Item 2.02 Results of Operations and Financial Condition.
On January 4, 2022, Angion announced that it expects to report cash and cash
equivalents as of December 31, 2021, totaling approximately $88.8 million when
it reports its 2021 annual earnings in March 2022.
Item 2.05 Costs associated with Exit or Disposal Activities
On January 4, 2022, Angion announced a reduction in force that will impact
somewhat less than half of its current employees. Angion's decision to engage in
this reduction, results from an assessment of Angion's internal resources needs,
given Angion's 2021 disclosure that the results of the Phase 3 study of ANG-3777
in patients at risk for delayed graft function (DGF) would likely not support a
regulatory approval in that population. This reduction is a cost-cutting measure
across the organization to support Angion's 2022 primary focus on the clinical
development of its investigational asset ANG-3070, a highly selective, oral
tyrosine kinase receptor inhibitor in development as a treatment for fibrotic
diseases, particularly in the kidney and lung, as well as advancing preclinical
assets to IND-enabling studies.
Angion expects a charge of approximately $2.9 million to implement and conclude
this plan in the first quarter of 2022. These charges are primarily one-time
termination benefits and are all cash charges.
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