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Applied Molecular Transport Reports Second Quarter 2023 Financial Results

Currently Pursuing Strategic Alternatives, with MTS Health Partners, L.P. Advising the Company

Cash and Cash Equivalents of $22.5 million, as of June 30, 2023

SOUTH SAN FRANCISCO, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a biopharmaceutical company, today reported financial results for the second quarter ended June 30, 2023.

Financial Results for the Second Quarter Ended June 30, 2023

Research and development (R&D) expenses. Total R&D expenses for the second quarter of 2023 were $2.6 million, compared to $22.8 million for the same period in 2022. The overall decrease was attributable to a restructuring of operations, related reductions in workforce implemented in March 2023 and discontinuing all research and development activities.

General and administrative (G&A) expenses. Total G&A expenses for the second quarter of 2023 were $7.0 million, compared to $9.4 million for the same period in 2022. The overall decrease was attributable to a restructuring of operations and related reductions in workforce implemented in March 2023.

Restructuring, impairment, and related charges. Total restructuring, impairment, and related charges for the second quarter of 2023 were $8.1 million, primarily comprised of write offs of right-of-use assets and related leasehold improvements upon the company vacating leased premises for its corporate headquarters and manufacturing warehouse. Restructuring charges for the same period in 2022 were $3.8 million, primarily comprised of severance payments and other employee-related separation costs associated with a reduction in workforce implemented in May 2022.

Net loss. Net loss for the second quarter of 2023 was $17.3 million, compared to $35.9 million for the same period in 2022. Operating expenses for the second quarter of 2023 were $17.7 million and interest income was $0.4 million.

Cash and cash equivalents. As of June 30, 2023, cash and cash equivalents were $22.5 million.

About Applied Molecular Transport Inc.

AMT is a clinical-stage biopharmaceutical company that has a proprietary technology platform that enables the design of novel biologic product candidates in patient-friendly oral dosage forms. The company has completed four Phase 2 clinical trials for its most advanced product candidate, AMT-101.

For additional information on AMT, please visit

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements including statements relating to AMT’s plans, expectations, forecasts and future events. Such forward-looking statements include, but are not limited to, statements regarding the ability of AMT to enter into a strategic transaction and sufficiency of AMT’s cash resources. In some cases, you can identify forward- looking statements by terminology such as “believe,” “estimate,” “intend,” “may,” “plan,” “potentially,” “will,” “expect,” “enable,” “likely” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual events, trends or results could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements based on various factors.   Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in AMT’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”), and AMT’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and AMT assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

Applied Molecular Transport Inc.
Condensed Balance Sheets
(in thousands)

 June 30,
 December 31,
Current assets:   
Cash and cash equivalents$22,457  $61,145 
Prepaid expenses 860   2,688 
Other current assets    186 
Total current assets 23,317   64,019 
Property and equipment, net 39   8,183 
Operating lease right-of-use assets 1,477   33,222 
Finance lease right-of-use assets    584 
Restricted cash    916 
Other assets 127   522 
Total assets$24,960  $107,446 
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$156  $1,583 
Accrued expenses 2,202   8,660 
Lease liabilities, operating lease - current 1,458   4,639 
Lease liabilities, finance lease - current    205 
Total current liabilities 3,816   15,087 
Lease liabilities, operating lease 254   31,228 
Lease liabilities, finance lease    49 
Other liabilities 244   244 
Total liabilities 4,314   46,608 
Commitments and contingencies   
Stockholders’ equity:   
Common stock 4   4 
Additional paid-in capital 431,862   426,804 
Accumulated deficit (411,220)  (365,970)
Total stockholders’ equity 20,646   60,838 
Total liabilities and stockholders’ equity$24,960  $107,446 

Applied Molecular Transport Inc.
Condensed Statements of Operations
(in thousands, except share and per share amounts)

 Three Months Ended
June 30,
 Six Months Ended
June 30,
  2023   2022   2023   2022 
Operating expenses:       
Research and development$2,558  $22,802  $15,546  $54,041 
General and administrative 7,045   9,433   13,797   20,770 
Restructuring, impairment, and related charges 8,129   3,787   16,872   3,787 
Total operating expenses 17,732   36,022   46,215   78,598 
Loss from operations (17,732)  (36,022)  (46,215)  (78,598)
Interest income, net 419   75   998   72 
Other income (expense), net (20)  2   (33)  6 
Net loss$(17,333) $(35,945) $(45,250) $(78,520)
Net loss per share, basic and diluted$(0.44) $(0.93) $(1.15) $(2.03)
Weighted-average shares of common stock outstanding, basic and diluted 39,333,046   38,748,741   39,261,122   38,695,350 
Refer to the Company’s applicable SEC filings for previously reported periods.

Investor Relations and Media Contact:
Alexandra Santos
Wheelhouse Life Science Advisors

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