PHILADELPHIA, PA — Vallon Pharmaceuticals, Inc. (NASDAQ: VLON) recently reported its financial results for the quarter ended June 30, 2022, and provided a corporate update.
Second Quarter 2022 Highlights
- Engaged Ladenburg Thalmann & Co. Inc. for an evaluation of strategic alternatives for the Company. The review of strategic alternatives remains ongoing and could include, without limitation, exploring the potential for a possible merger, business combination, investment into the Company, or a purchase, license or other acquisition of assets;
- Successfully completed a registered direct offering for gross proceeds of $3.9 million;
- Reported additional pharmacodynamics (PD) and pharmacokinetics (PK) results from the previously completed SEAL study evaluating the abuse potential of ADAIR; and
- Announced the issuance of a new Japanese patent covering composition of matter and methods of manufacturing for ADAIR.
David Baker, Chief Executive Officer of Vallon, commented, “Over the course of the past quarter we have continued to evaluate strategic alternatives in order to identify the best path forward for the Company. This process has identified a number of promising potential opportunities which we are currently evaluating with support of our advisors and Board of Directors. Additionally, with the $3.9 million of gross proceeds from the registered direct financing and the streamlining of operations, we have provided ourselves with additional capital which we believe will enable us to evaluate viable options to maximize stockholder value going forward.”
Summary of Financial Results for Second Quarter 2022
Net loss was $1.8 million for the quarter ended June 30, 2022.
Research and development expenses were $0.3 million and $1.2 million for the three months ended June 30, 2022 and 2021, respectively. The decrease in research and development expenses was primarily due to a decrease in expenses related to the ADAIR development program.
General and administrative expenses were $1.2 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively. The increase in general and administrative expenses was primarily due to an increase in in public company expense and consulting fees offset by a decrease in personnel and insurance expense.
In May 2022, the Company completed a registered direct offering of 3,700,000 shares of its common stock, at a purchase price of $1.0632 per share, for gross proceeds of $3.9 million. As of June 30, 2022, the Company had cash, cash equivalents and marketable securities of approximately $7.0 million.
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