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Sio Gene Therapies Inc. (SIOX) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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SIOX Annual Reports

  • 10-K Annual Report June 2022
  • 10-K Annual Report June 2021

Sio Gene Therapies Inc.

CIK: 1636050 Ticker: SIOX


Exhibit 99.1
sioxa.jpg

Sio Gene Therapies Announces Fiscal Year 2021 Year-End Financial Results

NEW YORK, NY, AND DURHAM, NC, June 14, 2022 (GLOBE NEWSWIRE)
– Sio Gene Therapies Inc. (NASDAQ: SIOX) today provided financial results for its fiscal year ended March 31, 2022.

Fiscal Fourth Quarter Financial Summary

For the fourth fiscal quarter ended March 31, 2022, research and development expenses were $12.6 million, an increase of $4.4 million compared to the prior year quarter. The current period increase was primarily related to increased AXO-AAV-GM1 clinical trial material manufacturing expenses.

General and administrative expenses for the fourth fiscal quarter ended March 31, 2022 were $0.5 million, a decrease of $3.5 million compared to the prior year quarter. $3.4 million of the decrease was stock-based compensation expense primarily associated with a reversal of expense related to certain equity instruments of our affiliate, Roivant Sciences Ltd. ("RSL"), held by our former CEO (the "RSL Equity Instruments"), who resigned in January 2022. Expensing of the RSL Equity Instruments commenced upon the liquidity event vesting condition being met upon the closing of RSL's business combination with Montes Archimedes Acquisition Corp. on September 30, 2021.

The net loss for the fourth fiscal quarter ended March 31, 2022 was $13.3 million, or $0.18 per share, compared to a net loss of $3.3 million, or $0.05 per share, in the prior year quarter.

Fiscal Year Financial Summary

For the fiscal year ended March 31, 2022, research and development expenses were $53.4 million, an increase of $28.5 million compared to the fiscal year ended March 31, 2021. The current period increase was primarily related to (i) a $10.8 million increase in AXO-AAV-GM1 program expenses primarily related to clinical trial material manufacturing expenses (not including a milestone payment disclosed in (iii)), (ii) a $7.0 million increase in AXO-AAV-GM2 program expenses primarily related to non-GMP and GMP manufacturing expenses and clinical trial expenses (not including a milestone payment disclosed in (iii)), (iii) $5.0 million in total milestone payments in the year ended March 31, 2022 under the AXO-AAV-GM1 ($1.5 million), AXO-AAV-GM2 ($1.5 million) and AXO-Lenti-PD ($2.0 million) programs.

General and administrative expenses for the fiscal year ended March 31, 2022 were $18.2 million, an increase of $0.9 million compared to the fiscal year ended March 31, 2021.

The current period increase was primarily related to an increase of $3.9 million of stock-based compensation expense associated with the "RSL Equity Instruments This increase was partially offset by decreases of (i) $1.7 million for rent, depreciation and facility expenses primarily due to the downsizing of our New York office footprint, (ii) $0.7 million for tax, auditing and accounting fees resulting primarily from the simplification of our corporate structure and the domestication of Sio Gene Therapies Inc. from Bermuda to Delaware that was completed in November 2020, and (iii) $0.7 million for stock-based compensation expense unrelated to the RSL Equity Instruments.

The net loss for the fiscal year ended March 31, 2022 was $71.9 million, or $0.98 per share, compared to a net loss of $32.4 million, or $0.62 per share, in the fiscal year ended March 31, 2021.

As of March 31, 2022, we had $63.7 million of cash and cash equivalents. We hold no short-term or long-term debt on the balance sheet.

1

The following information was filed by Sio Gene Therapies Inc. (SIOX) on Tuesday, June 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sio Gene Therapies Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Condensed Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets
Consolidated Statement Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Stockholders??? Equity
Consolidated Statements Of Stockholders??? Equity (Parenthetical)
Accrued Expenses
Accrued Expenses (Details)
Accrued Expenses (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business
Description Of Business (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Reconciliation Of Income Tax Benefit To Statutory Rate (Details)
Income Taxes- Narrative (Details)
Income Taxes- Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes- Summary Of Income Tax Expense By Jurisdiction (Details)
Investment In Arvelle Therapeutics B.V.
Investment In Arvelle Therapeutics B.V. (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Remaining Contractual Rent Obligations (Details)
License And Collaboration Agreements
License And Collaboration Agreements (Details)
Long-Term Debt
Long-Term Debt (Details)
Related Party Transactions
Related Party Transactions (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Unit Activity (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Stock Option, Fair Value Assumptions (Details)
Stockholders??? Equity
Stockholders??? Equity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Concentration Risk (Details)
Summary Of Significant Accounting Policies - Fair Value Of Cash Equivalents (Details)
Summary Of Significant Accounting Policies - Financial Instruments And Fair Value Measurement (Details)
Summary Of Significant Accounting Policies - Going Concern And Management's Plans (Details)
Summary Of Significant Accounting Policies - Net Loss Per Share Of Common Stock (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Ticker: SIOX
CIK: 1636050
Form Type: 10-K Annual Report
Accession Number: 0001636050-22-000035
Submitted to the SEC: Tue Jun 14 2022 7:00:56 AM EST
Accepted by the SEC: Tue Jun 14 2022
Period: Thursday, March 31, 2022
Industry: Pharmaceutical Preparations

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