Zynerba Pharmaceuticals, Inc. ZYNE, released financial results for the second quarter ended June 30, 2022.
Q2 2022 Financial Highlights
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Net loss for the second quarter of 2022 was $9.9 million, with basic and diluted loss per share of $(0.24).
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Research and development expenses were $5.4 million for the second quarter of 2022, including stock-based compensation of $0.5 million.
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General and administrative expenses were $3.7 million in the second quarter of 2022, including stock-based compensation expense of $0.6 million.
“During the second quarter, we were pleased to announce positive topline results from our phase 2 trial of Zygel in patients with 22q. In addition to further progressing 22q, we are focused on completing the phase 3 RECONNECT trial for children and adolescents with fragile X syndrome, with topline results expected in the second half of 2023,” stated Armando Anido, chairman and CEO of Zynerba. “With a cash runway extending past expected availability of topline results from our RECONNECT trial, we remain well-positioned on achieving our goal of bringing the first pharmaceutical product indicated for the treatment of behavioral symptoms of fragile X syndrome to market.”
Financial Outlook
As of June 30, 2022, cash and cash equivalents were $62.5 million, compared to $67.8 million as of December 31, 2021.
Management believes that the company’s cash and cash equivalents are sufficient to fund operations and capital requirements through the end of 2023 or into early 2024, after the expected availability of topline results from its confirmatory pivotal phase 3 RECONNECT trial of Zygel in patients with FXS.
Photo by Mackenzie Marco on Unsplash
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