Purple Biotech .(US:PPBT)2023-02-08 12:13Financial Performance - Operating Loss for 2022 was $22.6 million, an increase of $4.7 million, or 26.3%, compared to $17.9 million in 2021[9] - Net Loss for 2022 was $21.8 million, or $1.20 per basic and diluted share, compared to a net loss of $18.5 million, or $1.01 per share, in 2021[11] - Total comprehensive loss for the year was USD 21,766 thousand in 2022, compared to USD 18,468 thousand in 2021, marking a 12.4% increase[21] - Basic and diluted loss per ADS for continuing operations was USD 1.20 in 2022, up from USD 1.01 in 2021, indicating a 18.8% increase[21] - Adjusted net loss for the year, excluding ESOP expenses, was USD 19,592 thousand in 2022, compared to USD 15,744 thousand in 2021, reflecting a 24.0% increase[26] Research and Development - Research and Development Expenses for 2022 were $16.3 million, an increase of $4.5 million, or 38.1%, compared to $11.8 million in 2021[7] - Research and Development Expenses for Q4 2022 were $4.8 million, an increase of $1.6 million, or 50%, compared to $3.2 million in Q4 2021[13] - Research and development expenses increased from USD 11,827 thousand in 2021 to USD 16,320 thousand in 2022, representing a rise of 37.3%[21] - The company anticipates bringing the first tri-specific antibody asset to IND filing in approximately two years[4] - Data readouts for the ongoing clinical programs CM24 and NT219 are expected in 2023[2] - The CM24 trial has been amended to randomize the study, with an interim analysis expected in the second half of 2023[5] Cash and Assets - Cash and cash equivalents as of December 31, 2022, were $31.7 million, down from $47.4 million on December 31, 2021, providing a cash runway into the second half of 2024[12] - Total assets decreased from USD 70,198 thousand in 2021 to USD 54,622 thousand in 2022, a decline of approximately 22.2%[19] - Cash and cash equivalents at the end of the period increased to USD 15,030 thousand in 2022 from USD 10,890 thousand in 2021, a growth of 37.5%[24] Liabilities and Equity - Total current liabilities increased from USD 4,250 thousand in 2021 to USD 7,058 thousand in 2022, a rise of 66.5%[19] - Equity attributable to owners of the Company decreased from USD 64,827 thousand in 2021 to USD 46,911 thousand in 2022, a decline of 27.6%[19] Acquisition - The acquisition of Immunorizon Ltd. was completed on February 2, 2023, expanding the product pipeline with multi-specific T and NK cell engager oncology therapies[4]