MENLO PARK, Calif., March 29, 2022 (GLOBE NEWSWIRE) -- CohBar, Inc. (NASDAQ:CWBR), a clinical stage biotechnology company leveraging the power of the mitochondria and the peptides encoded in its genome to develop potential breakthrough therapeutics targeting chronic and age-related diseases, today reported its financial results for the fourth quarter and full year ended December 31, 2021 and provided a corporate update.
"2021 was a year of significant growth for CohBar, highlighted by positive topline data from our first human study and the demonstration of clinical proof-of-concept for our platform, the nomination of our second clinical candidate, and the addition of high-quality talent to our leadership and Board," stated Dr. Joseph Sarret, Chief Executive Officer. "As we begin 2022, we are well-positioned to advance our mission and execute on our goals. Today, we announced that we have aligned our resources to focus on three main areas – the development of our IPF program, CB5138-3, the discovery of additional novel peptide families through our novel Mito+ platform, and securing a partner for further development of CB4211. I'm optimistic about this focused strategy and excited for what our team can achieve in 2022 and beyond."
Recent Corporate Updates
Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Financial Highlights
Fourth Quarter and Full-Year 2021 Investor Call:
The call is open to the public and can be accessed via live teleconference or webcast.
Date: March 29, 2022
Time: 5:00 p.m. ET (2:00 p.m. PT)
Conference Audio
Webcast
For individuals participating in the Investor Call or webcast, please call or login to the conference audio approximately 10 minutes prior to its start.
An audio replay of the call will be available. beginning at 8:00 p.m. Eastern Time on March 29, 2022, through 11:59 p.m. Eastern Time on April 19, 2022. To access the recording please dial (844) 512-2921 in the U.S. and Canada, or (412) 317-6671 internationally, and reference Conference ID# 13726040. The audio recording will also be available at www.cohbar.com during the same period.
About CohBar
CohBar (NASDAQ:CWBR) is a clinical-stage biotechnology company leveraging the power of the mitochondria and the peptides encoded in its genome to develop potential breakthrough therapeutics targeting chronic and age-related diseases with limited to no treatment options. CohBar has assembled the leading position in exploring the mitochondrial genome and its utility for the development of novel therapeutics, including world-renowned expertise in mitochondrial biology, a broad intellectual property estate, key opinion leaders and disciplined drug discovery and development processes. CohBar is utilizing its Mito+ platform to identify and develop modified versions of natural peptides called analogs to treat a variety of serious conditions, with a focus on diseases involving inflammation and fibrosis.
For additional company information, please visit www.cohbar.com and engage with us on LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and other future conditions. In some cases you can identify these statements by forward-looking words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "should," "would," "project," "plan," "expect," "goal," "seek," "future," "likely" or the negative or plural of these words or similar expressions. Examples of such forward-looking statements include but are not limited to statements regarding timing and anticipated outcomes of research and clinical trials for our product candidates; expectations regarding the growth of therapies developed from modified mitochondrial peptides as a significant future class of drug products; and statements regarding anticipated therapeutic properties and potential of our mitochondrial peptide analogs and other potential therapies. You are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in these forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include: our ability to successfully advance drug discovery and development programs, including the delay or termination of ongoing clinical trials and the timing of announcements and updates relating to our clinical trials and related data; our possible inability to mitigate the prevalence and/or persistence of the injection site reactions, or the possibility of other developments affecting the viability of CB4211 or CB5138-3 as a clinical candidate or its commercial potential; results that are different from earlier data results including less favorable results that may not support further clinical development; our ability to raise additional capital when necessary to continue our operations; our ability to recruit and retain key management and scientific personnel; the risk that our intellectual property may not be adequately protected; our ability to establish and maintain partnerships with corporate and industry partners; and risks related to the impact on our business of the COVID-19 pandemic or similar public health crises. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission and applicable Canadian securities regulators, which are available on our website, and at www.sec.gov or www.sedar.com.
You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. The forward-looking statements and other information contained in this news release are made as of the date hereof and CohBar does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy any securities.
Contacts:
Jordyn Tarazi
Director of Investor Relations
CohBar, Inc.
(650) 445-4441
Jordyn.tarazi@cohbar.com
| CohBar, Inc. | ||||||||
| Balance Sheets | ||||||||
| As of | ||||||||
| December 31, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,992,145 | $ | 2,894,575 | ||||
| Investments | 21,253,866 | 18,120,266 | ||||||
| Vendor receivable | 173,499 | - | ||||||
| Prepaid expenses and other current assets | 527,380 | 413,692 | ||||||
| Total current assets | 26,946,890 | 21,428,533 | ||||||
| Property and equipment, net | 260,612 | 394,004 | ||||||
| Intangible assets, net | 19,309 | 18,075 | ||||||
| Other assets | 69,620 | 67,403 | ||||||
| Total assets | $ | 27,296,431 | $ | 21,908,015 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 371,993 | $ | 727,599 | ||||
| Accrued liabilities | 196,020 | 1,141,741 | ||||||
| Accrued payroll and other compensation | 754,314 | 853,335 | ||||||
| Note payable, net of debt discount and offering costs of $8,723 and $15,656 as of December 31, 2021 and | ||||||||
| 2020, respectively | 366,277 | 349,344 | ||||||
| Total current liabilities | 1,688,604 | 3,072,019 | ||||||
| Notes payable, net of debt discount and offering costs of $0 and $26,159 as of December 31, 2021 and | ||||||||
| 2020, respectively | - | 348,841 | ||||||
| Total liabilities | 1,688,604 | 3,420,860 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.001 par value, Authorized 5,000,000 shares; | ||||||||
| No shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | - | - | ||||||
| Common stock, $0.001 par value, Authorized 180,000,000 shares; | ||||||||
| Issued and outstanding 86,339,567 shares as of December 31, 2021 and 61,117,524 as of December 31, 2020 | 86,340 | 61,118 | ||||||
| Additional paid-in capital | 110,255,549 | 87,684,323 | ||||||
| Accumulated deficit | (84,734,062 | ) | (69,258,286 | ) | ||||
| Total stockholders' equity | 25,607,827 | 18,487,155 | ||||||
| Total liabilities and stockholders' equity | $ | 27,296,431 | $ | 21,908,015 | ||||
| CohBar, Inc. | |||||||||||||||||
| Statements of Operations | |||||||||||||||||
| For The Three Months Ended December 31, | For The Years Ended December 31, | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| Revenues | $ | - | $ | - | $ | - | $ | - | |||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 798,580 | 2,697,165 | 7,705,090 | 6,937,610 | |||||||||||||
| General and administrative | 1,983,022 | 1,667,587 | 7,703,065 | 6,261,905 | |||||||||||||
| Total operating expenses | 2,781,602 | 4,364,752 | 15,408,155 | 13,199,515 | |||||||||||||
| Operating loss | (2,781,602 | ) | (4,364,752 | ) | (15,408,155 | ) | (13,199,515 | ) | |||||||||
| Other income (expense): | |||||||||||||||||
| Interest income | 1,212 | 3,085 | 5,578 | 41,149 | |||||||||||||
| Interest expense | (7,561 | ) | (77,046 | ) | (40,108 | ) | (311,410 | ) | |||||||||
| Equity modification expense | - | - | - | (2,290,688 | ) | ||||||||||||
| Amortization of debt discount and offering costs | (4,358 | ) | (269,237 | ) | (33,091 | ) | (504,497 | ) | |||||||||
| Total other expense | (10,707 | ) | (343,198 | ) | (67,621 | ) | (3,065,446 | ) | |||||||||
| Net loss | $ | (2,792,309 | ) | $ | (4,707,950 | ) | $ | (15,475,776 | ) | $ | (16,264,961 | ) | |||||
| Basic and diluted net loss per share | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.23 | ) | $ | (0.33 | ) | |||||
| Weighted average common shares outstanding - basic and diluted | 79,062,525 | 58,477,667 | 66,629,458 | 48,814,353 | |||||||||||||
