Zynerba Pharmaceuticals R&D Expenses For FY22 Reach $21.1M, What About Net Loss?

Zynerba Pharmaceuticals, Inc. ZYNE released financial results for the fourth quarter and full year ended December 31, 2022, revealing research and development expenses were $21.1 million for full year 2022, including stock-based compensation of $2.0 million.

Q4 and Full Year 2022 Financial Highlights

• Research and development expenses were $5.5 million for the fourth quarter of 2022, including stock-based compensation of $500,000.

• General and administrative expenses were $3.2 million in the fourth quarter of 2022, including stock-based compensation expense of $500,000.

• Net loss for the fourth quarter of 2022 was $8.0 million, with basic and diluted loss per share of $(0.18).

• General and administrative expenses were $14.2 million for full year 2022, including stock-based compensation expense of $2.4 million.

• Net loss for full year 2022 was $35.0 million, with basic and diluted loss per share of $(0.82).

“We remain focused on enrolling patients in our confirmatory pivotal Phase 3 RECONNECT trial, and expect topline results in the first half of 2024,” stated Armando Anido, chairman and CEO of Zynerba. “We are committed to bringing the first pharmaceutical product indicated for the treatment of behavioral symptoms of Fragile X syndrome to market, and with a cash runway to mid-year 2024, we remain well-positioned on achieving that goal.”

Financial Outlook

As of December 31, 2022, cash and cash equivalents were $50.6 million, compared to $67.8 million as of December 31, 2021. On March 13, 2023, the company issued a statement confirming that it does not hold cash deposits or securities at Silicon Valley Bank.

Management believes that the company’s cash and cash equivalents are sufficient to fund operations and capital requirements into mid-year 2024. Top-line results from the company’s confirmatory pivotal Phase 3 RECONNECT trial of Zygel in patients with FXS are expected in the first half of 2024.

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