Vyant Bio (NASDAQ:VYNT) Inc said it ended its 2021 financial year with a beefed-up cash balance of $20.6 million to help the biotechnology company pursue its development of drugs for complex neurodevelopmental and neurodegenerative disorders.
The company is focused primarily on the discovery of small molecule therapeutics to treat neurodevelopmental and neurodegenerative diseases for Rett Syndrome, CDKL5 Deficiency Disorder, and familial Parkinson's Disease.
For the year ended December 31, 2021, New Jersey-based Vyant Bio reported $1.1 million in revenue compared with $867,000 in 2020.
READ: Vyant Bio enters collaboration with OrganoTherapeutics to find treatments for Parkinson's Disease
During the year, Vyant streamlined its business focus by divesting its wholly-owned subsidiary vivoPharm, exiting the contract research services business to focus on drug discovery.
The company told shareholders that most of its revenue from continuing operations was generated from its Maple Grove facility.
“As we move this facility to internal research and development activities in 2021, the costs for this facility will have a corresponding shift to research and development costs in 2022,” Vyant said in a statement.
Research and development costs for 2021 increased to $4.3 million as compared with $3.2 million in 2020, and its net loss came in at $40.9 million, including $26 million of non-cash expenses as well as $2.3 million in merger-related expenses.
"Vyant Bio is committed to transforming into a pure-play drug discovery and development biotech company,” Robert Fremeau, chief scientific officer at Vyant, said in a statement.
“We are incorporating the use of quantitative biomarkers that we believe are unique to our Rett and CDD programs that should provide meaningful human-biology-derived, preclinical signals of potential drug efficacy before the commencement of clinical trials.”
CEO Jay Roberts added: "We believe our drug discovery approaches will demonstrate a capital efficient and effective way to identify novel and repurposed therapeutics to treat patients with severe neurological conditions and will thereby maximize value to our shareholders.”
Earlier this week, Vyant announced a strategic collaboration with Organo Therapeutics to accelerate 3D organoid disease modeling and identification of novel therapeutics to treat familial Parkinson's Disease.
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