CWBR - Earnings call transcript Q1 2022

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Operator

Good afternoon. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to CohBar's First Quarter 2022 Financial Results Conference Call. [Operator Instructions] And now I would like to turn the call over to Jeff Biunno, Chief Financial Officer at CohBar. Thank you, sir.

Jeff Biunno

thank Results for Conference and Quarter CohBar's John, Financial XXXX Call. you, you, joining everyone, First Thank

Joining on Chief today's of Chief Dr. Executive call Grindstaff, Research. is Dr. Dr. Kent Vlahakis, Joe Nick CohBar's Vice Acting Senior Medical and Officer; Officer; President Sarret, CohBar's

release downloaded Following press from at we our financial remarks, today earlier collective conclude with website issued our CohBar's and Q&A. will results was may be www.cohbar.com.

historical except fact, to take on a to for begin, statements may we that of the securities call within I'd like conference laws. Before statements the remarks of remind today's moment forward-looking listeners include meaning

and Forward-looking by statements cause based current These and Commission release. harbor are on and uncertainties statements, CohBar. the as could materially and with are our applicable actual website of number in Canadian filings sedar.com, interpretations at reports expectations, Securities available today's projections differ are risks regulators, involve and a press that cohbar.com, that in included sec.gov on and with described which results well anticipated our uncertainties registration the those risks Exchange other to as statement and securities from safe

cautioned that performance that materially are statements information, information, obligation any new future actual or any not such guarantees publicly revise and forward-looking differ forth whether of forward-looking of from or does results future may in events set result undertake not statements our those as the are CohBar You or statements. otherwise. to a update

over Executive Joe? Officer. the I'd Now Chief like turn to Joe CohBar's call Sarret, to

Joe Sarret

for the exciting updates clinic. the communicated call, made well company. efforts for those program believe first our our past track, On of everyone, on for In studies steady our Notably, efforts invested quarter, towards several this this execution quarter in we our to We the during focus further direction years advancement our for XXXX, our remain about platform areas. are we candidates. Jeff, we joining new CBXXXX-X, an reformulation to you, IPF ahead. underway. CohBar and us the Thank strategy aligned identify we important you, in progress prioritize IND-enabling positions And product that program, our several the afternoon. and of Mito+ We thank last on focused pipeline novel and this

QX of a provide an Mito+ areas. upcoming excited proxy financials our our our Kent milestones. Jeff hit on to continue recap the stand platform, upcoming and which to CBXXXX our expertise to We will team, provide XXXX talent we program. then will and and our hired bring about review of listing summarize where from we overview and our our addition after potential leadership remarks, introductory functional partnerships and commentary believe ability call, enhance most will explore long-term and their recent for remain our important we perspectives achieve and in track program, our vote will Nick very NASDAQ to to On share IPF Nick, I'm at team, and our CohBar, science we who today's my will Kent requirements. extensive success. significant unique we

about think where the we to mitochondrial genome the have headed, to like I opportunity into intriguing As put we we are mine would perspective.

this has of a nuclear a factors. been the have been looking is at for as researchers to quite novel While mitochondria overlooked. couple the due largely genome time, source of some think therapeutics We

of is impacting of well different as of diseases. that, in been energy has utility pathways historically First, out and regulating the of they much But wide biological important lens function a through viewed mitochondria production. the range it play as than broader and turns a roles the mitochondria solely ATP variety of

and produced. would systemically, are is these on where there in be and many of and some encoded circulate certainly genome are peptides them that important assumption peptides organs turns But out the mitochondrial of the from mitochondria, it quite the think that they distant mediating that. secreted effects do within an inherent I acting Second, locally tissues

these impact approach about the to minutes. the of genome that the as the that about of encoded will really body in acting Mito+ discovery the and the insights on a few X so Kent drug using underpinning that's rationale mitochondria peptides platform in CohBar, of are systemically breadth fact And formation the our mitochondrial led that our and talk to

is natural in here Additionally, this have these expect peptides. into effects, may we that product tolerability mitochondrial the to true for candidates. is which safety by our of targeting sense analogs translate platform the peptides, profiles or fewer better commonality origin a modifications And off-target and the of

identified XXX we over variety the they you operating look approach. have which compounds library, in And quite recall, de-risks overall distinct we structurally individual believe when at and a are of mechanisms, you peptides. As may different our through our

the year, for not of this the The derived CBXXXX mitochondrial from approach. top but first of last was human demonstrated validation, proof-of-principle a from program, study that important our positive line of and from an data Importantly, platform just we peptide mitochondrial biology genome. our clinical program overall

we firmly issue as of on us patent expected upon program. to recent The the U.S. additional imagine, spent identifying portfolio patent position informed in lot tomorrow, this most strategy this medicines covering We expand eligible U.S. peptides is out believe space. to plans for of package now is our recently platform compositions, further Kent? regarding to We the for call CBXXXX a also seek obesity therapeutic that as approach At and same can of carve be Vice we well that CBXXXX Senior patents our turn who Patent to Research, patent have as patent States. notification our Orange and related and we a for With issuance of broad United a in X portfolio, in as the effort the CBXXXX Trademark to time, NASH. overall my advance of and families that, for pleasure with the the the prosecution is and patent Kent development CBXXXX a peptide strengthen This Japanese comprised Grindstaff, which progress. this the issuance Book progressed over international you will sequencing As IP treating the with these received approval believe we will our leading has it expansion of second review listing CBXXXX. its IP FDA it related President to Office partner.

Kent Grindstaff

Joe, everyone. good and Thanks, afternoon,

are expect uniquely the we achieve to there mitochondrial our broad typically perception the positioned dysfunction, Joe through science, a tell is area focus. As targeting that When the research. story not we're first of tremendous. sometimes be able diseases chronic that have Rather, largely conditions, area metabolic is large we a the we genome we are relatively of is of And CohBar which capitalize a component. on what inflammatory untapped at breadth to and/or systemic to pursuing rare of of fibrotic mitochondrial our power scientific mentioned,

area So this disease, our has To the publications to maintenance native In over nearly potential like correlation as year MDPs of MDPs, paper which as in as of there recent states, important in last disease both mitochondria that is is a how development peptides novel a normal further biomarkers wide the the example paper range resistance these role the of peer-reviewed and discoveries. value which is and and targets or MDPs processes of atlassclerosis, novel studied just systemic well-established peptides, aging, chronic strong of hyperlipidemia, this metabolic This space cytoprotective play been mitochondrial between properties and review most point potential some XX,XXX in progression. and of paper good be anti-inflammatory known addresses disrupted, the and biological homeostasis highlighting a therapeutic this of properties evidence of was This thus disease insulin critical peptides. One the such provides MDPs well and range interest we the the broad At mitochondria XXX their we've a mitochondrial-derived Mito+ demonstrating are aligns the in date, untapped, effects, in steadily on engine the field of pursue for our roles normal with for systemic emphasizing that of investigation. strategy multifactor build, and robust conditions. the many need both published human relatively growing. is development restored and called CohBar, by simultaneously mitochondrial-derived peptides cover systemic roles while to note opportunity I'd of developed that in role MOTS-c with for broad of out of can to homeostasis. believe demonstrating widely of a that emphasizes still level MDPs, swaps. proprietary continues diseases further the the complex

mitochondrial Our us peptides the and of encoded power enables to mitochondria leverage long-standing on pressures evolutionary the the the genome. in platform

that to peptides both focus Our understanding sequences of approach are with clinical these through our have developed processes. versions a enhance properties activity mitochondrial And evolutionary properties. on candidates have that inherent been the been drug-like optimized and improved of natural biological begins

beyond we're to inflammation. peptides where indications such to and play and genome roles identify our So library in mitochondrial disease opportunities IPF in of interrogate therapeutic fibrosis, the high-value processes the mitochondria for platform expansion continuing significant as

ways, in are designed driving systemic screening path with multiple multifactoral pathways to potential resulting interact are biological complex cell in candidates surface Our and have receptors diseases. impact product processes the detect with biological important activity to peptides that that

day. which is forward why drugs in to truly and to Our lab disease-modifying, each first-in-class working look is goal a create that are really we exciting

I'm discovery We we potential surface So what the information to to doing, to pleased with we've as of and efforts. our the really with peptide is look of our forward summarize, begun team discovery additional providing our progress scratch make only library.

the Nick? over turn I'll call overview provide to on to Now brief Nick CBXXXX-X. a

Nick Vlahakis

Kent, everyone. and to good afternoon Thanks,

we And of in data previously, program for models and commercial CBXXXX-X could preclinical important clinical IPF advances the care. demonstrating of of advantages is optimistic standard over are current provide antifibrotic discussed we've compelling. As the patients this effects we that believe

close clinic many these I've their lung fibrosis, have taken in up the and and patients and the care and pulmonologist, of by that families. a intensive IPF, As unit both reality is witnessed care burden carried the people of of disease devastating with

our As area. to the in address a result, need this significant potential the I'm about particularly of program excited unmet CBXXXX-X

to continue encouraging systemic particularly look subjects. progress This as our ongoing in clear. IND-enabling make toxicology is with we and work, of for the our In We studies quite tolerability clinical profile safety prepare continues human assess CBXXXX-X studies. to to safety

of make for expect program, clinical available becomes our our further in this humans, we and enabling data us preclinical refinements it to understanding it molecule behave additional development increases program. the As to how to

initiating further when in is to out, program clinical The Phase ongoing. been dose plan initial are multiple path will single the study mentioned in continues II IND I in for and IPF study volunteers collaborating II to our the clinical Phase development and We our refinements laid call, ascending Phase development that design a cleared. and the Phase are plan performed rest I I at I patients. ahead IPF-specific Kent a we follow has and ascending closely, be in clinical for research mechanism The As to healthy relevant well the a IPF quickly and CohBar expect along last initial clinical to study biomarkers dose for IPF in exploratory working of be team clarify multicenter team endpoints study with unit. prepared with this our the clinical most are study. as hard the to use study

track, our the of lines program on expect time half we Our to and file the second to continue year. remain next in IND for

Jeff Jeff? the review XXXX over Now to to call turn our I'll numbers. QX

Jeff Biunno

Nick. you, Thank

end solid a and of in in financial position be to QX the XXXX million cash with at continue investments. $XX.X We

In due approximately $X.X QX Research $X.X in and million development development note clinical the XXXX we was million. quarterly decrease The preclinical approximately And quarter, after research period, $X.X of burn in and expenses to promissory expenses year no to was timing have due prior expenses. in our trial repaying to were million those rate costs $X.X the the last and million. primarily debt. of compared our a addition, decrease during lower

to costs million In period, portfolio. that in and higher XXXX with prior $X.X due stock-based administrative was associated terms fees QX expenses year IPF of G&A, our our in and were increase compensation compared million the to an $X.X general legal primarily

XXXX. quarter into compared For the to $X.XX expenses million XX, the XXXX. Net share CohBar basic XXXX, recorded diluted of for operations March March for that a loss to or $X.XX share. of $XXX,XXX sufficient loss half approximately the to loss quarter quarter basic ended net $X.X for our XXXX, of million the a pleased ended ended capital March are quarter our financial XXXX, or and the second per XX, of and performance, noncash with XX, $XXX,XXX we Overall, net ended XX, March continue finance we and $X diluted we included per have estimate and

institutional investors behalf proposal vote designed commercial of favor company, a expect you NASDAQ stockholders issued greater this compliance. liquidity has NASDAQ-listed press regain continuing extension announcing year to release NASDAQ's fund of last an granted I a By and week may to a as long-term in help have minimum of On have us for higher November moment likelihood pipeline, we bid ask with this As $X the this enable of Board take year's seen, to us that X like a to partners. authorize attracting capital that high-quality build NASDAQ until specifically to our that which further to our to stock to requirement. I'd highlight fact proposal value. reverse a has split access regain compliance our Board, statement, improve you a to proxy the is to in we in included

Now back to things turn I'll Joe? Joe. over

Joe Sarret

Jeff. Thanks,

like our summary take your provide we Before questions, progress review recent upcoming to time and our I'd a of lines.

first the of will the on key be of areas we year made across progress business, the focused the our and ahead During steady quarter execution. year,

make advance foremost, IPF think IND-enabling could We CBXXXX-X and studies. a continue a opportunity where has patients. we First for significant real to difference through CDXXXX-X

clinical we advantage. where move the to have And continue as scaled successfully the we we pursue we you clinical the look as from work mine formulation in promise In IND-enabling for to have to forward of manufacturing closer further models. parallel, tolerability derived our and show to our And think to in most to progress of peptides animal mitochondrial as we genome we demonstrate We're from Kent extensive those identify XXXX. second development support of study. We areas today, systemic heard finalizing families a competitive CBXXXX-X necessary evaluating half landscape the to library our development. studies, continue the the these peptide clinical also commercial we that initial

not to throughout program. development that We aim a Mito will enable a initiatives. that to we year the are tops. believe good a we progress disease-modifying development, we real to CBXXXX clinical summary, to off continue on partner as forward is focused that potential, therapies We are in has secure further of start. make on updates these look to and opportunities as In working drug providing XXXX create to difference in We make

the have exciting offers mitochondrial opportunities. genome a scientific we an We untapped that breadth believe on based platform therapeutic of

multifactorial We have and advance the a like right the we questions? please open clear place and focused science for to in strategy John, to you develop IPF, therapies our team can line for diseases difficult-to-treat have and pipeline.

Operator

Kristen [Operator question from with Instructions] Cantor Kluska the first line of Our comes Fitzgerald.

Q –Unidentified Analyst

anything you're delivery idea potentially We've is got you you Kristen. for special for bad IPF? for given that drug that makes here. sense a X Is This on about could it these or any you think for there When properties for modalities us optimizing CBXX-XX-X methods? makes about either delivery in as an molecule, chemical the delivery previous or indication give and good in potentially candidate this most think experience the Rick IPF, of exploring of the particular

Joe Sarret

for thanks the Rick, question.

generally approach our of involves delivery peptides. So

And for part, the delivery subcutaneously peptides, require or so either most intravenously.

our population. with I you deliver have this is so this the Nick, think probably to familiarity general And subcutaneously. approach patient here most But

a of their methodologies bit patients. little talk and can So you by this acceptance group maybe about delivery

Nick Vlahakis

Yes. Great. good question. the Thanks, Joe, it's and Rick, for Yes, question. thanks a

therapy. Joe, peptides I for is think we the that as certainly us and you've stated, for have, plan the non-oral

for certainly subcutaneously of always pulmonary a diseases. a is of the There's delivery lot goal. question So main inhaled

in we're given is stand acceptable at certainly, mitochondrial early disease very we that is complicated certainly approach we actually think sort something and delivery way that subcutaneous IPF from is deliver development, population to But something where taking at. patient be a disease. I not currently point looking of that the to effective And peptides. this a think population, would the

Q –Unidentified Analyst

Great.

one ask just I’ll And here. Okay. more

patent potential now sense us be give span we CBXXXX. You thinking a the patent the this talked for expanded how should candidate? coverage about life for you Could about for

A –Joe Sarret

Sure.

that the remarks, the U.S. in on program. is mentioned this had I as issued second So this patent we

was So covered patent first as of the everyone, use and patent just related the CBXXXX NASH. peptides fall. matter method well remind last of issued treatment of to the for of That as composition

patent – issued then that patent last that the so new is And about patent that the would earlier initial the now expected U.S. fall. that new And of expands counterpart talked patent obesity. we to also include XXXX. Both methods expire to patents to in that treat the foreign have essentially Japanese use terms

in pending expected sort of multiple patents, date. we’ve outside other of for we But family expiration the And those most XXXX so to existing also from a that patents got are jurisdictions U.S. have

Operator

question comes next Kumar Our from with Brookline Capital Markets. Raja

Kumar Raja

And work terms more as that you other to well is the on How one approved of the be also, area frequency are in And drugs? formulation. with in combined how progressing? thinking as potential potential

Joe Sarret

Thanks, Kumar.

on as formulation So progressing the work well. is Everything in track. is remarks, the mentioned we

I last this the of of to tests think at test we vitro process and about bit setting is formulations an them and on the we here lab, spoke in informs iterative We in cycle sort what sort of looking of some of work. the do new look, next in vivo work work the terms see formulations. well that certain formulation on depending then the are, those in the but of results that little how a types meaning different one, call, we do

well progressing the process. But development. So so again, an it's iterative are things on far, quite

likely is acceptable are. is injection program. how be be think, likely patients which to these we daily population this patient with given symptomatic Our subcutaneous frequency dosing given this a expected again, to quite

terms you -- question. how there's standard I'm the with sure Nick. more existing of of care in that to there. say I the So works frequency and your want that think answers

Nick Vlahakis

Yes.

will much understand product we of to that of XXXX-X, the development initial the the clear think us think one of drug part Joe, become begin for so I and on forward, would I obviously, studies. more thing the delivery, we after that, begin to I move frequency add pharmacokinetics to in being the reformulated as is formulation early as our the human we

So get I preclinical gather we'll data, of of an better bit question. think as really, more And we that's and that. clinical then much open a understanding a

Kumar Raja

you you spent are and how being of molecule conditions? Okay. being in are resources like the platform. the just highlight can guys of on how Maybe that Mito+, And is a in market terms identifying given it thinking the expectations about your what on utilized terms

Joe Sarret

Sure, Kumar, Thanks. It's a good point.

so And we current sort obviously, the in and resources particularly of focused much on market environment. are very spend,

those the so additional for really of -- those past, doing And characterization we on on particularly Kent clinical we work the our said additional future activity overwhelming what another focus is doing focused the the some was have But XXXX-X, majority interesting efforts. that effort, expecting would in of discovery really with work we're in the we our recent putting and the -- are on. development efforts And be is majority that, program. into program bringing some on not visibility further discussing and forward on some we've compared early having spend peptides been certainly, term to more in funding. identifying until early to IPF near But

Kumar Raja

bit a expenses, R&D about guys the little talked timing. of terms in And Okay. the you

compared how rest in trends to the the for about think it year, how QX? we So R&D of should

Joe Sarret

do you to want Jeff, about talk And that?

Jeff Biunno

fluid deeper as where that. for end cycle of the thanks It's the Kumar, hockey spend. the the we towards programs getting will stick tend into and start deeper into to year spend a and it very

and what So may in XXXX. you road of QX, down happen QX QX into as think the of cannot representative

of the a So the up on specifically between percentages. fluctuated way past. not will bit. say, the We're a But R&D, between, to to in hockey all allocation XX% providing has XX% it XX% stick historical, in it guidance depending timing to OpEx,

business we'll that's or what we if that lot operate and again, hockey were the allocate fluid the funds. less a dependent range, decide largely timing stick, we very and the in and funds of to So more we on, it's nature

Kumar Raja

will closer you more filing? Okay. a lot And see next as IND year probably, we early to the get

Jeff Biunno

Yes. Yes.

Some the haven't up picked of But that's we're them, those associated still cost of yes, in that. there IND middle been correct. but that's is straggling since with some costs obviously

Operator

question-and-answer this over Joe reached we to closing Thank will for remarks. you. time, end And session. call At I turn have the the the now of any back

Joe Sarret

everyone, you, afternoon. joining Thank for us this

several forward the investor During this continued move are you as look the and through you planning again we updated support. call? the and progress on Thank your year. and at quarter scientific conferences, keeping for summer, we over conclude you to to we our John, would please present

Operator

concludes Yes. today's call. conference Thank This you.

time. You have disconnect a at lines your participation, day. for may this now Thank your you great and

CohBar (CWBR) 17 May 222022 Q1 Earnings call transcript