Protagenic Therapeutics Inc. (PTIX) Reports Third Quarter Results and Business Update

November 16, 2021 10:01 a.m. EST


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Protagenic Therapeutics, Inc. (Nasdaq: PTIX), a biopharmaceutical company focused on developing therapies to treat stress-related neurological disorders, today announced results for the third quarter ended September 30, 2021.

Recent Highlights

  • Hosted a virtual scientific journal to discuss the scientific rationale and evidence for PT00114 in the treatment of depression, anxiety, PTSD and substance abuse. Replay available on www.protagenic.com.
  • Hosted a Key Opinion Leaders (KOL) Webinar Focused on PT00114 for Stress Regulation in Patients with Depression, PTSD, Anxiety and Addiction. Replay available on www.protagenic.com.
  • Received FDA comment to provide clinical sites with ready-to-inject clinical vials of PT00114; will result in a new IND filing in the fourth quarter

“During the third trimester and year to date, we have made significant progress towards transferring PT00114 to the clinic, in order to treat the stress-related neuropsychiatric disorders that afflict a growing patient population,” said Dr. Garo Armen, Executive Chairman of Protagenic Therapeutics. “We have a well-defined clinical pathway targeting psychiatric disorders such as depression, anxiety, PTSD, and substance abuse and alcoholism. We plan to collect efficacy and safety data readings in the second half of 2022. ”

Planned upcoming milestones

  • Q4 2021: Re-submission of IND application for PT00114
  • Q1 2022: Launch of the Phase I / IIa study for PT00114
  • 2H 2022: Initial reading of data from the phase I / IIa study

Financial results for the second quarter ended September 30, 2021:

  • Net loss attributable to common shareholders for the quarter ended September 30, 2021 was approximately $ 0.9 million, compared to approximately $ 1.0 million for the quarter ended September 30, 2020.
  • Research and development expenses totaled approximately $ 0.3 million for the quarter ended September 30, 2021, compared to approximately $ 0.5 million for the quarter ended September 30, 2020.
  • General and administrative expenses were approximately $ 0.5 million for the quarter ended September 30, 2021, compared to approximately $ 0.6 million for the quarter ended September 30, 2020.
  • As at September 30, 2021, the Company had cash and cash equivalents of approximately $ 10.8 million.
  • As of November 15, 2021, the Company had approximately 17.0 million common shares outstanding.

Select financial information

Protagenic Therapeutics, Inc. and subsidiary balance sheet (in US dollars) (unaudited)

September 30, 2021 December 31, 2020
ASSETS
CURRENT ASSETS
Cash $ 460 115 $ 671,091
Negotiable securities 10,394,573
Prepaid expenses 802 417 208 156
TOTAL CURRENT ASSETS 11 657 105 879,247
TOTAL ASSETS $ 11 657 105 $ 879,247
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 724,417 $ 571,517
Derivative liability 83 670
TOTAL CURRENT LIABILITIES 724,417 655,187
PIK convertible bonds payable, net of debt discount 441 435 1,081,384
PIK convertible bonds payable, net of debt discount – related parties 120 654 292,412
TOTAL RESPONSIBILITIES 1,286,506 2,028,983
EQUITY (DEFICIT)
Preferred shares, par value of $ 0.000001; 20,000,000 shares authorized; 872,766 shares issued and outstanding in the following categories:
Preferred stock; face value $ 0.000001; 2,000,000 shares authorized; none issued and in circulation
Series B Convertible Preferred Shares, par value of $ 0.000001; 18,000,000 shares authorized; 0 and 872,766 shares issued and outstanding as of September 30, 2021 and December 31, 2020 1
Common shares, par value of $ 0.0001, 100,000,000 authorized shares, 16,955,817 and 10,360,480 shares issued and outstanding as at September 30, 2021 and December 31, 2020 1,697 1,036
Premium 31 872 763 16,719,749
Accumulated deficit (21 331 483 ) (17 698 936 )
Cumulative other comprehensive income (172,378 ) (171,586 )
TOTAL EQUITY (DEFICIT) 10,370,599 (1,149,736 )
TOTAL LIABILITIES AND EQUITY (DEFICIT) $ 11 657 105 $ 879,247

Consolidated Statements of Income (in US dollars) (unaudited)

For the three months endedSeptember 30 For the nine months ended September 30
2021 2020 2021 2020
OPERATING AND ADMINISTRATION COSTS
Research and development 257,279 539,770 990 222 657,737
general and administrative 506,892 552,246 2,288,972 1,356,990
TOTAL OPERATING AND ADMINISTRATION EXPENSES 764 171 1,092,016 3,279,194 2,014,727
OPERATING LOSS (764 171 ) (1,092,016 ) (3,279,194 ) (2,014,727 )
OTHER (EXPENSES) REVENUES
Interest income 336 17 568 494
Interest charges (114,464 ) (58,827 ) (437,591 ) (152,757 )
Change in the fair value of the derivative liability 104,718 83 670 141,907
TOTAL OTHER REVENUES (EXPENSES) (114,128 ) 45,908 (353 353 ) (10 356 )
LOSS BEFORE IMPT (878,299 ) (1,046,108 ) (3,632,547 ) (2,025,083 )
THE INCOME TAX CHARGE
NET LOSS $ (878,299 ) $ (1,046,108 ) $ (3,632,547 ) $ (2,025,083 )
OVERALL LOSS
Other comprehensive income – net of tax
Unrealized net loss on marketable securities (974 ) (974 )
Foreign exchange conversion income (loss) (791 ) 736 182 (599 )
TOTAL OVERALL LOSS $ (880,064 ) $ (1,045,372 ) $ (3 633 339 ) $ (2,025,682 )
Net loss per common share – Basic and diluted $ (0.05 ) $ (0.10 ) $ (0.26 ) $ (0.20 )
Weighted Average Common Shares – Basic and Diluted 16 521 882 10 275 758 13 939 400 10 274 ​​005

See the notes to these unaudited consolidated financial statements in our Form 10-Q filed with the SEC on November 15, 2021


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