Galmed Pharmaceuticals(GLMD) - 2022 Q1 - Quarterly Report

Financial Performance - The net loss for the twelve months ended December 31, 2021, was $32.5 million, or $1.32 per share, compared to a net loss of $28.8 million, or $1.35 per share, for the same period in 2020[5]. - Net loss for the year 2021 was $32,467 thousand, an increase of 13.9% compared to a net loss of $28,771 thousand in 2020[14]. - The total operating loss for the twelve months ended December 31, 2021, was $32.9 million, compared to $30.2 million for the same period in 2020[13]. Cash and Cash Equivalents - Cash and cash equivalents, restricted cash, short-term deposits, and marketable debt securities totaled $34.9 million as of December 31, 2021, down from $51.0 million as of December 31, 2020[10]. - Cash and cash equivalents at the end of 2021 decreased to $2,998 thousand from $7,060 thousand at the end of 2020, representing a decline of 57.5%[14]. - Total cash received from interest in 2021 was $562 thousand, down from $1,192 thousand in 2020, indicating a decline of 52.8%[14]. Research and Development - For the three months ended December 31, 2021, research and development expenses totaled $6.3 million, a decrease from $9.0 million for the same period in 2020[4]. - Research and development expenses for the twelve months ended December 31, 2021, were $27.2 million, compared to $26.1 million for the same period in 2020[5]. - The company is currently in a Phase 3 registrational study for its lead compound, Aramchol, targeting NASH and fibrosis[8]. General and Administrative Expenses - General and administrative expenses for the twelve months ended December 31, 2021, were $5.7 million, an increase from $4.1 million for the same period in 2020[4]. Financial Activities - Net cash used in operating activities for 2021 was $32,892 thousand, up from $26,287 thousand in 2020, reflecting a 25.2% increase[14]. - Net cash provided by investing activities in 2021 was $11,462 thousand, a decrease from $16,536 thousand in 2020[14]. - The company raised $8,147 thousand from the issuance of ordinary shares in an at-the-market offering in 2021[14]. - Proceeds from the sale of securities available for sale in 2021 amounted to $21,243 thousand, compared to $47,198 thousand in 2020, a decrease of 55.0%[14]. Other Financial Metrics - Financial income, net for the twelve months ended December 31, 2021, amounted to $0.4 million, down from $1.4 million for the same period in 2020[10]. - The company reported a depreciation and amortization expense of $42 thousand in 2021, slightly up from $39 thousand in 2020[14]. - Stock-based compensation expense for 2021 was $1,886 thousand, a decrease from $2,066 thousand in 2020[14]. - The company experienced a decrease in trade payables by $2,175 thousand in 2021, contrasting with an increase of $1,047 thousand in 2020[14]. Assets - Total assets decreased to $36.6 million as of December 31, 2021, from $52.4 million as of December 31, 2020[12].