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Benson Hill Announces First Quarter 2023 Financial Results

• Reported revenues increased 104 percent year-over-year to approximately $135 million, including an increase of 80 percent in proprietary revenues.
• Reported gross profit was $9.5 million ($4.3 million when excluding an approximate $5.2 million impact from open mark-to-market timing differences).
• The Company improved its 2023 guidance for Adjusted EBITDA and free cash flow.

ST. LOUIS–(BUSINESS WIRE)–Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”), a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the quarter ended March 31, 2023.

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“Our first quarter results represent a continuation of the momentum created in 2022,” said Matt Crisp, Chief Executive Officer of Benson Hill. “We are confident this year can represent an inflection point for proprietary revenue growth and margin expansion as we lean into the capabilities of our closed-loop model and realize a greater anticipated contribution from partnership and licensing agreements.”

First Quarter Results Compared to the Same Period of 2022

The following financial results exclude the pending divestiture of the Fresh business announced on January 3, 2023, which is now recorded as discontinued operations. The impact of open mark-to-market timing differences on the profit and loss statement and reconciliation of non-GAAP financial measures can be found in the accompanying financial tables.

• Revenues were $134.6 million, an increase of $68.5 million, or 103.6 percent. Strong demand from customers and greater availability of proprietary soy ingredients, meal and edible oil products resulted in an 80 percent increase in proprietary revenues to $25.3 million. Non-proprietary revenues increased more than 100 percent from a continuation of favorable soy and yellow pea commodity prices and strong operational execution. Reported revenues include a favorable $6.7 million impact from open mark-to-market timing differences.

• Gross profit was $9.5 million, an increase of $18.5 million. Excluding an approximate $5.2 million favorable impact from open mark-to-market timing differences, gross profit was $4.3 million and gross margins were approximately 3.4 percent. Favorable top line growth, proprietary revenue mix, and contributions from partnership and licensing agreements were partially offset by ongoing inflationary and supply chain pressures.

• Operating expenses were $28.8 million, a decrease of $3.7 million. The majority of the improvement was from actions associated with the Company’s Liquidity Improvement Plan. Approximately $6.1 million of operating expense in the quarter related to non-cash items primarily stock compensation and depreciation.
  • Selling, general and administrative expenses were $16.2 million, a decrease of $4.1 million or 20.2 percent.

  • R&D expenses were $12.6 million, an increase of $0.3 million or 2.8 percent.

• Inclusive of open mark-to-market timing differences, net loss from continuing operations was $4.8 million, a decrease in loss of $12.6 million or 72.2 percent. Adjusted EBITDA was a loss of $10.7 million, or an approximate loss of $16.0 million when excluding the impact from open mark-to-market timing differences.

• Cash, restricted cash, and marketable securities of $131.0 million were on hand as of March 31, 2023.

2023 Outlook

Excludes the Fresh business which is classified as discontinued operations.

Management reaffirmed its guidance for proprietary revenues in the range of $100 million to $110 million, a 40 percent to 50 percent increase over the prior year. Consistent with prior guidance, non-proprietary revenues are expected to decline moderately in favor of proprietary products, which sets the expectation for consolidated revenues to be in the range of $390 million to $430 million.

Consistent with prior guidance, consolidated gross profit is expected to be in the range of $20 million to $30 million driven by anticipated increases in proprietary sales, greater anticipated contribution from partnership and licensing agreements, and favorable soy commodity markets for non-proprietary product sales. This outlook includes assumptions for a continuation of inflationary pressures and challenges in supply chain logistics.

The Company has taken actions to realize an annual run rate cash savings of more than $10 million from its Liquidity Improvement Plan, which is now expected to lower full year operating expenses to a range of $115 million to $120 million. As a result, management has improved its expected net loss from continuing operations to a range of $115 million to $125 million, Adjusted EBITDA loss to a range of $53 million to $58 million, and free cash flow outflow to a range of $110 million to $118 million.

Webcast

A webcast of the earnings conference call will begin at 8:30 a.m. EDT today. The link to participate is available on the Investor Relations page of the Company’s website.

About Benson Hill

Benson Hill moves food forward with the CropOS^® platform, a cutting-edge food innovation engine that combines data science and machine learning with biology and genetics. Benson Hill empowers innovators to unlock nature’s genetic diversity from plant to plate, with the purpose of creating nutritious, great-tasting food and ingredient options that are both widely accessible and sustainable. More information can be found at bensonhill.com or on Twitter at @bensonhillinc.

Use of Non-GAAP Financial Measures

In this press release, the Company includes references to non-GAAP performance measures. The Company uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results. The Company’s management believes these non-GAAP measures are useful in evaluating the Company’s operating performance and are similar measures reported by publicly listed U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. By referencing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s performance for the periods presented. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company’s definition of these non-GAAP measures may differ from similarly titled measures of performance used by other companies in other industries or within the same industry. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s condensed consolidated financial statements and publicly filed reports in their entirety.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” 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. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. These forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements include, among other things, statements regarding the Company’s current guidance regarding certain expected 2023 financial and operating results, including guidance regarding consolidated, proprietary and non-proprietary revenues, anticipated contribution from partnership and licensing agreements, margins, consolidated gross profit, net loss from continuing operations, Adjusted EBITDA, run rate cash savings, operating expenses, and free cash flow; statements regarding the Company’s current expectations and assumptions regarding the industries and markets in which it operates, and macro-economic trends, including regarding commodity markets and inflationary pressures; projections of market opportunity and supply chain constraints; statements regarding the Company’s Liquidity Improvement Plan, actions to implement such plan, and the anticipated benefits of such plan; expectations regarding revenue and gross profit mix; expectations regarding future costs and uses of free cash flow; expectations regarding the unwinding of mark-to-market timing differences and the Company’s assessment of its futures contracts; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; expectations regarding the Company’s hedging and other risk management strategies, including expectations about future sales and purchases that relate to the Company’s mark-to-market adjustments and the fair valuation of futures contracts; the Company’s strategies, positioning, resources, capabilities, and expectations for future performance; estimates and forecasts of financial and other performance metrics; the Company’s outlook and financial and other guidance. Factors that may cause actual results to differ materially from current expectations and guidance include, but are not limited to: risks associated with the Company’s Liquidity Improvement Plan, including potentially adverse impacts on the Company’s business and prospects even if such plan is successful; the risk that the Company’s actions relating to its Liquidity Improvement Plan may be insufficient to achieve the objectives of such plan; risks associated with the Company’s ability to grow and achieve growth profitably, including continued access to the capital resources necessary for growth; the risk that the Company will be unable to renegotiate or retire any of its existing debt by entering into an amended or new facility in a timely manner, on favorable terms, or at all; risks relating to the failure to realize the anticipated benefits of the Company’s shelf registration statement, including its at-the-market facility, or otherwise fail to raise equity or other capital to supplement its cash needs; risks relating to the Company’s hedging and other risk management strategies, including expectations about future sales and purchases that relate to the Company’s mark-to-market adjustments and the fair valuation of futures contracts; the risk that the Company will not realize the anticipated benefits of the divestiture of the Fresh business, including risks relating to the failure to satisfy the conditions to the consummation of the pending transaction to sell the remaining assets of the Fresh business, and the risk that such transaction may not be completed in a timely manner or at all; risks associated with managing capital resources; risks associated with maintaining relationships with customers and suppliers and developing and maintaining partnering and licensing relationships; risks associated with changing industry conditions and consumer preferences; risks associated with the Company’s ability to generally execute on its business strategy; risks associated with the effects of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; risks associated with the Company’s transition to becoming a public company; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are also subject to the risks and other issues described above under “Use of Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including without limitation, any expectations about our operational and financial performance or achievements. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.

Benson Hill, Inc.

Material Items Included in Consolidated Revenues and Cost of Sales

(USD In Thousands)

Currently, the Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and thus changes in fair value are reflected in current earnings.

Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of futures contracts associated with the Company’s committed future operating capacity. These mark-to-market timing differences are not indicative of the Company’s operating performance.

The Company recorded the fair value of acquired sales and purchase contracts in the acquisition of the Company’s Creston, Iowa location, which are amortized, not marked-to-market, to revenues and cost of sales to the physical contracts.

The table below summarizes the pre-tax gains and losses related to derivatives and contract assets and liabilities:

	Three Months Ended March 31, 2023
					Open Mark-to-Market Timing Differences
​	Reported				Impact			Excluding
Revenues	$	134,643			$	6,725		$	127,918
Gross profit	$	9,523			$	5,229		$	4,294
Total operating expenses	$	28,809			$	—		$	28,809
Net loss from continuing operations	$	(4,845	)		$	5,229		$	(10,074	)
Adjusted EBITDA	$	(10,733	)		$	5,229		$	(15,962	)

• See Adjusted EBITDA reconciliation in the accompanying financial tables.

 

Benson Hill, Inc. Condensed Consolidated Balance Sheets (Unaudited) (USD In Thousands)
​	March 31, 2023				December 31, 2022
Assets	​			​	​
Current assets:	​			​	​
Cash and cash equivalents	$	20,399			$	25,053
Marketable securities		89,873				132,121
Accounts receivable, net		28,986				28,591
Inventories, net		54,549				62,110
Prepaid expenses and other current assets		30,490				29,346
Current assets held for sale		22,832				23,507
Total current assets		247,129				300,728
Property and equipment, net		99,366				99,759
Finance lease right-of-use assets, net		64,860				66,533
Operating lease right-of-use assets		5,008				1,660
Goodwill and intangible assets, net		27,189				27,377
Other assets		5,362				4,863
Total assets	$	448,914			$	500,920
Liabilities and stockholders’ equity	​			​	​
Current liabilities:	​			​	​
Accounts payable	$	19,794			$	36,717
Current finance lease liabilities		3,514				3,318
Current operating lease liabilities		679				364
Current maturities of long-term debt		2,244				2,242
Accrued expenses and other current liabilities		19,010				33,435
Current liabilities held for sale		13,975				16,441
Total current liabilities		59,216				92,517
Long-term debt		103,447				103,991
Long-term finance lease liabilities		76,087				76,431
Long-term operating lease liabilities		4,292				1,291
Warrant liability		9,107				24,285
Conversion option liability		1,572				8,091
Deferred tax liabilities		295				283
Other non-current liabilities		259				129
Total liabilities		254,275				307,018
Stockholders’ equity:	​				​
Common stock, $0.0001 par value, 440,000 and 440,000 shares authorized, 207,459 and 206,668 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively		21				21
Additional paid-in capital		612,385				609,450
Accumulated deficit		(411,528	)			(408,474	)
Accumulated other comprehensive loss		(6,239	)			(7,095	)
Total stockholders’ equity		194,639				193,902
Total liabilities and stockholders’ equity	$	448,914			$	500,920

 

Benson Hill, Inc. Condensed Consolidated Statements of Operations (Unaudited) (USD In Thousands, Except Per Share Information)
​	Three Months Ended March 31,
​		2023				2022
Revenues	$	134,643			$	66,126
Cost of sales		125,120				75,061
Gross profit (loss)		9,523				(8,935	)
Operating expenses:	​				​
Research and development		12,642				12,295
Selling, general and administrative expenses		16,167				20,255
Total operating expenses		28,809				32,550
Loss from operations		(19,286	)			(41,485	)
Other (income) expense:	​				​
Interest expense, net		6,372				6,388
Loss on extinguishment of debt
Change in fair value of warrants and conversion options		(21,696	)			(31,741	)
Other (income) expense, net		868				1,331
Total other (income) expense, net		(14,456	)			(24,022	)
Net loss from continuing operations before income tax		(4,830	)			(17,463	)
Income tax expense (benefit)		15				(39	)
Net loss from continuing operations, net of tax		(4,845	)			(17,424	)
Net (loss) income from discontinued operations, net of tax		1,791				848
Net loss	$	(3,054	)		$	(16,576	)
Net loss per common share:
Basic and diluted net loss per common share from continuing operations	$	(0.03	)		$	(0.11	)
Basic and diluted net income per common share from discontinued operations	$	0.01			$	0.01
Basic and diluted net loss per common share	$	(0.02	)		$	(0.10	)
Weighted average shares outstanding:	​				​
Basic and diluted weighted average shares outstanding		187,113				160,711

Benson Hill, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD In Thousands)
​	Three Months Ended March 31,
​		2023				2022
Net loss	$	(3,054	)		$	(16,576	)
Foreign currency:	​				​
Comprehensive loss		—				(65	)
		—				(65	)
Marketable securities:
Comprehensive income (loss)		1,906				(3,766	)
Adjustment for net income (losses) realized in net loss		(1,050	)			1,207
		856				(2,559	)
Total other comprehensive income (loss)		856				(2,624	)
Total comprehensive loss	$	(2,198	)		$	(19,200	)

 

Benson Hill, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (USD In Thousands)
​		Three Months Ended March 31,
​			2023				2022
Operating activities
Net loss		$	(3,054	)		$	(16,576	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			5,263				5,404
Stock-based compensation expense			2,814				5,683
Bad debt expense			(228	)			156
Change in fair value of warrants and conversion option			(21,696	)			(31,741	)
Accretion and amortization related to financing activities			2,018				2,907
Other			1,700				4,026
Changes in operating assets and liabilities:
Accounts receivable			(1,188	)			(3,245	)
Inventories			11,663				(5,054	)
Other assets and other liabilities			(1,289	)			(540	)
Accounts payable			(18,471	)			(7,540	)
Accrued expenses			(15,225	)			(6,672	)
Net cash used in operating activities			(37,693	)			(53,192	)
Investing activities
Purchases of marketable securities			(23,277	)			(84,991	)
Proceeds from maturities of marketable securities			25,997				4,575
Proceeds from sales of marketable securities			38,927				73,196
Payments for acquisitions of property and equipment			(2,680	)			(3,360	)
Payments made in connection with business acquisitions			—				(1,034	)
Other			27				—
Net cash provided/(used) by/in investing activities			38,994				(11,614	)
Financing activities
Contributions from PIPE Investment, net of transaction costs $18 in 2022			—				84,967
Principal payments on debt			(843	)			(1,316	)
Proceeds from issuance of debt, net of issuance costs			(2,000	)			4,078
Borrowing under revolving line of credit			—				5,726
Repayments under revolving line of credit			—				(3,916	)
Repayments of financing lease obligations			(794	)			(290	)
Proceeds from the exercise of stock awards and withholding taxes for the net share settlement			122				636
Net cash (used)/provided in/by financing activities			(3,515	)			89,885
Effect of exchange rate changes on cash			—				(65	)
Net (decrease) increase in cash and cash equivalents			(2,214	)			25,014
Cash, cash equivalents and restricted cash, beginning of period			43,321				78,963
Cash, cash equivalents and restricted cash, end of period		$	41,107			$	103,977

Supplemental disclosure of cash flow information
Cash paid for interest		$	4,698				$	2,473
Supplemental disclosure of non-cash activities
PIPE Investment issuance costs included in accrued expenses and other current		$	—				$	4,143
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities		$	326				$	3,104

Benson Hill, Inc.

Non-GAAP Reconciliation

(USD In Thousands)

This press release contains financial measures not derived in accordance with generally accepted accounting principles (“GAAP”). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, change in fair value of warrants and conversion option, and the impact of significant non-recurring items. The Company defines free cash flow as net cash used in (provided by) operating activities minus capital expenditures.

Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA are as follows:

	Three Months Ended March 31,
		2023				2022
Net loss from continuing operations	$	(4,845	)		$	(17,424	)
Interest expense, net		6,372				6,388
Income tax expense (benefit)		15				(39	)
Depreciation and amortization		5,263				4,892
Stock-based compensation		2,814				5,683
Change in fair value of warrants and conversion option		(21,696	)			(31,741	)
Other		1,344				1,100
Total Adjusted EBITDA	$	(10,733	)		$	(31,141	)

Adjustments to reconcile estimated 2023 net loss from continuing operations to estimated Adjusted EBITDA are as follows:

	2023 Estimate*
Net loss from continuing operations	$	(115,000	)	to	$	(125,000	)
Interest expense, net		27,000		to		29,000
Depreciation and amortization		21,000		to		23,000
Stock-based compensation		14,000		to		15,000
Total Adjusted EBITDA	$	(53,000	)	to		(58,000	)

Adjustments to reconcile estimated 2023 free cash flow are as follows:

	2023 Estimate*
Net loss from continuing operations	$	(115,000	)	to	(125,000	)
Depreciation and amortization		21,000		to	23,000
Stock-based compensation		14,000		to	15,000
Changes in working capital		(12,000	)	to	(14,000	)
Other		2,000		to	8,000
Net Cash Used in Operating Activities	$	(90,000	)	to	(93,000	)
Payments for acquisition of property and equipment		20,000		to	25,000
Free Cash Flow	$	(110,000	)	to	(118,000	)

* Categories such as income tax expense (benefit) and changes in fair value of warrants and conversion option, and significant non-recurring items may impact the actual full-year non-GAAP reconciliation for both Adjusted EBITDA and Free Cash Flow. These amounts cannot be estimated at this time.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005306/en/

Investors: Ruben Mella: (314) 714-6313 / [email protected]

Media: Christi Dixon: (636) 359-0797 / [email protected]

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Natural Disasters Agriculture Food Tech Natural Resources Environment Technology Food/Beverage Retail

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Benson Hill Announces First Quarter 2023 Financial Results (Graphic: Business Wire)

Coya Therapeutics, Inc. Provides Business Update and Reports Q1 2023 Unaudited Financial Results

HOUSTON–(BUSINESS WIRE)–
Coya Therapeutics, Inc. (Nasdaq: COYA) (“Coya” or the “Company”), a clinical-stage biotechnology company developing biologics and cell therapies intended to enhance the function of Regulatory T Cells (Tregs), today announced its financial results for the first quarter ended March 31, 2023, and provided a clinical and business update.

Q1 2023 and Recent Highlights (Unaudited)

• Announced positive results from a proof-of-concept, open-label academic clinical study of COYA 302 in Amyotrophic Lateral Sclerosis (ALS) illustrating halting of disease progression at 24 weeks with minimal decline at 48 weeks. Study data were presented at the 2023 Muscle Dystrophy Association Conference;

• Announced the presentation of results from an academic clinical study in eight patients with mild to moderate Alzheimer’s Disease (AD) with Coya’s COYA 301, its proprietary investigational biologic, evaluating its safety and tolerability, biological activity, blood biomarkers and preliminary efficacy. The presentation will be made at the 2023 Keystone Symposia Neurodegeneration: Biology Guiding the Next Generation of Therapeutic Development, to be held at Whistler, British Columbia, Canada, from May 15-19th, 2023;

• Appointed Arun Swaminathan, Ph.D. as Chief Business Officer, who negotiated significant licensing transactions with two top-ten global pharmaceutical companies while at Alteogen, Inc.;

• Entered into a worldwide agreement with Dr. Reddy’s Laboratories Limited. (Dr. Reddy’s)(NYSE: RDY), whereby Coya in-licensed Dr. Reddy’s proposed Abatacept biosimilar, for the development of COYA 302 the Company’s combination product candidate for the treatment of certain neurodegenerative diseases, and out-licensed to Dr. Reddy’s, COYA 301, the Company’s low dose Interleukin 2 (IL-2) product candidate to permit the commercialization by Dr. Reddy’s of COYA 302 in territories not otherwise granted to Coya;

• Expanded its exclusive worldwide licensing agreement with ARScience Biotherapeutics for the development and commercialization of COYA 301;

• Reported preclinical data in an animal model of Alzheimer’s disease supporting the role of expanded Regulatory T Cells (Tregs) as a target for development of potential disease modifying treatments for this form of dementia;

• Closed an Initial Public Offering of common stock and warrants on January 3, 2023 and overallotment option on January 25, 2023, for aggregate gross proceeds of approximately $16.4 million and net proceeds of $14.1 million.

“In Q1, we were pleased to report promising positive clinical data for COYA 302, illustrating that this biologic combination halted disease progression in ALS patients at 24 weeks with minimal decline at 48 weeks,” stated Howard Berman, Ph.D., Chief Executive Officer of Coya. “Subsequent to quarter end, we bolstered our leadership team with the addition of an accomplished Chief Business Officer, Arun Swaminathan, Ph.D. We are excited about the potential for Arun to unlock attractive business development alliances and strategic transactions. We also announced an upcoming presentation in Alzheimer’s Disease (AD) data with COYA 301 at the 2023 Keystone Symposia on Neurodegeneration to be held from May 15 – 19 that we believe may further illustrate the potential benefit of enhancing Tregs in dementia. Looking ahead, we’re excited to deliver more data and execute on milestones to maximize shareholder value,” concluded Dr. Berman.

Anticipated Events and Milestones:

Treg-Enhancing / T Effector and Macrophage Depleting Biologics Combination

COYA 302* for neurodegenerative diseases:

*Proof-of concept clinical data in Amyotrophic Lateral Sclerosis (ALS) has been generated in an investigator-initiated study (IIT) conducted at Houston Methodist Hospital. POC data was presented March 21, 2023.

Dates of Anticipated Milestones:

H2 2023- File IND and initiate well powered and randomized phase 2 trial in ALS patients

H2 2023- Publication of peer-reviewed article on proof of concept IIT POC data

H2 2023- Publication of biomarker data documenting correlative markers associated with Treg therapies in ALS

Treg-Enhancing Biologic

COYA 301

Proof of concept clinical data in eight patients with mild to moderate Alzheimer’s Disease (AD) evaluating its safety and tolerability, biological activity, blood biomarkers and preliminary efficacy has been generated via an investigator-initiated study conducted at Houston Methodist Hospital

May 2023- Results of the proof of concept study in AD will be presented at the Keystone Conference ‘Neurodegeneration: New Biology Guiding the Next Generation of Therapeutic Development’ in Whistler, B.C. Canada

July 2023- Results of the proof of concept study in AD will be presented at the Alzheimer’s Association International Conference (AAIC) in Amsterdam, Netherlands

Antigen-Directed Allogeneic Treg-Derived Exosomes

COYA 206 for undisclosed indications: target and cargo validation (H2 2023).

Financial Results (Unaudited)

As of March 31, 2023, Coya had cash and cash equivalents of $16.3 million.

Research and development (R&D) expenses were $1.2 million for the quarter ended March 31, 2023, compared to $1.0 million for the quarter ended March 31, 2022. The change in research and development expense of approx. $0.2 million was primarily due to increasing Coya’s clinical trial expenses as well as an increase in employee headcount to support the Company’s continued trials. The Company believes that R&D spending in 2023 will increase over 2022 spending levels and will be focused primarily on advancing COYA 301 and 302.

General and administrative expenses were $1.7 million for the quarter ended March 31, 2023, and $0.7 million for the quarter ended March 31, 2022, a change of approximately $1.0 million. The change was primarily due to an increase in personnel related expenses due to increases in employee headcount and an increase in professional fees and consulting fees as the Company expanded its operations. The Company expects general and administrative costs to continue to grow in 2023 as Coya expands its business development activities as well as incurs additional costs associated with being a public company including higher expense for investor and public relations, director and officer insurance, and audit and compliance.

Net loss was $2.7 million for the quarter ended March 31, 2023, compared to net loss of $1.7 million for the quarter ended March 31, 2022. Net loss reflects the changes in operating expenses discussed above as well as $0.2 million of other income for the quarter ended March 31, 2023, principally interest, earned on the Coya’s cash balances.

CONDENSED BALANCE SHEETS
		March 31,				December 31,
		2023				2022
		(unaudited)
Assets
Current Assets:
Cash and cash equivalents		$	16,320,288			$	5,933,702
Prepaids and other current assets			1,011,969				1,251,264
Total current assets			17,332,257				7,184,966
Fixed assets, net			86,470				93,310
Deferred financing costs			–				1,117,290
Total assets		$	17,418,727			$	8,395,566
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable		$	541,752			$	1,815,270
Accrued expenses			724,687				2,008,361
Total current liabilities			1,266,439				3,823,631
Convertible promissory notes			–				12,965,480
Total liabilities			1,266,439				16,789,111
Stockholders’ equity (deficit):
Series A convertible preferred stock, $0.0001 par value: 10,000,000 shares authorized, none and 7,500,713 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively			–				8,793,637
Common stock, $0.0001 par value; 200,000,000 shares authorized; 9,947,915 and 2,590,157 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively			996				259
Additional paid-in capital			36,756,301				681,106
Accumulated deficit			(20,605,009	)			(17,868,547	)
Total stockholders’ equity (deficit)			16,152,288				(8,393,545	)
Total liabilities and stockholders’ equity (deficit)		$	17,418,727			$	8,395,566

CONDENSED UNAUDITED INTERIM STATEMENTS OF OPERATIONS
	Three Months Ended March 31,
	2023				2022
Operating expenses:
Research and development	$	1,231,712			$	978,804
General and administrative		1,661,544				717,524
Depreciation		6,840				4,033
Total operating expenses		2,900,096				1,700,361
Loss from operations		(2,900,096	)			(1,700,361	)
Other income (expense):
Other income (expense), net		163,634				(3,017	)
Net loss	$	(2,736,462	)		$	(1,703,378	)
Per share information:
Net loss per share of common stock, basic and diluted	$	(0.28	)		$	(0.66	)
Weighted-average shares of common stock outstanding, basic and diluted		9,721,847				2,590,098

About Coya Therapeutics, Inc.

Headquartered in Houston, TX, Coya Therapeutics, Inc. (Nasdaq: COYA) is a clinical-stage biotechnology company developing proprietary treatments focused on the biology and potential therapeutic advantages of regulatory T cells (“Tregs”) to target systemic inflammation and neuroinflammation. Dysfunctional Tregs underlie numerous conditions including neurodegenerative, metabolic, and autoimmune diseases, and this cellular dysfunction may lead to a sustained inflammation and oxidative stress resulting in lack of homeostasis of the immune system. Coya’s investigational product candidate pipeline leverages multiple therapeutic modalities aimed at restoring the anti-inflammatory and immunomodulatory functions of Tregs. Coya’s therapeutic platforms include Treg-enhancing biologics, Treg-derived exosomes, and autologous Treg cell therapy. Coya’s 300 Series product candidates, COYA 301 and COYA 302, are biologic therapies intended to enhance Treg function and expand Treg numbers. COYA 301 is a cytokine biologic for subcutaneous administration intended to enhance Treg function and expand Treg numbers in vivo, and COYA 302 is a biologic combination for subcutaneous and/or intravenous administration intended to enhance Treg function while depleting T effector function and activated macrophages. These two mechanisms may be additive or synergistic in suppressing inflammation. For more information about Coya, please visit www.coyatherapeutics.com.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our current and future financial performance, business plans and objectives, current and future clinical and preclinical development activities, timing and success of our ongoing and planned clinical trials and related data, the timing of announcements, updates and results of our clinical trials and related data, our ability to obtain and maintain regulatory approval, the potential therapeutic benefits and economic value of our product candidates, competitive position, industry environment and potential market opportunities. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors including, but not limited to, those related to risks associated with the impact of COVID-19; the success, cost and timing of our product candidate development activities and ongoing and planned clinical trials; our plans to develop and commercialize targeted therapeutics; the progress of patient enrollment and dosing in our preclinical or clinical trials; the ability of our product candidates to achieve applicable endpoints in the clinical trials; the safety profile of our product candidates; the potential for data from our clinical trials to support a marketing application, as well as the timing of these events; our ability to obtain funding for our operations; development and commercialization of our product candidates; the timing of and our ability to obtain and maintain regulatory approvals; the rate and degree of market acceptance and clinical utility of our product candidates; the size and growth potential of the markets for our product candidates, and our ability to serve those markets; our commercialization, marketing and manufacturing capabilities and strategy; future agreements with third parties in connection with the commercialization of our product candidates; our expectations regarding our ability to obtain and maintain intellectual property protection; our dependence on third party manufacturers; the success of competing therapies or products that are or may become available; our ability to attract and retain key scientific or management personnel; our ability to identify additional product candidates with significant commercial potential consistent with our commercial objectives; and our estimates regarding expenses, future revenue, capital requirements and needs for additional financing.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed herein may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although our management believes that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. We undertake no obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005229/en/

Investor Contact

David Snyder

[email protected]

Hayden IR

James Carbonara

(646) 755-7412

[email protected]

Media Contact

Jessica Starman

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Research Mental Health Neurology Genetics Clinical Trials Stem Cells Biotechnology Pharmaceutical Health Science

MEDIA:

Posted on May 10, 2023 7:11 am

Pebblebrook Hotel Trust Completes Sale of The Hotel Monaco Seattle

Pebblebrook Hotel Trust Completes Sale of The Hotel Monaco Seattle

BETHESDA, Md.–(BUSINESS WIRE)–
Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) announced that on May 9, 2023, it closed on the sale of the 189-room Hotel Monaco Seattle in Seattle, WA for $63.3 million to a third party.

For the trailing twelve months ended March 31, 2023, the hotel’s net operating income was $1.6 million, and its Hotel EBITDA was $2.1 million, with the $63.3 million sales price reflecting a 30.7x EBITDA multiple and a 2.5% net operating income capitalization rate. Based on the hotel’s operating performance for 2019, the $63.3 million sales price reflects an 11.4x EBITDA multiple and a 7.6% net operating income capitalization rate. The net operating income for both periods mentioned above is after an assumed annual capital reserve of 4.0% of total hotel revenues.

Proceeds from the sale of Hotel Monaco Seattle will be used for general corporate purposes, which may include reducing the Company’s outstanding debt and repurchasing common and preferred shares.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 48 hotels and resorts, totaling approximately 12,300 guest rooms across 14 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “estimated” and “will” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. The intended use of proceeds is a forward-looking statement. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, the operating performance of our hotels and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of May 9, 2023. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com.

Pebblebrook Hotel Trust
Hotel Monaco Seattle
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
March 2023 Trailing Twelve Months
(Unaudited, in millions)
			Twelve Months Ended March 31,
			2023
Hotel net income			$0.4
Adjustment:
Depreciation and amortization			1.7
Hotel EBITDA			$2.1
Adjustment:
Capital reserve			(0.5)
Hotel Net Operating Income			$1.6
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the hotel’s results of operations determined in accordance with GAAP. The Company has presented estimated trailing twelve-month hotel EBITDA and estimated trailing twelve-month hotel net operating income after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do not represent amounts available for management’s discretionary use, because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company’s presentation of the hotel’s estimated trailing twelve-month EBITDA and estimated trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s estimated trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.

Pebblebrook Hotel Trust
Hotel Monaco Seattle
Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income
December 2019 Trailing Twelve Months
(Unaudited, in millions)
			Twelve months ended December 31,
			2019
Hotel net income			$3.8
Adjustment:
Depreciation and amortization			1.8
Hotel EBITDA			$5.6
Adjustment:
Capital reserve			(0.8)
Hotel Net Operating Income			$4.8
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the hotel’s results of operations determined in accordance with GAAP. The Company has presented trailing twelve-month hotel EBITDA and trailing twelve-month hotel net operating income after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do not represent amounts available for management’s discretionary use, because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company’s presentation of the hotel’s trailing twelve-month EBITDA and trailing twelve-month net operating income after capital reserves should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s trailing twelve-month EBITDA and net operating income after capital reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.

	Pebblebrook Hotel Trust
	Historical Operating Data
	($ in millions, except ADR and RevPAR)
	(Unaudited)
	Historical Operating Data:
					First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
					2019		2019		2019		2019		2019
	Occupancy				75%		86%		86%		77%		81%
	ADR				$255		$275		$271		$251		$264
	RevPAR				$190		$236		$233		$193		$213
	Hotel Revenues				$321.5		$398.2		$391.2		$339.2		$1,450.0
	Hotel EBITDA				$86.1		$141.6		$132.6		$92.0		$452.3
	Hotel EBITDA Margin				26.8%		35.6%		33.9%		27.1%		31.2%
					First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
					2022		2022		2022		2022		2022
	Occupancy				49%		69%		73%		59%		62%
	ADR				$314		$327		$326		$294		$316
	RevPAR				$152		$226		$237		$175		$198
	Hotel Revenues				$257.1		$388.2		$402.7		$311.2		$1,359.2
	Hotel EBITDA				$59.9		$136.0		$128.7		$61.1		$385.7
	Hotel EBITDA Margin				23.3%		35.0%		32.0%		19.6%		28.4%
					First Quarter
					2023
	Occupancy				58%
	ADR				$301
	RevPAR				$173
	Hotel Revenues				$298.0
	Hotel EBITDA				$58.8
	Hotel EBITDA Margin				19.7%
	These historical hotel operating results include information for all of the hotels the Company owned as of May 9, 2023, following the sale of Hotel Monaco Seattle. These historical operating results include periods prior to the Company’s ownership of the hotels. The information above does not reflect the Company’s corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding. The information above has not been audited and has been presented only for comparison purposes.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005244/en/

Raymond D. Martz

Chief Financial Officer

Pebblebrook Hotel Trust

(240) 507-1330

KEYWORDS: Maryland United States North America

INDUSTRY KEYWORDS: REIT Lodging Commercial Building & Real Estate Construction & Property Travel

MEDIA:

Logo

BlackSky Reports First Quarter 2023 Results

Q1 Imagery and Analytics Revenue Increases 114% from Prior Year

Won Over a Dozen New Contracts and Renewal Agreements

Amended Existing Debt Facility Extending Maturity to October 2026

HERNDON, Va.–(BUSINESS WIRE)–
BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the first quarter ended March 31, 2023.

First Quarter Financial Highlights:

• Revenue of $18.4 million, up 32% from the prior year period

• Imagery & software analytical services revenue grew 114% over the prior year quarter with substantial operating leverage as cost of sales, as a percent of revenue, decreased to just 23% from 49% in the prior year quarter

“We’re pleased that our high-margin imagery and analytics revenue in the first quarter of 2023 grew 114% year-over-year, and coupled with strong incremental contribution margins, we maintain our trajectory towards achieving positive adjusted EBITDA in Q4 this year,” said Brian E. O’Toole, BlackSky CEO. “Since the beginning of the year, in addition to the $150+ million, multi-year subscription contract award we announced in March, we’ve also won over a dozen new contracts and renewals primarily supporting U.S. and international government agencies. These contract wins continue to demonstrate how BlackSky is increasingly relied upon by important customers around the world to deliver actionable intelligence from space. During the quarter, we also successfully launched two new satellites that provide us with additional capacity and redundancy. These satellites entered revenue-generating operations within 18 hours of launch. With the traction we’re experiencing, we believe the Company is well-positioned to capitalize on the growing demand for geospatial intelligence and are re-affirming our guidance for the year.”

Recent Highlights

• The Company announced today an amendment to its existing debt facility extending the maturity term to October 2026 and also reducing the level of cash interest payments for the next two years

• Continued strong sales momentum in the international markets, as BlackSky recently won multi-year, multi-million dollar contracts to provide high-frequency imagery and advanced analytics in support of various international government agencies

• Received additional orders exercised under the Economic Indicator Monitoring program with the National Geospatial-Intelligence Agency (NGA)

• Signed contract with a large multinational commercial customer to provide imagery and analytics for supply chain logistics intelligence

• On March 24, the Company deployed two additional Gen-2 satellites into orbit, which began revenue-generating operations within 18 hours of launch, continuing our industry-leading ability to rapidly deploy and immediately deliver value to our customers

• Awarded a multi-year contract by the National Reconnaissance Office (NRO) to explore commercial hyperspectral imagery capabilities

Financial Results

Revenues⁽¹⁾

Total revenue for the first quarter of 2023 was $18.4 million, up $4.5 million, or 32%, from the first quarter of 2022. Imagery and software analytical services revenue was $15.8 million, up 114% over the prior year period, primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue was $2.6 million in the first quarter of 2023 compared to $6.5 million in the prior year period. In the first quarter of 2023, the Company had two research and development programs that were nearing completion and as a result, professional and engineering services revenue was lower than the prior year quarter. Professional and engineering services contracts are milestone-based contracts that have quarter-over-quarter variability in contrast to the high-margin imagery and software analytical services, which are typically recurring subscription-based revenues.

Cost of Sales⁽¹⁾⁽²⁾

Cost of sales as a percent of revenue was 35% for the first quarter of 2023, compared to 79% in the first quarter of 2022. Imagery and software analytical services cost of sales as a percent of revenue was 23% in the first quarter of 2023, compared to 49% in the first quarter of 2022. The year-over-year improvement was primarily driven by greater volumes of imagery and analytical services revenue that inherently have a low fixed-cost structure as a percent of revenue. Cost of sales excludes depreciation and amortization expense.

Operating Expenses

Operating expenses for the first quarter of 2023 were $28.8 million, which included $2.7 million of non-cash stock-based compensation expense, compared to operating expenses of $30.1 million in the first quarter of 2022, which included $9.3 million in non-cash stock-based compensation expense. Excluding stock-based compensation expense from both years, operating expenses increased to $26.1 million in the first quarter of 2023 from $20.8 million in the prior year quarter. The $5.3 million year-over-year increase was primarily due to investments in sales and software talent and higher depreciation expense.

Net Loss

Net loss for the first quarter of 2023 was $17.3 million, compared to a net loss of $20.0 million in the first quarter of 2022.

Adjusted EBITDA⁽³⁾

Adjusted EBITDA loss for the first quarter of 2023 was $4.1 million, compared to an adjusted EBITDA loss of $9.5 million in the prior year quarter. The $5.4 million year-over-year improvement was primarily a result of strong operating leverage achieved through increased revenue of high-margin imagery and analytics.

Balance Sheet & Capital Expenditures

As of March 31, 2023, cash and cash equivalents, restricted cash, and short-term investments totaled $71.6 million, which includes the Company’s previously announced private placement financing of approximately $29.5 million. Capital expenditures for the first quarter of 2023 were $15.8 million, driven by final payments for the launch of the two Gen-2 satellites deployed on March 24, 2023, as well as expected payments for Gen-3 satellite production.

2023 Outlook

The Company anticipates strong global demand for BlackSky’s products and services to continue throughout the year. As a result, the Company maintains its full year 2023 revenue outlook of between $90 million and $96 million, a 42% increase over 2022 revenue at the mid-point of this range. The Company remains on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023. In addition, the Company maintains its expectations for full year 2023 capital expenditures to be between $40 million and $45 million.

(1) Effective January 1, 2022, the Company reorganized its classification on the consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, the prior period amounts presented to reflect the impact of the reorganization have been recast.

(2) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization.

(3) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this release.

Investment Community Conference Call

BlackSky will host a conference call and webcast for the investment community this morning at 8:30 AM ET. Senior management will review the results, discuss BlackSky’s business, and answer questions. To access the live webcast or the archived webcast following completion of the call, please visit the Company’s investor relations website at http://ir.blacksky.com and then select “News & Events” for the link to the webcast. A presentation accompanying the webcast can also be found on the investor relations website. To access the conference call, participants should dial 1-877-589-7299 (domestic) or 1-201-689-8778 (international) at least ten minutes prior the start of the call. To listen to a replay of the conference call, please dial 1-877-660-6853 or 1-201-612-7415 using access code 13738351. The audio replay will be available from approximately 12:30 PM ET on May 10, 2023, through May 24, 2023.

About BlackSky Technology Inc.

BlackSky is a leading provider of real-time geospatial intelligence. BlackSky delivers on-demand, high frequency imagery, monitoring and analytics of the most critical and strategic locations, economic assets and events in the world.

BlackSky designs, owns and operates one of the industry’s leading low earth orbit small satellite constellations, optimized to capture imagery cost-efficiently where and when our customers need it. BlackSky’s Spectra AI software platform processes data from BlackSky’s constellation and from other third-party sensors to develop the critical insights and analytics that our customers require.

BlackSky is relied upon by U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit www.blacksky.com and follow us on Twitter.

Non-GAAP Financial Measures

Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company’s core operating performance. These items include, but are not limited to, stock-based compensation expense, unrealized (gain) loss on certain warrants/shares classified as derivative liabilities, severance, income on equity method investment, investment loss on short-term investments, and transaction costs associated with equity instruments accounted for as derivative liabilities.

Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our SEC filings for a reconciliation of Adjusted EBITDA to Net Loss, the most comparable measure reported in accordance with GAAP and for a discussion of the presentation, comparability, and use of Adjusted EBITDA.

Forward-Looking Statements

Certain statements and other information included in this release constitute forward-looking statements under applicable securities laws. Words such as “may”, “will”, “could”, “should”, “would”, “plan”, “potential”, “intend”, “anticipate”, “believe”, “estimate”, “future”, “opportunity”, “will likely result”, or “expect” and other words, terms, and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks, and uncertainties, as well as other statements referring to or including forward-looking information included in this release.

Forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed in this release. As a result, although BlackSky’s management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because BlackSky can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in our most recent Annual Report on Form 10-K and other disclosures about BlackSky and its business included in BlackSky’s disclosure materials filed from time to time with the U.S. Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov or on BlackSky’s Investor Relations website at ir.blacksky.com.

The forward-looking statements contained in this release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this release or other specified date and speak only as of such date. BlackSky disclaims any intention or obligation to update or revise any forward-looking statements in this release as a result of new information or future events, except as may be required under applicable securities law.

BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share amounts)
	Three Months Ended March 31,
		2023				2022
Revenue
Imagery & software analytical services	$	15,760			$	7,370
Professional & engineering services		2,637				6,526
Total revenue		18,397				13,896
Costs and expenses
Imagery & software analytical service costs, excluding depreciation and amortization		3,699				3,578
Professional & engineering service costs, excluding depreciation and amortization		2,779				7,377
Selling, general and administrative		18,949				22,540
Research and development		216				146
Depreciation and amortization		9,655				7,391
Total costs and expenses		151,899				154,228
Operating loss		(16,901	)			(27,136	)
Gain on derivatives		1,531				8,140
Income on equity method investment		529				257
Interest income		435				—
Interest expense		(1,853	)			(1,255	)
Other (expense) income, net		(943	)			2
Loss before income taxes		(17,202	)			(19,992	)
Income tax expense		(113	)			—
Net loss		(17,315	)			(19,992	)
Other comprehensive income		—				—
Total comprehensive loss	$	(17,315	)		$	(19,992	)
Basic and diluted loss per share of common stock:
Net loss per share of common stock	$	(0.14	)		$	(0.17	)
Weighted average common shares outstanding – basic and diluted		124,144				115,479

Note: Effective January 1, 2022, the Company reorganized its classification on the consolidated statements of operations and comprehensive loss to better align the Company’s broad portfolio. As a result, the prior period amounts presented to reflect the impact of the reorganization have been recast.

BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value)
	March 31, 2023				December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	56,964			$	34,181
Restricted cash		2,835				2,835
Short-term investments		11,792				37,982
Accounts receivable, net of allowance of $0 and $0, respectively		9,059				3,112
Prepaid expenses and other current assets		4,295				4,713
Contract assets		6,442				5,706
Total current assets		91,387				88,529
Property and equipment – net		87,377				71,584
Operating lease right of use assets – net		3,343				3,586
Goodwill		9,393				9,393
Investment in equity method investees		5,814				5,285
Intangible assets – net		1,778				1,918
Satellite procurement work in process		39,581				50,954
Other assets		2,576				2,841
Total assets	$	241,249			$	234,090
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	10,571			$	14,368
Amounts payable to equity method investees		2,377				3,728
Contract liabilities – current		3,873				6,783
Other current liabilities		4,033				2,048
Total current liabilities		20,854				26,927
Liability for estimated contract losses		641				714
Long-term contract liabilities		68				109
Operating lease liabilities		3,082				3,132
Derivative liabilities		21,298				5,113
Long-term debt – net of current portion		76,332				76,219
Other liabilities		69				2
Total liabilities		122,344				112,216
Stockholders’ equity:
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 139,257 and 121,938 shares; outstanding, 136,839 shares and 119,508 shares as of March 31, 2023 and December 31, 2022, respectively.		14				12
Additional paid-in capital		681,317				666,973
Accumulated deficit		(562,426	)			(545,111	)
Total stockholders’ equity		118,905				121,874
Total liabilities and stockholders’ equity	$	241,249			$	234,090

BLACKSKY TECHNOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
	Three Months Ended March 31,
		2023				2022
Cash flows from operating activities:
Net loss	$	(17,315	)		$	(19,992	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		9,655				7,391
Operating lease right of use assets amortization		446				389
Bad debt expense		—				6
Stock-based compensation expense		3,012				10,240
Amortization of debt discount and issuance costs		113				502
Gain on equity method investment		(529	)			(257	)
Gain on disposal of property and equipment		(22	)			—
Gain on derivatives		(1,531	)			(8,140	)
Interest income		(156	)			—
Changes in operating assets and liabilities:
Accounts receivable		(5,947	)			(2,868	)
Contract assets – current and long-term		(591	)			(1,187	)
Prepaid expenses and other current assets		462				1,220
Other assets		(8	)			(5	)
Accounts payable and accrued liabilities		(2,966	)			1,533
Other current liabilities		1,732				(585	)
Contract liabilities – current and long-term		(2,951	)			694
Liability for estimated contract losses		(73	)			(2,428	)
Other liabilities		67				811
Net cash used in operating activities		(16,602	)			(12,676	)
Cash flows from investing activities:
Purchase of property and equipment		(2,874	)			(1,926	)
Satellite procurement work in process		(12,926	)			(11,499	)
Purchase of short-term investments		(11,792	)			—
Proceeds from maturities of short-term investments		38,110				—
Net cash provided by (used in) investing activities		10,518				(13,425	)
Cash flows from financing activities:
Proceeds from private placement, net of equity issuance costs		29,432				—
Proceeds from options exercised		3				17
Payments for deferred offering costs		(552	)			—
Payments of transaction costs related to derivative liabilities		(16	)			—
Withholding tax payments on vesting of restricted stock units		—				(3,616	)
Net cash provided by (used in) financing activities		28,867				(3,599	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		22,783				(29,700	)
Cash, cash equivalents, and restricted cash – beginning of year		37,016				168,104
Cash, cash equivalents, and restricted cash – end of period	$	59,799			$	138,404

BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands)
	Three Months Ended March 31,
		2023				2022
Net loss	$	(17,315	)		$	(19,992	)
Interest income		(435	)			—
Interest expense		1,853				1,255
Income tax expense		113				—
Depreciation and amortization		9,655				7,391
Stock-based compensation expense		3,012				10,240
Gain on derivatives		(1,531	)			(8,140	)
Income on equity method investment		(529	)			(257	)
Transaction costs associated with derivative liabilities		905				—
Severance		88				—
Investment loss on short-term investments		55				—
Adjusted EBITDA	$	(4,129	)		$	(9,503	)

 

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Investor Contact

Aly Bonilla

VP, Investor Relations

[email protected]

571-591-2864

Media Contact

Pauly Cabellon

Director, External Communications

[email protected]

571-591-2865

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Satellite Other Technology Technology Artificial Intelligence Software

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Seres Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Seres Therapeutics, Inc. (Nasdaq: MCRB) (“Seres” or the “Company”), a leading microbiome therapeutics company, today announced that on May 3, 2023, the Compensation and Talent Committee of Seres’ board of directors granted inducement equity grants covering an aggregate of 19,000 shares of its common stock to four new employees, consisting of stock options to purchase an aggregate of 11,000 shares of common stock and restricted stock units (“RSUs”), covering an aggregate of 8,000 shares of its common stock.

These stock options and inducement RSUs are subject to the terms of the Seres Therapeutics, Inc. 2022 Employment Inducement Award Plan (the “Inducement Plan”).

The Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to their entering into employment with Seres pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan was adopted by Seres’ board of directors in December 2022.

The stock options have an exercise price of $5.22 per share. Each option will vest as to 25% of the total number of shares subject to the option on the first anniversary of the applicable individual’s date of hire and as to 6.25% of the total number of shares subject to the option upon a completion of each three full months of service to the Company thereafter. The RSUs vest as to 25% of an award on the first 15^th day of a calendar month that immediately follows the first anniversary of the applicable individual’s date of hire and as to an additional 6.25% of the award, upon completion of each three full months of service to the Company thereafter.

About Seres Therapeutics

Seres Therapeutics, Inc. (Nasdaq: MCRB) is a commercial-stage company developing novel microbiome therapeutics for serious diseases. For more information, please visit www.serestherapeutics.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005150/en/

IR and PR

Carlo Tanzi, Ph.D.

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Health Other Health Other Science Research Science Pharmaceutical Biotechnology

MEDIA:

Posted on May 10, 2023 7:06 am

Acorda Therapeutics to Make June 2023 $6.2 Million Interest Payment on Secured Debt in Cash

Acorda Therapeutics to Make June 2023 $6.2 Million Interest Payment on Secured Debt in Cash

PEARL RIVER, N.Y.–(BUSINESS WIRE)–
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that it will make a cash interest payment of approximately $6.2 million due on June 1, 2023 under its Convertible Senior Secured Notes Indenture.

Under the terms of the Indenture, Acorda may elect to make interest payments under the Indenture in cash or shares of the Company’s common stock. The Company will make the interest payment using cash that was placed in escrow when the Notes were issued, which is reported on the Company’s balance sheet as restricted cash. By making this interest payment in cash, the Company has ensured that there will be no dilution to shareholders as a result of this payment. The June 1 payment is the last payment in which the Company has the option to pay in cash or shares. All future payments will be made in cash.

About Acorda Therapeutics

Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA^® is approved for intermittent treatment of OFF episodes in adults with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda’s innovative ARCUS^® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA^® (dalfampridine) Extended Release Tablets, 10 mg.

Forward-Looking Statements

This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market INBRIJA, AMPYRA or any other products under development; the COVID-19 pandemic, including related restrictions on in-person interactions and travel, and the potential for illness, quarantines and vaccine mandates affecting our management, employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to attract and retain key management and other personnel, or maintain access to expert advisors; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures; risks associated with the trading of our common stock; risks related to the successful implementation of our business plan, including the accuracy of its key assumptions; risks related to our corporate restructurings, including our ability to outsource certain operations, realize expected cost savings and maintain the workforce needed for continued operations; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA or AMPYRA to meet market demand; our reliance on third-party manufacturers for the timely production of commercial supplies of INBRIJA and AMPYRA; third-party payers (including governmental agencies) may not reimburse for the use of INBRIJA or AMPYRA at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; reliance on collaborators and distributors to commercialize INBRIJA and AMPYRA outside the U.S.; our ability to satisfy our obligations to distributors and collaboration partners outside the U.S. relating to commercialization and supply of INBRIJA and AMPYRA; competition for INBRIJA and AMPYRA, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions because, among other reasons, acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class-action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third-party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.

These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005117/en/

Tierney Saccavino

(917) 783-0251

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Biotechnology General Health Neurology Health Pharmaceutical

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Bayer and Bicycle Therapeutics Enter Strategic Collaboration for Development of Novel Targeted Radionuclide Therapies in Oncology

• Collaboration will leverage Bicycle Therapeutic’s synthetic peptides for the discovery and development of multiple targeted radioconjugates of the company in oncology

• Advancing the use of bicycle peptides as a novel targeting approach in radiopharmaceuticals

• Bicycle Therapeutics to receive upfront payment of USD 45 million, and potential future development and commercial-based milestones, up to a total of USD 1.7 billion, plus tiered commercial royalties

BERLIN & CAMBRIDGE, England & BOSTON–(BUSINESS WIRE)–
Bayer and Bicycle Therapeutics plc (NASDAQ: BCYC), a biotechnology company pioneering a new and differentiated class of therapeutics by utilizing proprietary bicyclic peptides technology (Bicycle^®), today announced that they have entered into a strategic collaboration agreement to discover, develop, manufacture, and commercialize Bicycle radioconjugates for multiple agreed upon oncology targets.

Bicyclic peptides are peptides consisting of 9-20 amino acids that can be synthetically manufactured and bind to targets with high affinity and selectivity, affording high tumor penetration and fast excretion from healthy organs. They are chemically synthesizable, featuring a low molecular weight and tunable pharmacokinetics, with a large surface-area for molecular interactions that allows protein-protein interactions to be targeted. The two companies will jointly use Bicycle’s peptide technology to develop bicyclic peptides for several undisclosed oncology targets. Targeted radiotherapies are an innovative class of cancer therapies. Due to their unique mode of action, they have the potential to unlock a broad opportunity space and serve patients in high-unmet medical need indications.

“At Bayer, we enter strategic collaborations to expand our access to innovation,” said Christian Rommel, Ph.D., Global Head of Research and Development and Member of the Executive Committee, Pharmaceuticals Division, Bayer. “With Bicycle’s proprietary peptide-based technology, we continue to strengthen our oncology development pipeline by adding next-generation targeted radiotherapeutics to address high unmet medical needs of cancer patients.”

“Bayer is a pioneer in the radiopharmaceuticals space and provides new and additional validation of our unique technology,” said Kevin Lee, Ph.D., Chief Executive Officer of Bicycle Therapeutics. “We believe our bicyclic peptide platform, coupled with Bayer’s scale and expertise in developing radiopharmaceuticals, has the potential to deliver improved clinical outcomes for patients with cancer. We look forward to collaborating with Bayer to bring forth new potential first-in-class radiopharmaceutical treatments based on Bicycles.”

Under the terms of the agreement, Bayer and Bicycle will collaborate on the development of bicyclic peptides for multiple oncology targets. Bicycle will utilize its proprietary phage platform to discover and develop bicyclic peptides and Bayer will be responsible for, and fully fund, all further preclinical and clinical development, manufacturing, and commercialization activities. Bicycle will receive a $45 million upfront payment and with potential development and commercial-based milestone fees, payments to Bicycle could total up to $1.7 billion. Bicycle will also be eligible to receive mid-single to double-digit tiered royalties on Bicycle-based medicines commercialized by Bayer. The closing of the transaction is subject to clearance of the transaction under the U.K. National Security and Investment Act 2021.

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2022, the Group employed around 101,000 people and had sales of 50.7 billion euros. R&D expenses before special items amounted to 6.2 billion euros. For more information, go to www.bayer.com.

About Bicycle Therapeutics

Bicycle Therapeutics (NASDAQ: BCYC) is a clinical-stage biopharmaceutical company developing a novel class of medicines, referred to as Bicycles, for diseases that are underserved by existing therapeutics. Bicycles are fully synthetic short peptides constrained with small molecule scaffolds to form two loops that stabilize their structural geometry. This constraint facilitates target binding with high affinity and selectivity, making Bicycles attractive candidates for drug development. Bicycle is evaluating BT5528, a second-generation Bicycle Toxin Conjugate (BTC™) targeting EphA2; BT8009, a second-generation BTC targeting Nectin-4, a well-validated tumor antigen; and BT7480, a Bicycle TICA™ targeting Nectin-4 and agonizing CD137, in company-sponsored Phase I/II trials. In addition, BT1718, a BTC that targets MT1-MMP, is being investigated in an ongoing Phase I/IIa clinical trial sponsored by the Cancer Research UK Centre for Drug Development. Bicycle is headquartered in Cambridge, UK, with many key functions and members of its leadership team located in Cambridge, MA. For more information, visit bicycletherapeutics.com.

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conformthem to future events or developments.

Forward Looking Statements

This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding Bicycle’s collaboration with Bayer; the discovery, development, manufacture and potential commercialization of potential product candidates using Bicycle’s technology and under the strategic collaboration agreement; the therapeutic potential for Bicycles in oncology and other applications; and the potential to receive milestone payments and royalties under the strategic collaboration agreement. Bicycle may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: the risk that Bicycle may not realize the intended benefits of its technology or of the collaboration agreement with Bayer, including that Bicycle and Bayer may not successfully identify, develop, manufacture and commercialize any product candidates; and other important factors, any of which could cause Bicycle’s actual results to differ from those contained in the forward-looking statements and which are described in greater detail in the section entitled “Risk Factors” in Bicycle’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 28, 2023, as well as in other filings Bicycle may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Bicycle expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

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Contact for media inquiries Bayer:

Lisa Hennig, phone +49 172 869-3420

Email: [email protected]

Contact for media inquiries Bicycle:

Argot Partners

Sarah Sutton, phone +1 212-600-1902

Email: [email protected]

Contact for investor inquiries Bicycle:

SVP, Capital Markets & Corporate Communications

David Borah, CFA, phone +1 617-203-8300

Email: [email protected]

Find more information at https://pharma.bayer.com/

Follow us on Facebook: http://www.facebook.com/bayer

Follow us on Twitter: @BayerPharma

KEYWORDS: Massachusetts North America United States United Kingdom Europe Germany

INDUSTRY KEYWORDS: Research Clinical Trials Biotechnology Radiology General Health Pharmaceutical Health Science Oncology Other Science

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