Aptinyx Reports Second Quarter 2022 Financial Results and Recent Highlights
August 04, 2022 at 16:05 PM EDT
Company expects to report results from Phase 2b study of NYX-2925 in fibromyalgia in August
Data from Phase 2 study of NYX-458 in cognitive impairment expected in 1Q 2023
IND cleared for NIH grant-funded evaluation of NYX-783 in opioid use disorder
$85 million cash balance provides operational runway into 2024 and enables readouts from multiple Phase 2 studies
Management to host conference call today at 5:00 p.m. ET
Aptinyx Inc. (Nasdaq: APTX), a clinical-stage biopharmaceutical company developing transformative therapies for the treatment of brain and nervous system disorders, today reported financial results for the second quarter of 2022 and provided key business updates across the company’s clinical-stage pipeline of novel NMDA receptor modulators.
“We have made great progress advancing our clinical development programs and remain on track to deliver multiple near-term data readouts,” said Andy Kidd, M.D., president and chief executive officer of Aptinyx. “Our Phase 2b study of NYX-2925 in fibromyalgia will report data in August and represents a significant opportunity to bring a novel therapy to millions of underserved patients living with this centralized pain disorder. I am also very pleased with the strong execution of enrollment in our Phase 2 study of NYX-458 in cognitive impairment associated with Parkinson’s disease and dementia with Lewy bodies. We are on track to complete enrollment in the coming weeks and expect to report data in the first quarter of 2023. With financial runway into 2024, we are equipped to continue executing across our full slate of ongoing R&D programs as we approach several major milestones.”
Second Quarter 2022 and Recent Highlights
Anticipated Upcoming Milestones
Second Quarter 2022 Financial Results
Cash Position: Cash and cash equivalents were $85.3 million at June 30, 2022, compared to $106.1 million at December 31, 2021. Aptinyx expects its current cash balance to fund readouts from each of the company’s Phase 2 clinical development programs and support anticipated operations into 2024.
Research and Development (R&D) Expenses: Research and development expenses were $11.9 million for the three months ended June 30, 2022, compared to $14.8 million for the three months ended June 30, 2021. The decrease in R&D expenses was primarily driven by the completion of enrollment in the company’s Phase 2b studies of NYX-2925 in painful diabetic peripheral neuropathy and fibromyalgia.
General and Administrative (G&A) Expenses: General and administrative expenses were $5.2 million for the three months ended June 30, 2022, compared to $5.1 million for the same period in 2021.
Net Loss: Net loss was $17.7 million for the second quarter of 2022, compared to a net loss of $19.8 million for the second quarter of 2021.
The Aptinyx management team will host a conference call and webcast today at 5:00 p.m. ET to review its financial results and highlights for the second quarter of 2022 and subsequent period. To access the live conference call, please dial (888) 660-6390 (domestic) or (929) 203-1902 (international) and refer to conference ID 4855909. A live audio webcast of the event will be available on the Investors & Media section of Aptinyx’s website at https://ir.aptinyx.com. A replay of the webcast will be archived on Aptinyx’s website for 30 days following the event.
Aptinyx Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of proprietary synthetic small molecules for the treatment of brain and nervous system disorders. Aptinyx has a platform for discovery of novel compounds that work through a unique mechanism to modulate—rather than block or over-activate—NMDA receptors and enhance synaptic plasticity, the foundation of neural cell communication. The company has three product candidates in clinical development in central nervous system indications, including fibromyalgia cognitive impairment, and post-traumatic stress disorder. Aptinyx is also advancing additional compounds from its proprietary discovery platform, which continues to generate a rich and diverse pipeline of small-molecule NMDA receptor modulators with the potential to treat an array of neurologic disorders. For more information, visit www.aptinyx.com or follow Aptinyx on Twitter @Aptinyx.
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the company’s business plans and objectives, including future plans or expectations for NYX-2925, NYX-783, or NYX-458, the potential therapeutic effects of the company’s product candidates and discovery platform, expectations regarding the design, implementation, timing, and success of its current and planned clinical studies, the timing for the company’s receipt and announcement of data from its clinical studies, and the company’s expectations regarding its uses and sufficiency of capital, including the operational runway of its current cash balance. Risks that contribute to the uncertain nature of the forward-looking statements include: the effect of the COVID-19 pandemic on the company’s business and financial results, including with respect to disruptions to the company’s clinical studies, business operations, and ability to raise additional capital; the success, cost, and timing of the company’s product candidate development activities and planned clinical studies; the company’s ability to execute on its strategy; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; regulatory developments in the United States and foreign countries; the company’s estimates regarding expenses, future revenue, and capital requirements; the company’s ability to fund operations into 2023; as well as those risks and uncertainties set forth in the company’s most recent annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission, including the company’s upcoming Quarterly Report on Form 10-Q for the period ended June 30, 2022. All forward-looking statements contained in this press release speak only as of the date on which they were made. Aptinyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Source: Aptinyx Inc.