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Liminal BioSciences Reports Second Quarter 2022 Financial Results and Business Highlights

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  • $55.8 million of cash and cash equivalents June 30, 2022
  • Discontinuation of development of Feathage Plus
  • Net loss from continuing operations $6.5 million during the quarter ended June 30, 2022 compared to $12.6 million during the quarter ended June 30, 2021

Laval, QC When CambridgeEngland , August 9, 2022 /PRNewswire/ – Liminal BioSciences Inc. (Nasdaq: LMNL) (“Liminal BioSciences” or the “Company”) today reported financial results for the second quarter ended. June 30, 2022.

Liminal BioSciences will host a conference call and webcast at 8:30 am ET to discuss financial results. Wednesday, August 10, 2022The phone numbers to access the conference call are 888-390-0620 and 416-764-8651. Call audio playback Wednesday, August 10, 2022 and 11:30 AM ETThe numbers to access Play Audio are 416-764-8677 and 1-888-390-0541 with the following password (617941 #). A live audio webcast of the conference call is available at Click here

“As announced July 21, 2022The company achieved its defined milestone of obtaining definitive data from the Phase 1a single escalating dose clinical trial of Fezageplus in early Q3 2022. ” Bruce Pritchard, CEO of Liminal Biosciences. “The decision to discontinue development of Feathageplus allows us to focus resources on our current pipeline, which includes preclinical programs for GPR84 and OXER1 antagonists. By the end of 2022.”

Second Quarter 2022 Results

All figures shown in this section are in Canadian dollars.

  • cash and cash equivalents It was $55.8 million and June 30, 2022 On the other hand, working capital, or current assets minus current liabilities, is $35 million.
  • R&D expenses It was $3.9 million Professional fees and preclinical expenses will increase in both 2022 and the second quarter of 2021. $200,000 Offsetting lower depreciation expense on intangible assets $400,000.
  • management expenses It was $4.6 million Q2 2022 $8.6 million The second quarter of 2021 is down 46%.The decrease in administrative expenses is mainly due to $2.5 million The change in our registered office from Quebec to Quebec resulted in a decrease in directors’ and officers’ insurance premiums, resulting in lower expenses. Ontario In the second half of 2021, stock-based compensation expense will $600,000 at a professional rate with $400,000.
  • Net loss from continuing operations, after tax was $6.5 million Q2 2022 $12.6 million Loss in Q2 2021. The decrease in losses was primarily due to lower administrative expenses. $3.9 milliona decrease in finance costs, reflecting a decrease in insurance costs $800,000 Due to the repayment of long-term debt of the Company and an increase in foreign exchange gains $1.3 million.
  • Gross profit (loss) from discontinued operations was the income of $300,000 Compared to losses in Q2 2022 $19.5 million Second quarter of 2021. This decrease was primarily due to the fact that the quarter ended. June 30, 2021 Includes operational results of plasma collection activity for approximately half of the quarters leading up to market and results from Ryplazim.® Activity for the entire quarter ended June 30, 2021where the quarter ended June 30, 2022earnings or losses in discontinued operations were primarily driven by changes in contracts and development and manufacturing organizations (CDMOs), lease liabilities and offerings, higher inflation and changes in discount rates for the remainder of the Plasma-Derived Therapies segment. impacted. These operating losses were $30.5 million Earnings in the second quarter of 2022 compared to the second quarter of 2021 were partially offset by lower gains from the sale of discontinued operations. $10.7 millionbecause these deals were only made in the second quarter of 2021.
  • net loss was $6.2 million Compared to losses in Q2 2022 $32.1 million Second quarter of 2021.

Post-Quarter Developments

of July 2022, discontinued development of its small molecule product candidate, Feathage Plus. The decision to discontinue development of Phezageplus was based on the results of a Phase 1a single ascending dose (SAD) clinical trial that showed that Fezzageplus was significantly inferior to sodium phenylbutyrate as a nitrogen scavenger. A Phase 1a SAD clinical trial of Phezageplus has been initiated. May 2022 Designed as a head-to-head comparison with sodium phenylbutyrate, it provides further data to determine whether Feathage Plus is worth developing as one of the potential indications where nitrogen scavenging is beneficial. The recommendation to terminate the development program was not based on safety concerns.

of August 2022, we acquired 100% of the outstanding preferred and common stock of our subsidiary, Pathogen Removal Diagnostic Technologies Inc. (PRDT), for a nominal amount, as a result of which we now control 100% of PRDT. . PRDT owns certain prion reduction technologies that are considered non-core assets of the Company and is a licensee of certain prion reduction technologies. As a result of the acquisition of PRDT’s non-controlling interest (NCI), the Company will no longer present any balance related to NCI in its consolidated statement of financial position or consolidated income statement beginning March 1, 2018. transaction.

About Liminal Bioscience

Liminal BioSciences is a development stage biopharmaceutical company dedicated to the discovery and development of unique novel small molecule therapeutics for inflammatory, fibrotic and metabolic diseases using a drug discovery platform with a data-driven approach. Focusing. We are currently developing a GPR84 antagonist and his OXER1 antagonist. In addition to these programs, the company continues to explore other development opportunities to add to its pipeline.

Liminal BioSciences Canada and the England.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some forward-looking statements can be identified by the use of forward-looking language. “expect”, “expect”, “suggest”, “plan”, “believe”, “intend”, “estimate”, “target”, “plan”, “should” statements that are not historical in nature, including the words The words “may”, “will”, “may”, “will”, “estimate” and other similar expressions are intended to identify forward-looking statements. increase. These statements include statements relating to Liminal BioScience’s objectives, strategies and operations involving risks and uncertainties. Forward-looking information includes, among other things, statements regarding: the progress of Liminal Biosciences’ product candidates, including the timing of designation of lead product candidates for the Company’s GPR84 antagonist program; Potential development of our research and development programs. Timing or nature of initiation of preclinical and clinical trials and potential therapeutic areas. Our ability to build value for our shareholders and reduce costs associated with contracts related to the organization’s previous operations. Known or unknown risks that affect our business or our estimates or assumptions prove to be inaccurate, actual events or results could differ materially from those anticipated in these forward-looking statements. Factors that could cause actual results to differ materially from those stated or projected include, but are not limited to, risks associated with: The impact of the COVID-19 pandemic on our employees, business operations, clinical development, regulatory activities, financials and other corporate impacts. availability of funds and resources to pursue research and development projects, clinical development, manufacturing operations, or commercialization activities; Appropriate and timely initiation or completion of preclinical and clinical studies. Ability to take advantage of funding or business opportunities in the pharmaceutical industry. Ability to resolve Nasdaq listing deficiencies and restore compliance with Nasdaq Listing Rules. uncertainties generally associated with research and development, clinical trials and related regulatory reviews and approvals; and general changes in economic conditions. A more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to differ materially from our current expectations is made by the U.S. Securities and Exchange Commission and the Canadian Securities and Exchange Commission. It is described in the documents and reports submitted to the administrator.Annual Report on Form 20-F for the year ended December 31, 2021, and other filings and reports that Liminal Biosciences may make from time to time. Such risks may be amplified by his ongoing COVID-19 pandemic and its associated impact on Liminal BioSciences’ business and the global economy. As a result, no assurance can be given that any particular forward-looking statement will be realized. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates. We undertake no obligation to update any forward-looking statements contained in this press release, even if new information becomes available as a result of future events or otherwise, except as required by applicable securities laws and regulations. not.

SOURCE Liminal BioSciences Inc.