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Angion Biomedica (ANGN)

Angion Biomedica Corp. is committed to transforming the treatment paradigm for patients suffering from acute organ injuries and fibrotic diseases for which there are no approved medicines or where existing approved medicines have limitations. Angion’s lead product candidate, ANG-3777, is a hepatocyte growth factor (HGF) mimetic currently being evaluating in a Phase 3 registration trial for delayed graft function in patients undergoing deceased donor kidney transplantation, a Phase 2 trial in cardiac-surgery associated acute kidney injury, and a Phase 2 trial in patients with COVID-19 related pneumonia at high risk for acute respiratory distress syndrome. Angion is also currently evaluating ANG-3070, a tyrosine kinase receptor inhibitor for the treatment of fibrotic disease, in Phase 1. Additionally, Angion has preclinical programs for a rho kinase 2 (ROCK2) inhibitor and a CYP11B2 (aldosterone synthase) inhibitor.

ANGN stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$14.75
Low target
$1.50
High target
$28.00
Stifel
Downgraded
Hold
$1.50
30 Jun 22
HC Wainwright & Co.
Maintains
Buy
$28.00
23 May 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

15 May 22
15 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 73M 73M 73M 73M 73M 73M
Cash burn (monthly) 5.25M 4.79M 4.83M 2.82M 5.22M 4.65M
Cash used (since last report) 23.6M 21.52M 21.7M 12.68M 23.45M 20.88M
Cash remaining 49.4M 51.49M 51.3M 60.32M 49.55M 52.13M
Runway (months of cash) 9.4 10.8 10.6 21.4 9.5 11.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 22 Itzhak Goldberg Common Stock Payment of exercise Dispose F No No 1.12 32,082 35.93K 1,687,986
9 Jun 22 Karen J Wilson Common Stock Common Stock Grant Acquire A No No 1.73 15,000 25.95K 15,000
9 Jun 22 Gilbert S Omenn Common Stock Common Stock Grant Acquire A No No 1.73 15,000 25.95K 15,000
9 Jun 22 Ganzi Victor F Common Stock Common Stock Grant Acquire A No No 1.73 15,000 25.95K 15,000
9 Jun 22 Allen Nissenson Common Stock Common Stock Grant Acquire A No No 1.73 15,000 25.95K 15,000
33.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 47 53 -11.3%
Opened positions 6 18 -66.7%
Closed positions 12 13 -7.7%
Increased positions 7 14 -50.0%
Reduced positions 19 8 +137.5%
13F shares Current Prev Q Change
Total value 49.09M 55.33M -11.3%
Total shares 9.95M 10.43M -4.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Vifor 2M $35.88M 0.0%
Eisa-abc 1.72M $0 0.0%
Nantahala Capital Management 1.17M $2.49M -7.4%
BVF 1.07M $2.27M 0.0%
BLK Blackrock 1.01M $2.14M -1.3%
Vanguard 634.84K $1.35M -29.7%
CM Management 450K $954K +302.6%
Geode Capital Management 245.88K $521K +9.4%
Renaissance Technologies 223.7K $474K +17.1%
STT State Street 205.49K $436K -9.4%
Largest transactions Shares Bought/sold Change
CM Management 450K +338.22K +302.6%
Vanguard 634.84K -268.29K -29.7%
Russell Investments 0 -248.09K EXIT
Bridgeway Capital Management 125K +125K NEW
Nantahala Capital Management 1.17M -93.87K -7.4%
Two Sigma Investments 10.73K -83.21K -88.6%
Millennium Management 0 -62.64K EXIT
Jacobs Levy Equity Management 0 -45.24K EXIT
Two Sigma Advisers 0 -41.8K EXIT
Valeo Financial Advisors 63.66K +40.01K +169.2%

Financial report summary

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Risks
  • We are a clinical-stage biopharmaceutical company with no products approved for sale and we have not generated any product revenue to date, which makes it difficult to assess our future viability.
  • To achieve our goals we will require substantial additional funding, for which capital may not be available to us on acceptable terms, or at all, and, if not so available, may require us to delay, limit, reduce or cease our clinical trials or operations.
  • COVID-19 could adversely impact our business, including our clinical trials and financial condition.
  • Product development and regulatory approval involve a lengthy and expensive process with uncertain outcomes. We cannot be certain ANG-3070 or any of our other product candidates will receive or maintain regulatory approval and, without regulatory approval, we and our collaborators will not be able to market our product candidates.
  • Delays or difficulties in the commencement, enrollment and completion of clinical trials could result in increased costs to us and delay or limit our ability to obtain regulatory approval for ANG-3070 and our other product candidates.
  • Clinical failure can occur at any stage of clinical development, and the results of earlier clinical trials are not necessarily predictive of future results.
  • Our clinical trials could be disrupted by the uncertainty of war due to the aggressive actions taken by Russia which, if this occurs, could delay our ability to complete our clinical trials.
  • Even if we successfully complete ongoing and planned clinical trials of one or more of our product candidates, the product candidates may fail for other reasons.
  • Our product candidates may have undesirable side effects which may delay or halt clinical development or prevent marketing approval or, if approval is received, require them to be taken off the market, require them to include safety warnings, or otherwise limit their sales.
  • Clinical trials of our product candidates may not uncover all possible adverse effects patients may experience or be indicative of the effect of our product candidates post approval in the general population.
  • Due to the significant resources required for the development and commercialization of our product candidates, we must prioritize development of certain product candidates and/or certain disease indications. We may expend our limited resources on product candidates or indications that do not yield a successful product and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • Our business operations and current and future relationships with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers will be subject to applicable healthcare regulatory laws, which could expose us to penalties.
  • Recently enacted and future legislation may increase the difficulty and cost for us to obtain marketing approval for and commercialize our product candidates and affect the prices we may obtain.
  • We rely on single-source third party contract manufacturing organizations to manufacture and supply our product candidates, and if the FDA or foreign regulatory authorities do not approve these manufacturing facilities or if these organizations fail to perform, our ability to conduct clinical trials and obtain regulatory approval our product candidates may be harmed.
  • Changes in structure of or funding for the FDA and other government agencies could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new products and services from being developed in a timely manner, which could negatively impact our business.
  • We have conducted and may continue to conduct future clinical trials outside of the United States. The FDA and other regulatory authorities may not accept data from such trials, in which case our development plans will be delayed, which could materially harm our business.
  • If manufacturers obtain approval for generic versions of our products or product candidates, our business will be materially harmed.
  • If we are able to develop and obtain regulatory approval for any of our product candidates, our business will be materially harmed if we are unable to successfully commercialize such approved products.
  • Our existing collaborations as well as additional collaboration arrangements we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our product candidates.
  • If we fail to develop market opportunities for ANG-3070 or any future products, or market opportunities are smaller than we believe they are, our potential to generate revenue may be adversely affected, and our business may suffer.
  • We face competition from other biotechnology and pharmaceutical companies and our operating results will suffer if we fail to compete effectively.
  • We currently depend on single third-party suppliers for the manufacture and supply of drug substance and potential future commercial product supplies for our product candidates, and any performance failure on the part of our supplier could delay the development and potential commercialization of our product candidates.
  • We depend on third-party contractors for a substantial portion of our operations and may not be able to control their work as effectively as if we performed these functions ourselves. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may be unable to obtain regulatory approval for or commercialize our product candidates, if approved.
  • We will need to maintain a good relationship with our employees to maintain our operations. A deterioration in our relationships with our employees could have an adverse impact on our business.
  • We may not be able to manage our business effectively if we are unable to attract and retain key personnel and consultants.
  • We expect a number of factors to cause our operating results to fluctuate on a quarterly and annual basis, which may make it difficult to predict our future performance.
  • We face potential product liability exposure, and if successful claims are brought against us, we may incur substantial liability for a product candidate and may have to limit its commercialization.
  • Our insurance policies are expensive and only protect us from some business risks, which will leave us exposed to significant uninsured liabilities.
  • Under the terms of the government grant funding we have received, the government may compel us to license to a third party, or suspend, terminate or withhold grant funding.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Any claims relating to improper handling, storage or disposal of hazardous materials used in our business could be costly and delay our research and development efforts.
  • It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position and potential regulatory exclusivity do not adequately protect our product candidates, others could compete against us more directly, which would harm our business, possibly materially.
  • If we do not obtain protection under the Hatch-Waxman Act and similar legislation outside of the United States by extending the patent terms and obtaining data exclusivity for our product candidates, our business may be materially harmed.
  • Any trademarks we may obtain may be infringed or successfully challenged, resulting in harm to our business.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.
  • We may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from commercializing or increase the costs of commercializing our product candidates.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Our stock price may be volatile and you may not be able to resell shares of our common stock at or above the price you paid.
  • An active, liquid and orderly market for our common stock may not be sustained.
  • If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price may decline.
  • We identified material weaknesses in our internal control over financial reporting and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate any material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.
  • We are an “emerging growth company” and as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common stock may be less attractive to investors.
  • We have completed and may in the future complete related party transactions that were not and may not be conducted on an arm's length basis.
  • Provisions in our charter documents and under Delaware law could discourage a takeover stockholders may consider favorable and may lead to entrenchment of management.
  • Our amended and restated certificate of incorporation and amended and restated bylaws provide for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.
  • Our business could be affected by litigation, government investigations and enforcement actions.
  • Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements and insider trading.
  • If we engage in an acquisition, reorganization or business combination, we will incur a variety of risks potentially adversely affecting our business operations or our stockholders.
  • Security breaches, cyber-attacks, or other disruptions or incidents could expose us to liability and affect our business and reputation.
  • The occurrence of natural disasters, including a tornado, an earthquake, or fire, or any material failure, weakness, interruption, cyber-attack, security incident, war or any other catastrophic event, could disrupt our operations or the operations of third parties who provide vital support functions to us, which could have a material adverse effect on our business, results of operations, and financial condition.
  • We are subject to numerous and varying data privacy and security laws, regulations and standards, and our failure to comply could result in penalties and reputational damage.
  • U.S. tax legislation and future changes to applicable U.S. tax laws and regulations may have a material adverse effect on our business, financial condition and results of operations.
  • We may be subject to claims our employees have wrongfully used or disclosed alleged trade secrets of their former employers. If we are not able to adequately prevent disclosure of trade secrets and other proprietary information, the value of our technology and products could be significantly diminished.
  • The laws of some foreign countries do not protect proprietary rights to the same extent as do the laws of the United States, and we may encounter significant problems in securing and defending our intellectual property rights outside the United States.
Management Discussion
  • Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  • You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2021. In addition to the historical financial information, this discussion contains forward-looking statements involving risks, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions, forecasts and projections. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under the section of this Quarterly Report on Form 10-Q titled “Risk Factors,” which you should carefully to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled “Forward-Looking Statements” at the beginning of this report.
  • We are a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address chronic and progressive fibrotic diseases. Our goal is to transform the treatment paradigm for patients suffering from these potentially life-threatening conditions for which there are no approved medicines or where existing approved medicines have limitations. Our lead product candidate, ANG-3070, is a highly selective oral tyrosine kinase receptor inhibitor (TKI) in development as a treatment for fibrotic diseases, particularly in the kidney and lung. Enrollment is ongoing in “JUNIPER,” a dose-finding Phase 2 trial of ANG-3070 in primary proteinuric kidney diseases (PPKD) and we expect to file an IND in idiopathic pulmonary fibrosis (IPF) by the end of 2022. We are also continuing to develop our preclinical programs. Our ROCK2 program is targeted towards the treatment of fibrotic diseases. Our CYP11B2 program is targeted towards diseases related to aldosterone synthase dysregulation.

Content analysis

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Positive
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