NeuroOne® Reports Fiscal Fourth Quarter and Full Fiscal Year 2022 Financial Results
NeuroOne Medical Technologies Corporation (Nasdaq: NMTC) reported its fiscal fourth quarter and full year 2022 results, showing product revenue of $69,000 for Q4 and $171,000 for the full year, with a slight decline from the previous year. Collaboration revenue saw a significant increase to $1,942,000 in Q4 and $1,949,000 for the year, driven by the Zimmer Development Agreement. Despite higher operating expenses totaling $3.3 million in Q4, the net loss narrowed to $1.4 million compared to $2.6 million in the previous year. The company ended the year with $11.1 million in cash and no debt.
- Collaboration revenue increased significantly to $1,942,000 in Q4 2022, up from $5,000 in Q4 2021.
- Cash and short-term investments rose to $11.1 million from $6.9 million year-over-year.
- Working capital improved to $9.1 million from $6.1 million year-over-year.
- Net loss for Q4 2022 decreased to $1.4 million from $2.6 million in Q4 2021.
- Total product revenue declined slightly to $171,000 for the full year 2022 from $178,000 in 2021.
- Total operating expenses increased to $3.3 million in Q4 2022, up from $2.6 million in Q4 2021.
EDEN PRAIRIE, Minn., Dec. 22, 2022 /PRNewswire/ -- NeuroOne Medical Technologies Corporation (Nasdaq: NMTC; "NeuroOne" or the "Company"), a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, announces financial results for the fiscal fourth quarter and full fiscal year ended September 30, 2022.
Dave Rosa, CEO of NeuroOne, commented, "The Company made great progress in fiscal 2022 in a wide variety of areas including commercialization, development and capital raises, which will allow us to continue to execute our plan, with the intent to introduce meaningful advances in electrode technology for a variety of neurological applications.
"Our independent registered public accounting firm has completed its audit procedures and we have filed our Annual Report on Form 10-K for the fiscal year ended September 30, 2022. Following are our financial results."
Fourth Quarter and Full Year Fiscal 2022 Financial Results
Product revenue was
Total operating expenses in the fourth quarter of fiscal 2022 were
Total operating expenses for the full fiscal year 2022 were
Net loss was
As of September 30, 2022, the Company had cash, cash equivalents, and short-term investments of
The Company had no debt outstanding at September 30, 2022.
About NeuroOne Medical Technologies Corporation
NeuroOne Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce procedural costs. The Company may also pursue applications for other areas such as depression, mood disorders, pain, incontinence, high blood pressure, and artificial intelligence. For more information, visit https://www.n1mtc.com .
Forward Looking Statements
This press release contains 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. Except for statements of historical fact, any information contained in this presentation may be a forward–looking statement that reflects NeuroOne's current views about future events and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward–looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "upcoming," "target," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "target," "seek," "contemplate," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward–looking statements may include statements regarding the development of the timing and extent of product launch and commercialization of our technology, clinical and pre-clinical testing, business strategy, market size, potential growth opportunities, future operations, future efficiencies, and other financial and operating information. Although NeuroOne believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. Our actual future results may be materially different from what we expect due to factors largely outside our control, including risks that the partnership with Zimmer Biomet may not facilitate the commercialization or market acceptance of our technology; risks that our sEEG electrodes may not be ready for commercialization in a timely manner or at all, whether due to supply chain disruptions or otherwise; risks that our technology will not perform as expected based on results of our pre-clinical and clinical trials; risks related to uncertainties associated with the Company's capital requirements to achieve its business objectives and ability to raise additional funds; the risk that the COVID-19 pandemic will continue to adversely impact our business; the risk that we may not be able to secure or retain coverage or adequate reimbursement for our technology; uncertainties inherent in the development process of our technology; risks related to changes in regulatory requirements or decisions of regulatory authorities; that we may not have accurately estimated the size and growth potential of the markets for our technology; risks relate to clinical trial patient enrollment and the results of clinical trials; that we may be unable to protect our intellectual property rights; and other risks, uncertainties and assumptions, including those described under the heading "Risk Factors" in our filings with the Securities and Exchange Commission. These forward–looking statements speak only as of the date of this press release and NeuroOne undertakes no obligation to revise or update any forward–looking statements for any reason, even if new information becomes available in the future.
"Caution: Federal law restricts this device to sale by or on the order of a physician"
NeuroOne Medical Technologies Corporation | ||||||||
Balance Sheets (unaudited) | ||||||||
As of | ||||||||
2022 | 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 8,160,329 | $ | 6,901,346 | ||||
Short-term investments | 2,981,010 | — | ||||||
Accounts receivable | 33,237 | 48,336 | ||||||
Inventory | 704,538 | 98,287 | ||||||
Prepaid and other assets | 296,649 | 244,043 | ||||||
Total current assets | 12,175,763 | 7,292,012 | ||||||
Intangible assets, net | 111,892 | 134,207 | ||||||
Right-of-use asset | 181,355 | 288,948 | ||||||
Property and equipment, net | 353,599 | 223,329 | ||||||
Total assets | $ | 12,822,609 | $ | 7,938,496 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 927,662 | $ | 528,829 | ||||
Accrued expenses | 715,839 | 644,249 | ||||||
Deferred revenue | 1,455,188 | 8,622 | ||||||
Total current liabilities | 3,098,689 | 1,181,700 | ||||||
Operating lease liability, long term | 119,556 | 202,895 | ||||||
Total liabilities | 3,218,245 | 1,384,595 | ||||||
Commitments and contingencies (Note 4) | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 16,217 | 12,010 | ||||||
Additional paid–in capital | 60,414,959 | 47,369,090 | ||||||
Accumulated deficit | (50,826,812) | (40,827,199) | ||||||
Total stockholders' equity | 9,604,364 | 6,553,901 | ||||||
Total liabilities and stockholders' equity | $ | 12,822,609 | $ | 7,938,496 | ||||
See accompanying notes to the financial statements
NeuroOne Medical Technologies Corporation | ||||||||
Statements of Operations (unaudited) | ||||||||
Years ended | ||||||||
2022 | 2021 | |||||||
Product revenue | $ | 171,169 | $ | 178,146 | ||||
Cost of product revenue | 241,963 | 275,895 | ||||||
Product gross loss | (70,794) | (97,749) | ||||||
Collaborations revenue | 1,948,872 | 64,812 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative | 6,979,416 | 6,260,266 | ||||||
Research and development | 4,929,427 | 3,925,008 | ||||||
Total operating expenses | 11,908,843 | 10,185,274 | ||||||
Loss from operations | (10,030,765) | (10,218,211) | ||||||
Interest expense | — | (3,053) | ||||||
Net valuation change of instruments measured at fair value | — | 1,974 | ||||||
Other income | 31,152 | 271,122 | ||||||
Net loss | $ | (9,999,613) | $ | (9,948,168) | ||||
Net loss per share: | ||||||||
Basic and diluted | $ | (0.63) | $ | (0.93) | ||||
Number of shares used in per share calculations: | ||||||||
Basic and diluted | 15,998,567 | 10,696,799 | ||||||
See accompanying notes to the financial statements
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SOURCE NeuroOne Medical Technologies Corporation
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