Investing.com
Published Mar 23, 2022 07:04AM ET
Updated Mar 23, 2022 07:35AM ET
9 Meters Biopharma (NMTR) Reports Q4 Results, Provides Business Update
9 Meters Biopharma Inc (NASDAQ:NMTR), a clinical-stage company pioneering novel treatments for people with rare or debilitating digestive diseases, today provided an overview of its recent achievements, important upcoming milestones, and financial results for the fourth quarter and full year ended December 31, 2021.
John Temperato, President & CEO of 9 Meters Biopharma, commented: "2021 was an exceptionally productive year for 9 Meters as we significantly advanced our pipeline, particularly our lead assets vurolenatide for short bowel syndrome (SBS) and larazotide for celiac disease. We look forward to meaningful data readouts in the second quarter of this year for both, and we believe these readouts will drive our partnership and licensing discussions forward. We are also excited to have bolstered our executive management team with three senior hires at the start of 2022, which position the company well for future growth. Finally, we ended 2021 with $47.0 million in cash, providing cash runway to fund operations into the second quarter of 2023."
Clinical Development and Business Highlights
Vurolenatide Phase 2 Trial for SBS progressing toward topline data in Q2 2022:
Larazotide Phase 3 Trial for Celiac Disease interim analysis anticipated in early June:
Larazotide Phase 2a study for multisystem inflammatory syndrome in children (MIS-C) resulting from COVID-19 is ongoing. Topline data is expected in 2H 2022:
Executive team strengthened by adding individuals with exceptionally strong experience across the biotechnology industry and in the public markets:
Pre-Clinical Pipeline Update
NM-102 (proprietary tight-junction microbiome modulator):
NM-136 (anti-GIP hu-mAb):
NM-003 (proprietary long-acting GLP-2 agonist):
Full Year and Fourth Quarter Financial Results
As of December 31, 2021, the Company's cash and cash equivalents totaled approximately $47.0 million, compared to approximately $37.9 million as of December 31, 2020.
The Company reported a net loss of approximately $9.6 million, or $0.04 per share, for the fourth quarter of 2021, compared to a net loss of approximately $5.0 million, or $0.03 per share for the fourth quarter of 2020. This increase was primarily due to the advancement of our clinical development programs. The Company reported a net loss of approximately $36.8 million, or $0.15 per share, for the year ended December 31, 2021, compared to a net loss of approximately $61.5 million, or $0.58 per share, for the year ended December 31, 2020. The decrease was primarily related to costs of the merger and acquisition of RDD Pharma and Naia Rare Diseases, of which the majority was non-cash acquired in-process research and development expenses. The Company anticipates its cash runway is sufficient to fund the ongoing clinical programs and business operations into second quarter of 2023.
Key Anticipated 2022 Milestones
Written By: Investing.com
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