ARCA biopharma Announces 2022 Financial Results and Provides Corporate Update
24 Février 2023 - 10:20PM
ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company
applying a precision medicine approach to developing genetically
targeted therapies for cardiovascular diseases, today reported 2022
financial results and provided a corporate update.
In May 2022, the Company retained Ladenburg
Thalmann & Co. Inc. to act as its financial advisor to explore
and evaluate strategic options for maximizing stockholder value.
Potential strategic alternatives that may be explored or evaluated
as part of this process include the potential for an acquisition,
merger, business combination or other strategic transaction
involving the Company. The Board has not set a timetable for the
conclusion of this review, nor has it made any decisions related to
any further actions or potential strategic options at this time.
There can be no assurance, however, that this process will result
in any such transaction.
Full Year 2022 Summary Financial
Results
Cash and cash equivalents were
$42.4 million as of December 31, 2022, compared to
$53.4 million as of December 31, 2021. ARCA believes that its
current cash and cash equivalents, consisting primarily of money
market funds, will be sufficient to fund its operations through the
middle of 2024.
Research and development (R&D)
expenses were $4.7 million for the year ended
December 31, 2022, compared to $13.8 million for 2021. In
the third quarter of 2022, ARCA implemented a strategic reduction
of the workforce and recorded total restructuring charges of
approximately $0.8 million, of which $0.5 million and $0.3 million
were recognized in research and development and general and
administrative expenses, respectively, in connection with the
restructuring, all in the form of one-time termination benefits.
The $9.1 million decrease in R&D expenses in 2022 as compared
to 2021 was primarily related to the completion of enrollment in
the rNAPc2 Phase 2b clinical trial in the fourth quarter of 2021,
partially offset by the restructuring charges discussed above.
R&D expenses in 2023 are expected to be lower than 2022.
General and administrative (G&A)
expenses were $5.8 million for the year ended
December 31, 2022, compared to $5.5 million for 2021, an
increase of approximately $0.3 million. The increase in expenses
during 2022 was primarily a result of increases in professional
fees and consulting costs and one-time termination benefits
discussed above in 2022. G&A expenses in 2023 are expected to
be consistent with those in 2022 as the Company maintains
administrative activities to support our ongoing operations.
Total operating expenses for
the year ended December 31, 2022 were $10.6 million
compared to $19.3 million in 2021.
Net loss for the year ended
December 31, 2022 was $9.9 million, or $0.69 per basic
and diluted share, compared to $19.3 million, or $1.39 per basic
and diluted share in 2021.
About ARCA biopharmaARCA
biopharma is dedicated to developing genetically and other targeted
therapies for cardiovascular diseases through a precision medicine
approach to drug development. At present, ARCA is evaluating
options for development of its assets, including partnering and
other strategic options. For more information, please visit
www.arcabio.com or follow the Company on LinkedIn.
Safe Harbor StatementThis press
release contains "forward-looking statements" for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. These statements include, but are not limited to,
statements regarding potential future development plans for Gencaro
and rNAPc2, if any, the Company’s review of strategic options. Such
statements are based on management's current expectations and
involve risks and uncertainties. Actual results and performance
could differ materially from those projected in the forward-looking
statements as a result of many factors, including, without
limitation, the risks and uncertainties associated with: ARCA’s
financial resources and whether they will be sufficient to meet its
business objectives and operational requirements; ARCA may not be
able to raise sufficient capital on acceptable terms, or at all, to
continue development of Gencaro or rNAPc2 or to otherwise continue
operations in the future; results of earlier clinical trials may
not be confirmed in future clinical trials; the protection and
market exclusivity provided by ARCA’s intellectual property; risks
related to the drug discovery and the regulatory approval
processes; the Company’s ability to complete a strategic
transaction, and, the impact of competitive products and
technological changes. These and other factors are identified and
described in more detail in ARCA’s filings with the Securities and
Exchange Commission, including without limitation ARCA’s annual
report on Form 10-K for the year ended December 31, 2022,
and subsequent filings. ARCA disclaims any intent or obligation to
update these forward-looking statements.
Investor & Media
Contact:Jeff Dekker720.940.2122ir@arcabio.com
(Tables follow)ARCA BIOPHARMA,
INC.
BALANCE SHEET DATA (in
thousands) (unaudited)
|
December 31, 2022 |
|
December 31, 2021 |
Cash and cash equivalents |
$42,445 |
|
$53,359 |
Working capital |
$41,567 |
|
$50,923 |
Total assets |
$43,085 |
|
$54,924 |
Total stockholders’ equity |
$41,673 |
|
$51,043 |
ARCA BIOPHARMA, INC.
STATEMENTS OF OPERATIONS
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except shareand per share
amounts) |
|
Costs and expenses: |
|
|
|
|
|
Research and development |
$ |
4,749 |
|
|
$ |
13,832 |
|
General and administrative |
|
5,847 |
|
|
|
5,503 |
|
Total costs and expenses |
|
10,596 |
|
|
|
19,335 |
|
Loss from operations |
|
(10,596 |
) |
|
|
(19,335 |
) |
|
|
|
|
|
|
Interest and other income |
|
675 |
|
|
|
13 |
|
Other loss |
|
(5 |
) |
|
|
— |
|
Net loss |
$ |
(9,926 |
) |
|
$ |
(19,322 |
) |
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
Basic and diluted |
$ |
(0.69 |
) |
|
$ |
(1.39 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
Basic and diluted |
|
14,410,143 |
|
|
|
13,903,871 |
|
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