CWBR - Earnings call transcript Q2 2022

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Operator

Good afternoon. My name is Ryan, and I will be your conference operator for today. At this time, I would like to welcome everyone to CohBar's Second Quarter 2022 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Now I would like to turn the call over to Ms. Investor CohBar. of Director Tarazi, Relations at Jordyn Please go ahead.

Jordyn Tarazi

you, joining conference CohBar's you, Ryan, quarter for thank and results Thank second everyone, XXXX call. financial

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

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

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

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

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

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

Joe Sarret

and of ongoing this clinical the power Nick review IPF trials discovery is pulmonary everyone, today's about leader fibrosis, IPF, ongoing develop will you, the our thank to QX introductory after XXXX well activities novel the initial CBXXXX-X, financials. On genome our as or of and afternoon. class our CohBar our approach the for program remarks, novel for of Jeff treatment context our for then mitochondrial call, will Kent additional our a to peptide Jordyn, harnessing for as a therapeutics. joining efforts. peptide provide idiopathic review in some my you, us will preclinical Thank

the While certain We and genome, conditions. that of terms they biological of This tapping in role also mitochondria think that distal is people the variety treat tend powerful range energy a peptides effects into in of therapies regulation to to in to production, these have mitochondrial in has an regulation lead peptides believe of tissues on the intrinsic to new are encoded to primarily a effects partially play of of of fact, systemic mediated or wide mitochondrial secreted activities the potential organs. important pathways. other cells, the

naturally analogs focusing ideally by of further safety effects, our off-target Additionally, candidates fewer on expect and we occurring translating improved provide and profiles that peptides, our tolerability have physicians. to patients benefits can product development to to

data line release concept have We year our for from clinical approach positive our with clinical top demonstrated a the already of first proof last trial.

of key our is progress further areas have of we we quarter, execution a discussed previously, second company. made year XXXX the in in the As focus. And for

program is of next file to to and towards of IND half year. track the our objectives the our for primary year in we clinic, on One this remain advance the second CBXXXX-X for

promising clinical may have may candidate this testing. that progress of studies we made to engagement clarity help toxicity We've this animal Based significant studies. well the product the in forward, the we we for on show preclinical approaches the this new essential IPF, IND-enabling and offer CBXXXX-X provide effects in for developing program improved models while and Kent our of animal to not that for notable significant continue identified moving patients. has tolerated, antifibrotic believe potential not significant selection to which ongoing Our formulations peptide, and hope any also seen have target inform on biomarker is in value team for systemic some further peptide CBXXXX-X,

While current morbidity. significant breath, with of devastating Mortality can poor. frequently unacceptably rate medical supplemental IPF experienced of rates shortness oxygen of of and this care Patients life and quality standard in need high. is of continues lung there remains to also slow a function, loss population. be the increasing chronic disease remain unmet requiring patient substantial

effects, therapeutics photosensitivity available the case pirfenidone, and well Additionally, not of are to side issues. the gastrointestinal frequent due tolerated

pulmonologists, our billion. limitations fact, significant the of patient impact to therapies, annual exceeding IPF that a effectively FDA-approved their available ability on in theme XXXX A tolerability done this commercially, is common Despite the population. In both $X.X discussion with have well drugs combined sales with in issues have treat

capital early Phase markets broader in enthusiasm positive substantial into has for biotech activity even IPF, relatively the from data, While X recent shows data clinical investors. remain translated challenging, that

and commercial multiple have Additionally, prioritized view an fibrosis and CohBar. reinforcing opportunities specifically area generally for that pharma IPF broader our and as the IPF focus, market, inflammation fibrosis of companies big are attractive

preclinical things our continue a our Senior to discovery Kent? of CBXXXX President over Research, to some additional program, to of seek we provide IPF advance through our development on potential activities. partnership. beyond will and now Vice Kent color I Looking the to turn Grindstaff,

Kent Grindstaff

that physical to we're development. moving and next of testing formulations I peptide of now CBXXXX-X. Today, and into stage and interim of drive work this effort properties peptides. classes review round discuss our Joe. studies for discovery key novel recently a our program. a IPF Thank ongoing We MOA These and towards understanding the activities forward new regarding of completed identifying initial we're formulation formulation are identified results progress further mitochondrial We have the for making formulation you, will suitable encouraging to advance have for substantial IND-enabling clinic. the initial our also better the I'll indicate of work,

the and date, except completed new concern to CBXXXX-X pharmacology additional clean. the injection systemic are any for forward as profile Our looks and gives for also site observed IND-enabling well. we safety formulations. have we testing the reported, we CBXXXX-X previously with confidence studies us signals work reactions move progressing In safety This of not

Our perform to formulation that selected. working any additional ensure diligently is once well-positioned team is clinical are be expeditiously final studies we X to required may that the Phase

discovery role. and team, relevant understanding its fibrosis well the on our Finally, also clinical our will experts, pathways. significantly work as recently and that understanding outside our be impact biological this These to engagement, enhance believe several its from new allow CBXXXX-X as incorporated and molecular into with input X approaches target may Nick We initiated of of design. this can peptide to activity identify trial Phase approaches expand biomarkers our has us

natural program, novel unmet discovery with screening of disease efforts novel we IPF on mitochondrial-derived remain through opportunities on on leads progress. to platform. with work medical our recently provide format our growing in this correlation. work as ongoing additional identify to areas diseases focused strong are Building of peptide sequences. us This continue to and class our diversifying therapeutics. our need discovery We library address therapeutic addition will high our to our our broadening translational expanded focus pipeline with we In with expertise, We to

patients' with efforts focus closely comprise lives. areas candidates Nick our working where benefits our in the product to are to We greatest

of the Now over CBXXXX-X. highlight certain to for plans Nick? our aspects Nick to clinical call I'll turn

Nick Vlahakis

Kent. Thanks,

the selection closer to preclinical CBXXXX-X a As and and of we to inform studies of integrating A good are example the plans for move IND-enabling and product development that our remains IND, CohBar's for study. trial, first-in-human the with preclinical for strategy IPF approach this this candidate dose our filing turn, clinical the activity the cornerstone initial strategy for developing IPF. dosing in

initiate our on study made are conduct of operationalizing our CBXXXX-X ramping soon after in This studies, first-in-human our with IND will study in the up position progress clinical the strategy plans and clinical, IND-enabling With well clearance. being us program. support we our regulatory to

the Given significant clinical medical is we space. lung the strongly development to ongoing the with highlighted debilitating a need activity program clear by IPF disease, Furthermore, of fibrosis IPF. committed value continued for the remain lung in this patients unmet targeting

design We design Recent the study IPF thinking group after other the of IPF readout. with Overall, international Phase according both drug highlighted leaders paradigm, to U.S. for expect the development approval. in conduct. to IND proof-of-concept early program IPF X have streamlining incorporate of reports to working study studies on supporting quickly our Phase X speed are on development plan, molecules and we most thought approach the and to clinical changes are developments clinical IPF timelines for progressing kick our off and clinical time and strong clinical recent our

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

Jeff Biunno

you, Thank Nick.

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

development was was preclinical compensation burn such costs million related decrease $X.X primarily year lower million year and $X.X approximately Research and The decrease we was expenses decrease million, period, $X.X $X.X no prior of $X.X quarterly the to in clinical XXXX trial debt. research to QX and expenses primarily million. due compared Our were a million lower have in of compared in a to to costs due development to in $X.X and to QX that period, period. approximately primarily former in due departure prior our of timing were the prior administrative CEO costs stock-based the expenses. General year compensation and XXXX million expenses the the in and

approval per loss net diluted ended $X.X ended expenses capital XXXX, approved, we continue performance, our XX, At second the million XXXX. we XX, and basic ended for our we effect split For or things, June other quarter the our of quarter XX, loss sufficient Net for approximately important for with annual $X.XX and of have on June basic ended to compared not reverse $X.XX XX, June ensure approximately pleased CohBar of and reverse Overall, XXXX, operations a The noncash the our million a $X.X amendment among financial to reported XXXX. of a half included to to June XX, million share finance to or that ratio stockholders estimate an into the our June to quarter meeting $XXX,XXX of per split net exceed the are loss to X:XX. diluted stock quarter incorporation the share. the CohBar. XXXX, health stock help certificate XXXX of was financial for $X by

able fund institutional NASDAQ and we to to pipeline commercial of split, ability us on capital an to our which attracting With reverse be to partners. the high-quality the exchange, increased a maintain to and greater expect chance access will investors listing our afford implement further

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

Joe Sarret

Jeff. Thanks,

As quarter particularly continued in we track on program in progress, advancing the our are the of file showcased, to made our XXXX. we the IND IPF team where half during past second

business on during that multiple front, development active the remain quarter. having with partners the we Additionally, potential

those candidate to product recent in this of to our peptide, formulations to provide also for in we continue coming where in encouraged in-vivo our At preliminary on could characterizing We CBXXXX-X clarity that to significant in IPF peptides we studies this by same the are is engagement a time, promising, are progress library identify investor formulations gaining investigating testing further mitochondrial important the further new and novel for our look target and potential clinical approaches while candidates. forward data making months. of believe from interest are the The advantages opportunity product patients new space.

conclude we Effie on Board early at six joined focused Mito including Merck, Astellas. Dr. secondary welcome our development prepared like to experience, at therapeutics Effie would Roche mitochondrial acquired to Bridge, recently our for developing and drug which a by extensive has who diseases discovery was Notably, and I years dysfunction, company Tozzo, BMS. and related spent Before primary Directors. of she remarks,

made can for to execute our of programs, scientific by recently we well potential substantial positioned and stage only the high-functioning contributions already a the style of to collaborative second Ryan, fit the a please goals Effie in on the mitochondrial having Board, the operational CohBar With moving is and our place, a clinic line now joined you the for team therapeutics. rest great to additional team. Although she our with her strong are has and CBXXXX-X genome into program questions? open mine clinical continuing of potential

Operator

[Operator Instructions] from the go Brookline Our first line ahead. Please of question Kumar from Capital Markets. comes Raja

Kumar Raja

Thanks for taking my question.

engagement, target And what with So you more like start to what seeing regard like can details targets with expect we that? are engagement? regard the first, share Yes, I'll to you can that. when with

Joe Sarret

one Okay. question. I on one to he's might Kent handling this the turn this. Sure. that for Thanks over details the since

Kent Grindstaff

Sure. question, Yes. Thanks Joe. Kumar. Thanks for the

space. observed Unfortunately, be we the both comment as stated, this fibrotic inflammatory done. in talked approaches can't several initially we Joe really So and both and at at we're I taking identified, to those, and new any able to soon. share a and on haven't when that that previously up we readout bit this new We've as about Though point, or on providing plans additional to targets able a as timeline we're be to we've expect that information. come share we'll those we're actually those to targets point validate we able

Kumar Raja

of forward do to in will terms how of with you formulations what testing, move time And this Okay. manufacturing at plan that point to you that? you do decide And are the one? new

Joe Sarret

Yes. for that Again, thanks Kumar. question

as talked identifying working the have about that better So and been in formulations properties. we on developing remarks, we've additional prepared diligently

look the in far, so so formulations studies that we've multiple done as And said, identified that we've we promising.

iterative, certain where the we then And back get modifications. and go so process development make the data formulation for is

to be take that formulations so site the ideally, translate far the those time, of again, issues studies development those ideally findings improving seeing the further with to we're the saw mitigating earlier that the both injection in-vivo of part exposure with formulation. confirm that at we then, levels. so will And into And to respect same

And be place over will mentioned. months, as so we studies the taking coming those

identified we pick we'll through the we'll think hits we've sort formulation parameters updating final the formulation suitable, process, have our And to move gone that of that a then to once be so we target forward is And folks. that clinic. once

process we In atypical formulations complexity. looking manufacturing, to terms would of expect that of sort any the unusual anything of require with the respect at manufacturing or we're don't that or

on that a to then clinic, the significant forward and So to way this moving hurdle be commercially. the expect to don't ultimately, we

Kumar Raja

with that front? And CBXXXX, regard Great. you. Thank finally, updates to Okay. any in

Joe Sarret

Sure.

So partnering on partnering those ongoing. you are space I NASH that with the more mentioned, I has the to activity But last we discussions, not over there a that additional front, as really always, note have continue say months. And been will lot discussions. there's broadly can discussions as in while several

the has both just late-stage in recently, over as back been have some look interest last of couple well have NASH as activity because you of in you if years, the there been investing investor companies. But more failures. if So there some been terms in difficult in clinical interest there, pharma big space, look NASH

to that certainly of clinical having we're nature this news sort how positive And broadly that, of enthusiasm space think more data impact are the X going so don't is. market timing and have other There's later hope also is company again, of year. this space And that We with our that a that, will actually the large the winner. the for is the that because general readouts an for given discussions hopeful late-stage just on we to beneficial couple is be positive of is companies we're parties. CohBar having opportunity believe a

And helpful in including in so is momentum having space, us. we the space, some the think, for everyone

for data patients, that we optimistic a difference can last the that remain make we the a So given year. specifically, about released and as peptide about really space XXXX, positive

progress certainly and as that to we update we remain make continue front. on you optimistic, So we'll

Kumar Raja

much. Okay. so Great. Thanks

Joe Sarret

Thank you.

Operator

you. now Thank Mr. to of would have reached for Joe closing the gentlemen, end conference we the over I And comments. Ladies to like question-and-answer turn the and session. Sarret

Joe Sarret

the thank you, joining this progress. Ryan, Well, you conference on to updated appreciate please keeping our conclude for support We and would everyone, look continued your you future forward afternoon. us call.

Operator

of you sir. Thank for now Inc. your The Thank you, has conference CohBar, participation. concluded.

disconnect You lines. may your now

CohBar (CWBR) 16 Aug 222022 Q2 Earnings call transcript