Pardes Biosciences Reports First Quarter 2022 Financial Results and Provides Business Update
CARLSBAD, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Pardes Biosciences, Inc. (NASDAQ: PRDS), a clinical-stage biopharmaceutical company developing PBI-0451 as a potential stand-alone novel direct-acting, oral antiviral drug candidate for the treatment and prevention of SARS-CoV-2 infections and associated diseases (i.e., COVID-19), today reported financial results for the first quarter ended March 31, 2022 and provided a business update.
Recent Corporate Highlights
First Quarter 2022 Financial Results
Research and development expenses were $13.2 million for the quarter ended March 31, 2022, compared to $3.4 million for the quarter ended March 31, 2021, an increase of $9.8 million. The increase was due to an increase in program costs related to advancing PBI-0451 into clinical studies, and increased personnel costs, including non-cash stock-based compensation, recruiting fees and overhead expenses.
General and administrative expenses were $8.2 million for the quarter ended March 31, 2022, compared to $1.1 million for the quarter ended March 31, 2021, an increase of $7.1 million. The increase was due to increased personnel costs, including non-cash stock-based compensation, increased costs associated with being a public company, including directors and officers insurance and audit fees, and increased professional fees related to legal, pre-commercial planning, consulting and recruiting services.
Pardes’ cash and cash equivalents as of March 31, 2022 were $247.9 million compared to $268.7 million as of December 31, 2021. The company expects that the cash and cash equivalents it had on hand as of March 31, 2022 will be sufficient to fund operating expenses and capital expenditures into the second half of 2023.
About Pardes Biosciences, Inc.
Availability of Other Information about Pardes Biosciences
Select Financial Information:
ITEXPO #TECHSUPERSHOW Expo Hall Open
Top Trends in Enterprise Digital Infrastructure and How to Leverage Them
The Blockchain Event #TECHSUPERSHOW Expo Hall Open