Zynerba Pharmaceuticals, Inc. ZYNE, reported financial results for the first quarter ended March 31, 2022, revealing net loss of $8.5 million.
Research and development expenses were $5.1 million for the first quarter of 2022, including stock-based compensation of $0.5 million. General and administrative expenses were $3.8 million in the first quarter of 2022, including stock-based compensation expense of $0.6 million.
“We are excited by the opportunities ahead for Zygel in FXS and other rare and near-rare neuropsychiatric indications, and have made meaningful progress since the beginning of this year,” stated Armando Anido, chairman and CEO of Zynerba. “Specifically, during the first quarter of 2022, we continued to enroll patients in our phase 3 pivotal trial in patients with FXS, completed enrollment in our Phase 2 trial in patients with 22q11.2 deletion syndrome and advanced toward submission of an investigational new drug application for a phase 3 trial in patients with ASD that we expect to initiate in the second half of 2022.”
Financial Outlook
As of March 31, 2022, cash and cash equivalents were $69.7 million, compared to $67.8 million as of December 31, 2021. On May 11, 2021, the company entered into a controlled equity offering sales agreement, or the 2021 sales agreement”, with Cantor Fitzgerald & Co., Canaccord Genuity, LLC, CCORF H.C. Wainwright & Co. LLC and Ladenburg Thalmann & Co. Inc., as sales agents, pursuant to which the company may sell, from time to time, up to $75.0 million of its common stock. In the first quarter of 2022, the company sold and issued 857,060 shares of its common stock under the 2021 sales agreement in the open market resulting in gross proceeds of $1.8 million and net proceeds of $1.6 million, after deducting commissions and offering expenses.
From April 1, 2022 through May 13, 2022, the company sold and issued 297,362 shares of its common stock under the 2021 sales agreement in the open market resulting in gross proceeds and net proceeds of $0.6 million, after deducting commissions and offering expenses.
During the three months ended March 31, 2022, the company received a payment of $8.0 million from the Australian Tax Office for research and development incentives for the years ended December 31, 2018, 2019 and 2020.
Management believes that the company’s cash and cash equivalents are sufficient to fund operations and capital requirements into the second half of 2023.
Photo: Courtesy of Mackenzie Marco on Unsplash
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