On March 30, 2022 Vyant Bio, Inc. ("Vyant Bio", "Company") (Nasdaq: VYNT), is an innovative biotechnology company reported that reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders (Press release, Vyant Bio, MAR 30, 2022, View Source [SID1234611198]). The Company’s central nervous system ("CNS") drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Vyant Bio’s current programs are focused on identifying repurposed and novel small molecule clinical candidates for rare CNS genetic disorders including Rett Syndrome ("Rett"), CDKL5 Deficiency Disorders ("CDD") and familial Parkinson’s Disease ("PD"). The Company’s approach to drug discovery focuses on de-risking candidate selection, thereby improving the known effectiveness of drugs discovered earlier in the development cycle. Today, Vyant Bio will report its Fourth Quarter and Year-End 2021 highlights and business updates in a conference call and webcast scheduled for 8:30am ET.
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"Vyant Bio is committed to transforming into a pure-play drug discovery and development biotech company. We are incorporating the use of quantitative biomarkers that we believe are unique to our Rett and CDD programs that should provide meaningful human-biology-derived, preclinical signals of potential drug efficacy before the commencement of clinical trials", stated Robert T. Fremeau PhD, the Company’s Chief Scientific Officer.
"We believe our drug discovery approaches will demonstrate a capital efficient and effective way to identify novel and repurposed therapeutics to treat patients with severe neurological conditions and will thereby maximize value to our shareholders," stated Jay Roberts, Chief Executive Officer of Vyant Bio.
Vyant Bio filed its Year-End 2021 on Form 10-K today with the Securities and Exchange Commission. Please refer to Vyant Bio’s Form 10-K for more detailed information with respect to our financial results for the year ended December 31, 2021.
YEAR-END 2021 FINANCIAL RESULTS
Cash and cash equivalents totaled $20.6 million as of December 31, 2021.
During the fourth quarter of 2021, we commenced the process to sell the vivoPharm business. Therefore the vivoPharm business is classified as a held-for-sale asset and its financial information as discontinuing operations as of and for the year ended December 31, 2021. Continuing operations as of and for the year ended December 31, 2021 consists of Vyant Bio and StemoniX, Inc.
Revenue from continuing operations for 2021 was $1.1 million as compared with $867 thousand in 2020. Cost of goods sold – service aggregated $408 thousand in 2021 and $384 thousand in 2020. Cost of goods sold – product aggregated $1.4 million and $717 thousand for the year ended December 31, 2021 and 2020, respectively. Substantially all of our revenue from continuing operations was generated from our Maple Grove facility. As we move this facility to internal research and development activities in 2021, the costs for this facility will have a corresponding shift to research and development costs in 2022.
Research and development costs for 2021 increased to $4.3 million as compared with $3.2 million in 2020 which was the result of increased headcount, lab and professional service costs. Selling, general and administrative expenses increased from $2.7 million in 2020 to $8.4 million in 2021 which reflects post-merger public company costs.
Overall, the net loss of $8.7 million in 2020 increased to $40.9 million in 2021. The 2021 net loss includes $26.0 million of non-cash expenses as well as $2.3 million of merger related expenses. The net loss from continuing operations aggregated $18.6 million and included non-cash expenses of $4.8 million as well as $2.3 million in merger related costs. The net loss of $22.3 million from discontinuing operations included a $20.2 million goodwill impairment charge and other non-cash expenses aggregating approximately $1.0 million.
Vyant Bio’s Conference Call and Webcast and Information
Vyant Bio’s management will host a conference call on Wednesday, March 30, 2022 at 8:30am ET to discuss the Fourth Quarter and Year End 2021 results and provide strategic business updates as well as answer questions. Event information is below:
Event: Investor Conference Call and Webcast for the Fourth Quarter and Year-End 2021
Date: Wednesday, March 30, 2022
Time: 8:30am ET
Dial In: Toll Free: 1.877.545.0523 Conference ID: 449263
Webcast: View Source
The live event will be recorded and available for replay. The conference call and webcast details are also included inside the Investors section of the Vyant Bio corporate website at www.vyantbio.com.