Ritter Pharmaceuticals Reports Second Quarter 2016 Financial Results and Provides Business Update
August 08 2016 - 7:30AM
Marketwired
Ritter Pharmaceuticals Reports Second Quarter 2016 Financial
Results and Provides Business Update
LOS ANGELES, CA-(Marketwired - Aug 8, 2016) - Ritter
Pharmaceuticals, Inc. (NASDAQ: RTTR) ("Ritter Pharmaceuticals" or
the "Company"), a pharmaceutical company developing novel
therapeutic products that modulate the human gut microbiome to
treat gastrointestinal diseases, today reported financial results
and a business update for the second quarter ended June 30,
2016.
Quarter Highlights
- RP-G28 received method of use patent which covers methods for
treating symptoms associated with lactose intolerance and for
overall improvement in gastrointestinal health expiring in
2030
- Enrollment of Phase 2b/3 clinical trial continues to progress
very well, keeping the company within its stated timeframe of
top-line data in early 2017
"We are pleased with the execution of our Phase 2b/3 trial of
RP-G28 in patients suffering from lactose intolerance. Enrollment
in this 372 patient study has progressed well, demonstrating strong
operational effort by our team and CRO. Interest by patients to
enroll in the trial continues to show a clear need for a safe,
effective, and durable treatment for lactose intolerance," said
Michael D. Step, Chief Executive Officer of Ritter Pharmaceuticals.
"While our trial is ongoing, we continue our efforts to position
the company for long-term value. As previously announced, we were
awarded a method of use patent during the quarter. In total, we are
now protected with 9 patents, providing protection for RP-G28
through 2030. Additionally we continue to evaluate RP-G28 for
additional medical uses and evaluate preclinical and clinical
programs which could offer insight to RP-G28 use in adapting the
microbiome. Lastly, we continue to operate the company in a
financially sound fashion with the ability to fund the company
through our clinical trial results."
Andrew Ritter, President of Ritter Pharmaceuticals, added,
"While there is still work to be done, we are confident in our
ability to complete this trial and report data by early 2017. This
trial consists of a 30-day course of treatment, followed by a
30-day post-treatment evaluation, and therefore can be run in a
relatively short period of time. We are excited to be moving toward
data in this study and look forward to providing results once
available."
Second Quarter 2016 Financial Results
For the second quarter of 2016, Ritter Pharmaceuticals reported
a net loss attributable to common stockholders of approximately
$4.1 million compared to a net loss of approximately $2.3 million
for the second quarter of 2015. Basic and diluted net loss per
share was $0.48 for the three months ended June 30, 2016 compared
to basic and diluted net loss per share of $4.18 for the same
period in 2015.
Research and development expenses totaled approximately $2.9
million for the quarter ended June 30, 2016 versus approximately
$48,000 for comparable period of 2015. This increase was primarily
attributable to the execution of our Phase2b/3 clinical trial.
General and administrative expenses for the second quarter of
2016 were approximately $1.2 million, compared to approximately
$2.0 million for the second quarter of 2015. This decrease was
primarily due to non-recurring expenses related to our IPO in Q2
2015, stock-based compensation expense associated with the IPO,
offset partially by higher employment expense associated with the
clinical trial efforts.
Total operating expenses for the second quarter of 2016 were
approximately $4.2 million, compared to approximately $2.1 for the
previous year period.
As of June 30, 2016, Ritter Pharmaceuticals had cash and cash
equivalents of approximately $10.8 million.
About Ritter Pharmaceuticals
Ritter Pharmaceuticals, Inc. develops novel therapeutic products
that modulate the human gut microbiome to treat gastrointestinal
diseases. The Company is advancing human gut health research by
exploring the metabolic capacity of gut microbiota, and translating
the functionality of these microbiome modulators into safe and
effective applications. Their lead drug candidate, RP-G28, has the
potential to become the first FDA-approved drug for lactose
intolerance, a condition that affects more than one billion people
worldwide.
Forward-Looking Statements
This release may contain forward-looking statements, which
express the current beliefs and expectations of Ritter
Pharmaceuticals' management. Such statements involve a number of
known and unknown risks and uncertainties that could cause the
Company's future results, performance or achievements to differ
significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Any
statements contained herein that do not describe historical facts
are forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
discussed in such forward-looking statements. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
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RITTER PHARMACEUTICALS, INC.
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CONDENSED STATEMENTS OF OPERATIONS
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(Unaudited)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2016
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2015
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2016
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2015
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Operating costs and expenses:
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Research and development
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$
|
2,880,574
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$
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47,977
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$
|
4,763,422
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$
|
79,555
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Patent costs
|
|
|
68,616
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|
|
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50,148
|
|
|
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100,980
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|
|
|
112,423
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General and administrative
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1,206,943
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2,001,706
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2,441,961
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3,304,152
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Total operating costs and expenses
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4,156,133
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2,099,831
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7,306,363
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3,496,130
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Operating loss
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(4,156,133
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)
|
|
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(2,099,831
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)
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(7,306,363
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)
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(3,496,130
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)
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Other income:
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Interest income
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16,661
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2,101
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37,227
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4,305
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Other income
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-
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-
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1,214
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7,091
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Total other income
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16,661
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2,101
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38,441
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11,396
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Net loss
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$
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(4,139,472
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)
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|
$
|
(2,097,730
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)
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$
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(7,267,922
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)
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|
$
|
(3,484,734
|
)
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Cumulative preferred stock dividends
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|
-
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|
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(178,286
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)
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-
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|
|
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(327,569
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)
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Accretion of discount on Series C preferred stock
|
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|
-
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(31,465
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)
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-
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(63,283
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)
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Net loss applicable to common shareholders
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$
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(4,139,472
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)
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|
$
|
(2,307,481
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)
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|
$
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(7,267,922
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)
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$
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(3,875,586
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)
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Net loss per common share - basic and diluted
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$
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(0.48
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)
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$
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(4.18
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)
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$
|
(0.85
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)
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$
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(7.62
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)
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Weighted-average common shares outstanding - basic and
diluted
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8,584,661
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551,912
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8,583,259
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|
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508,645
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|
|
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RITTER PHARMACEUTICALS, INC.
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CONDENSED BALANCE SHEETS
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June 30, 2016
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December 31, 2015
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(unaudited)
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ASSETS
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Current assets
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Cash and cash equivalents
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$
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10,771,639
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$
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15,819,566
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Prepaid expenses
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65,905
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|
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189,136
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Total current assets
|
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10,837,544
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16,008,702
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Other assets
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10,326
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10,326
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Property and equipment, net
|
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26,172
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20,688
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Total Assets
|
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$
|
10,874,042
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$
|
16,039,716
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable
|
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$
|
1,802,655
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|
|
$
|
739,357
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Accrued expenses
|
|
|
932,028
|
|
|
|
614,141
|
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Other liabilities
|
|
|
12,842
|
|
|
|
1,223
|
|
|
|
Total current liabilities
|
|
|
2,747,525
|
|
|
|
1,354,721
|
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Stockholders' equity
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Preferred stock, $0.001 par value; 5,000,000 shares authorized;
0 shares issued and outstanding as of June 30, 2016 and December
31, 2015
|
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|
-
|
|
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|
-
|
|
Common stock, $0.001 par value; 25,000,000 shares authorized;
8,584,661 and 8,582,004 shares issued and outstanding as of June
30, 2016 and December 31, 2015, respectively
|
|
|
8,585
|
|
|
|
8,582
|
|
Additional paid-in capital
|
|
|
42,468,796
|
|
|
|
41,759,355
|
|
Accumulated deficit
|
|
|
(34,350,864
|
)
|
|
|
(27,082,942
|
)
|
|
|
Total stockholders' equity
|
|
|
8,126,517
|
|
|
|
14,684,995
|
|
|
|
|
|
|
|
|
|
|
|
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Total Liabilities and Stockholders' Equity
|
|
$
|
10,874,042
|
|
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$
|
16,039,716
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Contact Information
Contacts Investor Contact: David Burke dburke@theruthgroup.com
(646) 536-7009 Media Contact: Chris Hippolyte
chippolyte@theruthgroup.com 646.536.7023
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