Statera Biopharma Announces Revised Preliminary Revenue and Financial Results of Fiscal Year 2021
08 Março 2022 - 6:15PM
Statera Biopharma, Inc. (NASDAQ: STAB) (the “Company” or “Statera
Biopharma”), a leading biopharmaceutical company creating
next-generation immune therapies that focus on immune restoration
and homeostasis, today announced revised unaudited, preliminary
financial results for its Fiscal Year ended December 31, 2021.
- Revenues for the year ended
December 31, 2021 were $1,487,036 representing an increase of 100%,
from $0 for the same period in 2020. The increase in revenues was
due to the acquisition of ImQuest Life Sciences, Inc. and its
subsidiaries (ImQuest) in June 2021 by Old Cytocom. ImQuest is a
research and development company focused specifically on cancer,
inflammation and infectious disease treatments. The Company
reported no revenue in 2020.
- Cost of revenues for the year ended
December 31, 2021 was $488,314, representing an increase 100% for
the same period in 2020. The increase was due to the acquisition of
ImQuest. Cost of revenues as a percentage of revenue was 33% for
the year ended December 31, 2021.
- Operating costs for the year ended
December 31, 2021 were $31,587,009, representing an increase of
$20,086,619, or 191%, from $10,501,668 for the 2020. The increase
in operating costs was principally due to increases in research and
development expense (an increase of $6,566,403 or 125% year over
year) and general and administrative expense (an increase of
$14,441,905 or 276% year over year). The increase in research and
development expense was the result of increased costs for the
expansion in 2021 of clinical trial programs for Crohn’s disease
and COVID-19. The increase in general and administrative expense
reflects the costs incurred for the Merger and Old Cytocom’s
acquisition of ImQuest, legal and other fees incurred to raise
additional capital in 2021, increases in employee compensation,
benefits and stock based compensation, and insurance expense.
- Other expense for the year ended
December 31, 2021 was $68,667,633, representing an increase of
$67,075,440, or 728%, from other expense of $1,592,193 for the same
period in 2020. The change is primarily due to the Company’s
expectation that it will fully impair the goodwill it recorded
after it allocated the total purchase price paid for Cleveland
BioLabs, Inc. to tangible and identifiable intangible assets
acquired and liabilities assumed on the basis of their estimated
fair values as of the transaction closing date on July 27, 2021.
Such an impairment would result in a charge of $64,338,810. In
addition, the Company incurred an increase of $5,458,954 in
interest and other non-operating expense, offset by an increase of
$2,722,324 in gains on extinguishment of debt.
- On the basis of the preliminary
financial results presented above, the Company expects to report
positive shareholders' equity as of year-end 2021.
This press release replaces the Company’s prior announcement
regarding such unaudited preliminary revenue and financial results
in its entirety, and investors should not rely on the Company’s
prior announcement.
About Statera Biopharma
Statera Biopharma, Inc. (formerly Cytocom, Inc.)
is a clinical-stage biopharmaceutical company developing novel
immunotherapies targeting autoimmune, neutropenia/anemia, emerging
viruses and cancers based on a proprietary platform designed to
rebalance the body’s immune system and restore homeostasis. Statera
Biopharma has a large platform of toll-like receptor (TLR) agonists
with TLR4 and TLR9 antagonists, and the TLR5 agonists, Entolimod
and GP532. TLRs are a class of protein that plays a key role in the
innate immune system. Statera Biopharma is developing therapies
designed to directly elicit within patients a robust and durable
response of antigen-specific killer T-cells and antibodies, thereby
activating essential immune defenses against autoimmune,
inflammatory, infectious diseases, and cancers. Statera Biopharma
has clinical programs for Crohn’s disease (STAT-201), hematology
(Entolimod), pancreatic cancer (STAT-401) and COVID-19 (STAT-205)
in addition to potential expansion into fibromyalgia and multiple
sclerosis. To learn more about Statera Biopharma, please visit
www.staterabiopharma.com.
Forward Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties. All statements
other than statements of current or historical fact contained in
this press release, including statements regarding the Company’s
expected clinical development timeline for the Company’s product
candidates, future financial position, business strategy, new
products, budgets, liquidity, cash flows, projected costs,
regulatory approvals, the impact of any laws or regulations
applicable to the Company, and plans and objectives of management
for future operations, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “should,” “estimate,”
“expect,” “intend,” “may,” “plan,” “project,” “will,” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements on the current expectations about future events held by
management. While we believe these expectations are reasonable,
such forward-looking statements are inherently subject to risks and
uncertainties, many of which are beyond the Company’s control. The
Company’s actual future results may differ materially from those
discussed here for various reasons. The Company discusses many of
these risks under the heading “Risk Factors” in the proxy
statement/prospectus filed with the SEC on June 10, 2021, as
updated by the Company’s other filings with the SEC.
Given these uncertainties, you should not place
undue reliance on these forward-looking statements. The
forward-looking statements included in this press release are made
only as of the date hereof. We do not undertake any obligation to
update any such statements or to publicly announce the results of
any revisions to any of such statements to reflect future events or
developments.
Contacts:Statera
BiopharmaNichol OchsnerExecutive V.P. Investor Relations
and Corporate Communications(732)
754-2545nichol.ochsner@staterabiopharma.com
FINN PartnersGlenn Silver (Media)(973)
818-8198glenn.silver@finnpartners.com
FINN PartnersDavid Carey (IR)(212)
867-1768David.carey@finnpartners.com
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