion of ANTHIM® and the
increase in process development revenue is attributable to the
operations of the San Antonio CDMO facility. No grant revenue was
recognized in 2023 as the CPRIT grant has ended.
- Cost of revenues were $2.7 million
for the three months ended September 30, 2023. $2.2 million of
these expenses primarily reflect the manufacturing conversion costs
from the sale of ANTHIM® which are included in discontinued
operations. The remaining $0.5 million primarily consists of direct
cost of labor, overhead and material costs at Scorpius. We
recognized $6.4 million of product cost of revenues for the three
months ended September 30, 2022, driven by the sale of ANTHIM® to
Canada which is included in discontinued operations.
- Research and development expenses
decreased approximately 3.7% to $5.2 million for the three months
ended September 30, 2023, compared to $5.4 million for the three
months ended September 30, 2022. The components of R&D expense
are as, in millions: HS-110 expense decreased by $0.1 million
primarily due to the discontinuation of the clinical trial in 2022;
HS-130 expense decreased to $0.0 from $0.1 million due to the
de-prioritization of our oncology assets; PTX-35 expense decreased
by $0.5 million primarily due to the discontinued clinical trial
and development of the product candidate in the third quarter of
2022; other programs expense stayed consistent at $0.3 million and
primarily relate to close out costs of our R&D facility; and
unallocated research expenses increased by $0.5 million primarily
due to increased personnel costs, depreciation expense,
amortization expense and scientific hardware and software.
- Selling, general and administrative
expenses were $6.1 million and $4.8 million for the three months
ended September 30, 2023 and 2022, respectively. The increase was
primarily due to increases in marketing expense of $0.6 million,
personnel expense of $0.4 million, depreciation and amortization of
$0.2 million, and rent expense of $0.2 million, offset by a
decrease in insurance expense of $0.1 million.
- As of September 30, 2023, the
Company had approximately $9.5 million in cash, cash equivalents,
and short-term investments of which $3.3 million is in current
assets held for sale.
NightHawk Biosciences,
Inc.NightHawk Biosciences 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 the evaluation of a
variety of strategic options to maximize the potential of the
Scorpius San Antonio operations and providing updates on the
Company’s efforts in the near future. Important factors that could
cause actual results to differ materially from current expectations
include, among others, , NightHawk’s ability to successfully
maximize the potential of its operations, 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, ,
the ability to obtain required regulatory approval 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 and services in the marketplace and the
successful development, marketing or sale of NightHawk’s services
and products, developments by competitors that render such products
or services 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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