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Sio Gene Therapies Inc. (SIOX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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Sio Gene Therapies Inc.

CIK: 1636050 Ticker: SIOX


Exhibit 99.1
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Sio Gene Therapies Announces Fiscal First Quarter 2022 Financial Results

Strong cash position with $54.8 million of cash and cash equivalents as of June 30, 2022, expected to provide cash runway beyond August 2023

NEW YORK, NY AND DURHAM, NC, August 11, 2022 (GLOBE NEWSWIRE) – Sio Gene Therapies Inc. (NASDAQ: SIOX) today provided financial results for its fiscal first quarter ended June 30, 2022.

“Our financial results show the beneficial effects on operating expenses and cash resulting from the termination of the licenses to our three clinical-stage programs and the significant headcount reduction initiated in April. The winddown process of these programs will soon be concluded but the process will continue as we reduce our real estate footprint. We have been working closely with the University of Massachusetts and the National Human Genome Research Institute to provide for a smooth transition of the GM1 and GM2 programs. We are also continuing to actively pursue strategic alternatives that could deploy our cash for better returns to our stockholders,” said David Nassif, J.D., Chief Executive Officer of Sio Gene Therapies.

Fiscal First Quarter Financial Summary

For the fiscal first quarter ended June 30, 2022, research and development expenses were $5.5 million, a decrease of $2.5 million compared to the fiscal first quarter ended June 30, 2021. The current period increase was primarily related to decreases in:

(i) program-specific costs relating to our prior AXO-Lenti-PD and AXO-AAV-GM1 and AXO-AAV-GM2 programs, which decreased $0.5 million as we began winding down clinical-stage programs subsequent to our termination of the Oxford Agreement and the UMMS Agreement; and

(ii) unallocated internal costs, which decreased $2.0 million primarily due to reductions in personnel-related and stock-based compensation costs after announcing the discontinuation of clinical-stage programs and initiating a significant reduction in workforce in April 2022. Costs incurred during the quarter ended June 30, 2022 included $0.6 million of severance expense.

General and administrative expenses for the fiscal first quarter ended June 30, 2022 were $3.0 million, a decrease of $0.9 million compared to the fiscal first quarter ended June 30, 2021, primarily due to decreases of $0.6 million in stock-based compensation expense and $0.5 million in personnel-related expenses, both related to the workforce reduction that commenced in April 2022, partially offset by an increase of $0.3 million in professional fees primarily due to legal fees related to potential strategic alternatives.

The net loss for the fiscal first quarter ended June 30, 2022 was $8.4 million, or $0.11 per share, compared to a net loss of $11.9 million, or $0.16 per share, in the fiscal first quarter ended June 30, 2021.

As of June 30, 2022, we had $54.8 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 Thursday, August 11, 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-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:

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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: 0001636050-22-000040
Submitted to the SEC: Thu Aug 11 2022 7:03:14 AM EST
Accepted by the SEC: Thu Aug 11 2022
Period: Thursday, June 30, 2022
Industry: Pharmaceutical Preparations

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