Protagenic Therapeutics Inc. (PTIX) Reports Q3 Results, Provides Business Update
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Protagenic Therapeutics, Inc. (Nasdaq: PTIX) a biopharmaceutical company focused on developing therapies to treat stress-related neurologic disorders, today announced results for the third quarter ended September 30, 2021.
- Hosted a virtual science review to discuss the scientific rationale and evidence for PT00114 in the treatment of Depression, Anxiety, PTSD and Addiction. Replay available at www.protagenic.com.
- Hosted a key opinion leader (KOL) webinar focused on PT00114 for the regulation of stress in patients with Depression, PTSD, Anxiety and Addiction. Replay available at www.protagenic.com.
- Received FDA comment to provide clinical sites with ready-to-inject clinical vials of PT00114; to result in IND refiling in the fourth quarter
“During the third quarter and year to date, we made significant progress towards moving PT00114 into the clinic, in order to treat stress-related neuropsychiatric disorders which afflict a growing patient population,” said Dr. Garo Armen, Executive Chairman of Protagenic Therapeutics. “We have a well-defined clinical path targeting psychiatric disorders like depression, anxiety, PTSD, and drug & alcohol addiction. We anticipate gathering efficacy and safety data readouts in the second half of 2022.”
Anticipated Upcoming Milestones
- Q4 2021: Re-filing of IND application for PT00114
- Q1 2022: Initiation of Phase I/IIa study for PT00114
- 2H 2022: Initial Data Readout of Phase I/IIa study
Financial Results for the Second Quarter Ended September 30, 2021:
- Net loss attributable to common stockholders for the quarter ended September 30, 2021 was approximately $0.9 million, compared to approximately $1.0 million for the quarter ended September 30, 2020.
- Research and development expense totaled approximately $0.3 million for the quarter ended September 30, 2021, compared to approximately $0.5 million during the quarter ended September 30, 2020.
- General and administrative expense was approximately $0.5 million for the quarter ended September 30, 2021, compared to approximately $0.6 million during the quarter ended September 30, 2020.
- As of September 30, 2021, the Company had cash and cash equivalents of approximately $10.8 million.
- As of November 15, 2021, the Company had approximately 17.0 million common shares outstanding.
Select Financial Information
Protagenic Therapeutics, Inc., and SubsidiaryBalance Sheet(In U.S. Dollars)(Unaudited)
|September 30, 2021||December 31, 2020|
|TOTAL CURRENT ASSETS||11,657,105||879,247|
|LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)|
|Accounts payable and accrued expenses||$||724,417||$||571,517|
|TOTAL CURRENT LIABILITIES||724,417||655,187|
|PIK convertible notes payable, net of debt discount||441,435||1,081,384|
|PIK convertible notes payable, net of debt discount - related parties||120,654||292,412|
|STOCKHOLDERS’ EQUITY (DEFICIT)|
|Preferred stock, $0.000001 par value; 20,000,000 shares authorized; 872,766 shares issued and outstanding in the following classes:|
|Preferred stock; par value $0.000001; 2,000,000 shares authorized; none issued and outstanding||-||-|
|Series B convertible preferred stock, $0.000001 par value; 18,000,000 shares authorized; 0 and 872,766 shares issued and outstanding at September 30, 2021, and December 31, 2020||-||1|
|Common stock, $.0001 par value, 100,000,000 shares authorized, 16,955,817 and 10,360,480 shares issued and outstanding at September 30, 2021, and December 31, 2020||1,697||1,036|
|Accumulated other comprehensive loss||(172,378||)||(171,586||)|
|TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)||10,370,599||(1,149,736||)|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)||$||11,657,105||$||879,247|
Consolidated Statements of Operations(In U.S. Dollars) (Unaudited)
|For the three months endedSeptember 30,||For the nine months ended September 30,|
|OPERATING AND ADMINISTRATIVE EXPENSES|
|Research and development||257,279||539,770||990,222||657,737|
|General and administrative||506,892||552,246||2,288,972||1,356,990|
|TOTAL OPERATING AND ADMINISTRATIVE EXPENSES||764,171||1,092,016||3,279,194||2,014,727|
|LOSS FROM OPERATIONS||(764,171||)||(1,092,016||)||(3,279,194||)||(2,014,727||)|
|OTHER (EXPENSE) INCOME|
|Change in fair value of derivative liability||-||104,718||83,670||141,907|
|TOTAL OTHER INCOME (EXPENSES)||(114,128||)||45,908||(353,353||)||(10,356||)|
|LOSS BEFORE TAX||(878,299||)||(1,046,108||)||(3,632,547||)||(2,025,083||)|
|INCOME TAX EXPENSE||-||-||-||-|
|Other Comprehensive Loss - net of tax|
|Net unrealized loss on marketable securities||(974||)||-||(974||)||-|
|Foreign exchange translation income (loss)||(791||)||736||182||(599||)|
|TOTAL COMPREHENSIVE LOSS||$||(880,064||)||$||(1,045,372||)||$||(3,633,339||)||$||(2,025,682||)|
|Net loss per common share - Basic and Diluted||$||(0.05||)||$||(0.10||)||$||(0.26||)||$||(0.20||)|
|Weighted average common shares - Basic and Diluted||16,521,882||10,275,758||13,939,400||10,274,005|
See accompanying notes to these unaudited consolidated financial statements in our Form 10-Q filed with the SEC November 15, 2021
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