Angion Provides Corporate Update and Reports Second Quarter 2022 Financial Results

·6 min read
Angion Biomedica Corp.
Angion Biomedica Corp.

UNIONDALE, N.Y. , Aug. 15, 2022 (GLOBE NEWSWIRE) -- Angion Biomedica Corp (NASDAQ:ANGN), a biopharmaceutical company that has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases, today provided a corporate update and reported its financial results for the quarter ended June 30, 2022.

On June 29, 2022, Angion announced discontinuation of JUNIPER, its Phase 2 dose-finding trial of ANG-3070 in patients with primary proteinuric kidney diseases, specifically focal segmental glomerulosclerosis (FSGS) and immunoglobulin A nephropathy (IgAN). This trial, which began enrolling patients in December 2021, was discontinued in the interest of patient safety based upon a reassessment of the risk/benefit profile of ANG-3070 in patients with established serious kidney disease.

On July 25, 2022, Angion announced the commencement of a process to explore and evaluate strategic options to enhance and preserve shareholder value and the engagement of Oppenheimer & Co., Inc. as the company’s strategic advisor to assist in this process. Potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, merger, reverse merger, other business combination, sale of assets, licensing, or other strategic transactions involving Angion. There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. Angion has discontinued development of ANG-3070 for all indications and discontinued most other development activities pending conclusion of this process.

“The strategic options process is under way and we are taking the steps we deem appropriate to preserve cash resources,” stated Dr. Jay Venkatesan, Angion’s President and Chief Executive Officer. “As we noted in our press release on July 25, we do not expect to disclose developments with respect to this process unless and until the process has been completed or a disclosure is otherwise deemed necessary or legally required.”

Second Quarter 2022 Financial Results

As of June 30, 2022, Angion had cash and cash equivalents totaling $63.4 million. Angion expects current cash resources to be sufficient to fund projected operating requirements for at least 12 months following the issuance date of its condensed consolidated financial statements.

Contract revenue for the quarter ended June 30, 2022 was $0.7 million compared with $0.5 million in the second quarter of 2021.

Research and development expenses for the quarter ended June 30, 2022 were $6.1 million compared with $14.4 million in the second quarter of 2021.

General and administrative expenses for the quarter ended June 30, 2022 were $3.6 million compared with $4.3 million in the second quarter of 2021.

Other income (expense) for the quarter ended June 30, 2022 was $(0.1) million compared with $1.2 million in the second quarter of 2021.

Net loss for the quarter ended June 30, 2022 was $9.1 million, or $0.30 per share, compared with $17.1 million, or $0.58 per share, in the second quarter of 2021.

About Angion
Angion has focused on the discovery, development, and commercialization of novel small molecule therapeutics to address fibrotic diseases. For more information, please visit angion.com.

Forward Looking Statements
Statements contained in this press release regarding matters that may occur in the future are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements in this press release regarding Angion’s plans to explore and evaluate strategic options to enhance and preserve shareholder value and take other actions to immediately reduce cash burn and Angion’s expectation to have cash sufficient to fund its planned operations for the 12 months following the issuance date of our condensed consolidated financial statements. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by such forward-looking statements. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: Angion’s ability to execute its planned exploration and evaluation of strategic alternatives; and unexpected demands on Angion’s cash resources. For a fuller description of risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, see Angion’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 30, 2022, and Angion’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, to be filed with the Securities and Exchange Commission on August 15, 2022, especially, in each case, under the caption “Risk Factors,” as well as other documents that may be filed by Angion from time to time with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Angion undertakes no obligation to update any forward-looking statement in this press release, except as required by law.


ANGION BIOMEDICA CORP.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

Contract revenue

$

653

 

 

$

540

 

 

$

2,301

 

 

$

911

 

Total revenue

 

653

 

 

 

540

 

 

 

2,301

 

 

 

911

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

6,073

 

 

 

14,444

 

 

 

17,740

 

 

 

28,742

 

General and administrative

 

3,615

 

 

 

4,340

 

 

 

8,081

 

 

 

10,352

 

Total operating expenses

 

9,688

 

 

 

18,784

 

 

 

25,821

 

 

 

39,094

 

Loss from operations

 

(9,035

)

 

 

(18,244

)

 

 

(23,520

)

 

 

(38,183

)

Other income (expense), net

 

(104

)

 

 

1,172

 

 

 

141

 

 

 

(15,576

)

Net loss

 

(9,139

)

 

 

(17,072

)

 

 

(23,379

)

 

 

(53,759

)

Net loss per common share, basic and diluted

$

(0.30

)

 

$

(0.58

)

 

$

(0.78

)

 

$

(2.02

)

Weighted average common shares outstanding, basic and diluted

 

29,973,886

 

 

 

29,670,329

 

 

 

29,966,609

 

 

 

26,574,290

 



ANGION BIOMEDICA CORP.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

 

June 30,
2022

 

December 31,
2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

63,372

 

 

$

88,756

 

Grants receivable

 

 

 

 

806

 

Prepaid expenses and other current assets

 

2,513

 

 

 

1,685

 

Total current assets

 

65,885

 

 

 

91,247

 

Property and equipment, net

 

388

 

 

 

451

 

Operating lease right-of-use assets

 

3,589

 

 

 

3,986

 

Investments in related parties

 

865

 

 

 

723

 

Other assets

 

86

 

 

 

106

 

Total assets

$

70,813

 

 

$

96,513

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,656

 

 

$

4,710

 

Accrued expenses

 

4,086

 

 

 

3,219

 

Operating lease liabilities, current

 

943

 

 

 

894

 

Financing obligation, current

 

62

 

 

 

58

 

Deferred revenue, current

 

 

 

 

2,301

 

Warrant liability

 

33

 

 

 

114

 

Total current liabilities

 

7,780

 

 

 

11,296

 

Operating lease liabilities, noncurrent

 

2,990

 

 

 

3,475

 

Financing obligation, noncurrent

 

202

 

 

 

235

 

Other liabilities, noncurrent

 

81

 

 

 

 

Total liabilities

 

11,053

 

 

 

15,006

 

Commitments and contingencies

 

 

 

Stockholders' equity

 

 

 

Common stock

 

301

 

 

 

300

 

Additional paid-in capital

 

297,875

 

 

 

296,445

 

Accumulated other comprehensive loss

 

98

 

 

 

(103

)

Accumulated deficit

 

(238,514

)

 

 

(215,135

)

Total stockholders' equity

 

59,760

 

 

 

81,507

 

Total liabilities and stockholders' equity

$

70,813

 

 

$

96,513

 

CONTACT: Contact David D. Miller Sr. Director of Corporate Affairs investors@angion.com