EX-99.1 2 amti-20230814xexx991.htm EX-99.1 Document

Exhibit 99.1
image_0.jpg
Applied Molecular Transport Reports Second Quarter 2023 Financial Results
Currently Pursuing Strategic Alternatives, with MTS Health Partners, L.P. Advising the Company
Cash and Cash Equivalents of $22.5 million, as of June 30, 2023
SOUTH SAN FRANCISCO, Calif., August 14, 2023 — Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a biopharmaceutical company, today reported financial results for the second quarter ended June 30, 2023.
Financial Results for the Second Quarter Ended June 30, 2023
Research and development (R&D) expenses. Total R&D expenses for the second quarter of 2023 were $2.6 million, compared to $22.8 million for the same period in 2022. The overall decrease was attributable to a restructuring of operations, related reductions in workforce implemented in March 2023 and discontinuing all research and development activities.
General and administrative (G&A) expenses. Total G&A expenses for the second quarter of 2023 were $7.0 million, compared to $9.4 million for the same period in 2022. The overall decrease was attributable to a restructuring of operations and related reductions in workforce implemented in March 2023.
Restructuring, impairment, and related charges. Total restructuring, impairment, and related charges for the second quarter of 2023 were $8.1 million, primarily comprised of write offs of right-of-use assets and related leasehold improvements upon the company vacating leased premises for its corporate headquarters and manufacturing warehouse. Restructuring charges for the same period in 2022 were $3.8 million, primarily comprised of severance payments and other employee-related separation costs associated with a reduction in workforce implemented in May 2022.
Net loss. Net loss for the second quarter of 2023 was $17.3 million, compared to $35.9 million for the same period in 2022. Operating expenses for the second quarter of 2023 were $17.7 million and interest income was $0.4 million.
Cash and cash equivalents. As of June 30, 2023, cash and cash equivalents were $22.5 million.
About Applied Molecular Transport Inc.
AMT is a clinical-stage biopharmaceutical company that has a proprietary technology platform that enables the design of novel biologic product candidates in patient-friendly oral dosage forms. The company has completed four Phase 2 clinical trials for its most advanced product candidate, AMT-101.
For additional information on AMT, please visit www.appliedmt.com.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements including statements relating to AMT’s plans, expectations, forecasts and future events. Such forward-looking statements include, but are not limited to, statements regarding the ability of AMT to enter into a strategic transaction and sufficiency of AMT’s cash resources. In some cases, you can identify forward- looking statements by terminology such as “believe,” “estimate,” “intend,” “may,” “plan,” “potentially,” “will,” “expect,” “enable,” “likely” or the negative of these terms or other similar expressions. 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 and financial needs. Actual events, trends or results could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements based on various factors. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in AMT’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”), and AMT’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and AMT assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.


Applied Molecular Transport Inc.
Condensed Balance Sheets
(unaudited)
(in thousands)

June 30,
2023		December 31,
2022
Assets  
Current assets:  
Cash and cash equivalents$22,457 $61,145 
Prepaid expenses860 2,688 
Other current assets— 186 
Total current assets23,317 64,019 
Property and equipment, net39 8,183 
Operating lease right-of-use assets1,477 33,222 
Finance lease right-of-use assets— 584 
Restricted cash— 916 
Other assets127 522 
Total assets$24,960 $107,446 
Liabilities and stockholders’ equity  
Current liabilities:  
Accounts payable$156 $1,583 
Accrued expenses2,202 8,660 
Lease liabilities, operating lease - current1,458 4,639 
Lease liabilities, finance lease - current— 205 
Total current liabilities3,816 15,087 
Lease liabilities, operating lease254 31,228 
Lease liabilities, finance lease— 49 
Other liabilities244 244 
Total liabilities4,314 46,608 
Commitments and contingencies
Stockholders’ equity:
Common stock4 4 
Additional paid-in capital431,862 426,804 
Accumulated deficit(411,220)(365,970)
Total stockholders’ equity20,646 60,838 
Total liabilities and stockholders’ equity$24,960 $107,446 




Applied Molecular Transport Inc.
Condensed Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)

Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Operating expenses:    
Research and development$2,558 $22,802 $15,546 $54,041 
General and administrative7,045 9,433 13,797 20,770 
Restructuring, impairment, and related charges8,129 3,787 16,872 3,787 
Total operating expenses17,732 36,022 46,215 78,598 
Loss from operations(17,732)(36,022)(46,215)(78,598)
Interest income, net419 75 998 72 
Other income (expense), net(20)2 (33)6 
Net loss$(17,333)$(35,945)$(45,250)$(78,520)
Net loss per share, basic and diluted$(0.44)$(0.93)$(1.15)$(2.03)
Weighted-average shares of common stock outstanding, basic and diluted39,333,04638,748,74139,261,12238,695,350

Refer to the Company’s applicable SEC filings for previously reported periods.
Investor Relations and Media Contact:
Alexandra Santos
Wheelhouse Life Science Advisors
asantos@wheelhouselsa.com