PolarityTE to host conference call and webcast today,
March 30, 2022, at 8:30 a.m. ET
SALT
LAKE CITY, March 30, 2022 /PRNewswire/ --
PolarityTE, Inc. (Nasdaq: PTE) a biotechnology company
developing regenerative tissue products and biomaterials, today
provided a business update and reported financial results for the
twelve-month period ended December 31,
2021.
Recent Business and Financial
Updates
- In the first quarter of 2022, PolarityTE received approval from
the U.S. Food and Drug Administration (FDA) for its investigational
new drug (IND) application for the evaluation of SkinTE®
for the treatment of chronic cutaneous ulcers. As of this week, the
Company has several clinical trial sites actively identifying
patients for enrollment in its first pivotal study under IND, a
multi-center, randomized controlled trial evaluating SkinTE in the
treatment of Wager 2 diabetic foot ulcers (DFUs) entitled "Closure
Obtained with Vascularized Epithelial Regeneration for DFUs with
SkinTE," or "COVER DFUs." The company expects to have its first
patient treated with SkinTE in April and to have up to 16 sites
fully operational by the end of May.
- The Company reported final results from a non-IND randomized
controlled trial evaluating treatment of venous leg ulcers (VLU)
with its investigational product SkinTE plus standard of care (SOC)
vs SOC alone (NCT03881267). The trial met the primary endpoint of
wound closure at 12 weeks and secondary endpoint of Percent Area
Reduction (PAR) at 4, 6, 8, 10, and 12 weeks.
-
- Primary Endpoint: 71% (10/14) of participants receiving SkinTE
plus SOC had wound closure at 12 weeks versus 33% (5/15) of
participants receiving SOC alone (p=0.046)
- Secondary Endpoint: Percent Area Reduction (PAR) assessed at 4,
6, 8, 10, and 12 weeks was significantly greater for the SkinTE
plus SOC treatment group vs SOC alone (p=0.000035)
- 93% (13/14) of SkinTE plus SOC treated participants received a
single application of SkinTE
- PolarityTE raised $5.0m in gross
proceeds through a registered direct offering of preferred stock on
March 16, 2022.
- Cash used in operations for the twelve months ended
December 31, 2021, was $22.6 million, or an average of $1.9 million per month, compared to $37.8 million of cash used in operations for the
twelve months ended December 31,
2020, or an average of $3.2
million per month.
- Operating loss for the fiscal year ended December 31, 2021, was $33.7 million, an improvement of 27% from the
operating loss of $45.9 million for
2020.
- The Company had cash and cash equivalents of $19.4 million and working capital of $17.7 million at December
31, 2021.
Richard Hague, Chief Executive
Officer, commented, "We are pleased to have reached the significant
milestone of IND acceptance and look forward to our next crucial
milestone of treating patients in our first pivotal study under IND
in the near future. In less than one year since announcing we
would wind down commercial operations for SkinTE as a 361 HCT/P, we
have made substantial progress to position the Company for
long-term growth and opportunities by submitting our IND, resolving
the CMC issues that FDA identified, and being on track to see
SkinTE used in the clinic once again in subjects who are suffering
from hard-to-treat wounds. Our confidence in SkinTE's ability
to address wounds such as the Wagner 2 DFUs that will be treated in
the COVER DFU Phase III pivotal study is borne out of our extensive
clinical experience with the product and our steadfast belief that
SkinTE can provide meaningful relief to patients with limited
treatment options available to them currently."
Financial Results for the Period
Ended December 31, 2021
PolarityTE is a clinical stage biotechnology company developing
regenerative tissue products and biomaterials. PolarityTE has
also historically operated a pre-clinical research business.
PolarityTE's first regenerative tissue product is SkinTE, which is
intended for the repair, reconstruction, replacement, and
supplementation of skin in patients who have a need for treatment
of acute or chronic wounds, burns, surgical reconstruction events,
scar revision, or removal of dysfunctional skin grafts.
Since the beginning of 2017, PolarityTE has incurred substantial
operating losses and its operations have been financed primarily by
public equity financings. The clinical trials for SkinTE and
the regulatory process will likely result in an increase in
PolarityTE's expenses. PolarityTE will continue to incur
substantial operating losses as it pursues an IND and BLA, and
PolarityTE expects to seek financing from external sources over the
foreseeable future to fund its operations.
Comparison of the twelve months
ended December 31, 2021, and the
twelve months ended December 31,
2020
Net Revenues. Net revenues decreased $0.7 million, or 7%, for the year ended
December 31, 2021, compared to year
ended December 31, 2020.
Products net revenues of $3.1
million in 2021 were 18% less products net revenues in 2020
due to the cessation of commercial sales of SkinTE at the end of
May 2021.
The mix of business activity generating services net revenues
changed from a majority of service revenues generated by COVID-19
testing in 2020, to a majority of service revenues generated by
pre-clinical research services in 2021. Service revenues
generated by our pre-clinical research services business in the
year ended December 31, 2021, were
substantially higher than in 2020, as this business activity
experienced a strong recovery from the poor results in 2020, which
we believe was caused by the COVID-19 pandemic. Our COVID-19
testing services were a significant contributor to overall services
revenues only in the first three months of 2021, which was offset
by the increases from revenues from our pre-clinical research
services business. As a result of these developments net
revenues from services remained essentially unchanged in fiscal
year 2021 compared to fiscal year 2020.
Cost of Revenues. The amount for cost of revenues remained
essentially unchanged for the year ended December 31, 2021, compared to year ended
December 31, 2020. There was a
change, however, in the mix of cost of revenues amounts between
products and services. Due to the cessation of SkinTE sales
activity at the end of May 2021,
products cost of revenues decreased by 58% from $1.1 million in 2020 to $0.4 million in 2021. This decrease was
largely offset by an increase in services cost of revenues in the
amount of $0.5 million.
Services cost of revenues increased from $3.4 million in 2020 to $3.9 million in 2021 due to an increase in
revenues and resulting cost of sales in our pre-clinical research
services, which is a lower margin business than the COVID -19
testing services that was the major component of our services
revenues in 2020.
Operating Costs and Expenses. Operating costs and expenses
decreased $12.9 million, or 25%, for
the year ended December 31, 2021,
compared to the year ended December
31, 2020. The reduction in operating costs and
expenses is attributable to reductions in general and
administrative expenses, sales and marketing expenses, and
restructuring and other charges that were partially offset by
increases in research and development expenses.
Research and development expenses increased 23% for the year
ended December 31, 2021, compared to
the year ended December 31,
2020. The substantial increase in 2021 is primarily
attributable to an increase in lab supply costs and consulting
services for work on the CMC elements of our IND; re-allocation of
costs for manufacturing supplies and compensation following the
cessation of SkinTE sales from products cost of goods, general and
administrative expenses, and sales and marketing expenses to
research and development costs; the costs in our pre-IND clinical
trials that we concluded during 2021; and, costs incurred in
connection with the planning and initial payments required for the
clinical trial we are about to begin under the IND for SkinTE.
We effectuated a reduction in force for our commercial
operations in 2021. Consequently, there were reductions in
cash compensation, stock compensation, consulting fees, and travel
expense. As we reduced and then ended our commercial sales of
SkinTE, we also reduced expenses related to a larger operation by
terminating our lease for the Utah
corporate office in September 2020
and ceasing operations at our manufacturing node in Georgia in the fourth quarter of 2020, from
which we recognized the benefits in 2021. Furthermore, with
the cessation of SkinTE sales we re-allocated manufacturing
supplies and compensation from general and administrative expenses
to research and development costs. These reductions were
partially offset by executive and employee bonus compensation paid
or accrued in 2021 at levels higher than bonus compensation paid or
accrued in 2020 and professional fees incurred in connection with
our pursuit of a strategic transaction that did not
materialize. The cost cutting measures and re-allocation of
costs described above are the primary causes of a 26% decrease in
general and administrative expense period over period for the year
ended December 31, 2021, compared to
the year ended December 31, 2020.
When we reduced the commercial sales team and related commercial
activities, we also took steps to reduce staff and consultants in
sales and marketing. With the cessation of SkinTE sales
several employees who supported sales and marketing moved into new
roles in research and development, so their compensation was
allocated to research and development. Consequently, there
were significant reductions in cash compensation, stock
compensation, consulting fees, and travel expense, which resulted
in a 68% decrease in sales and marketing expense for the year ended
December 31, 2021, compared to the
year ended December 31, 2020.
We realized restructuring and other charges as a result of the
transition to a clinical stage company, much of which were
recognized in the year ended December
31, 2020. In connection with reducing our commercial
sales activity in 2020 we incurred severance charges of
$1.1 million. We abandoned
operations at the manufacturing node in Augusta, Georgia, which resulted in the
recognition of a charge in the amount of $1.2 million consisting of equipment, leasehold
improvements, and a right of use asset. In 2020 we also
decided to abandon equipment in addition to the development of a
vivarium research facility at our Salt
Lake City location resulting in a charge of $1.5 million. By contrast, during the
12-month period ended December 31,
2021, we recognized an impairment of property and equipment
in the amount of $0.4 million and
severance charges of $0.6 million, which were offset by a
$0.3 million gain on the termination
of Polarity's Augusta node
lease. Consequently, there was an 82% decrease in
restructuring and other charges for the year ended December 31, 2021, compared to the year ended
December 31, 2020.
We recognized an impairment of goodwill and intangible assets
pertaining to IBEX for $0.6 million
based on management's judgment regarding the likelihood that IBEX
will continue to be a meaningful contributor to the operations of
the Company through the remainder of 2022.
Operating Loss and Net Loss. Operating loss decreased
$12.3 million, or 27%, for the year
ended December 31, 2021, compared to
the year ended December 31,
2020. Net loss decreased $12.7
million, or 30%, for the year ended December 31, 2021, compared to the year ended
December 31, 2020.
Warrants issued in connection with financings we completed in
2021 and 2020 are classified as liabilities and remeasured each
period until settled, classified as equity or expiration. As
a result of the periodic remeasurement, we recorded a gain for
change in fair value of common stock warrant liability of
$5.0 million for the year ended
December 31, 2021, compared to a gain
of $2.9 million for the year ended
December 31, 2020. For
additional information on the change in fair value of common stock
warrant liability please see Note 12 to the Consolidated Financial
Statements included in this report.
We issued common stock purchase warrants in January 2021, as an inducement to holders of
warrants issued in December 2020 to
exercise those December warrants. As a result, we recognized
an inducement loss of $5.2 million.
There was no similar action taken in 2020.
When the PPP Loan was forgiven in June
2021, we recognized a gain on extinguishment of debt in the
amount of $3.6 million. This
gain together with the positive change in fair value of common
stock warrant liability was offset by the inducement loss of
$5.2 million recognized in
January 2021, which, primarily
accounts for the difference of $3.5
million between our operating loss and net loss for the year
ended December 31, 2021.
Cash and Liquidity as of December 31, 2021
As of December 31, 2021, we had
$19.4 million in cash and cash
equivalents and working capital of approximately $17.7 million. We do not expect that our
cash and cash equivalents of $19.4
million as of December 31,
2021, would be sufficient to fund our current business plan
including related operating expenses and capital expenditure
requirements beyond the fourth calendar quarter of 2022.
Accordingly, there is substantial doubt about our ability to
continue as a going concern, as we do not believe that our cash and
cash equivalents will be sufficient to fund our business plan for
at least twelve months from the date of issuance of our annual
financial statements. We plan to address this condition by
raising additional capital to finance our operations.
Conference Call and Webcast
Details
The March 30, 2022 8:30am ET conference call can be accessed by
calling 1-800-581-5838 (U.S. and Canada) or +44 (0)330 336 9104 (International)
with confirmation code 361897 and referencing "PolarityTE Fiscal
Year 2021 Earnings Call". A webcast of the conference call
can be accessed by using the link below.
Earnings Call Webcast – CLICK HERE
A replay of the earnings conference call will be available for
30 days, beginning approximately one hour after the conclusion of
the call and can be found by visiting PolarityTE's website at
https://www.polarityte.com/news-media/events, or by clicking on the
link above.
About PolarityTE®
PolarityTE, Inc., headquartered in Salt Lake City, Utah, is a biotechnology
company developing regenerative tissue products. PolarityTE's
first regenerative tissue product is SkinTE®.
PolarityTE has an open investigational new drug application (IND)
for SkinTE® with the U.S. Food and Drug Administration
(FDA) and is now pursuing the first of two expected pivotal studies
on SkinTE® needed to support a biologics license
application (BLA) for a chronic cutaneous ulcer indication.
SkinTE® is available for investigational use only. Learn
more at www.PolarityTE.com.
Forward Looking Statements
Certain statements contained in this release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. They are generally
identified by words such as "believes," "may," "expects,"
"anticipates," "intend," "plan," "will," "would," "should" and
similar expressions. Readers should not place undue reliance on
such forward-looking statements, which are based upon the Company's
beliefs and assumptions as of the date of this release. The
Company's actual results could differ materially due to the impact
of the COVID-19 pandemic, future clinical studies, and FDA
regulatory matters, which cannot be predicted, and the risk factors
and other items described in more detail in the "Risk Factors"
section of the Company's Annual Reports and other filings with the
SEC (copies of which may be obtained at www.sec.gov). Subsequent
events and developments may cause these forward-looking statements
to change. The Company specifically disclaims any obligation or
intention to update or revise these forward-looking statements as a
result of changed events or circumstances that occur after the date
of this release, except as required by applicable law.
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES
SELF and WELCOME TO THE SHIFT are registered trademarks of
PolarityTE, Inc.
CONTACTS
Investors:
PolarityTE Investor Relations
ir@PolarityTE.com
385-831-5284
POLARITYTE, INC. AND
SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(in thousands,
except share and per share amounts)
|
|
|
|
December 31,
2021
|
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
19,375
|
|
|
$
|
25,522
|
|
Accounts receivable,
net
|
|
|
978
|
|
|
|
3,819
|
|
Inventory
|
|
|
–
|
|
|
|
883
|
|
Assets held for
sale
|
|
|
441
|
|
|
|
–
|
|
Prepaid expenses and
other current assets
|
|
|
1,595
|
|
|
|
992
|
|
Total current
assets
|
|
|
22,389
|
|
|
|
31,216
|
|
Property and equipment,
net
|
|
|
6,923
|
|
|
|
10,550
|
|
Operating lease
right-of-use assets
|
|
|
1,146
|
|
|
|
2,452
|
|
Intangible assets,
net
|
|
|
–
|
|
|
|
542
|
|
Goodwill
|
|
|
–
|
|
|
|
278
|
|
Other assets
|
|
|
720
|
|
|
|
472
|
|
TOTAL
ASSETS
|
|
$
|
31,178
|
|
|
$
|
45,510
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
3,115
|
|
|
$
|
4,148
|
|
Other current
liabilities
|
|
|
1,520
|
|
|
|
2,106
|
|
Current portion of
long-term note payable
|
|
|
–
|
|
|
|
2,059
|
|
Deferred
revenue
|
|
|
74
|
|
|
|
168
|
|
Total current
liabilities
|
|
|
4,709
|
|
|
|
8,481
|
|
Common stock warrant
liability
|
|
|
6,844
|
|
|
|
5,975
|
|
Operating lease
liabilities
|
|
|
43
|
|
|
|
1,476
|
|
Other long-term
liabilities
|
|
|
338
|
|
|
|
723
|
|
Long-term notes
payable
|
|
|
–
|
|
|
|
1,517
|
|
Total
liabilities
|
|
|
11,934
|
|
|
|
18,172
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies (Note 16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Preferred stock –
25,000,000 shares authorized, 0 shares issued and outstanding
at
December 31, 2021 and 2020
|
|
|
–
|
|
|
|
–
|
|
Common stock - $.001
par value; 250,000,000 shares authorized; 82,484,462 and
54,857,099 shares issued and outstanding at December 31, 2021 and
2020,
respectively
|
|
|
82
|
|
|
|
55
|
|
Additional paid-in
capital
|
|
|
527,560
|
|
|
|
505,494
|
|
Accumulated
deficit
|
|
|
(508,398)
|
|
|
|
(478,211)
|
|
Total stockholders'
equity
|
|
|
19,244
|
|
|
|
27,338
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
31,178
|
|
|
$
|
45,510
|
|
POLARITYTE, INC. AND
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
3,076
|
|
|
$
|
3,730
|
|
Services
|
|
|
6,328
|
|
|
|
6,396
|
|
Total net
revenues
|
|
|
9,404
|
|
|
|
10,126
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
Products
|
|
|
448
|
|
|
|
1,068
|
|
Services
|
|
|
3,868
|
|
|
|
3,356
|
|
Total costs of
revenues
|
|
|
4,316
|
|
|
|
4,424
|
|
Gross
profit
|
|
|
5,088
|
|
|
|
5,702
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
14,182
|
|
|
|
11,532
|
|
General and
administrative
|
|
|
20,476
|
|
|
|
27,557
|
|
Sales and
marketing
|
|
|
2,808
|
|
|
|
8,719
|
|
Restructuring and other
charges
|
|
|
678
|
|
|
|
3,834
|
|
Impairment of goodwill
and intangible assets
|
|
|
630
|
|
|
|
–
|
|
Total operating costs
and expenses
|
|
|
38,774
|
|
|
|
51,642
|
|
Operating
loss
|
|
|
(33,686)
|
|
|
|
(45,940)
|
|
Other income
(expense), net
|
|
|
|
|
|
|
|
|
Gain on extinguishment
of debt
|
|
|
3,612
|
|
|
|
–
|
|
Change in fair value of
common stock warrant liability
|
|
|
4,995
|
|
|
|
2,914
|
|
Inducement loss on sale
of liability classified warrants
|
|
|
(5,197)
|
|
|
|
–
|
|
Interest (expense)
income, net
|
|
|
(127)
|
|
|
|
(182)
|
|
Other income,
net
|
|
|
216
|
|
|
|
354
|
|
Net
loss
|
|
$
|
(30,187)
|
|
|
$
|
(42,854)
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.38)
|
|
|
$
|
(1.11)
|
|
Diluted
|
|
$
|
(0.38)
|
|
|
$
|
(1.16)
|
|
Weighted average shares
outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
80,014,014
|
|
|
|
38,779,316
|
|
Diluted
|
|
|
80,014,014
|
|
|
|
39,367,390
|
|
POLARITYTE, INC. AND
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
For the Year Ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(30,187)
|
|
|
$
|
(42,854)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
5,381
|
|
|
|
7,258
|
|
Depreciation and
amortization
|
|
|
2,652
|
|
|
|
3,074
|
|
Impairment of goodwill
and intangible assets
|
|
|
630
|
|
|
|
–
|
|
Amortization of
intangible assets
|
|
|
190
|
|
|
|
189
|
|
Amortization of debt
discount
|
|
|
–
|
|
|
|
19
|
|
Bad debt
expense
|
|
|
75
|
|
|
|
148
|
|
Inventory
write-off
|
|
|
747
|
|
|
|
–
|
|
Gain on extinguishment
of debt – PPP loan
|
|
|
(3,612)
|
|
|
|
–
|
|
Change in fair value of
common stock warrant liability
|
|
|
(4,995)
|
|
|
|
(2,914)
|
|
Inducement loss on sale
of liability classified warrants
|
|
|
5,197
|
|
|
|
–
|
|
Loss on restructuring
and other charges
|
|
|
321
|
|
|
|
–
|
|
Loss on sale of
property and equipment and ROU assets
|
|
|
12
|
|
|
|
2,806
|
|
Loss on abandonment of
property and equipment
|
|
|
209
|
|
|
|
–
|
|
Other non-cash
adjustments
|
|
|
(45)
|
|
|
|
(21)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
2,766
|
|
|
|
(2,236)
|
|
Inventory
|
|
|
136
|
|
|
|
(631)
|
|
Prepaid expenses and
other current assets
|
|
|
(603)
|
|
|
|
272
|
|
Operating lease
right-of-use assets
|
|
|
1,318
|
|
|
|
1,700
|
|
Other
assets/liabilities, net
|
|
|
(248)
|
|
|
|
(200)
|
|
Accounts payable and
accrued expenses
|
|
|
(1,047)
|
|
|
|
(2,761)
|
|
Other current
liabilities
|
|
|
(29)
|
|
|
|
35
|
|
Deferred
revenue
|
|
|
(94)
|
|
|
|
70
|
|
Operating lease
liabilities
|
|
|
(1,404)
|
|
|
|
(1,708)
|
|
Net cash used in
operating activities
|
|
|
(22,630)
|
|
|
|
(37,754)
|
|
CASH FLOWS FROM
(USED IN) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(123)
|
|
|
|
(1,339)
|
|
Proceeds from sale of
property and equipment
|
|
|
27
|
|
|
|
–
|
|
Purchase of
available-for-sale securities
|
|
|
–
|
|
|
|
(14,144)
|
|
Proceeds from
maturities of available-for-sale securities
|
|
|
–
|
|
|
|
16,945
|
|
Proceeds from sale of
available-for-sale securities
|
|
|
–
|
|
|
|
16,171
|
|
Net cash provided
by/(used in) investing activities
|
|
|
(96)
|
|
|
|
17,633
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from term note
payable and financing arrangements
|
|
|
1,028
|
|
|
|
4,629
|
|
Principal payments on
term note payable and financing arrangements
|
|
|
(1,054)
|
|
|
|
(1,675)
|
|
Principal payments on
financing leases
|
|
|
(555)
|
|
|
|
(508)
|
|
Net proceeds from the
sale of common stock, warrants and pre-funded warrants
|
|
|
9,884
|
|
|
|
32,020
|
|
Proceeds from the sale
of new warrants
|
|
|
1,002
|
|
|
|
–
|
|
Proceeds from warrants
exercised
|
|
|
6,671
|
|
|
|
1,008
|
|
Proceeds from
pre-funded warrants exercised
|
|
|
8
|
|
|
|
–
|
|
Cash paid for tax
withholdings related to net share settlement
|
|
|
(463)
|
|
|
|
(155)
|
|
Proceeds from stock
options exercised
|
|
|
3
|
|
|
|
31
|
|
Proceeds from ESPP
purchase
|
|
|
55
|
|
|
|
75
|
|
Net cash provided by
financing activities
|
|
|
16,579
|
|
|
|
35,425
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
|
(6,147)
|
|
|
|
15,304
|
|
Cash and cash
equivalents - beginning of period
|
|
|
25,522
|
|
|
|
10,218
|
|
Cash and cash
equivalents - end of period
|
|
$
|
19,375
|
|
|
$
|
25,522
|
|
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SOURCE PolarityTE, Inc.