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Applied Molecular Transport Reports First Quarter 2022 Financial Results and Provides Corporate UpdateAnnounced positive top-line data for AMT-101 FILLMORE Phase 2 trial in chronic pouchitis
Three Phase 2 top-line readouts for oral AMT-101 in ulcerative colitis (UC) and rheumatoid arthritis (RA) anticipated in 2022, consistent with previous guidance SOUTH SAN FRANCISCO, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a clinical-stage biopharmaceutical company, today provided a corporate update and reported financial results for the first quarter ended March 31, 2022. “We were pleased to recently announce positive top-line data from our FILLMORE trial in chronic pouchitis patients, the first of four important AMT-101 Phase 2 readouts,” said Tahir Mahmood, Ph.D., chief executive officer and co-founder of AMT. “These results further substantiate the broad therapeutic potential of AMT-101 and may have positive implications for UC and Crohn’s disease, given the meaningful responses achieved in stool frequency and histologic healing.” Recent Business Highlights and Anticipated Milestones
Financial Results for the First Quarter Ended March 31, 2022 Research and development (R&D) expenses. Total R&D expenses for the first quarter of 2022 were $31.2 million, compared to $14.9 million for the same period in 2021. The overall increase was primarily related to higher expenses associated with clinical trials, increased headcount, facilities-related expenses and materials. General and administrative (G&A) expenses. Total G&A expenses for the first quarter of 2022 were $11.3 million, compared to $5.6 million for the same period in 2021. The overall increase was primarily due to increased headcount, professional fees and facilities-related expenses. Net loss. Net loss for the first quarter of 2022 was $42.6 million, compared to $20.5 million for the same period in 2021. Stock-based compensation and depreciation and amortization for the first quarter of 2022 was $7.7 million, compared to $2.7 million for the same period in 2021. Cash, cash equivalents and investments. As of March 31, 2022, cash and cash equivalents were $126.5 million. The Company believes its cash and cash equivalents will be sufficient to allow the Company to fund its current operating plan for at least twelve months. About AMT-101 About AMT-126 About Applied Molecular Transport Inc. AMT’s headquarters, internal GMP manufacturing and lab facilities are located in South San Francisco, CA. For additional information on AMT, please visit www.appliedmt.com. Forward-Looking Statements This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements including statements relating to AMT’s plans, expectations, forecasts and future events. Such forward-looking statements include, but are not limited to, the potential of, and expectations regarding AMT’s technology platform and the extent to which it may enable the development of new products and AMT’s internal manufacturing capabilities, statements regarding scaling our organization, growth of clinical activities, or pipeline expansion, statements regarding the optimization or expansion of our product development plans or the design of future clinical trials, statements regarding the potential of AMT-101, AMT-126, AMT’s respiratory carrier technology or regarding AMT-101 and AMT-126 clinical trials, including the timing of data readouts from such trials, advancing product candidates to future phases of development, and program updates, milestones for such trials, and our ability to replicate past clinical development strategies, statements regarding the potential for AMT’s product candidates to treat or provide clinically meaningful outcomes for certain medical conditions or diseases, and assumptions regarding the biological mode of action of our product candidates and the potential to avoid side effects with our product candidates. In some cases, you can identify forward-looking statements by terminology such as “believe,” “estimate,” “intend,” “may,” “plan,” “potentially,” “will,” “expect,” “enable,” “likely” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual events, trends or results could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements based on various factors. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in AMT’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”), and AMT’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and AMT assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Applied Molecular Transport Inc.
Applied Molecular Transport Inc. Condensed Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share amounts)
Refer to the Company’s applicable SEC filings for previously reported periods. Investor Relations Contact: Media Contacts: Aljanae Reynolds |