Last Updated on August 15, 2022 by GlobeNewsWire
UNIONDALE, N.Y. , Aug. 15, 2022 (GLOBE NEWSWIRE) — Angion Biomedica Corp (NASDAQ:ANGN), a biopharmaceutical company that has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, today provided a corporate update and reported its financial results for the quarter ended June 30, 2022.
On June 29, 2022, Angion announced discontinuation of JUNIPER, its Phase 2 dose-finding trial of ANG-3070 in patients with primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis (FSGS) and immunoglobulin A nephropathy (IgAN). This trial, which began enrolling patients in December 2021, was discontinued in the interest of patient safety based upon a reassessment of the risk/benefit profile of ANG-3070 in patients with established serious kidney disease.
On July 25, 2022, Angion announced the commencement of a process to explore and evaluate strategic options to enhance and preserve shareholder value and the engagement of Oppenheimer & Co., Inc. as the company’s strategic advisor to assist in this process. Potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, merger, reverse merger, other business combination, sale of assets, licensing, or other strategic transactions involving Angion. There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. Angion has discontinued development of ANG-3070 for all indications and discontinued most other development activities pending conclusion of this process.
“The strategic options process is under way and we are taking the steps we deem appropriate to preserve cash resources,” stated Dr. Jay Venkatesan, Angion’s President and Chief Executive Officer. “As we noted in our press release on July 25, we do not expect to disclose developments with respect to this process unless and until the process has been completed or a disclosure is otherwise deemed necessary or legally required.”
Second Quarter 2022 Financial Results
As of June 30, 2022, Angion had cash and cash equivalents totaling $63.4 million. Angion expects current cash resources to be sufficient to fund projected operating requirements for at least 12 months following the issuance date of its condensed consolidated financial statements.
Contract revenue for the quarter ended June 30, 2022 was $0.7 million compared with $0.5 million in the second quarter of 2021.
Research and development expenses for the quarter ended June 30, 2022 were $6.1 million compared with $14.4 million in the second quarter of 2021.
General and administrative expenses for the quarter ended June 30, 2022 were $3.6 million compared with $4.3 million in the second quarter of 2021.
Other income (expense) for the quarter ended June 30, 2022 was $(0.1) million compared with $1.2 million in the second quarter of 2021.
Net loss for the quarter ended June 30, 2022 was $9.1 million, or $0.30 per share, compared with $17.1 million, or $0.58 per share, in the second quarter of 2021.
About AngionAngion has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases. For more information, please visit angion.com.
Forward Looking StatementsStatements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Angion’s plans to explore and evaluate strategic options to enhance and preserve shareholder value and take other actions to immediately reduce cash burn and Angion’s expectation to have cash sufficient to fund its planned operations for the 12 months following the issuance date of our condensed consolidated financial statements. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Angion’s ability to execute its planned exploration and evaluation of strategic alternatives; and unexpected demands on Angion’s cash resources. For a fuller description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see Angion’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 30, 2022, and Angion’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, to be filed with the Securities and Exchange Commission on August 15, 2022, especially, in each case, under the caption “Risk Factors,” as well as other documents that may be filed by Angion from time to time with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law.
ANGION BIOMEDICA CORP. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts)(unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenue: Contract revenue$653 $540 $2,301 $911 Total revenue 653 540 2,301 911 Operating expenses: Research and development 6,073 14,444 17,740 28,742 General and administrative 3,615 4,340 8,081 10,352 Total operating expenses 9,688 18,784 25,821 39,094 Loss from operations (9,035) (18,244) (23,520) (38,183)Other income (expense), net (104) 1,172 141 (15,576)Net loss (9,139) (17,072) (23,379) (53,759)Net loss per common share, basic and diluted$(0.30) $(0.58) $(0.78) $(2.02)Weighted average common shares outstanding, basic and diluted 29,973,886 29,670,329 29,966,609 26,574,290
ANGION BIOMEDICA CORP. Condensed Consolidated Balance Sheets (in thousands)(unaudited)
June 30,2022 December 31,2021Assets Current assets Cash and cash equivalents$63,372 $88,756 Grants receivable — 806 Prepaid expenses and other current assets 2,513 1,685 Total current assets 65,885 91,247 Property and equipment, net 388 451 Operating lease right-of-use assets 3,589 3,986 Investments in related parties 865 723 Other assets 86 106 Total assets$70,813 $96,513 Liabilities and stockholders’ equity Current liabilities Accounts payable$2,656 $4,710 Accrued expenses 4,086 3,219 Operating lease liabilities, current 943 894 Financing obligation, current 62 58 Deferred revenue, current — 2,301 Warrant liability 33 114 Total current liabilities 7,780 11,296 Operating lease liabilities, noncurrent 2,990 3,475 Financing obligation, noncurrent 202 235 Other liabilities, noncurrent 81 — Total liabilities 11,053 15,006 Commitments and contingencies Stockholders’ equity Common stock 301 300 Additional paid-in capital 297,875 296,445 Accumulated other comprehensive loss 98 (103)Accumulated deficit (238,514) (215,135)Total stockholders’ equity 59,760 81,507 Total liabilities and stockholders’ equity$70,813 $96,513