Protagenic Therapeutics Inc. (PTIX) Reports Q3 Results, Provides Business Update

November 16, 2021 10:01 AM EST
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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.

Recent Highlights

  • 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
ASSETS
CURRENT ASSETS
Cash $460,115 $671,091
Marketable securities 10,394,573 -
Prepaid expenses 802,417 208,156
TOTAL CURRENT ASSETS 11,657,105 879,247
TOTAL ASSETS $11,657,105 $879,247
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued expenses $724,417 $571,517
Derivative liability - 83,670
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
TOTAL LIABILITIES 1,286,506 2,028,983
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
Additional paid-in-capital 31,872,763 16,719,749
Accumulated deficit (21,331,483) (17,698,936)
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,
2021 2020 2021 2020
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
Interest income 336 17 568 494
Interest expense (114,464) (58,827) (437,591) (152,757)
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 - - - -
NET LOSS $(878,299) $(1,046,108) $(3,632,547) $(2,025,083)
COMPREHENSIVE LOSS
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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