Pardes Biosciences Reports Second Quarter 2022 Financial Results and Provides Business Update
CARLSBAD, Calif., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Pardes Biosciences, Inc. (NASDAQ: PRDS), a clinical-stage biopharmaceutical company developing PBI-0451 as a potential novel oral antiviral drug candidate for the treatment and prevention of SARS-CoV-2 infections and COVID-19 disease, today reported financial results for the second quarter ended June 30, 2022 and provided a business update.
“The second quarter was highlighted by the completion of several additional components of our full Phase I and non-clinical programs, a Fast Track designation, and collaborative engagement with the FDA around our PBI-0451 clinical development program. As a result of those regulatory interactions, we are pleased to confirm we will be initiating a Phase 2 trial with over 60 sites in the U.S. in the coming weeks,” said Thomas G. Wiggans, Chief Executive Officer and Chair of Pardes Biosciences. “As much as we all want to be done with COVID-19, the coronavirus is clearly not done with us. The need for additional treatment options has become increasingly clear, not only to combat emerging variants of concern worldwide, but to support the millions of patients who are unable or unwilling to take currently authorized therapies, including those at the highest risk for severe outcomes who have limited options. We are excited by the evidence generated to date to support continued development of PBI-0451 as a potential oral antiviral with no clinically significant drug-drug interactions observed to date and a possible class-leading tolerability and safety profile. We look forward to commencing our Phase 2 study and obtaining additional data around the antiviral activity and safety profile of PBI-0451.”
Second Quarter 2022 Financial Results
Research and development expenses were $20.3 million for the quarter ended June 30, 2022, compared to $6.3 million for the quarter ended June 30, 2021, an increase of $14.0 million. Research and development expenses were $33.5 million for the six months ended June 30, 2022, compared to $9.7 million for the six months ended June 30, 2021, an increase of $23.8 million. These increases were primarily driven by increased program costs related to advancing our lead product candidate, PBI-0451, and higher personnel costs, including stock-based compensation, as we have grown our organization.
General and administrative expenses were $7.6 million for the quarter ended June 30, 2022, compared to $1.9 million for the quarter ended June 30, 2021, an increase of $5.7 million. General and administrative expenses were $15.8 million for the six months ended June 30, 2022, compared to $3.0 million for the six months ended June 30, 2021, an increase of $12.8 million. These increases were due to increased personnel costs, including stock-based compensation, costs associated with being a public company, including directors’ and officers’ insurance and compliance fees, and increased professional fees related to legal, pre-commercial planning and consulting services.
Pardes’ cash and cash equivalents as of June 30, 2022, were $228.6 million compared to $247.9 million as of March 31, 2022. The company expects that the cash and cash equivalents it had on hand as of June 30, 2022, will be sufficient to fund operating expenses and capital expenditures into the second half of 2023.
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