Financial Performance - For the three months ended March 31, 2022, research and development expenses increased to $10.7 million, a 10% rise from $9.7 million in the same period of 2021[68] - General and administrative expenses decreased to $4.7 million for the three months ended March 31, 2022, down 11% from $5.2 million in the prior year[72] - The total operating expenses for the three months ended March 31, 2022, were $15.4 million, reflecting a 3% increase compared to $14.9 million for the same period in 2021[68] - The company reported a net cash used in operating activities of $14.1 million for the three months ended March 31, 2022, compared to $13.4 million in the same period of 2021[74] - Net cash used in operating activities for Q1 2022 was $15.4 million, compared to $14.9 million in Q1 2021, with non-cash items totaling $3.1 million in 2022 and $2.9 million in 2021[77] - The company has not generated product revenue or achieved profitability since inception and anticipates continued net losses in the foreseeable future[81] Cash Position - As of March 31, 2022, the company had cash and cash equivalents of $128.1 million and an accumulated deficit of $408.8 million[74] - As of March 31, 2022, the company had approximately $128.1 million in cash and cash equivalents, expected to fund operations through 2023[81] Capital Requirements - The company anticipates needing to raise substantial additional capital to support ongoing operations and growth strategies[63] - Future capital requirements may vary significantly, and the company may need to seek additional funds sooner than planned[81] - Factors influencing future capital requirements include product development costs, regulatory approval expenses, and commercialization activities[83] Clinical Development - The company plans to enroll up to 252 patients in a Phase 1 clinical trial for NL-201, assessing safety and antitumor activity[59] - The company has initiated a clinical collaboration with Merck to evaluate NL-201 in combination with KEYTRUDA®[58] - The company is focused on developing de novo protein therapeutics to address unmet medical needs in immuno-oncology, inflammation, and autoimmunity[61] - The company faces potential delays in development programs due to the ongoing COVID-19 pandemic and related economic pressures[83] Investing and Financing Activities - Cash used in investing activities for Q1 2022 primarily consisted of purchases of laboratory equipment, similar to Q1 2021[78] - Net cash provided by financing activities for both Q1 2022 and Q1 2021 was mainly from proceeds from stock option exercises[79] - The company has entered into an ATM Equity Offering Sales Agreement with BofA Securities, allowing for the potential sale of up to $40 million in common stock[75] Accounting and Reporting - There have been no material changes to significant accounting policies during Q1 2022[84] - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk[86]
Aquinox(NLTX) - 2022 Q1 - Quarterly Report