Panbela Provides Business Update and Reports Q1 2022 Financial Results
MINNEAPOLIS, May 12, 2022 (GLOBE NEWSWIRE) -- Panbela Therapeutics, Inc. (Nasdaq: PBLA), a clinical stage company developing disruptive therapeutics for the treatment of patients with cancer, today provides a business update and reports financial results for the quarter ended March 31, 2022. Management is hosting an earnings call today at 4:30 p.m. ET.
The first quarter was marked by meaningful progress.
Q1 and Recent Highlights:
“Q1 and year to date have represented a transformational time of value creation for Panbela. During the quarter, we signed a definitive agreement to acquire CPP, presented ovarian cancer data at AACR and initiated our global randomized trial in pancreatic cancer,” said Jennifer K. Simpson, PhD, MSN, CRNP, President & Chief Executive Officer of Panbela. “Through the pending acquisition and organic execution, Panbela is better positioned to be able to treat more patients, and drive shareholder value.”
Additionally in the first half, we anticipate:
In addition, during the second half of 2022, we expect to announce the opening of a neoadjuvant pancreatic cancer investigator initiated trial. Subject to closing the CPP transaction, we anticipate announcing additional milestones for 2022 that will reflect the increased flow of planned development activity and data.
First Quarter ended March 31, 2022 Financial Results
General and administrative expenses were $1.8 million in the first quarter of 2022, compared to $1.1 million in the first quarter of 2021. The change is due primarily to expenses, including legal and financial advisory fees, associated with the acquisition of CPP.
Research and development expenses were $2.2 million in the first quarter of 2022, compared to $1.1 million in the first quarter of 2021. The change is due primarily to an increase in spending on our clinical studies as we launched the global ASPIRE clinical trial.
Net loss in the first quarter of 2022 was $3.7 million, or $0.27 per diluted share, compared to a net loss of $2.3 million, or $0.23 per diluted share, in the first quarter of 2021.
Total cash was $7.4 million as of March 31, 2022. Total current assets were $7.9 million and current liabilities were $4.5 million as of the same date. Also at March 31, 2022, total noncurrent assets, consisting of cash deposits held by our contract research organization, were $3.2 million. The company had no debt as of March 31, 2022.
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date: May 12, 2022
The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2556/45171
Conference Call Replay Information
Toll Free: 877-481-4010
Webcast replay available until May 26, 2022: https://www.webcaster4.com/Webcast/Page/2556/45171
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