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Jun 30, 2021
Aadi Bioscience Q2 2021 Earnings Report
Aerpio Pharmaceuticals reported financial results for Q2 2021 and provided a business update.
Key Takeaways
Aerpio Pharmaceuticals reported a net loss of $4.4 million for the three months ended June 30, 2021. The company had $36.8 million in cash and cash equivalents as of June 30, 2021. Aerpio entered into a merger agreement with Aadi Bioscience, Inc. on May 16, 2021.
Ended second quarter 2021 with $36.8 million in cash and cash equivalents.
Operating expenses totaled $4.8 million, a decrease of 16.9% compared to $5.7 million for the same period in 2020.
Research and development expenses decreased approximately 79.7%, to $0.7 million from $3.5 million in the three months ended June 30, 2020.
Net loss attributable to common stockholders was $4.4 million, or ($0.09) per common share, compared to net income attributable to common stockholders of $9.3 million, or $0.23 per common share, for the same period in 2020.
Aadi Bioscience
Aadi Bioscience
Forward Guidance
This communication contains forward-looking statements based upon our current expectations that involve risks and uncertainties.
Positive Outlook
- The combined company’s listing on Nasdaq after the closing of the proposed transaction.
- Statements about the structure, timing and completion of the proposed transaction
- The business of the combined company, including Aadi’s product candidates, the development therefor and the therapeutic potential thereof
- The proposed PIPE and its terms
- The opportunity for Aerpio shareholders to receive value from its legacy assets through the proposed contingent value rights, and the intended benefits from the Aspen’s collaboration with Gossamer Bio for GB004, including the continued development of GB004 and the milestone and royalty payments related to the collaboration.
Challenges Ahead
- Risks associated with Aerpio’s ability to obtain the stockholder approval required to consummate the proposed transaction or to complete the PIPE financing, and the timing of the closing of the proposed transaction
- The response of Aerpio’s stockholders to the proposed transaction
- Risks related to Aerpio’s ability to manage its operating expenses and its expenses associated with the proposed transaction pending closing
- Risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed transaction
- Potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction