Vyant Bio, Inc. (NASDAQ: VYNT) watched its shares trade flat Monday, as the Cherry Hill, New Jersey-based company released first-quarter financial results.
Vyant is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders, disclosed that in the first quarter of the fiscal year., cash and cash equivalents totaled $16.4 million as of March 31, 2022. The Company implemented two new vehicles to facilitate the raising of additional equity capital at the Company’s option with the finalization of the Lincoln Park Equity line of credit allowing access to raise up to $15 million, as well as signing a $14.5 million ATM with Canaccord Genuity.
The Company’s loss from continuing operations aggregated $4.4 million in the first quarter of 2022 and included non-cash depreciation and amortization as well as stock-based compensation expenses of $98,000 and $278,000, respectively, and one-time severance charges of $437,000.
Discontinuing operations net loss for the March 31, 2022 quarter aggregated $4.8 million and included a non-cash impairment charge of $4.3 million resulting from changed market conditions for contract research organizations from December 31, 2021 to March 31, 2022.
Total revenue from continuing operations increased 49.3%, or $100,000 to $303,000 for the three months ended March 31, 2022, as compared with $222,000 for the three months ended March 31, 2021.
VYNT shares inched up a penny to 67 cents.
