Pardes Biosciences, Inc. (NASDAQ: PRDS) today reported financial
results for the first quarter ended March 31, 2023.
“As previously announced this year, Pardes
Biosciences has initiated a process to evaluate strategic
alternatives to maximize shareholder value that may potentially
result in changes to our business strategy,” said Thomas G.
Wiggans, Chief Executive Officer and Chair of Pardes
Biosciences.
First Quarter 2023 Financial
Results Pardes reported a net loss of $17.8 million for
the three months ended March 31, 2023, as compared to a net
loss of $21.4 million for the three months ended March 31,
2022. Decrease in net loss for the reporting period was primarily
driven by decreases in professional fees related to legal fees and
pre-commercial planning and an increase of interest income, offset
by an increase in personnel expenses, including $1.1 million in
recognized severance expense associated with the announced
reduction in force (RIF) and stock-based compensation.
Research and development expenses were $13.0
million for the three months ended March 31, 2023, compared to
$13.2 million for the three months ended March 31, 2022, a
decrease of $0.2 million. The decrease was primarily driven by the
suspension of next generation and discovery programs while we
advanced pomotrelvir, offset by higher pomotrelvir costs and
personnel costs, including stock-based compensation. As a result of
our decision to suspend clinical development of pomotrelvir and
winddown all research and development activities, we anticipate
that our research and development expenses, excluding costs
associated with the RIF, will decrease in the near term pending any
decision related to our review of strategic alternatives.
General and administrative expenses were $6.8
million for the three months ended March 31, 2023, compared to
$8.2 million for the three months ended March 31, 2022, a
decrease of $1.4 million. The decrease was primarily due to
decreases in professional fees related to legal fees and
pre-commercial planning. We anticipate that our general and
administrative expenses, excluding costs associated with the RIF,
will continue to decrease in the near term as we decrease our
headcount, pursuant to the RIF. Additionally, depending on the
outcome of our ongoing strategic alternative review process,
including the extent to which we identify and enter into any
potential strategic transaction, there may be an increase in
general and administrative expenses in the future.
Pardes’ cash, cash equivalents and short-term
investments as of March 31, 2023, were $172.2 million compared
to $197.3 million as of December 31, 2022. The company expects that
the cash and cash equivalents on hand as of March 31, 2023,
will be sufficient to fund our current planned operations for the
next 12 months.
As of April 30, 2023, Pardes' preliminary cash,
cash equivalents and short-term investments totaled approximately
$168.2 million. The results for the quarter-to-date period are
preliminary and are not necessarily indicative of the results that
may be expected for the full quarter ending June 30, 2023 or any
other period. In addition, during the course of the preparation of
Pardes' results for the three months ending June 30, 2023,
additional adjustments to this preliminary financial data may be
identified. Any such adjustments may be material. Therefore, actual
financial results that will be reflected in Pardes' Quarterly
Report on Form 10-Q for the three months ended June 30, 2023 when
they are completed and publicly disclosed may differ from the
preliminary results presented here.
About Pardes Biosciences, Inc.
Pardes Biosciences is a biopharmaceutical company that has been
focused on discovering, developing and commercializing novel oral
anti-viral therapeutics to improve the lives of patients suffering
from life-threatening disease, starting with COVID-19. For more
information, please visit www.pardesbio.com.
Availability of Other Information about Pardes
Biosciences Pardes Biosciences intends to use the
Investors page of its website (https://ir.pardesbio.com) as a means
of disclosing material non-public information and for complying
with its disclosure obligations under Regulation FD. Accordingly,
investors should monitor Pardes Biosciences’ Investors website, in
addition to following Pardes Biosciences’ press releases,
Securities and Exchange Commission (SEC) filings, public conference
calls, presentations and webcasts.
Forward Looking Statement This
press release contains statements that relate to future events and
expectations and, as such, constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. When or if used in this press release, the words
“believe,” “intend,” “may,” “plan,” “possible,” “predict,”
“should,” “will,” and similar expressions and their variants, as
they relate to the Company, may identify forward-looking
statements. All statements that reflect Pardes Biosciences’
(Pardes) expectations, assumptions or projections about the future,
other than statements of historical fact, are forward-looking
statements, including, without limitation, statements regarding the
Company’s preliminary cash, cash equivalents and short-term
investments as of April 30, 2023, statements regarding Pardes'
intent to review strategic alternatives and Pardes' expectation
that general and administrative expenses will decrease. Any
forward-looking statements in this press release are based on
management’s current expectations and beliefs and are subject to a
number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation, risks associated
with: the completion of the quarterly review of the Company’s
financial statements for the quarter ended June 30, 2023;
volatility and uncertainty in the capital markets for
biopharmaceutical companies; Pardes' ability to execute its planned
exploration and evaluation of strategic alternatives; availability
of suitable third parties with which to conduct contemplated
strategic transactions; whether the Company will be able to pursue
a strategic transaction, or whether any transaction, if pursued,
will be completed on attractive terms or at all; whether Pardes'
plans will provide the intended benefits and cost savings; and
other risks and uncertainties described under the heading “Risk
Factors” in Pardes’ Annual Report on Form 10-K for the year ended
December 31, 2022, Quarterly Report on Form 10-Q to be filed for
the quarter ended March 31, 2023, and other filings
subsequently filed with the U.S. Securities and Exchange
Commission. The statements in this press release speak only as of
the date of this press release, even if subsequently made available
by Pardes on its website or otherwise. Pardes disclaims any
intention or obligation to update publicly any forward-looking
statements, whether in response to new information, future events,
or otherwise, except as required by applicable law. Accordingly,
readers are cautioned not to place undue reliance on these
forward-looking statements.
Investor Contact:
ir@pardesbio.com
Select Financial
Information:
Pardes Biosciences, 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 |
|
$ |
12,980 |
|
|
$ |
13,199 |
|
General and administrative |
|
|
6,829 |
|
|
|
8,226 |
|
Total operating expenses |
|
|
19,809 |
|
|
|
21,425 |
|
Other
income: |
|
|
|
|
|
|
Interest and other income, net |
|
|
2,004 |
|
|
|
(15 |
) |
Net loss |
|
$ |
(17,805 |
) |
|
$ |
(21,440 |
) |
Net loss per
share, basic and diluted |
|
$ |
(0.30 |
) |
|
$ |
(0.38 |
) |
Weighted-average number of common shares - basic and diluted |
|
|
59,766,037 |
|
|
|
57,039,069 |
|
|
|
|
|
|
|
|
Pardes Biosciences, Inc. Condensed Balance Sheets
(Unaudited) (in thousands)
|
|
March 31, |
|
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,164 |
|
|
$ |
59,284 |
|
Short-term investments |
|
|
125,067 |
|
|
|
138,056 |
|
Prepaid expenses and other current assets |
|
|
3,914 |
|
|
|
3,062 |
|
Total current assets |
|
|
176,145 |
|
|
|
200,402 |
|
Other
assets |
|
|
— |
|
|
|
219 |
|
Total assets |
|
$ |
176,145 |
|
|
$ |
200,621 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,715 |
|
|
$ |
4,929 |
|
Accrued expenses |
|
|
7,700 |
|
|
|
15,496 |
|
Total current liabilities |
|
|
11,415 |
|
|
|
20,425 |
|
Total liabilities |
|
|
11,415 |
|
|
|
20,425 |
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock |
|
|
— |
|
|
|
— |
|
Common stock |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
330,710 |
|
|
|
328,372 |
|
Accumulated other comprehensive loss |
|
|
(23 |
) |
|
|
(24 |
) |
Accumulated deficit |
|
|
(165,963 |
) |
|
|
(148,158 |
) |
Total stockholders' equity |
|
|
164,730 |
|
|
|
180,196 |
|
Total liabilities and stockholders' equity |
|
$ |
176,145 |
|
|
$ |
200,621 |
|
Grafico Azioni Pardes Biosciences (NASDAQ:PRDS)
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