ARCA biopharma Announces Third Quarter 2023 Financial Results
18 Octobre 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
third 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.
Third Quarter 2023 Summary Financial
Results
Cash and cash equivalents were
$38.5 million as of September 30, 2023, 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
end of 2024.
General and administrative (G&A)
expenses were $1.6 million for the quarter ended
September 30, 2023, consistent with $1.5 million for the
corresponding period 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.
Research and development (R&D)
expenses were $0.3 million for the quarter ended
September 30, 2023, compared to $1.0 million for the
corresponding period in 2022, a $0.7 million decrease. R&D
personnel costs decreased approximately $0.6 million for the
quarter ended September 30, 2023, as compared to the corresponding
period in 2022, due to decreased headcount. In July 2022, we
implemented a strategic reduction of our workforce by approximately
67%, or 12 employees. Personnel reductions were primarily focused
in research and development and general and administrative
functions. The restructuring was a result of our decision to manage
our operating costs and expenses. During the nine months ended
September 30, 2022, we recorded total restructuring charges of
approximately $790,000, of which $490,000 and $300,000 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.
R&D expenses in 2023 are expected to be lower than 2022.
Total operating expenses for
the quarter ended September 30, 2023 were $2.0 million compared to
$2.6 million for the third quarter 2022.
Net loss for the quarter ended
September 30, 2023 was $1.4 million, or $0.10 per basic and diluted
share, compared to $2.3 million, or $0.16 per basic and diluted
share in the third quarter of 2022.
About ARCA biopharma ARCA
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 Statement This
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, and 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’s
ability to raise sufficient capital on acceptable terms, or at all;
the Company’s ability to continue development of Gencaro or rNAPc2
or to otherwise continue operations in the future; the Company’s
ability to complete a strategic transaction; 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; 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, in 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.
All forward-looking statements in this press
release are current only as of the date hereof and, except as
required by applicable law, ARCA undertakes no obligation to revise
or update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise. All forward-looking statements are
qualified in their entirety by this cautionary statement.
Investor & Media Contact:
Jeff Dekker 720.940.2122 ir@arcabio.com
(Tables follow)
|
ARCA
BIOPHARMA, INC. |
|
BALANCE
SHEET DATA (in thousands)
(unaudited) |
|
|
September 30, 2023 |
December 31, 2022 |
Cash and cash equivalents |
$38,487 |
$42,445 |
Working
capital |
$37,900 |
$41,567 |
Total
assets |
$39,184 |
$43,085 |
Total
stockholders’ equity |
$37,968 |
$41,673 |
ARCA BIOPHARMA, INC. |
|
|
|
STATEMENTS OF OPERATIONS
(unaudited) |
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(in thousands, except share and per share
amounts) |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
$ |
1,615 |
|
|
$ |
1,528 |
|
|
$ |
4,740 |
|
|
$ |
4,360 |
|
Research and development |
|
322 |
|
|
|
1,024 |
|
|
|
966 |
|
|
|
4,688 |
|
Total costs and expenses |
|
1,937 |
|
|
|
2,552 |
|
|
|
5,706 |
|
|
|
9,048 |
|
Loss from operations |
|
(1,937 |
) |
|
|
(2,552 |
) |
|
|
(5,706 |
) |
|
|
(9,048 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
513 |
|
|
|
222 |
|
|
|
1,456 |
|
|
|
301 |
|
Other loss |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(5 |
) |
Net loss |
$ |
(1,424 |
) |
|
$ |
(2,333 |
) |
|
$ |
(4,250 |
) |
|
$ |
(8,752 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.61 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
14,410,143 |
|
|
|
14,410,143 |
|
|
|
14,410,143 |
|
|
|
14,410,143 |
|
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