Business
Unicycive Therapeutics Announces Second Quarter 2021 Financial Results
Completed initial public offering in July 2021 with gross proceeds of $25 million Planned meeting with the U.S. FDA in Q4 2021 to align on Renazorb program
About this update from Unicycive Therapeutics, Inc.
[{"type":"text","content":"Completed initial public offering in July 2021 with gross proceeds of $25 million\n Planned meeting with the U.S. FDA in Q4 2021 to align on Renazorb program\n\n\nLOS ALTOS, Calif., Aug. 16, 2021 /PRNewswire/ -- Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical stage biotechnology company developing therapies for patients with kidney disease, today reported financial results for the second quarter ended June 30, 2021. \n\n \n \n \n \n \n \n\n \n\"With our recent initial public offering, we believe we are now well positioned to advance our pipeline programs for the treatment of kidney diseases,\" said Shalabh Gupta, M.D., Chief Executive Officer. \"Our lead program, Renazorb, is looking to address the challenging treatment burden faced by patients suffering from hyperphosphatemia as a result of their chronic kidney disease. Our preclinical studies are ongoing to support an expedited 505(b)(2) regulatory approval pathway with the U.S. Food and Drug Administration (FDA). We are also advancing UNI-494, our novel small-molecule mitochondrial protectant product candidate for the potential treatment of acute kidney injury and chronic kidney disease, through preclinical studies to support our planned investigational new drug application with the FDA next year.\nWith the recent funding, we look forward to accomplishing numerous milestones for our key programs.\" \nKey Highlights and Upcoming Milestones\nCompleted initial public offering in July 2021 with gross proceeds of $25 million Planned meeting with the U.S. FDA in Q4 2021 regarding alignment on Renazorb program Planned completion of pre-clinical studies with UNI-494 in the first half of 2022Second Quarter 2021 Financial Results\nResearch and development expenses for the second quarter of 2021 were $0.5 million, compared to $0.2 million for the second quarter of 2020. This increase was primarily attributable to stock compensation expense recorded in the current period.\nGeneral and administrative expenses for the second quarter of 2021 were $0.3 million, compared to $0.2 million for the second quarter of 2020. This increase was primarily attributable to increases in accounting and professional services costs in the current period.\nNet loss for the second quarter of 2021 was $1.1 million, or $0.13 per share of common stock, compared to a net loss of $0.3 million, or $0.04 per ...