Full Press Release Details
Inhibikase Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results and Highlights Recent
ATLANTA, April 1, 2021 Inhibikase Therapeutics, Inc. (Nasdaq: IKT), a clinical-stage pharmaceutical
company developing therapeutics to modify the course of Parkinson s disease (PD) and related disorders inside and outside of the brain, today reported financial results for the fourth quarter and full year ended December 31, 2020 and
highlighted recent developments.
Key Business and Clinical Highlights
2020 was a transformative year for Inhibikase, as we successfully completed our IPO and worked diligently to advance our novel programs to treat
neurodegenerative diseases towards the clinic, commented Milton Werner, Ph.D., President and Chief Executive Officer of Inhibikase. Just recently, we were pleased to announce the advancement of our lead candidate, IkT-148009, into a Phase 1 dose escalation study to
| Inhibikase Therapeutics, Inc. | Page 1 of 6 | |||
| 3350 Riverwood Parkway, Suite 1900 | ||||
| Atlanta, GA 30339 | www.inhibikase.com |
evaluate the safety, tolerability and pharmacokinetics in elderly volunteers. Early data from this study has been encouraging and we are shortening the timeline to completion by six or more
months, with an expectation to move into early patient studies this year. We believe that IKT-148009 could be a transformative therapy for millions of Parkinson s patients worldwide. Simultaneously, we
have advanced our oncology clinical candidate, IkT-001Pro, into manufacturing and expect to initiate clinical development early in the third quarter. Our highly dedicated team has exceeded all of our internal
expectations to move these clinical programs forward for the benefit of patients.
Fourth Quarter and Full Year 2020 Financial Review
Net Loss: Net loss for the fourth quarter ended December 31, 2020, was $1.21 million, or $0.15 per share, compared to a net loss of
$0.43 million, or $0.05 per share for the fourth quarter 2019. For the full year ended December 31, 2020, net loss was $2.85 million, or $0.35 per share, compared to a net loss of $5.72 million, or $0.70 per share, for the same
R&D Expenses: Research and development expenses were $0.23 million for the fourth quarter 2020, compared to
$0.27 million for the same period in 2019. For the full year 2020, research and development expenses were $0.89 million, compared to $2.55 million for the same period in 2019. The decrease was primarily driven by a decline in grant
related research expenditures and non-grant related research.
SG&A Expenses: Selling, general and
administrative expenses for the fourth quarter 2020 were $1.14 million compared to $0.39 million for the fourth quarter 2019. For the full year 2020, selling, general and administrative expenses were $2.62 million, compared to
$4.27 million for the same period in 2019. The decrease was primarily related to a non-recurring 2019 charge of $1.59 million of deferred IPO costs in connection with the 2018 abandoned IPO effort
plus net decrease in all other selling, general and administrative expenses of $0.06 million.
Cash Position: Cash and cash equivalents were
$13.95 million as of December 31, 2020.
About Inhibikase (www.inhibikase.com)
Inhibikase Therapeutics, Inc. (NASDAQ: IKT) is a clinical-stage pharmaceutical company developing therapeutics for Parkinson s disease and related
disorders. Inhibikase s multi-therapeutic pipeline focuses on neurodegeneration and its lead program for IkT-148009, an Abelson Tyrosine Kinase (c-Abl) inhibitor, intends to treat Parkinson s disease
inside and outside the brain. Inhibikase is currently performing its Phase I, randomized single ascending dose and multiple ascending dose, study to determine the safety, tolerability and pharmacokinetics of
IkT-148009 in older and healthy subjects. The Company is also advancing a novel drug delivery platform to treat certain forms of cancer at the same time as it is developing novel drugs for the treatment of
neurodegenerative disease. Inhibikase is headquartered in Atlanta, Georgia with offices in Boston, Massachusetts.
Social Media Disclaimer
Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC
filings and public conference calls and webcasts. The company intends to also use Twitter, Facebook, LinkedIn and YouTube as a means of disclosing information about the company, its services and other matters and for
complying with its disclosure obligations under Regulation FD.
The information we post through these social media channels may be deemed material.
Accordingly, we encourage investors and others interested in our company to review the information we make available through these channels. in addition to following the company s press releases, SEC filings and public conference calls and
webcasts. This list may be updated from time to time.
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| 3350 Riverwood Parkway, Suite 1900 | ||||
| Atlanta, GA 30339 | www.inhibikase.com |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
terminology such as believes, expects, may, will, should, anticipates, plans, or similar expressions or the negative of these terms and similar expressions are
intended to identify forward-looking statements. These forward-looking statements are based on Inhibikase s current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause
Inhibikase s actual results to differ materially from those anticipated by the forward-looking statements. One such uncertainty is that positive results from early clinical studies of our product candidates are not necessarily predictive of the
results of later clinical studies and any current and future clinical trials of our product candidates. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth from time to
time in Inhibikase s filings with the SEC, including its annual report on Form 10-K filed on March 31, 2021, including under the caption Risk Factors. Any forward-looking statement in
this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be
required by any applicable securities laws.
Milton H. Werner, PhD
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| 3350 Riverwood Parkway, Suite 1900 | ||||
| Atlanta, GA 30339 | www.inhibikase.com |
Inhibikase Therapeutics, Inc.
| December 31, 2020 | December 31, 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 13,953,513 | $ | 18,457 | ||||
| Prepaid research and development | 774,356 | |||||||
| Prepaid expenses and other current assets | 54,837 | 16,924 | ||||||
| Total | 14,782,706 | 35,381 | ||||||
| Deferred initial public offering costs | 2,873 | |||||||
| Total assets | $ | 14,782,706 | $ | 38,254 | ||||
| Liabilities and stockholders deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,720,680 | $ | 1,001,699 | ||||
| Accrued expenses and other current liabilities | 632,934 | 1,724,141 | ||||||
| Deferred revenue | 2,325,741 | 1,428,636 | ||||||
| Notes payable | 42,534 | 98,419 | ||||||
| Total | 4,721,889 | 4,252,895 | ||||||
| Notes payable, net of current portion | 276,461 | 275,375 | ||||||
| Total liabilities | 4,998,350 | 4,528,270 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders equity (deficit): | ||||||||
| Preferred stock, $0.001 par value; 10,000,000 and 0 shares authorized at December 31, 2020 and 2019; 0 shares issued and outstanding at December 31, 2020 and 2019 | ||||||||
| Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized; 10,050,849 and 8,180,937 shares issued and outstanding at December 31, 2020 and 2019 | 10,051 | 8,181 | ||||||
| Additional paid-in capital | 24,805,929 | 7,685,533 | ||||||
| Accumulated deficit | (15,031,624 | ) | (12,183,730 | ) | ||||
| Total | 9,784,356 | (4,490,016 | ) | |||||
| Total liabilities and stockholders equity (deficit) | $ | 14,782,706 | $ | 38,254 |
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| 3350 Riverwood Parkway, Suite 1900 | ||||
| Atlanta, GA 30339 | www.inhibikase.com |
Inhibikase Therapeutics, Inc.
Statements of Operations
| Year ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenue: | ||||||||
| Grant revenue | $ | 698,468 | $ | 1,122,740 | ||||
| Total revenue | 698,468 | 1,122,740 | ||||||
| Costs and expenses: | ||||||||
| Research and development | 893,802 | 2,552,711 | ||||||
| Selling, general and administrative | 2,623,158 | 4,268,177 | ||||||
| Total costs and expenses | 3,516,960 | 6,820,888 | ||||||
| Loss from operations | (2,818,492 | ) | (5,698,148 | ) | ||||
| Interest expense | (29,402 | ) | (24,835 | ) | ||||
| Net loss | $ | (2,847,894 | ) | $ | (5,722,983 | ) | ||
| Net loss per share basic and diluted | $ | (0.35 | ) | $ | (0.70 | ) | ||
| Weighted-average number of common shares basic and diluted | 8,212,581 | 8,180,937 |
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| 3350 Riverwood Parkway, Suite 1900 | ||||
| Atlanta, GA 30339 | www.inhibikase.com |
Inhibikase Therapeutics, Inc.
Statements of Operations
| Quarter ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenue: | ||||||||
| Grant revenue | $ | 170,416 | $ | 240,276 | ||||
| Total revenue | 170,416 | 240,276 | ||||||
| Costs and expenses: | ||||||||
| Research and development | 226,944 | 267,915 | ||||||
| Selling, general and administrative | 1,144,319 | 394,624 | ||||||
| Total costs and expenses | 1,371,263 | 662,539 | ||||||
| Loss from operations | (1,200,847 | ) | (422,263 | ) | ||||
| Interest expense | (7,139 | ) | (7,747 | ) | ||||
| Net loss | $ | (1,207,986 | ) | $ | (430,010 | ) | ||
| Net loss per share basic and diluted | $ | (0.15 | ) | $ | (0.05 | ) | ||
| Weighted-average number of common shares basic and diluted | 8,286,886 | 8,180,937 |
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| 3350 Riverwood Parkway, Suite 1900 | ||||
| Atlanta, GA 30339 | www.inhibikase.com |