Fiscal Fourth Quarter Financial Summary
For the fourth fiscal quarter ended
General and administrative expenses for the fourth fiscal quarter ended
The net loss for the fourth fiscal quarter ended
Fiscal Year Financial Summary
For the fiscal year ended
General and administrative expenses for the fiscal year ended
The current period increase was primarily related to an increase of
The net loss for the fiscal year ended
As of
Forward-Looking Statements
This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "expect," "estimate," "may" and other similar expressions are intended to identify forward-looking statements. For example, all statements Sio makes regarding costs associated with its operating activities and funding requirements and/or cash burn runway are forward-looking. All forward-looking statements are based on estimates and assumptions by Sio’s management that, although Sio believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Sio expected. Such risks and uncertainties include, among others, the impact of the Covid-19 pandemic on Sio’s operations; the actual funds required for planned operating activities, including wind-down activities for clinical programs and exploration of strategic alternatives; costs and risks related to headcount reductions and capital conservation plans; the ability to explore and execute upon strategic alternatives; the ability to efficiently wind down clinical programs and conduct required activities during wind down processes; and the outcome of interactions with regulatory agencies. These statements are also subject to a number of material risks and uncertainties that are described in Sio’s most recent Annual Report on Form 10-K filed with the
Contacts:
Media
(646) 751-4361
jo@lifescicomms.com
info@siogtx.com
Investors and Analysts
Chief Executive Officer, Chief Financial Officer and General Counsel
david.nassif@siogtx.com
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
Three Months Ended | Years Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Operating expenses: | |||||||||||||||
Research and development expenses | |||||||||||||||
(includes stock-based compensation expense of 2021, respectively, and ended | $ | 12,606 | $ | 8,244 | $ | 53,399 | $ | 24,903 | |||||||
General and administrative expenses | |||||||||||||||
(includes stock-based compensation expense of and 2021, respectively, and ended | 470 | 3,965 | 18,163 | 17,294 | |||||||||||
Total operating expenses | 13,076 | 12,209 | 71,562 | 42,197 | |||||||||||
Other expenses (income): | |||||||||||||||
Interest expense | 8 | 1 | 27 | 799 | |||||||||||
Other expense (income) | (47 | ) | (8,971 | ) | 39 | (10,359 | ) | ||||||||
Loss before income tax expense (benefit) | (13,037 | ) | (3,239 | ) | (71,628 | ) | (32,637 | ) | |||||||
Income tax expense (benefit) | 287 | 92 | 259 | (212 | ) | ||||||||||
Net loss | $ | (13,324 | ) | $ | (3,331 | ) | $ | (71,887 | ) | $ | (32,425 | ) | |||
Net loss per share of common stock — basic and diluted | $ | (0.18 | ) | $ | (0.05 | ) | $ | (0.98 | ) | $ | (0.62 | ) | |||
Weighted-average shares of common stock outstanding — basic and diluted | 73,714,743 | 66,251,597 | 73,211,565 | 52,181,398 |
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 63,729 | $ | 118,986 | |||
Restricted cash | 1,184 | — | |||||
Receivable from sale of long-term investment | — | 4,343 | |||||
Prepaid expenses and other current assets | 5,214 | 7,348 | |||||
Income tax receivable | 1,609 | 1,656 | |||||
Total current assets | 71,736 | 132,333 | |||||
Long-term restricted cash | — | 1,184 | |||||
Operating lease right-of-use assets | 2,444 | 1,152 | |||||
Property and equipment, net | 900 | 478 | |||||
Total assets | $ | 75,080 | $ | 135,147 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,984 | $ | 1,341 | |||
Accrued expenses | 8,232 | 9,196 | |||||
Current portion of operating lease liabilities | 786 | 311 | |||||
Total current liabilities | 13,002 | 10,848 | |||||
Operating lease liabilities, net of current portion | 1,730 | 932 | |||||
Total liabilities | 14,732 | 11,780 | |||||
Stockholders’ equity: | |||||||
Common stock, par value 73,739,378 and 69,377,567 shares issued and outstanding at March 31, 2021, respectively | 1 | 1 | |||||
Accumulated other comprehensive income | 337 | 335 | |||||
Additional paid-in capital | 922,966 | 914,100 | |||||
Accumulated deficit | (862,956 | ) | (791,069 | ) | |||
Total stockholders’ equity | 60,348 | 123,367 | |||||
Total liabilities and stockholders’ equity | $ | 75,080 | $ | 135,147 |
Source:
2022 GlobeNewswire, Inc., source