Inhibikase Therapeutics Reports Full Year 2022 Financial Results and Highlights Recent Period Activity

PR Newswire

BOSTON and ATLANTA, March 31, 2023

BOSTON and ATLANTA, March 31, 2023 /PRNewswire/ -- Inhibikase Therapeutics, Inc. (Nasdaq: IKT) (Inhibikase or Company), a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson's disease ("PD"), Parkinson's-related disorders and other diseases of the Abelson Tyrosine Kinases, today reported financial results for the full year ended December 31, 2022 and highlighted recent developments.

Inhibikase Therapeutics, Inc. Logo (PRNewsfoto/Inhibikase Therapeutics, Inc.)

"2022 was an important year for Inhibikase as we continued to advance and validate our lead asset IkT-148009 in the clinic and through data presentations at several notable scientific and industry conferences. While the FDA clinical hold on our IkT-148009 programs was an unexpected challenge, we were pleased to announce that the FDA lifted the hold on our Parkinson's program in January 2023 and on Multiple System Atrophy, or MSA, in early March, 2023. As such, we are working diligently to restart the Phase 2a '201' clinical trial and have begun planning for the Phase 2 program in MSA," said Dr. Milton H. Werner, President and Chief Executive Office of Inhibikase. "We will continue making progress across our pipeline in 2023. In addition to advancing IkT-148009 in the '201' trial, we expect to complete our '501' bioequivalence study for IkT-001Pro, our prodrug formulation of imatinib mesylate for Stable-Phase Chronic Myelogenous Leukemia. We look forward to providing updates throughout the year as we seek to bring our disease-modifying therapeutics to patients living with neurodegenerative diseases and cancer."

Recent Developments and Upcoming Milestones:

Full Year 2022 Financial Results

Grant Revenue: Grant revenue was $0.1 million for the year ended December 31, 2022 compared to $3.1 million in the prior year. The decrease was due to the Company's primary focus during 2022 being shifted toward advancing our Phase I and II clinical trials which were not submitted for grant revenue.

R&D Expenses: Research and development expenses were $12.0 million for the year ended December 31, 2022 compared to $11.4 million in the year ended December 31, 2021. The increase was primarily due to ongoing non-grant related research and development activities mostly related to the Phase 2a '201' clinical trial.

SG&A Expenses: Selling, general and administrative expenses for the year ended December 31, 2022 were $6.2 million compared to $6.5 million for the year ended December 31, 2021. The decrease was primarily the result of decreased warrant expense of $0.7 million and a decrease of stock-based compensation of $0.5 million partially offset by increased legal fees of $0.4 million, increased regulatory and compliance fees of $0.2 million and a net increase of $0.3 million for other normal operating expenses.

Net Loss: Net loss for the year ended December 31, 2022 was $18.1 million, or $0.72 per share, compared to a net loss of $14.8 million, or $0.81 per share in the year ended December 31, 2021.

Cash Position: Cash, cash equivalents and marketable securities were $23.1 million as of December 31, 2022. This excludes the net proceeds from the $10 million January 2023 concurrent registered direct offering and private placement.  The Company expects that existing cash and cash equivalents will be sufficient to fund operations into the fourth quarter of 2024.

About Inhibikase (
Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing therapeutics for Parkinson's disease and related disorders. Inhibikase's multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program IkT-148009, an Abelson Tyrosine Kinase (c-Abl) inhibitor, targets the treatment of Parkinson's disease inside and outside the brain as well as other diseases that arise from Ableson Tyrosine Kinases. Its multi-therapeutic pipeline is pursuing Parkinson's-related disorders of the brain and GI tract, orphan indications related to Parkinson's disease such as Multiple System Atrophy, and drug delivery technologies for kinase inhibitors such as IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate that the Company believes will provide a better patient experience with fewer on-dosing side-effects. The Company's RAMP™ medicinal chemistry program has identified a number of follow-on compounds to IkT-148009 to be potentially applied to other cognitive and motor function diseases of the brain. Inhibikase is headquartered in Atlanta, Georgia with an office in Lexington, Massachusetts.

Social Media Disclaimer
Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company intends to also use TwitterFacebookLinkedIn and YouTube as a means of disclosing information about the Company, its services and other matters and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans," or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on Inhibikase's current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase's actual results to differ materially from those anticipated by the forward-looking statements, including our ability to successfully conduct clinical trials,  that results in our animal studies may not be replicated in humans and our ability to maintain our Nasdaq listing. Important factors that could cause actual results to differ materially from those in the forward-looking statements include factors that are delineated in our periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. Any forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.


Company Contact:
Milton H. Werner, PhD
President & CEO

Investor Relations:
Alex Lobo
SternIR, Inc.


Inhibikase Therapeutics, Inc.
Consolidated Balance Sheets

December 31,

December 31,


Current assets:

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Stockholders' equity:

Preferred stock, $0.001 par value; 10,000,000 shares
authorized at December 31,2022 and 2021; 0 shares issued
and outstanding at December 31, 2022 and 2021

Common stock, $0.001 par value; 100,000,000 shares
authorized; 25,227,051 and 25,155,198 shares issued and
outstanding at December 31, 2022 and 2021



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Inhibikase Therapeutics, Inc.
Consolidated Statements of Operations and Comprehensive Loss

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