Chief exec hails productive year for listed pharma business
Leeds-based pharmaceutical company, 4D Pharma, has reported a pre-tax loss of £57.5m (2020: £30.3m loss) in its results for the full year ending December 31, 2021.
Total revenues for the period were £522,000 (2020: £534,000). The company had cash and cash equivalents of £15.5m as of 31 December 2021 (2020: £8.8m).
4D Pharma is developing drugs that target the human microbiome – the bacterial ecosystem that resides mainly in the gut. It is developing treatments for Parkinson’s, cancer, gastrointestinal and respiratory ailments, and autoimmune diseases.
Duncan Peyton, chief executive officer, said: “2021 was a productive year for 4D pharma. We reported promising signals in the clinic from our lead candidates in immuno-oncology and inflammatory disease, and entered into our second clinical collaboration in oncology, further validating the potential for single strain Live Biotherapeutics to treat systemic disease and the MicroRx platform.
“Additionally, we completed the merger with Longevity Acquisition Corporation which led to 4D pharma being listed on the NASDAQ exchange, providing us access and visibility across the US capital markets.”
The company’s financial outlook states: “We have financed our operations to date primarily through proceeds from issuing our ordinary shares.
“We have incurred losses and generated negative cash flows from operations since inception. To date we have not generated significant revenue, and do not expect to generate significant revenues from the sale of our product candidates in the near future.”
4D Pharma says it should have enough cash to fund its projected operating requirements until the fourth quarter of 2022, but notes its directors are continuing to explore sources of finance.
Its outlook adds: “Because the additional finance is not committed at the date of approval of these financial statements, these circumstances represent a material uncertainty as to the Group’s ability to continue as a going concern.
“We currently anticipate we will require approximately £20.4m for research and development activities over the course of the next 18 months based on the execution of existing programs but also dependent on exchange rates.
“We also anticipate we will require approximately £13.7m for general and administrative costs over such 18-month period, which consists primarily of expenditures for staff costs, legal and other professional fees and other administrative expenses.”
