\nTYME Technologies, Inc. (Nasdaq: TYME) (the \u201cCompany\u201d or \u201cTYME\u201d), an emerging biotechnology company developing cancer metabolism-based therapies (CMBTs\u2122), announced financial and operating results for its fiscal first quarter ended June 30, 2021.\n<\/p>\n
Fiscal First Quarter 2022 Business and Recent Highlights:<\/b><\/p>\n \n\u201cIt was an active and productive fiscal first quarter at TYME. Having completed our comprehensive strategic review, we believe we are now better positioned with a more diversified pipeline and larger addressable market opportunities. We welcomed Dr. Van Tornout and Mr. Porfido to the leadership team and look forward to their contributions as we embark on a host of promising clinical initiatives. Importantly, we have been able to implement these strategies without increasing our projected clinical spend,\u201d stated Richie Cunningham, Chief Executive Officer of TYME.\n<\/p>\n \n\u201cLooking ahead, we believe the recently granted patent on our drug delivery technology and the announcement of the Phase II OASIS breast cancer trial with Georgetown University are exciting opportunities for TYME that help position us for meaningful achievements ahead,\u201d concluded Cunningham.\n<\/p>\n First Quarter Fiscal 2022 Financial Results<\/b><\/p>\n \nAs of the first quarter ended June 30, 2021, the Company had approximately $101.5 million in cash and marketable securities, compared to $107.5 million as of the fourth quarter ended March 31, 2021. In the first quarter, the Company invested approximately $74.1 million in a portfolio of highly liquid investments and marketable securities with the primary objectives of preserving capital and diversifying risk, while maintaining sufficient liquidity to meet cash flow requirements.\n<\/p>\n \nTYME\u2019s operational cash burn rate for the first quarter of fiscal year 2022 was $6.0 million compared to $5.2 million for the fourth quarter of fiscal year 2021 and $6.7 million for the first quarter of fiscal 2021. The burn rate was below the Company\u2019s previous projections and reflects expenses associated with ongoing clinical trials in pancreatic cancer (Precision Promise) and sarcoma cancers (HopES), as well as reduced costs associated with our discontinued pancreatic cancer trial, TYME-88-Panc Part II.\n<\/p>\n \nBased on the Company\u2019s active clinical trials including OASIS, our new investigator-initiated open-label Phase II breast cancer trial, ongoing and close out costs related to our discontinued pancreatic cancer study, the upcoming pre-clinical studies in biomarker and mechanism of action research of SM-88 and TYME-19 pre-clinical studies; TYME continues to anticipate that its quarterly cash usage or \u201ccash burn rate\u201d will range from $6.0 to $8.0 million per quarter for the remainder of fiscal year 2022.\n<\/p>\n \nNet loss was $5.9 million for the first quarter ended June 30, 2021, or a net loss per basic and diluted share of ($0.03), as compared to a net loss of $8.8 million for the first quarter ended June 30, 2020, or a net loss per basic and diluted share of ($0.07). The decrease was substantially due to the year over year variance in the change in value of the warrant liability compared to prior years\u2019 gain on the warrant exchange and decreased operating costs. The reduction in operating costs primarily reflected lower ongoing trial costs and employee related expenses. Adjusted net loss for the three months ended June 30, 2021, was $6.0 million, or an adjusted net loss per share of ($0.03), compared to adjusted net loss of $6.7 million, or an adjusted net loss per share of ($0.05), for the three months ended June 30, 2020, after adjusting for the change in fair value of warrant liability, amortization of employees, directors and consultants stock options, and the prior year\u2019s gain on warrant exchange. Adjusted net loss and adjusted net loss per share are non-GAAP measures. See \u201cUse of Non-GAAP Measures\u201d below for a reconciliation to the comparable GAAP measures.\n<\/p>\n \nTYME has reported its full financial results for the quarter ended June 30, 2021 in the Company’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”). TYME\u2019s 10-Q is located in the SEC filings section of the Company\u2019s website.\n<\/p>\n Conference Call and Webcast Details<\/b><\/p>\n\n
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