Aptinyx Reports Third Quarter 2022 Financial Results and Recent Highlights
Aptinyx Inc. (Nasdaq: APTX), a clinical-stage biopharmaceutical company developing transformative therapies for the treatment of brain and nervous system disorders, today reported financial results for the third quarter of 2022 and provided key business updates across the company’s clinical-stage pipeline of novel NMDA receptor modulators
EVANSTON, Ill.--(BUSINESS WIRE)--Nov 8, 2022--
Aptinyx Inc. (Nasdaq: APTX), a clinical-stage biopharmaceutical company developing transformative therapies for the treatment of brain and nervous system disorders, today reported financial results for the third quarter of 2022 and provided key business updates across the company’s clinical-stage pipeline of novel NMDA receptor modulators.
“During the quarter, we took decisive steps to focus our resources on enabling data readouts from our ongoing clinical studies and maintaining cash runway into 2024,” said Andy Kidd, M.D., president and chief executive officer of Aptinyx. “Our pipeline continues to progress towards meaningful data catalysts next year, beginning with our Phase 2 study of NYX-458 in cognitive impairment associated with Parkinson’s disease. The study is robustly designed to characterize the therapeutic effects of NYX-458 and will measure improvements in cognitive deficits that impact nearly half of all patients with Parkinson’s disease. We look forward to reporting data from this study in the first quarter of next year, as well as to data from our Phase 2b study of NYX-783 in PTSD expected later in the year. We are also pleased to be expanding our pipeline through the clinical evaluation of NYX-783 in opioid use disorder, to be conducted by skilled researchers at Yale University School of Medicine and funded by an NIH grant.”
Recent Business Highlights
Pipeline Updates
ThirdQuarter 2022 Financial Results
Cash Position: Cash and cash equivalents were $66.5 million as of September 30, 2022, compared to $106.1 million as of December 31, 2021. Aptinyx expects its current cash balance to fund readouts from each of the company’s Phase 2 clinical development programs and support anticipated operations into 2024.
Research and Development (R&D) Expenses: Research and development expenses were $10.0 million for the three months ended September 30, 2022, compared to $16.2 million for the three months ended September 30, 2021. The decrease in R&D expenses was primarily driven by the completion of the company’s Phase 2b studies of NYX-2925 in patients with painful diabetic peripheral neuropathy in April 2022 and in patients with fibromyalgia in August 2022.
General and Administrative (G&A) Expenses: General and administrative expenses were $4.6 million for the three months ended September 30, 2022, compared to $4.9 million for the same period in 2021.
Net Loss: Net loss was $15.3 million for the third quarter of 2022, compared to a net loss of $21.2 million for the third quarter of 2021.
Conference Call
The Aptinyx management team will host a conference call and webcast today at 5:00 p.m. ET to review its financial results and highlights for the third quarter of 2022 and subsequent period. To access the live conference call, please dial 844-200-6205 (domestic) or 929-526-1599 (international) and refer to conference ID 141144. A live audio webcast of the event will be available on the Investors & Media section of Aptinyx’s website at https://ir.aptinyx.com. A replay of the webcast will be archived on Aptinyx’s website for 30 days following the event.
About Aptinyx
Aptinyx Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of proprietary synthetic small molecules for the treatment of brain and nervous system disorders. Aptinyx has a platform for discovery of novel compounds that work through a unique mechanism to modulate—rather than block or over-activate—NMDA receptors and enhance synaptic plasticity, the foundation of neural cell communication. The company has multiple product candidates in clinical development in central nervous system indications, including cognitive impairment, post-traumatic stress disorder, and opioid use disorder. Aptinyx is also advancing additional compounds from its proprietary discovery platform, which continues to generate a rich and diverse pipeline of small-molecule NMDA receptor modulators with the potential to treat an array of neurologic disorders. For more information, visit www.aptinyx.com or follow Aptinyx on Twitter @Aptinyx.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the company’s business plans and objectives, including future plans or expectations for NYX-783 or NYX-458, the potential therapeutic effects of the company’s product candidates and discovery platform, expectations regarding the design, implementation, timing, and success of its current and planned clinical studies, the timing for the company’s receipt and announcement of data from its clinical studies, and the company’s expectations regarding its uses and sufficiency of capital, including the operational runway of its current cash balance. Risks that contribute to the uncertain nature of the forward-looking statements include: the effect of the COVID-19 pandemic on the company’s business and financial results, including with respect to disruptions to the company’s clinical studies, business operations, and ability to raise additional capital; the success, cost, and timing of the company’s product candidate development activities and planned clinical studies; the company’s ability to execute on its strategy; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; regulatory developments in the United States and foreign countries; the company’s estimates regarding expenses, future revenue, and capital requirements; the company’s ability to fund operations into 2024 and the company’s ability to raise additional capital; as well as those risks and uncertainties set forth in the company’s most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission, including the company’s upcoming Quarterly Report on Form 10-Q for the period ended September 30, 2022. All forward-looking statements contained in this press release speak only as of the date on which they were made. Aptinyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
APTINYX INC.
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
Assets
September 30, 2022
December 31, 2021
Current Assets:
Cash and cash equivalents
$
66,584
$
106,124
Restricted cash
179
197
Prepaid expenses and other current assets
7,187
8,422
Total current assets
73,950
114,743
Property and equipment, net and other long-term assets
2,255
185
Total assets
$
76,205
$
114,928
Liabilities and stockholders’ equity
Current Liabilities:
Accounts payable
$
474
$
622
Accrued expenses and other current liabilities
2,220
5,064
Total current liabilities
2,694
5,686
Term loan, non-current
24,709
14,155
Other long-term liabilities
10
331
Total liabilities
27,413
20,172
Stockholders’ equity
48,792
94,756
Total liabilities and stockholders’ equity
$
76,205
$
114,928
APTINYX INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Revenues
Collaboration revenue
$
—
$
—
$
—
$
1,000
Operating expenses
Research and development
10,008
16,278
35,519
41,388
General and administrative
4,649
4,928
15,622
14,974
Total operating expenses
14,657
21,206
51,141
56,362
Loss from operations
(14,657
)
(21,206
)
(51,141
)
(55,362
)
Other (income) expense, net
(208
)
(47
)
(432
)
(158
)
Interest Expense
854
72
2,088
72
Net loss and comprehensive loss
$
(15,303
)
$
(21,231
)
$
(52,797
)
$
(55,276
)
Net loss per share - basic and diluted
$
(0.23
)
$
(0.31
)
$
(0.78
)
$
(0.82
)
Weighted average shares outstanding - basic and diluted
67,716
67,716
67,716
67,053
Source: Aptinyx Inc.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221108006188/en/
CONTACT: Investor & Media Contact:
Patrick Flavin
Aptinyx Inc.
ir@aptinyx.comorcorporate@aptinyx.com
847-871-0377
KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: MENTAL HEALTH HEALTH NEUROLOGY GENERAL HEALTH CLINICAL TRIALS PHARMACEUTICAL BIOTECHNOLOGY
SOURCE: Aptinyx Inc.
Copyright Business Wire 2022.
PUB: 11/08/2022 04:05 PM/DISC: 11/08/2022 04:06 PM
http://www.businesswire.com/news/home/20221108006188/en
