08/12/2022 | Press release | Distributed by Public on 08/12/2022 15:01
Company to host conference call and webcast on Monday, August 15, 2022, at 8:00am ET
BOSTON and ATLANTA, Aug. 12, 2022/PRNewswire/ -- Inhibikase Therapeutics, Inc. (Nasdaq: IKT) ("Inhibikase" or "Company"), a clinical-stage pharmaceutical company developing therapeutics with the potential to modify the course of Parkinson's disease ("PD") and related disorders, today reported financial results for the second quarter ended June 30, 2022 and highlighted recent developments.
"In the second quarter, we continued to make progress across our entire portfolio. We recently opened enrollment in our Phase 2a '201' trial for IkT-148009 for the treatment of Parkinson's disease. We have now opened nearly a quarter of all sites for the study and we are actively screening patients. In addition, we have submitted our Investigational New Drug (IND) application for IkT-001Pro for patients with chronic myelogenous leukemia to the U.S. Food and Drug Administration (FDA), and expect to initiate our '501' bioequivalence study of IkT-001Pro following FDA review and concurrence," commented Milton Werner, Ph.D., President and Chief Executive Officer of Inhibikase. "Looking ahead, we also expect to share Parkinson's assessment data from our Phase 1/1b '101' clinical trial of IkT-148009 at the Movement Disorders Society Congress in September and are continuing to advance our regulatory activities in the U.S. and the EU27 as we plan a Phase 2 trial in Multiple System Atrophy. Taken together, we believe that these activities lay the groundwork for continued momentum across our business as we seek to deliver on our mission of bringing novel, disease-modifying treatments to patients suffering from devastating diseases."
Recent Developments and Upcoming Milestones:
Second Quarter 2022 Financial Results
Net Loss: Net loss for the second quarter ended June 30, 2022, was $4.6 million, or $0.18 per share, compared to a net loss of $ 2.6 million, or $0.22 per share for the second quarter in 2021.
Net loss for the six months ended June 30, 2022, was $9.3 million or $0.37 per share, compared to a net loss of $5.3 million, or $0.47 per share in the six months ended June 30, 2021.
R&D Expenses: Research and development expenses were $3.0 million for the second quarter ended June 30, 2022, compared to $2.4 million in the second quarter of 2021. The increase of $0.6 million was driven by a $2.1 million increase in non-grant related research offset by a decrease of $1.4 million in grant related research expenditures and a decrease of $0.1 million in non-cash stock compensation expense. The non-grant related research was expended primarily in connection with the Company's PD clinical trials.
Research and development expenses were $6.0 million for the six months ended June 30, 2022 compared to $4.8 million in the comparable period in 2021. The $1.2 million increase was driven by a $4.3 million increase in non-grant related research offset by a decrease of $2.7 million in grant related research expenditures and a decrease of $0.4 million in non-cash stock compensation expense. The non-grant related research was expended primarily in connection with the Company's PD clinical trials.
SG&A Expenses: Selling, general and administrative expenses for the quarter ended June 30, 2022 were $1.7 million compared to $1.6 million for the second quarter in 2021. The increase was primarily from increased headcount resulting in increased compensation expense of $0.1 million, increased legal fees, board fees, investor relation and consulting fees of $0.3 million and a net increase of $0.1 million for other normal operating expenses offset by decreased non-cash stock based compensation expense of $0.4 million.
Selling, general and administrative expenses for the six months ended June 30, 2022 were $3.3 million compared to $3.2 million for comparable period in 2021. The increase was primarily from increased headcount resulting in increased compensation expense of $0.3 million, increased legal fees, board fees, investor relation and consulting fees of $0.6 million and a net decrease of $0.1 million for other normal operating expenses offset by decreased non-cash stock based compensation expense of $0.7 million.
Cash Position: Cash and cash equivalents were $32.2 million as of June 30, 2022. The Company expects that existing cash and cash equivalents will be sufficient to fund its normal operations and capital expenditure requirements through December 31, 2023.
Conference Call Information
The conference call is scheduled to begin at 8:00am ET on Monday, August 15, 2022. Participants should dial 844-825-9789 (United States) or 412-317-5180 (International) with the conference code 10169366. A live webcast may be accessed using the link here, or by visiting the investors section of the Company's website at www.inhibikase.com. After the live webcast, the event will be archived on Inhibikase's website for approximately 90 days after the call.
About Inhibikase (www.inhibikase.com)
Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing therapeutics for Parkinson's disease and related disorders. Inhibikase's multi-therapeutic pipeline focuses on neurodegeneration and its lead program IkT-148009, an Abelson Tyrosine Kinase (c-Abl) inhibitor, targets the treatment of Parkinson's disease inside and outside the brain. Its multi-therapeutic pipeline is pursuing Parkinson's-related disorders of the brain and GI tract, orphan indications related to Parkinson's disease such as Multiple System Atrophy, and drug delivery technologies for kinase inhibitors such as IkT-001Pro, a prodrug of the anticancer agent Imatinib that the Company believes will provide a better patient experience with fewer on-dosing side-effects. The Company's RAMP™ medicinal chemistry program has identified a number of follow-on compounds to IkT-148009 to be potentially applied to other cognitive and motor function diseases of the brain. Inhibikase is headquartered in Atlanta, Georgia with offices in Boston, Massachusetts.
Social Media Disclaimer
Investors and others should note that the Company announces material financial information to investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company intends to also use Twitter, Facebook, LinkedIn and YouTube as a means of disclosing information about the Company, its services and other matters and for complying with its disclosure obligations under Regulation FD.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans," or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on Inhibikase's current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase's actual results to differ materially from those anticipated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Inhibikase's filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2021, including under the caption "Risk Factors" and its quarterly report on Form 10-Q for the quarter ended June 30, 2022 filed with the Securities and Exchange Commission. Any forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Contacts:
Company Contact:
Milton H. Werner, Ph.D.
President & CEO
678-392-3419
[email protected]
Investor Relations:
Alex Lobo
SternIR, Inc.
[email protected]
Inhibikase Therapeutics, Inc. |
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June 30, |
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December 31, |
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(unaudited) |
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Assets |
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Current assets: |
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Cash |
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$ |
32,212,276 |
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$ |
40,750,133 |
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Accounts receivable |
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6,552 |
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110,141 |
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Prepaid research and development |
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919,053 |
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107,000 |
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Prepaid expenses and other current assets |
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811,482 |
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1,502,725 |
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Total current assets |
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33,949,363 |
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42,469,999 |
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Property and equipment |
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43,089 |
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- |
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Total assets |
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$ |
33,992,452 |
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$ |
42,469,999 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
860,444 |
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$ |
1,089,778 |
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Accrued expenses and other current liabilities |
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3,629,861 |
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2,715,761 |
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Notes payable |
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- |
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248,911 |
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Total liabilities |
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4,490,305 |
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4,054,450 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock, $0.001 par value; 10,000,000 shares |
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- |
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- |
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Common stock, $0.001 par value; 100,000,000 shares |
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25,227 |
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25,155 |
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Additional paid-in capital |
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68,575,147 |
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68,208,081 |
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Accumulated deficit |
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(39,098,227) |
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(29,817,687) |
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Total stockholders' equity |
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29,502,147 |
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38,415,549 |
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Total liabilities and stockholders' equity |
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$ |
33,992,452 |
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$ |
42,469,999 |
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Inhibikase Therapeutics, Inc. |
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Three Months Ended |
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Six Months Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue: |
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Grant revenue |
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$ |
6,552 |
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$ |
1,363,037 |
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$ |
52,583 |
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$ |
2,770,202 |
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Total revenue |
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6,552 |
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1,363,037 |
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52,583 |
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2,770,202 |
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Costs and expenses: |
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Research and development |
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2,982,183 |
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2,382,433 |
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5,999,174 |
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4,814,293 |
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Selling, general and administrative |
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1,664,308 |
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1,608,972 |
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3,333,944 |
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3,209,548 |
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Total costs and expenses |
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4,646,491 |
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3,991,405 |
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9,333,118 |
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8,023,841 |
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Loss from operations |
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(4,639,939) |
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(2,628,368) |
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(9,280,535) |
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(5,253,639) |
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Interest expense |
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- |
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(7,811) |
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(5) |
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(19,608) |
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Net loss |
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$ |
(4,639,939) |
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$ |
(2,636,179) |
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$ |
(9,280,540) |
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$ |
(5,273,247) |
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Net loss per share - basic and diluted |
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$ |
(0.18) |
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$ |
(0.22) |
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$ |
(0.37) |
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$ |
(0.47) |
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Weighted-average number of common |
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25,227,051 |
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12,241,935 |
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25,216,312 |
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11,153,986 |
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SOURCE Inhibikase Therapeutics, Inc.