Market Newsdesk

BAYONNE, N.J., April 18, 2023 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $8.1 million for the first quarter of 2023, compared to $12.1 million in the fourth quarter of 2022, and $10.0 million for the first quarter of 2022. Earnings per diluted share for the first quarter of 2023 were $0.46, compared to $0.69 in the preceding quarter and $0.56 in the first quarter of 2022. Net income and earnings per diluted share for the first quarter of 2023, adjusted for the unrealized losses on equity investments, were $10.4 million and $0.60, respectively.

The Company announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on May 19, 2023 to common shareholders of record on May 5, 2023.

“We posted another quarter of strong loan growth as we continued to onboard new relationships and customers that have become available to us from recent market disruptions. We are acutely aware of the liquidity challenges posed by the macroenvironment and remain very focused on maintaining a strong capital and liquidity position,” stated Thomas Coughlin, President and Chief Executive Officer. “In a persistently high rate environment, our customers have remained loyal to us and continue to book business with us. Our core deposits grew at an annualized rate of 7.1 percent during the quarter. Like many of our peers, the increasing cost of liquidity has pressured our net interest margin. While we believe that our net interest margin has stabilized, we remain focused on protecting our net interest income, which will benefit from higher-priced loan originations and from the upward repricing of the existing loan book.”

“On January 1, 2023, the Company implemented the Current Expected Credit Losses (“CECL”) methodology and the Day One CECL adjustment resulted in a $4.2 million reduction to our Allowance for Credit Losses (“ACL”) which further benefitted our capital (net of taxes). Our asset quality remains strong and the Bank’s loan portfolio continues to perform very well. Our non-accrual to total loans ratio decreased to 0.16 percent at March 31, 2023 from 0.17 percent at December 31, 2022 and 0.38 percent a year ago. Using the CECL methodology, we recorded a loan loss provision of $622,000 during the first quarter of 2023 compared to a credit to the loan loss provision of $500,000 during the fourth quarter of 2022 under the incurred loss methodology,” said Coughlin.

“We remain committed to building a strong franchise despite the current challenges and headwinds facing the banking industry. Our continued ability to hire talent, grow our balance sheet organically, and digitize our products and services will only further enhance the value of our Bank over time. We are well-positioned to come out stronger and more profitable on the other side of the current economic cycle,” said Coughlin.

Executive Summary

• Total deposits were $2.867 billion at March 31, 2023, up from $2.631 billion at March 31, 2022.
• Net interest margin was 3.15 percent for the first quarter of 2023, compared to 3.76 percent for the fourth quarter of 2022, and 3.46 percent for the first quarter of 2022.
  • Total yield on interest-earning assets increased 1 basis point to 4.86 percent for the first quarter of 2023, compared to 4.85 percent for the fourth quarter of 2022, and increased 104 basis points from 3.82 percent for the first quarter of 2022.
  • Total cost of interest-bearing liabilities increased 78 basis points to 2.24 percent for the first quarter of 2023, compared to 1.46 percent for the fourth quarter of 2022, and increased 174 basis points from 0.50 percent for the first quarter of 2022.
• The efficiency ratio for the first quarter was 53.7 percent compared to 51.3 percent in the prior quarter, and 53.0 percent in the first quarter of 2022.
• The annualized return on average assets ratio for the first quarter was 0.90 percent, compared to 1.46 percent in the prior quarter, and 1.33 percent in the first quarter of 2022.
• The annualized return on average equity ratio for the first quarter was 11.0 percent, compared to 17.0 percent in the prior quarter, and 14.7 percent in the first quarter of 2022.
• The provision for loan losses was $622,000 in the first quarter of 2023 compared to a credit for loan losses of $500,000 for the fourth quarter of 2022 and a credit for loan losses of $2.6 million for the first quarter of 2022.
• Allowance for credit losses as a percentage of non-accrual loans was 571.0 percent at March 31, 2023, compared to 633.6 percent for the prior quarter-end and 368.1 percent at March 31, 2022, as total non-accrual loans decreased to $5.06 million at March 31, 2023, from $5.11 million for the prior quarter and $9.23 million at March 31, 2022.
• Total loans receivable, net of allowance for credit losses, increased 34.9 percent to $3.232 billion at March 31, 2023, up from $2.396 billion at March 31, 2022.

Balance Sheet Review

Total assets increased by $216.9 million, or 6.1 percent, to $3.763 billion at March 31, 2023, from $3.546 billion at December 31, 2022. The increase in total assets was mainly related to increases in total loans and in cash and cash equivalents.

Total cash and cash equivalents increased by $31.7 million, or 13.8 percent, to $261.1 million at March 31, 2023, from $229.4 million at December 31, 2022. The increase was primarily due to an increase in Federal Home Loan Bank (“FHLB”) borrowings and in deposits.

Loans receivable, net, increased by $186.5 million, or 6.1 percent, to $3.232 billion at March 31, 2023, from $3.045 billion at December 31, 2022. Total loan increases for the first three months of 2023 included increases of $121.7 million in commercial real estate and multi-family loans, $45.6 million in commercial business loans, $17.6 million in construction loans, and $2.1 million in home equity and consumer loans, partly offset by a decrease of $3.4 million in residential one-to-four family loans. The allowance for credit losses decreased $3.5 million to $28.9 million, or 571.0 percent of non-accruing loans and 0.89 percent of gross loans, at March 31, 2023, as compared to an allowance for credit losses of $32.4 million, or 633.6 percent of non-accruing loans and 1.05 percent of gross loans, at December 31, 2022.

Total investment securities decreased by $8.0 million, or 7.3 percent, to $101.4 million at March 31, 2023, from $109.4 million at December 31, 2022, representing unrealized losses, calls and maturities, and repayments.

Deposit liabilities increased by $55.6 million, or 2.0 percent, to $2.867 billion at March 31, 2023, from $2.812 billion at December 31, 2022. The increase in deposits was primarily driven by an increase of $43.3 million in non-brokered deposits during the first quarter of 2023.

Debt obligations increased by $150.2 million to $570.0 million at March 31, 2023 from $419.8 million at December 31, 2022. The weighted average interest rate of FHLB advances was 4.52 percent at March 31, 2023 and 4.07 percent at December 31, 2022. The weighted average maturity of FHLB advances as of March 31, 2023 was 0.78 years. The fixed interest rate of our subordinated debt balances was 5.62 percent at March 31, 2023 and December 31, 2022.

Stockholders’ equity increased by $6.4 million, or 2.2 percent, to $297.6 million at March 31, 2023, from $291.3 million at December 31, 2022. The increase was primarily attributable to the increase in retained earnings of $8.0 million, or 7.0 percent, to $123.1 million at March 31, 2023 from $115.1 million at December 31, 2022.

First Quarter 2023 Income Statement Review

Net income was $8.1 million for the first quarter ended March 31, 2023 and $10.0 million for the first quarter ended March 31, 2022. The decline was primarily driven by higher loan loss provisioning and unrealized losses on equity investments for the first quarter of 2023 as compared with the first quarter of 2022.

Net interest income increased by $2.4 million, or 9.6 percent, to $27.5 million for the first quarter of 2023, from $25.1 million for the first quarter of 2022. The increase in net interest income resulted from higher interest income which was partially offset by higher interest expense.

Interest income increased by $14.6 million, or 52.8 percent, to $42.4 million for the first quarter of 2023 from $27.7 million for the first quarter of 2022. The average balance of interest-earning assets increased $583.5 million, or 20.1 percent, to $3.483 billion for the first quarter of 2023 from $2.900 billion for the first quarter of 2022, while the average yield increased 104 basis points to 4.86 percent for the first quarter of 2023 from 3.82 percent for the first quarter of 2022. Compared to the first quarter of 2023, the interest income on loans for the first quarter of 2022 also included $147,000 of amortization of purchase credit fair value adjustments related to a prior acquisition, which added approximately three basis points to the average yield on interest-earning assets.

Interest expense increased by $12.2 million to $14.9 million for the first quarter of 2023 from $2.7 million for the first quarter of 2022. The increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 174 basis points to 2.24 percent for the first quarter of 2023 from 0.50 percent for the first quarter of 2022, while the average balance of interest-bearing liabilities increased by $551.7 million to $2.661 billion for the first quarter of 2023 from $2.109 billion for the first quarter of 2022. The increase in the average cost of funds resulted primarily from the persistently high interest rate environment.

The net interest margin was 3.15 percent for the first quarter of 2023 compared to 3.46 percent for the first quarter of 2022. The decrease in the net interest margin compared to the first quarter of 2022 was the result of the increase in the cost of interest-bearing liabilities partially offset by the increase in the yield on interest-earning assets. In a persistently high interest rate environment, management has been proactive in managing both the yield on earning assets and the cost of funds to protect net interest margin and continue to support the growth of net interest income.

During the first quarter of 2023, the Company experienced $48,000 in net recoveries compared to $564,000 in the first quarter of 2022. The Bank had non-accrual loans totaling $5.06 million, or 0.16 percent of gross loans, at March 31, 2023 as compared to $9.2 million, or 0.38 percent of gross loans, at March 31, 2022. The allowance for credit losses on loans was $28.9 million, or 0.89 percent of gross loans at March 31, 2023, and $34.0 million, or 1.40 percent of gross loans at March 31, 2022. The provision for loan losses was $622,000 for the first quarter of 2023 compared to a credit for loan losses of $2.6 million for the first quarter of 2022. Management believes that the allowance for credit losses on loans was adequate at March 31, 2023 and March 31, 2022.

Non-interest income decreased by $1.1 million to a loss of $1.7 million for the first quarter of 2023 from a loss of $600,000 for first quarter of 2022. The decrease in total non-interest income was mainly related to an increase in the realized and unrealized losses on equity securities from $2.7 million to $3.2 million and a decrease in BOLI income of $334,000. The realized and unrealized losses on equity securities are based on market conditions.

Non-interest expense increased by $895,000, or 6.9 percent, to $13.9 million for the first quarter of 2023 from $13.0 million for the first quarter of 2022. The increase in operating expenses for the first quarter of 2023 was primarily driven by the higher salaries and employee benefits and increased spending for advertising and promotions compared to the first quarter of 2022. The increase in salaries related to normal compensation increases, higher commission expenses from strong loan production, and staff hiring. The higher advertising and promotional spending is intended to continue the strong growth in our business. The number of full-time equivalent employees for the first quarter of 2023 was 298, as compared to 303 for the same period in 2022.

The income tax provision decreased by $911,000 or 22.0 percent, to $3.2 million for the first quarter of 2023 from $4.1 million for the first quarter of 2022. The consolidated effective tax rate was 28.5 percent for the first quarter of 2023 compared to 29.4 percent for the first quarter of 2022.

Asset Quality

During the first quarter of 2023, the Company recognized $48,000 in net recoveries, compared to $564,000 for the first quarter of 2022.

On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“CECL”), which upon adoption resulted in a Day One adjustment of $4.2 million (reduction to the 12/31/2022 Allowance for Credit Losses and benefit to capital, net of tax effect). The provision for loan losses was $622,000 for the first quarter of 2023 compared to a credit for loan losses of $2.6 million for the first quarter of 2022. The Bank had non-accrual loans totaling $5.06 million, or 0.16 percent of gross loans, at March 31, 2023, as compared to $9.2 million, or 0.38 percent of gross loans at March 31, 2022. The allowance for credit losses on loans was $28.9 million, or 0.89 percent of gross loans at March 31, 2023, and $34.0 million, or 1.40 percent of gross loans at March 31, 2022. The allowance for credit losses was 571.0 percent of non-accrual loans at March 31, 2023, and 368.1 percent of non-accrual loans at March 31, 2022.

About BCB Bancorp, Inc.

Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 27 branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and three branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to factors previously disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”) and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the inability to close loans in our pipeline; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; supply chain disruptions; any future pandemics and the related adverse local and national economic consequences; civil unrest in the communities that the company serves; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

	Statements of Income – Three Months Ended,
	March 31,2023			December 31,2022			March 31, 2022			Mar. 31, 2023 vs. Dec. 31,2022		Mar. 31, 2023 vs. Mar. 31, 2022
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	38,889		$	36,173		$	26,321		7.5	%	47.7	%
Mortgage-backed securities		186			185			159		0.5	%	17.0	%
Other investment securities		1,120			1,177			948		-4.8	%	18.1	%
FHLB stock and other interest earning assets		2,157			1,321			296		63.3	%	628.7	%
Total interest and dividend income		42,352			38,856			27,724		9.0	%	52.8	%
Interest expense:
Deposits:
Demand and Money Market		3,154			2,410			758		30.9	%	316.1	%
Savings and club		118			118			108		0.0	%	9.3	%
Certificates of deposit		6,453			3,973			980		62.4	%	558.5	%
		9,725			6,501			1,846		49.6	%	426.8	%
Borrowings		5,156			2,174			806		137.2	%	539.7	%
Total interest expense		14,881			8,675			2,652		71.5	%	461.1	%
Net interest income		27,471			30,181			25,072		-9.0	%	9.6	%
Provision (credit) for loan losses		622			(500	)		(2,575	)	-224.4	%	-124.2	%
Net interest income after provision (credit) for loan losses		26,849			30,681			27,647		-12.5	%	-2.9	%
Non-interest income:
Fees and service charges		1,098			1,138			1,214		-3.5	%	-9.6	%
Gain on sales of loans		6			3			65		100.0	%	-90.8	%
Realized and unrealized loss on equity investments		(3,227	)		(723	)		(2,685	)	346.3	%	20.2	%
BOLI income		421			584			755		-27.9	%	-44.2	%
Other		38			60			51		-36.7	%	-25.5	%
Total non-interest income		(1,664	)		1,062			(600	)	-256.7	%	177.3	%
Non-interest expense:
Salaries and employee benefits		7,618			7,626			6,736		-0.1	%	13.1	%
Occupancy and equipment		2,552			2,651			2,695		-3.7	%	-5.3	%
Data processing and communications		1,665			1,579			1,465		5.4	%	13.7	%
Professional fees		566			2,169			494		-73.9	%	14.6	%
Director fees		265			261			321		1.5	%	-17.4	%
Regulatory assessment fees		536			431			304		24.4	%	76.3	%
Advertising and promotions		278			260			141		6.9	%	97.2	%
Other real estate owned, net		1			4			1		-75.0	%	0.0	%
Other		373			1,056			802		-64.7	%	-53.5	%
Total non-interest expense		13,854			16,037			12,959		-13.6	%	6.9	%
Income before income tax provision		11,331			15,706			14,088		-27.9	%	-19.6	%
Income tax provision		3,225			3,634			4,136		-11.3	%	-22.0	%
Net Income		8,106			12,072			9,952		-32.9	%	-18.5	%
Preferred stock dividends		173			172			276		0.5	%	-37.1	%
Net Income available to common stockholders	$	7,933		$	11,900		$	9,676		-33.3	%	-18.0	%
Net Income per common share-basic and diluted
Basic	$	0.47		$	0.70		$	0.57		-33.5	%	-17.9	%
Diluted	$	0.46		$	0.69		$	0.56		-33.0	%	-17.4	%
Weighted average number of common shares outstanding
Basic		16,949			16,916			16,980		0.2	%	-0.2	%
Diluted		17,208			17,289			17,343		-0.5	%	-0.8	%

Statements of Financial Condition	March 31,2023			December 31,2022			March 31, 2022			March 31, 2023 vs. December 31, 2022		March 31, 2023 vs. March 31,2022
ASSETS	(In thousands, Unaudited)
Cash and amounts due from depository institutions	$	13,213		$	11,520		$	8,448		14.7	%	56.4	%
Interest-earning deposits		247,862			217,839			388,205		13.8	%	-36.2	%
Total cash and cash equivalents		261,075			229,359			396,653		13.8	%	-34.2	%
Interest-earning time deposits		735			735			735		–		–
Debt securities available for sale		86,988			91,715			86,307		-5.2	%	0.8	%
Equity investments		14,458			17,686			21,269		-18.3	%	-32.0	%
Loans held for sale		–			658			325		-100.0	%	-100.0	%
Loans receivable, net of allowance for credit losses
of $28,882, $32,373 and $33,980, respectively		3,231,864			3,045,331			2,395,930		6.13	%	34.89	%
Federal Home Loan Bank of New York stock, at cost		26,875			20,113			6,128		33.6	%	338.6	%
Premises and equipment, net		10,106			10,508			11,646		-3.8	%	-13.2	%
Accrued interest receivable		14,717			13,455			9,593		9.4	%	53.4	%
Other real estate owned		75			75			75		–		–
Deferred income taxes		15,178			16,462			13,016		-7.8	%	16.6	%
Goodwill and other intangibles		5,359			5,382			5,417		-0.4	%	-1.1	%
Operating lease right-of-use asset		15,111			13,520			11,883		11.8	%	27.2	%
Bank-owned life insurance (“BOLI”)		72,077			71,656			73,240		0.6	%	-1.6	%
Other assets		8,438			9,538			8,093		-11.5	%	4.3	%
Total Assets	$	3,763,056		$	3,546,193		$	3,040,310		6.1	%	23.8	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Non-interest bearing deposits	$	604,935		$	613,910		$	621,402		-1.5	%	-2.6	%
Interest bearing deposits		2,262,274			2,197,697			2,009,773		2.9	%	12.6	%
Total deposits		2,867,209			2,811,607			2,631,175		2.0	%	9.0	%
FHLB advances		532,399			382,261			71,848		39.3	%	641.0	%
Subordinated debentures		37,566			37,508			37,333		0.2	%	0.6	%
Operating lease liability		15,436			13,859			12,180		11.4	%	26.7	%
Other liabilities		12,828			9,704			11,615		32.2	%	10.4	%
Total Liabilities		3,465,438			3,254,939			2,764,151		6.5	%	25.4	%
STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		–			–			–
Additional paid-in capital preferred stock		21,003			21,003			26,213		–		-19.9	%
Common stock: no par value, 40,000 shares authorized		–			–			–
Additional paid-in capital common stock		197,197			196,164			194,222		0.5	%	1.5	%
Retained earnings		123,121			115,109			88,132		7.0	%	39.7	%
Accumulated other comprehensive loss		(6,613	)		(6,491	)		(1,275	)	1.9	%	418.7	%
Treasury stock, at cost		(37,090	)		(34,531	)		(31,133	)	7.4	%	19.1	%
Total Stockholders’ Equity		297,618			291,254			276,159		2.2	%	7.8	%
Total Liabilities and Stockholders’ Equity	$	3,763,056		$	3,546,193		$	3,040,310		6.1	%	23.8	%
Outstanding common shares		16,884			16,931			16,985

	Average Balances and Rates -Three Months Ended March 31,
		2023								2022
	Average Balance			Interest Earned/Paid		Average Yield/Rate (3)			Average Balance			Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable (4)(5)	$	3,165,678		$	38,889	4.91	%		$	2,343,845		$	26,321	4.49	%
Investment Securities		108,869			1,306	4.80	%			108,960			1,107	4.06	%
FHLB stock and other interest-earning assets		208,842			2,157	4.13	%			447,080			296	0.26	%
Total Interest-earning assets		3,483,390			42,352	4.86	%			2,899,885			27,724	3.82	%
Non-interest-earning assets		116,769								102,118
Total assets	$	3,600,159							$	3,002,003
Interest-bearing liabilities:
Interest-bearing demand accounts	$	713,788		$	1,789	1.00	%		$	706,067		$	398	0.23	%
Money market accounts		314,427			1,365	1.74	%			345,564			360	0.42	%
Savings accounts		322,760			118	0.15	%			336,575			108	0.13	%
Certificates of Deposit		848,447			6,453	3.04	%			611,813			980	0.64	%
Total interest-bearing deposits		2,199,422			9,725	1.77	%			2,000,019			1,846	0.37	%
Borrowed funds		461,415			5,156	4.47	%			109,105			806	2.95	%
Total interest-bearing liabilities		2,660,837			14,881	2.24	%			2,109,124			2,652	0.50	%
Non-interest-bearing liabilities		645,883								621,575
Total liabilities		3,306,720								2,730,699
Stockholders’ equity		293,439								271,305
Total liabilities and stockholders’ equity	$	3,600,159							$	3,002,003
Net interest income				$	27,471							$	25,072
Net interest rate spread(1)						2.63	%							3.32	%
Net interest margin(2)						3.15	%							3.46	%
(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Annualized.
(4) Excludes allowance for credit losses.
(5) Includes non-accrual loans which are immaterial to the yield.

	Financial Condition data by quarter
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands, except book values)
Total assets	$	3,763,056		$	3,546,193		$	3,265,612		$	3,072,771		$	3,040,310
Cash and cash equivalents		261,075			229,359			221,024			206,172			396,653
Securities		101,446			109,401			111,159			105,717			107,576
Loans receivable, net		3,231,864			3,045,331			2,787,015			2,620,630			2,395,930
Deposits		2,867,209			2,811,607			2,712,946			2,655,030			2,631,175
Borrowings		569,965			419,769			249,573			124,377			109,181
Stockholders’ equity		297,618			291,254			282,682			271,637			276,159
Book value per common share1	$	16.38		$	15.96		$	15.42		$	15.04		$	14.72
Tangible book value per common share2	$	16.07		$	15.65		$	15.11		$	14.73		$	14.41
	Operating data by quarter
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands, except for per share amounts)
Net interest income	$	27,471		$	30,181		$	30,951		$	27,741		$	25,072
Provision (credit) for loan losses		622			(500	)		–			–			(2,575	)
Non-interest income		-1,664			1,062			1,446			(313	)		(600	)
Non-interest expense		13,854			16,037			13,453			13,056			12,959
Income tax expense		3,225			3,634			5,552			4,209			4,136
Net income	$	8,106		$	12,072		$	13,392		$	10,163		$	9,952
Net income per diluted share	$	0.46		$	0.69		$	0.76		$	0.58		$	0.56
Common Dividends declared per share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16
	Financial Ratios(3)
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
Return on average assets		0.90	%		1.46	%		1.74	%		1.32	%		1.33	%
Return on average stockholder’s equity		11.05	%		16.99	%		19.42	%		15.00	%		14.67	%
Net interest margin		3.15	%		3.76	%		4.18	%		3.74	%		3.46	%
Stockholder’s equity to total assets		7.91	%		8.21	%		8.66	%		8.84	%		9.08	%
Efficiency Ratio4		53.68	%		51.33	%		41.53	%		47.60	%		52.95	%
	Asset Quality Ratios
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands, except for ratio %)
Non-Accrual Loans	$	5,058		$	5,109		$	8,505		$	9,201		$	9,232
Non-Accrual Loans as a % of Total Loans		0.16	%		0.17	%		0.30	%		0.35	%		0.38	%
ACL as % of Non-Accrual Loans		571.0	%		633.6	%		390.3	%		370.7	%		368.1	%
Individually Evaluated Loans		17,585			28,272			40,524			42,411			40,955
Classified Loans		17,585			17,816			30,180			31,426			29,850
(1) Calculated by dividing stockholders’ equity, less preferred equity, by shares outstanding.
(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’
common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
(3) Ratios are presented on an annualized basis, where appropriate.
(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income
and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”

	Recorded Investment in Loans Receivable by quarter
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands)
Residential one-to-four family	$	246,683		$	250,123		$	242,238		$	235,883		$	233,251
Commercial and multi-family		2,466,932			2,345,229			2,164,320			2,030,597			1,804,815
Construction		162,553			144,931			153,103			155,070			141,082
Commercial business		327,598			282,007			205,661			181,868			198,216
Home equity		58,822			56,888			56,064			51,808			52,279
Consumer		3,383			3,240			2,545			2,656			2,726
	$	3,265,971		$	3,082,418		$	2,823,931		$	2,657,882		$	2,432,369
Less:
Deferred loan fees, net		(5,225	)		(4,714	)		(3,721	)		(3,139	)		(2,459	)
Allowance for credit loss		(28,882	)		(32,373	)		(33,195	)		(34,113	)		(33,980	)
Total loans, net	$	3,231,864		$	3,045,331		$	2,787,015		$	2,620,630		$	2,395,930
	Non-Accruing Loans in Portfolio by quarter
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands)
Residential one-to-four family	$	237		$	243		$	263		$	267		$	278
Commercial and multi-family		340			346			757			757			757
Construction		3,217			3,180			3,180			3,043			2,954
Commercial business		1,264			1,340			4,305			5,104			5,243
Home equity		–			–			–			30			–
Total:	$	5,058		$	5,109		$	8,505		$	9,201		$	9,232
	Distribution of Deposits by quarter
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands)
Demand:
Non-Interest Bearing	$	604,934		$	613,909		$	610,425		$	595,167		$	621,403
Interest Bearing		686,577			757,615			726,012			810,535			724,020
Money Market		361,558			305,556			370,353			360,356			354,302
Sub-total:	$	1,653,069		$	1,677,080		$	1,706,790		$	1,766,058		$	1,699,725
Savings and Club		319,131			329,753			338,864			347,279			341,529
Certificates of Deposit		895,009			804,774			667,291			541,693			589,921
Total Deposits:	$	2,867,209		$	2,811,607		$	2,712,945		$	2,655,030		$	2,631,175

	Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
	Tangible Book Value per Share
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands, except per share amounts)
Total Stockholders’ Equity	$	297,618		$	291,254		$	282,682		$	271,637		$	276,159
Less: goodwill		5,252			5,252			5,252			5,252			5,252
Less: preferred stock		21,003			21,003			21,003			16,563			26,213
Total tangible common stockholders’ equity		271,363			264,999			256,427			249,822			244,694
Shares common shares outstanding		16,884			16,931			16,974			16,960			16,984
Book value per common share	$	16.38		$	15.96		$	15.42		$	15.04		$	14.72
Tangible book value per common share	$	16.07		$	15.65		$	15.11		$	14.73		$	14.41
	Efficiency Ratios
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022
	(In thousands, except for ratio %)
Net interest income	$	27,471		$	30,181		$	30,951		$	27,741		$	25,072
Non-interest income		-1,664			1,062			1,446			-313			-600
Total income		25,807			31,243			32,397			27,428			24,472
Non-interest expense		13,854			16,037			13,453			13,056			12,959
Efficiency Ratio		53.68	%		51.33	%		41.53	%		47.60	%		52.95	%

Contact:
Thomas Coughlin,
President & CEO
Jawad Chaudhry, CFO
(201) 823-0700

JUPITER, Fla., April 18, 2023 (GLOBE NEWSWIRE) — Dyadic International, Inc. (“Dyadic”, “we”, “us”, “our”, or the “Company”) (NASDAQ: DYAI), a global biotechnology company focused on building innovative microbial protein production platforms to address the growing demand for global protein bioproduction and unmet clinical needs for effective, affordable and accessible biopharmaceutical products for human and animal health, today announced that the company has received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/640,483, titled “PRODUCTION OF FLU VACCINE IN MYCELIOPHTHORA THERMOPHILA” (the “Patent”), and is expected to provide patent protection through 2038.

The Patent will cover claims for the development and manufacture of seasonal and pandemic influenza vaccines from the Company’s C1 protein production platform. The human influenza vaccine market is currently valued at approximately $8 Billion USD and expected to grow to over $12 by 2028 with multi-valent vaccines leading the market.

“The COVID pandemic has provided important insights in the fight against infectious diseases. There is an urgent need for more efficient manufacturing platforms that can rapidly and affordably produce more complex vaccines, in greater quantities, to address a global rather than regional population. The need is for humans, and with the recent outbreak of Avian Flu, for animal health as well,” said Mark Emalfarb, Chief Executive Officer of Dyadic.

“Data presented at the World Vaccine Conference earlier this month demonstrated the capability of C1 to produce flu and other antigens. We believe C1 has the potential to become a global solution for seasonal or pandemic rapid production, at affordable costs for developed and emerging countries, and for mono or multi-valent vaccines,” continued Mr. Emalfarb.

“Along with our robust patent estate for the C1-cell line, the Patent strengthens our intellectual property portfolio around innovations for our proprietary and patented C1-cell protein production platform, further supporting the research and production of antigens, antibodies, and other therapeutic proteins for infectious and other diseases such as oncology, diabetes, arthritis, and neurological diseases from filamentous fungi. Dyadic has amassed a patent family around genetically engineered hyper productive C1-cells, supported by a variety of novel, pending and protected inventions,” concluded Mr. Emalfarb.

About Dyadic International, Inc.

Dyadic International, Inc. is a global biotechnology company focused on building innovative microbial platforms to address the growing demand for global protein bioproduction and unmet clinical needs for effective, affordable, and accessible biopharmaceutical products and alternative proteins for human and animal health.

Dyadic’s gene expression and protein production platforms are based on the highly productive and scalable fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila). Our lead technology, C1-cell protein production platform, is based on an industrially proven microorganism (named C1), which is currently used to speed development, lower production costs, and improve performance of biologic vaccines and drugs at flexible commercial scales for the human and animal health markets. Dyadic has also developed the Dapibus™ filamentous fungal based microbial protein production platform to enable the rapid development and large-scale manufacture of low-cost proteins, metabolites, and other biologic products for use in non-pharmaceutical applications, such as food, nutrition, and wellness.

With a passion to enable our partners and collaborators to develop effective preventative and therapeutic treatments in both developed and emerging countries, Dyadic is building an active pipeline by advancing its proprietary microbial platform technologies, including our lead asset DYAI-100 COVID-19 vaccine candidate, as well as other biologic vaccines, antibodies, and other biological products.

To learn more about Dyadic and our commitment to helping bring vaccines and other biologic products to market faster, in greater volumes and at lower cost, please visit https://www.dyadic.com.

Safe Harbor Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding Dyadic International’s expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance, such as the success of our clinical trial and interest in our protein production platforms, our research projects and third-party collaborations, as well as the availability of necessary funding. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company’s most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in Dyadic’s annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic’s periodic filings with the SEC, which are accessible on the SEC’s website and at www.dyadic.com.

Contact:

Dyadic International, Inc.
Ping W. Rawson
Chief Financial Officer
Phone: (561) 743-8333
Email: [email protected]

SAB-176 has now received both Breakthrough and Fast Track designations from FDA – signifying its potential to fundamentally improve influenza treatment and prophylaxis

Influenza therapeutic now eligible for intensive guidance from FDA 
for an efficient development program

SAB-176 is the first fully-human multi-epitope binding broadly neutralizing immunoglobulin antibody therapeutic being developed for treatment of high-risk patients and for post-exposure prophylaxis of Type A and Type B influenza

SIOUX FALLS, S.D., April 18, 2023 (GLOBE NEWSWIRE) — SAB Biotherapeutics (Nasdaq: SABS), (SAB), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that produces specifically targeted, high-potency, fully-human, multi-epitope binding immunoglobulin (hIgG, or fully human polyclonal) antibodies, without the need for human donors, announced today that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation (BTD) to SAB-176, an investigational therapeutic, for post-exposure prophylaxis for Type A and Type B influenza illness in high-risk patients, including those who have anti-viral resistant strains. On April 13, SAB announced that the FDA had granted Fast Track designation to SAB-176, and that the company had also received FDA guidance and regulatory alignment on advancing SAB-176 into the next phase of development through initiation of a Phase 2b dose-range finding efficacy and safety trial in patient populations at high-risk for developing severe disease.

The FDA’s Breakthrough Therapy designation process is designed to expedite the development and review of a medicine that is intended to treat a serious or life-threatening condition and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over therapies currently available on a clinically significant endpoint(s). Products that qualify for Breakthrough Therapy designation receive more benefits than Fast Track products.

“Influenza continues to pose considerable health concerns both in the U.S. and on a global scale. This Breakthrough Therapy designation signifies an important step forward in our fight against this disease,” said Eddie Sullivan, PhD, co-founder, President & CEO of SAB Biotherapeutics. “Even though both designations can be requested early in development, the requirements for Breakthrough Therapy designation are higher than those for the Fast Track program. For Breakthrough Therapy designation, the improvement demonstrated must be substantial. We are proud that based on generated preclinical and clinical evidence, SAB-176 has received both Breakthrough and Fast Track designations, a combination rarely seen. These designations further assure us that SAB-176 has a clear regulatory and clinical development path to progress this important therapeutic.”

SAB-176 is being developed for several influenza indications, including treatment of high-risk patient populations, as well as pre- and post-exposure prophylaxis. The FDA’s Breakthrough Therapy designation confirms that the multi-epitope targeting modality of SAB-176 has a clear differentiation vs. monoclonal antibodies (mAb) that bind to a single epitope, and SAB’s treatment can sustain its efficacy over viral mutations and prevent or reduce the risk of emerging treatment-resistant influenza strains. Virus evolution driven by vaccines or treatments is a serious challenge and the use of therapeutics can create “escape mutants” or versions of a virus that have changed to escape pressure on virus survival driven by an antiviral treatment, whether it is a small molecule or monoclonal antibody modality.

Clinical evidence for SAB-176 generated in the SAB-176-201 clinical trial showed a significantly shorter time to resolution of positive viral culture vs. the control group. SAB’s DiversitAb™ platform data also showed that the multi-epitope binding modality of SAB’s biologic treatments reduces risk for emergence of treatment-resistant viruses. Preclinical evidence of in vivo efficacy of SAB-176 in the treatment-resistant strains further supports the scientific foundation for this Breakthrough designation.

SAB-176 is a highly potent immunotherapy that is grounded in fundamentals of the natural immune response to neutralize Type A and Type B influenza viruses by generating endogenous multi-epitope binding antibodies. The treatment is produced using SAB’s proprietary DiversitAb™ platform, which enables—for the first time—rapid, scalable production of highly potent, fully-human polyclonal IgG antibodies, without the need for human donors. The platform is capable of addressing the emergence and diversity of modern health challenges, including seasonal and pandemic influenza, COVID-19, Clostridioides difficile (CDI or C. diff), autoimmune disorders, such as type 1 diabetes, and cancers.

SAB-176 has undergone multiple clinical and pre-clinical studies, including a Phase 1 trial in healthy volunteers and a Phase 2a challenge study completed last year. The data indicate that SAB-176 offers broad antibody protection against multiple strains of this rapidly mutating virus. In the Phase 2a study, SAB-176 showed broad cross-protection across seasonal and pandemic strains of Influenza A and lineages of influenza B including strains that were not specifically targeted in the manufacturing of the therapeutic. At the same time, the FDA guidance and regulatory alignment received by the company paves the way for changing the strains that are specifically targeted by the product over time to potentially ensure that the product maintains efficacy as the virus mutates over time.

The DiversitAb™ platform is a first-of-its-kind technology capable of producing large amounts of fully-human high-titer, high-avidity multi-epitope binding antibodies across multiple targets without the need for human donors. SAB is leveraging its proprietary platform to discover and develop product candidates with the potential to be first-in-class or best-in-class against complex targets to treat or prevent diseases with significant unmet medical needs. These include infectious respiratory and gastroenterological diseases, immune and autoimmune disorders, and oncology.

More information on SAB-176’s influenza therapeutic candidate can be found on the pipeline page of SAB’s website: sab.bio/sab-176.

About SAB Biotherapeutics, Inc.

SAB Biotherapeutics, Inc. (SAB) is a clinical-stage biopharmaceutical company focused on the development of powerful and proprietary immunotherapeutic polyclonal human antibodies to treat and prevent infectious diseases and immune and autoimmune disorders. Our development programs include infectious diseases resulting from outbreaks and pandemics, as well as immunological, gastroenterological, and respiratory diseases that have significant mortality and health impacts on immune compromised patients. SAB has applied advanced genetic engineering and antibody science to develop Transchromosomic (Tc) Bovine™. Our versatile DiversitAb™ platform is applicable to a wide range of serious unmet needs in human diseases. It produces natural, specifically targeted, high-potency, fully-human polyclonal immunotherapies without the need for human donors. SAB currently has multiple drug development programs underway and collaborations with the US government and global pharmaceutical companies. For more information on SAB, visit: https://www.SAb.bio/ and follow SAB on Twitter and LinkedIn.

Forward-Looking Statements

Certain statements made herein that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, the development and efficacy of our influenza program, C. diff. program, type 1 diabetes program, and other discovery programs, the results, including timing, of the development of SAB-176, SAB-185, SAB-142 and SAB-195, including SAB-176 Fast Track designation and Breakthrough Therapy designation, and the outcome of potential future government and other third-party collaborations or funded programs.

These statements are based on the current expectations of SAB and are not predictions of actual performance, and are not intended to serve as, and must not be relied on, by any investor as a guarantee, prediction, definitive statement, or an assurance, of fact or probability. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties and other factors which may be beyond our control. Actual events and circumstances are difficult or impossible to predict, and these risks and uncertainties may cause our or our industry’s results, performance, or achievements to be materially different from those anticipated by these forward-looking statements. A further description of risks and uncertainties can be found in the sections captioned “Risk Factors” in our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings with or submissions to, the U.S. Securities and Exchange Commission, which are available at https://www.sec.gov/. Except as otherwise required by law, SAB disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events, or circumstances or otherwise.

Investor Relations:

[email protected]

Media Relations:

[email protected]

 

TOCANCIPÁ, Colombia, April 18, 2023 (GLOBE NEWSWIRE) — Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW), a global medicinal cannabis company, announced today that it has entered into a five-year agreement with Hypera Pharma (B3: HYPE3), a leading pharmaceutical company in Brazil, to supply Clever Leaves’ CBD-dominant oral solutions with the aim of treating various medical conditions and prescribing to Brazilian patients.

Hypera Pharma is one of Brazil’s largest pharmaceutical companies in net sales with expertise in the registration, commercialization, and distribution of prescription medicines as well as over-the-counter and skin care products. Clever Leaves’ leadership position in the region makes it uniquely equipped to enter and thrive in the Brazilian market, meeting all the regulatory and product quality requirements. The CBD products manufactured under this partnership have been registered under RDC 327 framework and are already being sold into distribution channels such as pharmacies and drugstores. The companies plan to continue the process with additional products.

“Hypera Pharma’s history, innovative vision, capabilities, focus on high-quality, and commitment to sustainable growth is aligned with Clever Leaves’ values, making them an ideal partner to promote and scale patient access to safe, pharmaceutical-grade cannabis products in Brazil. Expanding our presence in Brazil, a market that prioritizes patient treatment by enabling research and development to ensure technical and quality standards, will open doors for potential new developments and is further evidence of how our platform can support the global pharmaceutical industry by allowing it to engage in the world of cannabis-based therapies with patient safety and product quality at the forefront,” said Andres Fajardo, CEO of Clever Leaves.

About Clever Leaves Holdings Inc.

Clever Leaves is a global medicinal cannabis company. Its operations in Colombia produce cannabinoid active pharmaceutical ingredients (API) and finished products ​in flower and extract form to a growing base of B2B customers around the globe. Clever Leaves aims to disrupt the traditional cannabis production industry by leveraging environmentally sustainable, ESG-friendly, industrial-scale and low-cost production methods, with the world’s most stringent pharmaceutical quality certifications. For more information, please visit https://cleverleaves.com/

Press Contacts:

Rich DiGregorio
KCSA Strategic Communications
+1-856-889-7351
[email protected]

 

The iLSTA Trial is the first study combining LSTA1 with standard-of-care chemotherapy and immunotherapy

WARPNINE to provide funding and local trial management

BASKING RIDGE, N.J. and SUBIACO, Australia, April 18, 2023 (GLOBE NEWSWIRE) — Lisata Therapeutics, Inc. (Nasdaq: LSTA) (“Lisata” or the “Company”), a clinical-stage pharmaceutical company developing innovative therapies for the treatment of advanced solid tumors and other serious diseases, and WARPNINE Incorporated (“WARPNINE”), Western Australia’s first not-for-profit clinical research organization for pancreatic, gastro-intestinal and rare cancers, today announced the treatment of the first patient in the iLSTA Trial of Lisata’s LSTA1 in combination with standard-of-care chemotherapy and immunotherapy as a first-line treatment in locally advanced non-resectable pancreatic ductal adenocarcinoma (“PDAC”).

The iLSTA Trial is a 30-patient, randomized, single-blind, single-center, safety and pharmacodynamic phase 1b/2a study evaluating LSTA1 in combination with the checkpoint inhibitor, durvalumab, plus standard-of-care chemotherapy, nab-paclitaxel and gemcitabine, versus standard-of-care alone in patients with locally advanced non-resectable PDAC. As the study sponsor, WARPNINE will provide all funding and manage all recruitment activities for the study while Lisata will provide the study drug, LSTA1, as well as regulatory support. WARPNINE and Lisata will share use of the data with the goal of advancing development of LSTA1 toward registration to the benefit of patients in need.

“The iLSTA Trial is potentially the first major opportunity that we have to enable immunotherapy to fully engage against pancreatic cancer as, to date, pancreatic cancer has been resistant to the effects of immunotherapy due to both the hostile tumour microenvironment and the protective layer of tissue surrounding the tumour (called the stroma). The use of LSTA1 in combination with standard-of-care chemotherapy and immunotherapy is intended to both augment chemotherapy delivery into the tumour and facilitate the effects of tumour infiltrating lymphocytes and immunotherapy compounds to optimize therapy against cancer of the pancreas,” stated Dr. Andrew Dean, MBChB, MRCP (UK), FRACP, Medical Oncologist, Principal Investigator.

“WARPNINE exists to fund research into pancreatic, gastro-intestinal and rare cancers. We are committed to transform these cancers into curable diseases and addressing the inequity in outcomes for patients and families impacted by these devastating malignancies. The extraordinary support of the WARPNINE community has enabled us to sponsor this innovative and potentially game-changing trial. Community is power and together we are charging at “warp speed” to find the cancer treatments of the future, today,” said Meg Croucher, Chief Executive Officer of WARPNINE, iLSTA Trial sponsor.

“Dosing the first patient in our iLSTA Trial of LSTA1 in patients with pancreatic cancer in Australia is an important step in our mission to create new hope for patients by providing meaningful treatments to those with few remaining alternatives. We believe that LSTA1 represents a new treatment option for these patients who haven’t been fully served by standard-of-care alone,” stated Kristen K. Buck, M.D., Executive Vice President of R&D and Chief Medical Officer of Lisata. “We are thrilled by the progress being made to help advance LSTA1 through the clinical trial process and are grateful to WARPNINE for their financial and operational support.”

About LSTA1

LSTA1 is an investigational drug designed to activate a novel uptake pathway that allows co-administered or tethered anti-cancer drugs to penetrate solid tumors more effectively. LSTA1 actuates this active transport system in a tumor-specific manner, resulting in systemically co-administered anti-cancer drugs more efficiently penetrating and accumulating in the tumor. LSTA1 also has the potential to modify the tumor microenvironment, with the objective of making tumors more susceptible to immunotherapies. We and our collaborators have amassed significant non-clinical data demonstrating enhanced delivery of a range of emerging anti-cancer therapies, including immunotherapies and RNA-based therapeutics. To date, LSTA1 has also demonstrated favorable safety, tolerability and clinical activity in completed and ongoing clinical trials designed to test its ability to enhance the effectiveness of standard-of-care chemotherapy for pancreatic cancer.

About WARPNINE Incorporated

WARPNINE is Western Australia’s research into pancreatic, gastro-intestinal, and rare cancers. Established by a group of leading cancer specialists, WARPNINE seeks to address the inequity in cancer outcomes for what are essentially underfunded and under-researched malignancies. We are committed to providing real and meaningful benefit to patients, while building on Western Australia’s best-in-the-world outcomes for these cancers. For more information on WARPNINE, please visit www.warpnine.org.au.        

About Lisata Therapeutics

Lisata Therapeutics is a clinical-stage pharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapies for the treatment of advanced solid tumors and other major diseases. Lisata’s lead investigational product candidate, LSTA1, is an investigational drug designed to activate a novel uptake pathway that allows co-administered or tethered anti-cancer drugs to penetrate solid tumors more effectively. LSTA1 actuates this active transport system in a tumor-specific manner, resulting in systemically co-administered anti-cancer drugs more efficiently penetrating and accumulating in the tumor, while normal tissues are not affected. LSTA1 also has the potential to modify the tumor microenvironment, with the objective of making tumors more susceptible to immunotherapies. LSTA1 has demonstrated favorable safety, tolerability, and activity in clinical trials to enhance delivery of standard-of-care chemotherapy for pancreatic cancer. Lisata and its collaborators have also amassed significant non-clinical data demonstrating enhanced delivery of a range of emerging anti-cancer therapies, including immunotherapies and RNA-based therapeutics. Lisata is exploring the potential of LSTA1 to enable a variety of treatment modalities to treat a range of solid tumors more effectively. For more information on the Company, please visit www.lisata.com.

Forward-Looking Statements

This communication contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this communication, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Lisata or its management, may identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements relating to the long-term success of Lisata’s recently completed merger (the “Merger”) with Cend Therapeutics, Inc. (“Cend”), including the ongoing integration of Cend’s operations; Lisata’s continued listing on the Nasdaq Capital Market; expectations regarding the capitalization, resources and ownership structure of Lisata; the approach Lisata is taking to discover and develop novel therapeutics; the adequacy of Lisata’s capital to support its future operations and its ability to successfully initiate and complete clinical trials; and the difficulty in predicting the time and cost of development of Lisata’s product candidates. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the ongoing COVID-19 pandemic on Lisata’s business, the safety and efficacy of Lisata’s product candidates, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in Lisata’s clinical programs, Lisata’s ability to finance its operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of Lisata’s scientific studies, Lisata’s ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in Lisata’s markets, the ability of Lisata to protect its intellectual property rights; unexpected costs, charges or expenses resulting from the Merger; potential adverse reactions or changes to business relationships resulting from the completion of the Merger; potential underperformance of Lisata’s business following the Merger as compared to management’s initial expectations; and legislative, regulatory, political and economic developments. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in Lisata’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 and in other documents filed by Lisata with the Securities and Exchange Commission. Except as required by applicable law, Lisata undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

WARPNINE Incorporated:

Meg Croucher
Chief Executive Officer
m 0406 818 810
e [email protected]
www.warpnine.org.au

Lisata Therapeutics Investors and Media:

Lisata Therapeutics, Inc.
John Menditto
Vice President, Investor Relations and Corporate Communications
Phone: 908-842-0084
Email: [email protected]

 

AUSTIN, Texas, April 18, 2023 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN) (the “Company”), the pioneer of Location Based SaaS and offerer of the only fully integrated enterprise cloud platform for mobile that enables brands to engage, manage and monetize their anytime, anywhere users worldwide, announced today that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for the Company’s US patent application 17/362,765 titled Method and Apparatus for Geofence Event Predictions. This capability will significantly enhance the capabilities of Phunware’s location-based services (LBS) and enable brands to deliver personalized, context-aware experiences to their users.

The patent covers a method for predicting geofence events by retrieving non-contemporaneous geofence predictor data of a mobile device, including past and future geographic data. By analyzing this data, along with geofence data of the mobile device, the system develops a future geofence event prediction, including a latitude, longitude, time and confidence level for the prediction.

This innovative technology allows businesses to better understand their users’ behavior patterns and preferences, ultimately improving the overall user experience. By detecting patterns in past geofence events and incorporating future engagement opportunities, Phunware’s geofence event prediction technology enables businesses to deliver highly targeted, timely and relevant content to users based on their anticipated location and activities.

“The allowance of this patent highlights our ongoing commitment to innovation and our dedication to providing proprietary mobile solutions to help any brand contextually engage any audience,” said Randall Crowder, COO of Phunware. “We believe this new technology will enable our clients to offer more personalized and engaging experiences that drive revenue, loyalty and satisfaction.”

Click here
to learn more about Phunware’s portfolio of patents.

Safe Harbor Clause and Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

About Phunware, Inc.

Everything You Need to Succeed on Mobile — Transforming Digital Human Experience

Phunware, Inc. (NASDAQ: PHUN), the pioneer of Location Based SaaS and offers the only fully integrated enterprise cloud platform for mobile that enables brands to engage, manage and monetize their anytime, anywhere users worldwide. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & PhunToken) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with approximately one billion active devices touching its platform each month when operating at scale. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://phunware.com and follow @phunware on all social media platforms.

Phunware PR & Media Inquiries:

Email: [email protected]
Phone: (512) 693-4199

Phunware Investor Relations:

Matt Glover and John Yi
Gateway Investor Relations
Email: [email protected]
Phone: (949) 574-3860

CHICAGO and MILWAUKEE and NEW YORK, April 18, 2023 (GLOBE NEWSWIRE) — YieldMax announced the launch today of the YieldMax AAPL Option Income Strategy ETF (NYSE Arca: APLY), which seeks to generate monthly income via a synthetic covered call strategy on Apple Inc. (AAPL). APLY is actively managed by ZEGA Financial. The fund does not invest directly in AAPL.

APLY is the latest member of the YieldMax family and like all YieldMax ETFs, aims to deliver substantial monthly income to investors. APLY joins existing YieldMax ETFs, TSLY and OARK, whose current yield information is provided in the table below:

ETF Ticker 1	ETF Name	Reference Asset	Current Yield 2 , 3 ,4
TSLY	YieldMax TSLA Option Income Strategy ETF	TSLA	66.03	%
OARK	YieldMax Innovation Option Income Strategy ETF	ARKK	39.01	%

¹

YieldMax
ETFs
have a gross expense ratio of 0.99%.

²

The
Current Yield is the annual yield an investor would receive if the most recent
ly declared
distribution,

which includes option income

, remained the same going forward. The Current Yield is calculated by multiplying
such
distribution
by twelve (12), and dividing the resulting amount by the
ETF’s most recent NAV.
The Current Yield represents a single distribution from the ETF and does not represent its total return.

³
 The30-Day SEC Yield for TSLY is2.66% and the 30-Day SEC Yield for OARK is 1.91%. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31^st, 2023, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

For TSLY prospectus, click here. For TSLY standardized performance, click here. For OARK prospectus, click here. For OARK standardized performance, click here.

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Tidal Financial Group is the adviser for all YieldMax ETFs and ZEGA Financial is their sub-adviser.

About Tidal Financial Group

Formed by ETF industry pioneers and thought leaders, Tidal Financial Group sets out to revolutionize the way ETFs have historically been developed, launched, marketed and sold. With a focus on growing AUM, Tidal offers a comprehensive suite of services, proprietary tools, and methodologies designed to bring lasting ideas to market. Tidal is an advocate for ETF innovation. The firm is on a mission to provide issuers with the intelligence and tools needed to efficiently and to effectively launch ETFs and to optimize growth potential in a highly competitive space. For more information, visit https://www.tidalfinancialgroup.com/.

About ZEGA Financial

Founded in 2011, ZEGA Financial is an SEC-registered investment adviser and investment manager that specializes in derivatives. The firm leverages technology, data, experience, and proprietary strategies to craft products and services for advisors and individual investors. ZEGA Financial helps investors successfully navigate volatile and uncertain markets through innovative hedging strategies. The firm’s founding principles grew out of the bestselling book co-authored by Jay Pestrichelli, ZEGA’s CEO and Co-Founder, entitled “Buy and Hedge, the Five Iron Rules for Investing Over the Long Term.” His book highlights how to bridge the complicated nature of options investing with the needs of the everyday investor.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Holdings

As of April 17, 2023, neither OARK, TSLY or APLY held any shares of Apple Inc. (AAPL). Each of their holdings of AAPL was 0.00% as of such date.

The Fund is distributed by Foreside Fund Services, LLC. Foreside is not affiliated with YieldMax.

Gavin Filmore
(844) 986-7676 #725
[email protected]

PURCHASE, N.Y., April 18, 2023 (GLOBE NEWSWIRE) — Teladoc Health (NYSE: TDOC), the global leader in whole-person virtual care, today announced the expansion of Provider-Based Care for weight management and prediabetes programs. Currently available for diabetes and hypertension programs, the addition of Provider-Based Care services for weight management and diabetes prevention is crucial as 42% of adults in the United States today are estimated to live with obesity and 1 in 3 American adults have prediabetes. Provider-Based Care delivers a unique and integrated care experience for members, including access to a Teladoc Health physician for a personalized care plan, along with coaching for day-to-day guidance with actionable digital tools. By addressing the full range of cardiometabolic health risk factors associated with obesity, prediabetes, diabetes and hypertension, the company aims to drive better health outcomes for all members.

These Teladoc Health solutions are designed to help members lose weight as well as prevent and manage diabetes by safely optimizing medications, such as Glucagon-like peptide (GLP-1) agonists and Sodium-glucose cotransporter-2 (SGLT2) inhibitors, and work in conjunction with the range of Teladoc Health solutions and tools that address the foundational pillars impacting cardiometabolic health. This whole-person approach to care is inclusive of nutrition logging and coaching, activity tracking, sleep management, and stress and mental health in-the-moment tools and virtual care.

The additional levels of provider oversight and care related to medications are critical within weight management, diabetes prevention programs and diabetes management, especially as new therapies like GLP-1s and SGLT2s surge in popularity. These drugs are a vital tool in the management of cardiometabolic disease, including obesity and diabetes. Teladoc Health’s programs apply evidence-based guidelines to prescribe these therapies when clinically appropriate.

“With the expansion of our Provider-Based Care services, we are bringing together the latest innovations with evidence-based guidelines and the highest standards of care to help people live their healthiest lives,” said Dr. Jason Tibbels, Teladoc Health chief quality officer. “There are exciting new options for those living with obesity and at higher risk of developing diabetes, but it is critical we support these individuals in a comprehensive manner and with a highly personalized and clinically appropriate treatment plan. The combination of medication management and guidance with a personalized, goal-driven care plan ensures members receive the right care at the right time, getting them back on track.”

Provider-Based Care became available for diabetes and hypertension solutions nationwide in early 2023. The expansion of this service to weight management and prediabetes will be available in Q3 2023.

About Teladoc Health

Teladoc Health empowers all people everywhere to live their healthiest lives by transforming the healthcare experience. As the world leader in whole-person virtual care, Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com or follow @TeladocHealth on Twitter.

Contact

Carolyn W. Edwards
[email protected]
+1 321-795-1952

Source: Teladoc Health, Inc. – General