ARCA biopharma Announces First Quarter 2023 Financial Results
24 Avril 2023 - 10:25PM
ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company
applying a precision medicine approach to developing genetically
targeted therapies for cardiovascular diseases, today reported
first quarter 2023 financial results and provided a corporate
update.
In April 2022, the Board of Directors
established a Special Committee and, in May 2022, retained
Ladenburg Thalmann & Co. Inc. (“Ladenburg”) to evaluate
strategic options, including transactions involving a merger, sale
of all or part of the Company’s assets, or other alternatives with
the goal of maximizing stockholder value. The Company and Ladenburg
have reviewed several potential strategic transactions and continue
to evaluate further potential development of the Company’s existing
assets, in order to maximize stockholder value. The Company does
not have a defined timeline for the strategic review process and
the review may not result in any specific action or
transaction.
First Quarter 2023 Summary Financial
Results
Cash and cash equivalents were
$40.9 million as of March 31, 2022, compared to $42.4 million as of
December 31, 2022. 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 $0.4 million for the quarter ended
March 31, 2023, compared to $2.2 million for the
corresponding period in 2022. The $1.8 million decrease in R&D
expenses in 2023 as compared to 2022 was primarily related to the
completion of enrollment in the rNAPc2 Phase 2b clinical trial in
the fourth quarter of 2021. R&D expenses in 2023 are expected
to be lower than 2022.
General and administrative (G&A)
expenses were $1.4 million for the quarter ended
March 31, 2023, compared to $1.1 million for the
corresponding period in 2022, an increase of approximately $0.3
million. During the quarter ended March 31, 2023, ARCA recorded
$159,000 for one-time termination benefits related to the mutually
agreed to conclusion of Christopher D. Ozeroff's employment, the
former Secretary, Senior Vice President and General Counsel of
ARCA, effective March 31, 2023. The increase in expenses was
primarily a result of increases in consulting costs and one-time
termination benefits discussed above in 2023. 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 quarter ended March 31, 2023 were $1.8 million compared to $3.3
million for the first quarter 2022.
Net loss for the quarter ended
March 31, 2023 was $1.3 million, or $0.09 per basic and diluted
share, compared to $3.3 million, or $0.23 per basic and diluted
share in the first quarter of 2022.
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) |
|
March 31, 2023 |
December 31, 2022 |
Cash and cash equivalents |
$40,850 |
$42,445 |
Working capital |
$40,436 |
$41,567 |
Total assets |
$42,059 |
$43,085 |
Total stockholders’ equity |
$40,531 |
$41,673 |
ARCA BIOPHARMA, INC. STATEMENTS OF
OPERATIONS(unaudited) |
|
|
March 31, |
|
|
2023 |
|
|
2022 |
|
|
(in thousands, except shareand per share
amounts) |
|
Costs and expenses: |
|
|
|
|
|
Research and development |
$ |
390 |
|
|
$ |
2,179 |
|
General and administrative |
|
1,406 |
|
|
|
1,098 |
|
Total costs and expenses |
|
1,796 |
|
|
|
3,277 |
|
Loss from operations |
|
(1,796 |
) |
|
|
(3,277 |
) |
|
|
|
|
|
|
Interest and other income |
|
450 |
|
|
|
7 |
|
Other loss |
|
— |
|
|
|
(2 |
) |
Net loss |
$ |
(1,346 |
) |
|
$ |
(3,272 |
) |
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
Basic and diluted |
$ |
(0.09 |
) |
|
$ |
(0.23 |
) |
Weighted average shares
outstanding: |
|
|
|
|
|
Basic and diluted |
|
14,410,143 |
|
|
|
14,410,143 |
|
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