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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