Zosano reported a net loss for the first quarter of 2022 of
Research and development expenses for the first quarter of 2022 were
General and administrative expenses for the first quarter of 2022 were
The impairment loss of
As of
About
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the benefits and potential uses of the company’s transdermal microneedle system, statements regarding a need for additional funding in order to continue operations and other future events and expectations described in this press release. Readers are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “might,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “scheduled,” “goal,” “approximately” or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict, and actual outcomes may differ materially. These include risks and uncertainties, without limitation, associated with the company’s ability to continue operations, successfully restructure its indebtedness or complete any strategic transactions and other risks and uncertainties described under the heading “Risk Factors” in the company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Although Zosano believes that the expectations reflected in these forward-looking statements are reasonable, Zosano cannot in any way guarantee that the future results, level of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. All forward-looking statements are based on information currently available to Zosano and Zosano assumes no obligation to update any such forward-looking statements.
Zosano Contacts:
Chief Financial Officer
510-745-1200
Zosano PR:
Sylvia Wheeler or Alexandra Santos
swheeler@wheelhouselsa.com or asantos@wheelhouselsa.com
CONDENSED BALANCE SHEETS
(in thousands, except par value and share amounts)
2022 | 2021 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 13,529 | $ | 11,043 | |||
Accounts receivable | 91 | 146 | |||||
Prepaid expenses and other current assets | 2,012 | 420 | |||||
Total current assets | 15,632 | 11,609 | |||||
Restricted cash | 455 | 455 | |||||
Property and equipment, net | 7,922 | 32,557 | |||||
Operating lease right-of-use assets | 2,436 | 3,769 | |||||
Total assets | $ | 26,445 | $ | 48,390 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,720 | $ | 2,120 | |||
Accrued compensation | 475 | 1,767 | |||||
Build-to-suit obligation, current portion, net of debt issuance costs and discount | 1,739 | 3,822 | |||||
Operating lease liabilities, current portion | 1,642 | 1,606 | |||||
Other accrued liabilities | 2,154 | 1,818 | |||||
Total current liabilities | 9,730 | 11,133 | |||||
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount | — | 970 | |||||
Operating lease liabilities, long-term portion | 2,662 | 3,081 | |||||
Other long-term liabilities | — | 231 | |||||
Total liabilities | 12,392 | 15,415 | |||||
Stockholders’ equity: | |||||||
Preferred stock, | — | — | |||||
Common stock, | — | — | |||||
Additional paid-in capital | 409,577 | 395,090 | |||||
Accumulated deficit | (395,524 | ) | (362,115 | ) | |||
Total stockholders’ equity | 14,053 | 32,975 | |||||
Total liabilities and stockholders’ equity | $ | 26,445 | $ | 48,390 | |||
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended | |||||||
2022 | 2021 | ||||||
Service revenue | $ | 132 | $ | 258 | |||
Operating expenses: | |||||||
Cost of service revenue | 86 | 162 | |||||
Research and development | 4,481 | 5,330 | |||||
General and administrative | 2,942 | 2,814 | |||||
Impairment loss | 25,941 | — | |||||
Total operating expenses | 33,450 | 8,306 | |||||
Loss from operations | (33,318 | ) | (8,048 | ) | |||
Other income (expense): | |||||||
Interest income | 2 | 1 | |||||
Interest expense | (73 | ) | (97 | ) | |||
Other income (expense), net | (20 | ) | 2 | ||||
Loss before provision for income taxes | (33,409 | ) | (8,142 | ) | |||
Provision for income taxes | — | — | |||||
Net loss | $ | (33,409 | ) | $ | (8,142 | ) | |
Net loss per common share – basic and diluted | $ | (7.86 | ) | $ | (2.73 | ) | |
Weighted-average common shares used in computing net loss per common share – basic and diluted | 4,248 | 2,981 |
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