Aristotle (ARTL) Reports Q1 Results, Provides Business Update

Artelo Biosciences, Inc. (Nasdaq: ARTL), a clinical stage pharmaceutical company developing therapeutics that modulate lipid-signaling pathways, including the endocannabinoid system, today reported financial and operating results for the first quarter of its fiscal year ended November 30, 2021 and provided a business update.

Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences, said, “We continue our Cancer Appetite Recovery Study (CAReS), evaluating ART27.13 as a potential treatment for cancer-related anorexia. The results of Phase 1 will determine the safe and effective dose recommended for the Phase 2 portion of CAReS. We expect to complete patient enrollment in Phase 1 by the end of first quarter of calendar year 2022 and will announce results immediately after all data is verified.”

Originally developed by AstraZeneca plc, ART27.13 has been in five Phase 1 clinical studies including over 200 subjects where it demonstrated a statistically significant and dose-dependent increase in body weight in healthy subjects. Importantly, the changes in body weight were not associated with fluid retention, and the distribution of the drug enables systemic metabolic effects while minimizing central nervous system-mediated toxicity. Artelo holds the exclusive license to develop ART27.13 on a worldwide basis.

“With $26.4 million in cash and marketable securities as of November 30, 2021,” Mr. Gorgas added, “We believe we have the capital to achieve significant clinical and non-clinical milestones into the second half of 2023. We maintain our disciplined focus on significant value drivers as we move into the new year and look forward to providing meaningful updates as they occur.” First Quarter Fiscal 2022 Financial Results:

• Operating expenses for the three months ended November 30, 2021 were $2.55 million compared to $1.44 million for the same period in 2020. The increase in operating expenses for the three months ended November 30, 2021 were primarily related to increases in stock-based compensation expense and an increase in subcontractor expenditures relating to the Company’s ART27.13 clinical trials.
• Net loss was approximately $2.55 million, $0.08 per basic and diluted share, for the three months ended November 30, 2021 compared to a net loss of $1.44 million, $0.14 per basic and diluted share, for the same period in 2020.
• As of November 30, 2021, the Company had approximately $26.4 million in cash and marketable securities, compared to $10.07 million as of August 31, 2021.

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