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Sio Gene Therapies Inc. (SIOX) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Sio Gene Therapies Inc.

CIK: 1636050 Ticker: SIOX


Exhibit 99.1
siox1.jpg

Sio Gene Therapies Announces Financial Results for Third Fiscal Quarter Ended December 31, 2020

Company had $81 million of cash and cash equivalents as of December 31, 2020, and expects to receive additional $16 million in cash in 2021 from sale of Arvelle Therapeutics shares
Cash runway expected into the second calendar quarter of 2022

NEW YORK, NY AND RESEARCH TRIANGLE PARK, NC, February 9, 2021 (GLOBE NEWSWIRE)
– Sio Gene Therapies Inc. (NASDAQ: SIOX), a clinical-stage company focused on developing gene therapies to radically transform the lives of patients with neurodegenerative diseases, today provided financial results for its third fiscal quarter ended December 31, 2020.

“In recent months, Sio Gene Therapies has made important progress in advancing its patient-focused mission: harnessing the power of gene therapy to improve the lives of patients living with debilitating CNS diseases,” said Pavan Cheruvu, M.D., Chief Executive Officer of Sio Gene Therapies. “Our AAV-based gene therapies for GM1 gangliosidosis and Tay-Sachs/Sandhoff diseases are the first gene therapy programs to enter clinical trials for each indication, and we have just begun to see evidence of their therapeutic potential. For the AXO-AAV-GM1 program, we presented 6-month follow up data in GM1 gangliosidosis highlighting the potential to preserve functional outcomes, increase enzyme activity, and reduce disease burden for patients and their families. We expect to report 12-month clinical safety and efficacy from the low-dose cohort, as well as biomarker data, in the second half of 2021 while we continue to enroll patients in the high-dose cohort. We have also made significant progress with AXO-AAV-GM2, the first potentially disease-modifying gene therapy for GM2 gangliosidosis, which entered the clinic with dosing of the first infantile (Type 1) patient and will continue enrollment throughout this year.”

Dr. Cheruvu continued, “AXO-Lenti-PD represents the most advanced gene therapy in active clinical development for Parkinson’s disease, with a highly differentiated profile that aims to improve motor function across a broad spectrum of disease progression. We are working collaboratively with our partner, Oxford Biomedica, on the development of a reliable suspension-based manufacturing process to enable scale-up of production and advancement of the clinical program. Oxford Biomedica has initiated the manufacture of GMP batches using this process and we will continue to provide periodic updates on our progress.”

“Our recent rebranding as Sio Gene Therapies, establishment of a Board composed of a majority of independent directors, addition of a leading AAV scientist to our advisory board, expansion of our preclinical research and development capabilities with a new laboratory facility in North Carolina, and extended cash runway, leave us well-positioned to execute across our pipeline. Over the coming year, we intend to continue advancing treatments that have the potential to radically alter the lives of patients while we explore opportunities to augment our existing portfolio of gene therapies.”

Fiscal Third Quarter Financial Summary

For the third fiscal quarter ended December 31, 2020, research and development expenses were $6.4 million, a decrease of $1.9 million compared to the prior year quarter due to a $1.0 million nonrecurring development and regulatory milestone to UMMS achieved in the prior year period for the AXO-AAV-GM2 program. In addition, there were reduced AXO-Lenti-PD program costs of $1.0 million due to lower clinical expenses as the enrollment of Cohort 2 was completed in February 2020, as well as lower manufacturing expenses due to delays in the development of a suspension-based manufacturing process by our partner, Oxford Biomedica.

General and administrative expenses for the third fiscal quarter ended December 31, 2020 were $4.2 million, a decrease of $1.2 million compared to the prior year quarter, primarily due to a reduction in stock-based compensation expense attributable to reduced headcount and lower grant date fair values per share for equity awards, as well as reduced outside legal costs.

The net loss for the third fiscal quarter ended December 31, 2020 was $10.5 million, or $0.20 per share, compared to a net loss of $14.0 million, or $0.62 per share, in the prior year quarter.


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The following information was filed by Sio Gene Therapies Inc. (SIOX) on Tuesday, February 9, 2021 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Operations (Parenthetical)
Condensed Consolidated Statements Of Stockholders??? Equity
Condensed 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)
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 License And Collaboration Agreements (Details)
Long Term Debt
Long Term Debt (Details)
Related Party Transactions
Related Party Transactions (Details)
Stock-Based Compensation
Stock-Based Compensation (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 - Money Market Fund (Details)
Summary Of Significant Accounting Policies - Narrative (Details)

Material Contracts, Statements, Certifications & more

Sio Gene Therapies Inc. provided additional information to their SEC Filing as exhibits

Ticker: SIOX
CIK: 1636050
Form Type: 10-Q Quarterly Report
Accession Number: 0001636050-21-000018
Submitted to the SEC: Tue Feb 09 2021 9:41:08 AM EST
Accepted by the SEC: Tue Feb 09 2021
Period: Thursday, December 31, 2020
Industry: Pharmaceutical Preparations

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