UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2023
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
Address not Applicable(1)
(Address of principal executive offices, including zip code)
(650 ) 392-0420
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
1 We are a remote-only company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, any stockholder communication required to be sent to our principal executive offices may be directed to the agent for service of process at the following address: Applied Molecular Transport Inc., c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street , Wilmington , DE 19801 , or to the email address: corporate.secretary@appliedmt.com.
Item 2.02 Results of Operations and Financial Conditions.
On November 9, 2023 , Applied Molecular Transport Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2023. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
All of the information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
d.Exhibits.
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
APPLIED MOLECULAR TRANSPORT INC. | |||||||||||
| Date: | By: | /s/ Shawn Cross | |||||||||
| Shawn Cross | |||||||||||
| Chief Executive Officer and Chair of the Board of Directors | |||||||||||
Exhibit 99.1
Applied Molecular Transport Reports Third Quarter 2023 Financial Results
Company Entered into Definitive Merger Agreement with Cyclo Therapeutics
Cash and Cash Equivalents of $18.1 million, as of September 30, 2023
SOUTH SAN FRANCISCO, Calif., November 9, 2023 — Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a biopharmaceutical company, today reported financial results for the third quarter ended September 30, 2023.
Recent Business Highlights and Anticipated Milestones
•Entered into a definitive merger agreement with Cyclo Therapeutics
◦Combined company will operate as Cyclo Therapeutics with primary focus on advancing Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 (NPC1)
◦The merger is expected to close by year end 2023
◦Upcoming milestones include completion of enrollment in pivotal Phase 3 clinical trial in NPC1, reporting top line data and preparation for NDA submission
Financial Results for the Third Quarter Ended September 30, 2023
Research and development (R&D) expenses. Total R&D expenses for the third quarter of 2023 were $0.3 million, compared to $18.2 million for the same period in 2022. The overall decrease was attributable to our restructuring of operations, related reductions in workforce implemented in March 2023 and discontinuing all research and development activities.
General and administrative (G&A) expenses. Total G&A expenses for the third quarter of 2023 were $7.0 million, compared to $7.3 million for the same period in 2022. The overall decrease was attributable to our restructuring of operations and related reductions in workforce implemented in March 2023.
Net loss. Net loss for the third quarter of 2023 was $6.9 million, compared to $25.2 million for the same period in 2022. Operating expenses for the third quarter of 2023 were $7.2 million and interest income was $0.3 million.
Cash and cash equivalents. As of September 30, 2023, cash and cash equivalents were $18.1 million.
About Applied Molecular Transport Inc.
AMT is a clinical-stage biopharmaceutical company that has a proprietary technology platform that enables the design of novel biologic product candidates in patient-friendly oral dosage forms.
For additional information on AMT, please visit www.appliedmt.com.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements including statements relating to AMT’s plans, expectations, forecasts and future events. Such forward-looking statements include, but are not limited to, statements regarding the ability of AMT to enter into a strategic transaction and sufficiency of AMT’s cash resources. In some cases, you can identify forward- looking statements by terminology such as “believe,” “estimate,” “intend,” “may,” “plan,” “potentially,” “will,” “expect,” “enable,” “likely” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual events, trends or results could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements based on various factors. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in AMT’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”), and AMT’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of
this press release, and AMT assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Applied Molecular Transport Inc.
Condensed Balance Sheets
(unaudited)
(in thousands)
| September 30, 2023 | December 31, 2022 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 18,103 | $ | 61,145 | |||||||
| Prepaid expenses | 457 | 2,688 | |||||||||
| Other current assets | 259 | 186 | |||||||||
| Total current assets | 18,819 | 64,019 | |||||||||
| Property and equipment, net | 31 | 8,183 | |||||||||
| Operating lease right-of-use assets | 1,165 | 33,222 | |||||||||
| Finance lease right-of-use assets | — | 584 | |||||||||
| Restricted cash | — | 916 | |||||||||
| Other assets | — | 522 | |||||||||
| Total assets | $ | 20,015 | $ | 107,446 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 161 | $ | 1,583 | |||||||
| Accrued expenses | 2,261 | 8,660 | |||||||||
| Lease liabilities, operating lease - current | 1,353 | 4,639 | |||||||||
| Lease liabilities, finance lease - current | — | 205 | |||||||||
| Total current liabilities | 3,775 | 15,087 | |||||||||
| Lease liabilities, operating lease | — | 31,228 | |||||||||
| Lease liabilities, finance lease | — | 49 | |||||||||
| Other liabilities | — | 244 | |||||||||
| Total liabilities | 3,775 | 46,608 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 4 | 4 | |||||||||
| Additional paid-in capital | 434,393 | 426,804 | |||||||||
| Accumulated deficit | (418,157) | (365,970) | |||||||||
| Total stockholders’ equity | 16,240 | 60,838 | |||||||||
| Total liabilities and stockholders’ equity | $ | 20,015 | $ | 107,446 | |||||||
Applied Molecular Transport Inc.
Condensed Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | $ | 250 | $ | 18,233 | $ | 15,796 | $ | 72,273 | |||||||||||||||
| General and administrative | 7,007 | 7,281 | 20,804 | 28,052 | |||||||||||||||||||
| Restructuring, impairment, and related charges | (40) | 12 | 16,832 | 3,799 | |||||||||||||||||||
| Total operating expenses | 7,217 | 25,526 | 53,432 | 104,124 | |||||||||||||||||||
| Loss from operations | (7,217) | (25,526) | (53,432) | (104,124) | |||||||||||||||||||
| Interest income, net | 283 | 321 | 1,281 | 393 | |||||||||||||||||||
| Other income (expense), net | (3) | (1) | (36) | 5 | |||||||||||||||||||
| Net loss | $ | (6,937) | $ | (25,206) | $ | (52,187) | $ | (103,726) | |||||||||||||||
| Net loss per share, basic and diluted | $ | (0.17) | $ | (0.65) | $ | (1.32) | $ | (2.68) | |||||||||||||||
| Weighted-average shares of common stock outstanding, basic and diluted | 39,751,028 | 38,914,570 | 39,426,218 | 38,769,226 | |||||||||||||||||||
Refer to the Company’s applicable SEC filings for previously reported periods.
Investor Relations Contact:
Alexandra Santos
Wheelhouse Life Science Advisors
asantos@wheelhouselsa.com
Media Contact:
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com