CohBar, Inc.

CohBar reported Q3 2022 net loss of $2.4 million, or $0.82 per basic and diluted share on a post-split basis, versus a net loss of $3.4 million, or $1.61 per share in Q3 2021. Research and development expense was $1.0 million, down from $1.6 million year over year, and general and administrative expense was $1.4 million, down from $1.8 million. Noncash expenses were approximately $400,000 in Q3 2022, compared with approximately $700,000 in Q3 2021. The company ended the quarter with $18.3 million in cash and investments, had no debt, and said it had sufficient capital to fund operations through Q4 2023. No next-quarter revenue or EPS guidance was provided; management instead reiterated that, assuming the new formulations meet in vivo targets, the CB5138-3 IND is still planned for the second half of 2023.

Joe Sarret emphasized that CohBar’s strategy is built around mitochondrial genome-derived peptide therapeutics and said the company still believes that approach could address underserved diseases such as IPF and NASH. His tone was cautious but constructive: he acknowledged challenges and the disappointing in vivo reformulation results, while stressing that the work is iterative and that the newest formulations look encouraging in vitro. He also highlighted the reverse split and NASDAQ compliance as important for preserving access to capital and improving the company’s ability to attract investors and partners.

Jeff Biunno focused on the balance sheet and cost discipline. He said CohBar ended Q3 with $18.3 million in cash and investments, no debt, and an approximate quarterly burn rate of $1.9 million, and he estimated the company has enough capital to finance operations through the fourth quarter of 2023. He also cited lower operating expenses: R&D of $1.0 million versus $1.6 million last year and G&A of $1.4 million versus $1.8 million, with the G&A decline mainly from lower stock-based compensation.

Analysts pressed management on timing and flexibility. Kemp Dolliver asked when the upcoming data might be available, and Sarret said the company is hoping to have it by year-end but cannot be certain because it depends on contract research partners. Dolliver also asked how many more formulation iterations could be made while still keeping the second-half 2023 IND target, and Sarret replied that it depends on the next data readout and how far the company is from its performance targets, making the timing impact hard to quantify now.