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Brooklyn ImmunoTherapeutics (BTX)

Brooklyn is focused on exploring the role that cytokine-based therapy can have in treating patients with cancer, both as a single agent and in combination with other anti-cancer therapies. The company is also exploring opportunities to advance therapies using leading edge gene editing/cell therapy technology through its option agreements with Factor Bioscience and Novellus. Brooklyn’s most advanced program is studying the safety and efficacy of IRX-2 in patients with head and neck cancer. In a Phase 2A clinical trial in head and neck cancer, IRX-2 demonstrated an overall survival benefit. Additional studies are either underway or planned in other solid tumor cancer indications.

Company profile

Ticker
BTX
Exchange
Website
CEO
Allen Wolff
Employees
Incorporated
Location
Fiscal year end
Former names
NTN BUZZTIME INC, NTN COMMUNICATIONS INC
SEC CIK
Subsidiaries
Brooklyn ImmunoTherapeutics, LLC ...
IRS number
311103425

BTX stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 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 Dec 19 Dec 18
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) 19.41M 19.41M 19.41M 19.41M 19.41M 19.41M
Cash burn (monthly) 1.36M 2.56M 4.63M 9.91M 1.33M 1.89M
Cash used (since last report) 1.95M 3.67M 6.63M 14.18M 1.91M 2.71M
Cash remaining 17.45M 15.74M 12.78M 5.22M 17.5M 16.7M
Runway (months of cash) 12.8 6.1 2.8 0.5 13.1 8.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Aug 22 Matthew Angel Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 2,487,003 1.22M 2,487,003
1 Aug 22 Charles Cherington Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 165,800 81.24K 165,800
1 Aug 22 Charles Cherington Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 215,100 105.4K 215,100
1 Aug 22 Gregory Fiore Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 165,800 81.24K 165,800
1 Aug 22 Gregory Fiore Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 95,100 46.6K 95,100
1 Aug 22 William A. Wexler Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 165,800 81.24K 165,800
1 Aug 22 William A. Wexler Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 152,100 74.53K 152,100
1 Aug 22 Nicholas Jason Singer Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 165,800 81.24K 165,800
1 Aug 22 Nicholas Jason Singer Stock Option Common Stock, par value $0.005 per share Grant Acquire A No No 0.49 146,100 71.59K 146,100
0.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 2 1 +100.0%
Opened positions 1 0 NEW
Closed positions 0 1 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 455K 308K +47.7%
Total shares 153.63K 81.83K +87.7%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
NILE BitNile 81.83K $308K 0.0%
Eagle Asset Management 71.8K $147K NEW
Largest transactions Shares Bought/sold Change
Eagle Asset Management 71.8K +71.8K NEW
NILE BitNile 81.83K 0 0.0%

Financial report summary

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Competition
UPSHOW
Risks
  • We have a limited operating history and have never generated any product revenue.
  • We may not be successful in our efforts to identify and acquire or in-license additional product candidates, or to enter into collaborations or strategic alliances for the development and commercialization of any such future product candidates.
  • We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • International expansion of our business exposes us to business, legal, regulatory, political, operational, financial and economic risks associated with conducting business outside of the United States.
  • If we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • We expect to incur significant losses for the foreseeable future and may never achieve or maintain profitability.
  • We own only a 25% interest in NoveCite, Inc., and that interest may be diluted unless we invest additional funds.
  • We may not generate the expected benefits of our Acquisition and it could disrupt our ongoing business, distract our management and increase our expenses.
  • We may acquire businesses, assets or products, or form strategic alliances, in the future, and we may not realize the benefits of such acquisitions.
  • We will require substantial additional capital to fund our operations, and if we fail to obtain the necessary financing, we may not be able to complete the development and commercialization of any of our product candidates.
  • Raising additional funds by issuing equity securities may cause dilution to existing holders, raising additional funds through debt financings may involve restrictive covenants, and raising funds through lending and licensing arrangements may restrict our operations or require us to relinquish proprietary rights.
  • We face business disruption and related risks resulting from the pandemic of the novel coronavirus (COVID-19), which could have a material adverse effect on our business plan.
  • Our business and operations would suffer in the event of system failures, cyber-attacks or a deficiency in our cyber-security.
  • We are substantially dependent on the success of our internal development programs and our product pipeline candidates may not successfully complete clinical trials, receive regulatory approval or be successfully commercialized.
  • Conducting pre-clinical studies in animals and clinical studies in humans is a lengthy, time-consuming, and expensive process. In order to obtain FDA approval to market a new pharmaceutical product, we must demonstrate proof of safety and efficacy of the product. We cannot be certain that our clinical trials for our product candidates will be successful or that any of our product candidates will receive approval from the FDA, the EMA or any other comparable regulatory authority.
  • Results of preclinical studies and early clinical trials may not be predictive of results of future clinical trials.
  • Clinical studies required for our product candidates may involve combination with other products which may result in unpredictable outcomes
  • We may find it difficult to enroll patients in our clinical trials, which could delay or prevent us from proceeding with clinical trials of our product candidates.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
  • Our current or future product candidates may cause undesirable side effects or have other properties when used alone or in combination with other approved products or investigational new drugs that could halt their clinical development, prevent their marketing approval, limit their commercial potential or result in significant negative consequences.
  • Because our gene-editing and cell therapy product candidates are based on novel technologies, we cannot assure that we will be successful, or predict the related cost and time we will spend, in initiating, conducting and completing clinical development, and obtaining the necessary regulatory and reimbursement approvals, required for commercialization.
  • Gene editing product candidates we may develop based on our license agreements with Factor and Novellus are based on new technology, which makes it difficult to predict the time and cost of development and of subsequently obtaining regulatory approval, if we are able to obtain such approval.
  • We are subject to extensive and costly government regulation.
  • Changes in marketing approval policies during the development period, changes in or the enactment or promulgation of additional statutes, regulations or guidance or changes in regulatory review for each submitted product application, may cause delays in the approval or rejection of an application.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business.
  • Any fast-track designation or grant of priority review status by the FDA may not actually lead to a faster development or regulatory review or approval process, nor will it assure FDA approval of our product candidates. Additionally, our product candidates may treat indications that do not qualify for priority review vouchers.
  • Orphan Drug Designation and Fast Track Designation may not actually lead to a faster review process.
  • Obtaining and maintaining marketing approval of our current and future product candidates in one jurisdiction does not mean that we will be successful in obtaining marketing approval of our current and future product candidates in other jurisdictions.
  • Healthcare legislative reform measures and constraints on national budget social security systems may have a material adverse effect on our business and results of operations.
  • We may be unable to successfully scale up manufacturing of IRX-2 or newer gene editing or cellular products in sufficient quality and quantity, which may delay or prevent us from commercializing the product even if approved for marketing by the FDA or other regulatory agencies.
  • Even if we are able to commercialize any product candidate that we may develop, the product may become subject to unfavorable pricing regulations, third-party payor reimbursement practices or healthcare reform initiatives that could harm our business.
  • If we are unable to develop our sales, marketing and distribution capability on our own or through collaborations with marketing partners, we will not be successful in commercializing our product candidates.
  • The market opportunities for any current or future product candidate we develop, if and when approved, may be limited to those patients who are ineligible for established therapies or for whom prior therapies have failed, and therefore may be small.
  • We face significant competition and if our competitors develop and market products that are more effective, safer or less expensive than the product candidates we develop, our commercial opportunities will be negatively impacted.
  • If we fail to maintain orphan drug exclusivity for IRX-2 or we fail to obtain or maintain such exclusivity for any future product candidate we may license, our competitors may sell products to treat the same conditions, and our revenues would be significantly adversely affected.
  • The commercial success of any current or future product candidate will depend upon the degree of market acceptance by physicians, patients, payors and others in the medical community.
  • We or our affiliates’ employees, independent contractors, principal investigators, consultants, commercial collaborators, service providers and other vendors or potential collaborators may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could harm the results of our operations.
  • We rely, and expect to continue to rely, on third parties to conduct our clinical studies, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such studies.
  • We may seek to enter into collaborations with third parties for the development and commercialization of our product candidates. If we fail to enter into such collaborations, or such collaborations are not successful, we may not be able to capitalize on the market potential of IRX-2 or any other product we may acquire or in-license.
  • If we are unable to obtain and maintain patent and other intellectual property protection for our products and product candidates, or if the scope of the patent and other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products and product candidates may be adversely affected.
  • Issued patents covering our products and product candidates could be found invalid or unenforceable if challenged in court or in administrative proceedings. We may not be able to protect our trade secrets in court.
  • Obtaining and maintaining 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.
  • If we do not obtain patent term extension and data exclusivity for our products and product candidates, our business may be materially harmed.
  • Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products and product candidates.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We may be subject to claims by third parties asserting that our employees or we have misappropriated their intellectual property or claiming ownership of what we regard as our own intellectual property.
  • We may become involved in lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our marks of interest and our business may be adversely affected.
Management Discussion
  • For the three and six months ended June 30, 2022, our research and development expenses decreased primarily due to a $4.0 million license fee paid in 2021 to Factor and Novellus, Ltd. (the “Licensors”) under the exclusive license agreement with the Licensors, as well as due to a decrease in clinical trial and other miscellaneous expense, offset by increased stock compensation expense due to increased equity awards granted during 2022, as compared to equity awards granted in 2021, and increased payroll expense due to increased headcount, as well as increased severance expense when compared to the same periods in 2021.
  • In January 2022, we completed a reduction in our workforce involving eight research and development employees.  As a result, we incurred approximately $0.5 million for severance and termination-related costs, which we recorded during the first quarter of 2022. In June 2022, we made the decision to consolidated our research and development in Cambridge, Massachusetts, and as a result, we accrued approximately $0.1 million for severance and termination-related costs for certain employees in the San Diego, California location.
  • The increase in general and administrative expense for the three and six months ended June 30, 2022 was primarily related to increased headcount as well as severance expense for certain employees, including our former Chief Executive Officer, who resigned effective May 26, 2022.  We also recognized a non-cash impairment charge on our San Diego, California right-of-use (“ROU”) operating lease asset due to our intent to consolidate our research and development activities in Cambridge, Massachusetts and to sublease the San Diego, California facility.  Other increases include premiums for public company insurance policies, non-cash stock-based compensation expense due to increased equity awards, increased other expenses, net, primarily due to legal-related matters, and losses on the disposal of fixed assets when compared to the same periods in 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: admission, begun, biologic, clarify, conspiracy, cytotoxic, diagnosed, driven, EFS, endpoint, enrichment, externally, facility, fifty, Hazard, hematologic, hundred, illustrative, immaterial, inhibitor, intent, Interval, ITT, IVA, Labor, Lastly, Leonard, location, Mazur, median, merit, Minimum, organizational, overcoming, Paul, predefined, proceeded, radiation, receipt, resume, satisfy, Sowyrda, sponsored, step, Suffolk, unjust, withheld, withholding, Zelickson
Removed: approved, area, asserting, assessing, began, bone, building, carefully, chronic, combined, covering, decline, degree, dismissal, engineered, enjoining, escalation, Europe, exercising, expand, failure, fractional, guide, iMSC, incentive, inflammation, influenced, inhibiting, injunction, injunctive, Japan, long, lose, marrow, monogenic, negative, nonqualified, NYSE, obtaining, occur, oncology, opposed, permanent, program, qualifying, reclassified, recovery, relief, reply, respond, Secretary, sharing, significantly, stromal, supporting, synthetic, Truell, unedited, varying, viable, volatility, withdrawing

Patents

Utility
Interactive Gaming Via Mobile Playmaker
18 Feb 21
A gaming system, comprising a site server configured to provide game instances to local gaming devices in communication with the site server, a monitor for displaying video information related to the game instances, a central server configured to provide information about the availability of a game to players using local gaming devices in proximity of the site server, provide information about the availability of the game to one of the mobile telephones over the wide-area wireless network, receive, from the one or more mobile telephones, an indication of a selected game offered by the central server, and relay game instances between the site server and the one or more mobile telephones as the selected game is being played by players using the local gaming devices and players using the one or more mobile telephones via the wide-area wireless network.
Utility
Interactive gaming via mobile playmaker
2 Nov 20
Systems and techniques relating to interactive gaining are described.
Utility
Retainer for thrust bearing and thrust bearing
7 Oct 19
To provide a retainer for a thrust bearing, which is to be assembled and decomposed regularly for being washed, having superior ball retaining performance itself and being attached and detached easily, and a thrust bearing having the retainer.
Utility
Device for estimating service life and method for estimating service life of rolling bearing
7 Oct 19
The lifetime estimation device for a rolling bearing includes a buildup height estimation unit operable for estimating the buildup height of the indentation from a rolling surface from the depth of an indentation or the indentation size in accordance with a predetermined rule; and a lifetime estimation unit for estimating the service life of the rolling bearing in accordance with a rule stipulated according to the relationship between the estimated buildup height of the indentation and the rate of reduction of the rolling fatigue life and a dynamic equivalent load.
Utility
Bearing Device for Vehicle Wheel
2 Oct 19
A bearing device 1 for a vehicle wheel, wherein an annular weir part 20 is provided on the outer periphery of an outer-side end part of an outer member 2, the annular weir part 20 having the rotation axis L of an inner member 3 as a center, the weir part 20 having a shape that is asymmetrical between the upper side Us and the lower side Ls of the outer member 2, and the weir part 20 being inclined farther toward the inner side the more a weir wall surface 20a faces outward in the radial direction in a part or all of the upper side Us.