$AMT Reports Financial Results and Explores Strategic Partnership Options
Mar 9th 2023, 9:11 pm
Analyst Summary: Applied Molecular Transport (AMT), a clinical-stage biopharmaceutical company, reported financial results for the fourth quarter and full year ended December 31, 2022. The company is exploring strategic partnership options to advance AMT-101 for chronic pouchitis, an orphan indication with no FDA-approved products. AMT is evaluating next steps for the company's second clinical asset, AMT-126. AMT-101 is in development in Phase 2 clinical trials for chronic pouchitis and rheumatoid arthritis. It is designed to cross the intestinal epithelial (IE) barrier with limited entry into the bloodstream, focusing on interleukin-10 at the primary site of inflammation in inflammatory bowel disease. Tahir Mahmood, Ph.D., chief executive officer and co-founder of AMT, said, "We remain focused on exploring a strategic partnership to advance AMT-101 for this important indication which has been granted Orphan Drug Designation by the FDA." Cash and cash equivalents decreased from USD 159.8 million in 2021 to USD 61.1 million in 2022 due to the increase in external costs related to clinical trials and personnel-related expenses. AMT's proprietary technology platform allows it to design and advance a multi-product pipeline. The company's lab facilities are located in South San Francisco, CA. However, investors should consider the potential risks that could affect AMT's financial condition, results of operations, and business strategy, including the clinical failure of its product candidates, development time, regulatory approval delays, and high competition.