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Applied Molecular Transport Reports First Quarter 2023 Financial Results

Applied Molecular Transport Inc.
Applied Molecular Transport Inc.

SOUTH SAN FRANCISCO, Calif., May 11, 2023 (GLOBE NEWSWIRE) -- Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a biopharmaceutical company, today reported financial results for the first quarter ended March 31, 2023.

Recent Business Highlights

  • Engaged MTS Health Partners, L.P. as advisors in a process to explore strategic alternatives for the company

  • Appointed Shawn Cross to serve as chief executive officer and board chair

  • Tahir Mahmood, Ph.D., co-founder and former CEO remains a member of the board and retained as a consultant

Financial Results for the First Quarter Ended March 31, 2023

Research and development (R&D) expenses. Total R&D expenses for the first quarter of 2023 were $13.0 million, compared to $31.2 million for the same period in 2022. The overall decrease was attributable to our restructuring of operations, related reductions in workforce implemented in March 2023 and halting all research and development activities.

General and administrative (G&A) expenses. Total G&A expenses for the first quarter of 2023 were $6.8 million, compared to $11.3 million for the same period in 2022. The overall decrease was attributable to our restructuring of operations and related reductions in workforce implemented in March 2023.

Restructuring, impairment, and related charges. Total restructuring, impairment, and related charges for the first quarter of 2023 were $8.7 million as the company halted all research and development activities, commenced the close out of existing programs and reduced its workforce by approximately 82%. There were no restructuring, impairment, and related charges recorded for the same period in 2022.

Net loss. Net loss for the first quarter of 2023 was $27.9 million, compared to $42.6 million for the same period in 2022. Operating expenses for the first quarter of 2023 were $28.5 million and interest income was $0.6 million.

Cash and cash equivalents. As of March 31, 2023, cash and cash equivalents were $41.8 million. The company believes its cash and cash equivalents will be sufficient to allow the company to fund its current operating plan for at least twelve months.

About Applied Molecular Transport Inc.

AMT is a biopharmaceutical company that has developed novel oral biologic product candidates, by leveraging its technology platform to design biologic product candidates in patient-friendly oral dosage forms. AMT’s product candidates are designed to precisely target the relevant pathophysiology of the disease. AMT’s proprietary technology platform is incorporated in its product candidates, exploiting existing natural cellular trafficking pathways to drive the active transport of diverse therapeutic modalities across the IE barrier. Active transport is an efficient mechanism that utilizes the cell’s own machinery to transport materials across the IE barrier. The company has halted all research and development activities and commenced a process to explore strategic alternatives.

For additional information on AMT, please visit www.appliedmt.com.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements including statements relating to AMT’s plans, expectations, forecasts and future events. Such forward-looking statements include, but are not limited to, statements regarding the ability of AMT to enter into a strategic transaction and sufficiency of AMT’s cash resources. In some cases, you can identify forward- looking statements by terminology such as “believe,” “estimate,” “intend,” “may,” “plan,” “potentially,” “will,” “expect,” “enable,” “likely” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual events, trends or results could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements based on various factors. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in AMT’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”), and AMT’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and AMT assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.


Applied Molecular Transport Inc.
Condensed Balance Sheets
(unaudited)
(in thousands)

 

March 31,
2023

 

December 31,
2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

41,771

 

 

$

61,145

 

Prepaid expenses

 

1,929

 

 

 

2,688

 

Other current assets

 

370

 

 

 

186

 

Long-lived assets held for sale

 

2,250

 

 

 

 

Total current assets

 

46,320

 

 

 

64,019

 

Property and equipment, net

 

2,790

 

 

 

8,183

 

Operating lease right-of-use assets

 

32,086

 

 

 

33,222

 

Finance lease right-of-use assets

 

688

 

 

 

584

 

Restricted cash

 

916

 

 

 

916

 

Other assets

 

495

 

 

 

522

 

Total assets

$

83,295

 

 

$

107,446

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

871

 

 

$

1,583

 

Accrued expenses

 

10,990

 

 

 

8,660

 

Lease liabilities, operating lease - current

 

4,774

 

 

 

4,639

 

Lease liabilities, finance lease - current

 

184

 

 

 

205

 

Total current liabilities

 

16,819

 

 

 

15,087

 

Lease liabilities, operating lease

 

29,974

 

 

 

31,228

 

Lease liabilities, finance lease

 

114

 

 

 

49

 

Other liabilities

 

244

 

 

 

244

 

Total liabilities

 

47,151

 

 

 

46,608

 

Stockholders’ equity:

 

 

 

Common stock

 

4

 

 

 

4

 

Additional paid-in capital

 

430,027

 

 

 

426,804

 

Accumulated deficit

 

(393,887

)

 

 

(365,970

)

Total stockholders’ equity

 

36,144

 

 

 

60,838

 

Total liabilities and stockholders’ equity

$

83,295

 

 

$

107,446

 


Applied Molecular Transport Inc.
Condensed Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)

 

 

Three Months
Ended March 31,

 

 

 

2023

 

 

 

2022

 

Operating expenses:

 

 

 

 

Research and development

 

$

12,988

 

 

$

31,239

 

General and administrative

 

 

6,752

 

 

 

11,337

 

Restructuring, impairment, and related charges

 

 

8,743

 

 

 

 

Total operating expenses

 

 

28,483

 

 

 

42,576

 

Loss from operations

 

 

(28,483

)

 

 

(42,576

)

Interest income, net

 

 

579

 

 

 

(3

)

Other income (expense), net

 

 

(13

)

 

 

4

 

Net loss

 

$

(27,917

)

 

$

(42,575

)

Net loss per share, basic and diluted

 

$

(0.71

)

 

$

(1.10

)

Weighted-average shares of common stock outstanding, basic and diluted

 

 

39,188,397

 

 

 

38,641,365

 

Refer to the Company’s applicable SEC filings for previously reported periods.

Investor Relations Contact:
Alexandra Santos
Wheelhouse Life Science Advisors
asantos@wheelhouselsa.com

Media Contact:
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com


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