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Aerpio Pharmaceuticals(AADI) - 2020 Q1 - Quarterly Report
AADIAerpio Pharmaceuticals(AADI)2020-05-07 12:52

Financial Performance - For the three months ended March 31, 2020, total operating expenses were 4,114,933,adecreaseof53.54,114,933, a decrease of 53.5% compared to 8,841,293 for the same period in 2019[85]. - The net and comprehensive loss for the three months ended March 31, 2020, was 3,918,663,comparedtoalossof3,918,663, compared to a loss of 8,492,825 for the same period in 2019, indicating a 53.8% improvement[85]. - Net loss for Q1 2020 was 3.9million,adecreasefromanetlossof3.9 million, a decrease from a net loss of 8.5 million in Q1 2019[91]. - Net cash used in operating activities for Q1 2020 was 3.9million,comparedto3.9 million, compared to 9.1 million in Q1 2019[94]. - Total other income for Q1 2020 was 196,270,adecreasefrom196,270, a decrease from 348,468 in Q1 2019[88]. Operating Expenses - Research and development expenses for the three months ended March 31, 2020, were 1,829,042,downfrom1,829,042, down from 5,586,251 in the prior year, reflecting a reduction of 67.2%[85]. - General and administrative expenses decreased to 2,285,891forthethreemonthsendedMarch31,2020,comparedto2,285,891 for the three months ended March 31, 2020, compared to 3,255,042 for the same period in 2019, a reduction of 29.8%[85]. - Research and development expenses for Q1 2020 decreased by approximately 3.8millionor67.33.8 million or 67.3% compared to Q1 2019[87]. - General and administrative expenses for Q1 2020 decreased by approximately 1.0 million or 29.8% compared to Q1 2019[88]. Cash Position - As of March 31, 2020, the company had cash reserves of 34.6millionasofMarch31,2020,whichareexpectedtofundoperationsthroughatleastthesecondquarterof2021[78].−CashandcashequivalentsasofMarch31,2020,were34.6 million as of March 31, 2020, which are expected to fund operations through at least the second quarter of 2021[78]. - Cash and cash equivalents as of March 31, 2020, were 34.6 million, with an accumulated deficit of 146.2million[91].−ThecompanyanticipatesthatexistingcashandcashequivalentswillsupportoperationsthroughatleastQ22021[91].StrategicPlans−ThecompanyplanstoinitiateaPhase2clinicaltrialforitsglaucomaprograminQ32020,withresultsexpectedinQ12021,subjecttopotentialdelaysduetoCOVID−19[74].−ThecompanyisdevelopingARP−1536,ahumanizedmonoclonalantibodyfordiabeticvascularcomplications,andabispecificantibodytargetingbothVEGFandVE−PTP[77].−Thecompanycontinuestoexplorestrategicalternatives,includingpotentialacquisitionsormergers,tomaximizestockholdervalue[91].ClinicalTrials−IntheTIME−2btrial,subcutaneousAKB−9778showeda21146.2 million[91]. - The company anticipates that existing cash and cash equivalents will support operations through at least Q2 2021[91]. Strategic Plans - The company plans to initiate a Phase 2 clinical trial for its glaucoma program in Q3 2020, with results expected in Q1 2021, subject to potential delays due to COVID-19[74]. - The company is developing ARP-1536, a humanized monoclonal antibody for diabetic vascular complications, and a bispecific antibody targeting both VEGF and VE-PTP[77]. - The company continues to explore strategic alternatives, including potential acquisitions or mergers, to maximize stockholder value[91]. Clinical Trials - In the TIME-2b trial, subcutaneous AKB-9778 showed a 21% reduction in Urine Albumin-Creatinine Ratio (UACR) from baseline, indicating potential benefits in diabetic kidney disease[75]. Other Financial Information - The company recorded a severance expense of 1.9 million in 2019 due to a realignment plan and leadership changes[78]. - There were no investing cash flows in Q1 2020, and no financing cash flows during the same period[95][96]. - No shares of common stock had been sold under the Controlled Equity Offering Sales Agreement as of March 31, 2020[91].