CINCINNATI, Nov. 10, 2022 (GLOBE NEWSWIRE) — Blue Water Vaccines Inc. (“BWV” or “Blue Water Vaccines” or the “Company”), today announced its financial results for the third quarter ended September 30, 2022 and provided an update on recent business developments and progress. Blue Water Vaccines is a pre-clinical stage biotechnology company developing vaccines against multiple infectious diseases, including acute otitis media (AOM) and pneumonia from Streptococcus pneumoniae colonization, influenza, norovirus, and rotavirus.
“At this moment in time, we do not believe our current valuation reflects our recent performance or our long-term market potential and opportunity,” said Joseph Hernandez, Chairman and Chief Executive Officer of Blue Water Vaccines. “We have made important progress in the development of our programs in recent months, such as expanding the indication of our Streptococcus pneumoniae candidate to include pneumococcal pneumonia based on promising data in mice. This positive momentum, along with our strong cash position of $29.1 million at the end of the third quarter that we believe can fund operations well into 2023, allows us to execute a share repurchase program while continuing to develop our pipeline towards clinical trials.”
Q3 2022 and Recent Corporate Developments
Q3 2022 and Recent Vaccine Candidate Developments
Q3 2022 Financial Highlights
BLUE WATER VACCINES INC. Condensed Balance Sheets |
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September 30, | December 31, | |||||||
2022 | 2021 | |||||||
ASSETS | (Unaudited) | |||||||
Current assets | ||||||||
Cash | $ | 29,136,716 | $ | 1,928,474 | ||||
Prepaid expenses | 703,829 | 234,551 | ||||||
Deferred offering costs | 176,304 | 757,646 | ||||||
Receivable from related party | 34,673 | 152,524 | ||||||
Total current assets | 30,051,522 | 3,073,195 | ||||||
Prepaid expenses, long-term | 66,357 | — | ||||||
Property and equipment, net | 15,934 | 11,502 | ||||||
Deposit | 27,588 | — | ||||||
Total assets | $ | 30,161,401 | $ | 3,084,697 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 834,308 | $ | 582,605 | ||||
Accrued expenses | 3,555,013 | 1,055,515 | ||||||
Contingent warrant liability | 42,056 | — | ||||||
Total current liabilities | 4,431,377 | 1,638,120 | ||||||
Commitments and Contingencies (see Note 7) | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2022 and December 31, 2021 | — | — | ||||||
Series Seed: 0 and 1,150,000 shares designated at September 30, 2022 and December 31, 2021, respectively; 0 and 1,146,138 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively; $0 and $15.4 million aggregate liquidation preference at September 30, 2022 and December 31, 2021, respectively | — | 11 | ||||||
Common stock, $0.00001 par value, 250,000,000 shares authorized at September 30, 2022 and December 31, 2021; 14,689,851 and 3,200,000 shares outstanding at September 30, 2022 and December 31, 2021, respectively | 147 | 32 | ||||||
Additional paid-in-capital | 41,888,452 | 7,403,204 | ||||||
Accumulated deficit | (16,158,575 | ) | (5,956,670 | ) | ||||
Total stockholders’ equity | 25,730,024 | 1,446,577 | ||||||
Total liabilities and stockholders’ equity | $ | 30,161,401 | $ | 3,084,697 |
BLUE WATER VACCINES INC. Condensed Statements of Operations (Unaudited) |
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Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, 2022 |
September 30, 2021 |
September 30, 2022 |
September 30, 2021 |
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Operating expenses | ||||||||||||||||
General and administrative | $ | 2,694,254 | $ | 825,999 | $ | 7,311,243 | $ | 1,326,275 | ||||||||
Research and development | 1,175,480 | 269,925 | 2,924,037 | 887,704 | ||||||||||||
Total operating expenses | 3,869,734 | 1,095,924 | 10,235,280 | 2,213,979 | ||||||||||||
Loss from operations | (3,869,734 | ) | (1,095,924 | ) | (10,235,280 | ) | (2,213,979 | ) | ||||||||
Other income | ||||||||||||||||
Change in fair value of contingent warrant liability | (3,072 | ) | — | (33,375 | ) | — | ||||||||||
Total other income | (3,072 | ) | — | (33,375 | ) | — | ||||||||||
Net loss | $ | (3,866,662 | ) | $ | (1,095,924 | ) | $ | (10,201,905 | ) | $ | (2,213,979 | ) | ||||
Cumulative preferred stock dividends | — | 186,320 | 96,359 | 463,224 | ||||||||||||
Net loss applicable to common stockholders | $ | (3,866,662 | ) | $ | (1,282,244 | ) | $ | (10,298,264 | ) | $ | (2,677,203 | ) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.27 | ) | $ | (0.40 | ) | $ | (0.94 | ) | $ | (0.84 | ) | ||||
Weighted average number of common shares outstanding, basic and diluted | 14,338,379 | 3,200,000 | 10,949,265 | 3,200,000 | ||||||||||||
About Blue Water Vaccines
Blue Water Vaccines Inc. is a biopharmaceutical company focused on developing transformational vaccines to address significant health challenges globally. Headquartered in Cincinnati, OH, the company holds the rights to proprietary technology developed at the University of Oxford, Cincinnati Children’s Hospital Medical Center, and St. Jude Children’s Hospital. The company is developing a universal flu vaccine that will provide protection from all virulent strains in addition to licensing a novel norovirus (NoV) S&P nanoparticle versatile virus-like particle (VLP) vaccine platform from Cincinnati Children’s to develop vaccines for multiple infectious diseases, including norovirus/rotavirus and malaria, among others. Additionally, Blue Water Vaccines is developing a Streptococcus pneumoniae (pneumococcus) vaccine candidate, designed to specifically prevent the highly infectious middle ear infections, known as Acute Otitis Media (AOM), in children. For more information, visit www.bluewatervaccines.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on BWV’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the development of BWV’s vaccine candidates; the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any vaccine under development, there are significant risks in the development, regulatory approval and commercialization of new products. BWV does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in BWV’s Registration Statement on Form S-1, filed with the Securities and Exchange Commission (the “SEC”) on August 29, 2022 and periodic reports filed with the SEC on or after the date thereof. All of BWV’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
Media Contact Information:
Blue Water Media Relations
Telephone: (646) 942-5591
Email: Nic.Johnson@russopartnersllc.com
Investor Contact Information:
Blue Water Investor Relations
Email: investors@bluewatervaccines.com
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