Executive Summary

Q2 2022 revenue was $0.292M, down sequentially from $1.187M in Q1 2022 but up year-over-year from $0.033M; net loss was $(7.979)M with EPS of $(0.45), vs $(7.766)M and $(0.44) in Q1 and $(5.490)M and $(0.49) in Q2 2021 .
Cash, cash equivalents, and restricted cash totaled approximately $8.0M; cash and cash equivalents on the balance sheet were $6.317M, highlighting a constrained liquidity position and underscoring financing risk mentioned in forward-looking statements .
Clinical execution advanced: AR-320 Phase 3 was initiated in collaboration with EU IMI funding (up to €25M), while AR-301 Phase 3 (VAP) and AR-501 Phase 2a (CF) remained on track for top-line data in 2H 2022; AR-701 showed inhaled efficacy in non-human primates .
No quantitative financial guidance was provided; key stock catalysts focus on multiple 2H 2022 clinical data readouts (AR-301, AR-501) and confirmation of AR-320 Phase 3 progress .
Wall Street (S&P Global) consensus estimates were unavailable for ARDS (missing CIQ mapping), so beats/misses versus estimates cannot be assessed at this time. Values retrieved from S&P Global are unavailable due to mapping limitations.

What Went Well and What Went Wrong

What Went Well

Initiation of AR-320 Phase 3 (“SAATELLITE-2”) following aligned feedback from FDA/EMA; study supported by the EU’s IMI program with up to 25 million Euros, strengthening the registrational path for suvratoxumab .
AR-701 mAb cocktail eradicated SARS‑CoV‑2 from lungs of infected macaques via inhalation, both prophylactically and therapeutically, indicating platform breadth and differentiated inhalation delivery .
Management reaffirmed 2H 2022 top-line data readouts (AR‑301 Phase 3; AR‑501 Phase 2a), emphasizing “significant and transformative milestones” ahead: “The company is on track to report top-line data… during the second half of 2022” (Vu Truong, Ph.D., CEO) .

What Went Wrong

Revenue fell sharply q/q to $0.292M from $1.187M as grant/licensing recognition slowed; net loss widened sequentially to $(7.979)M (EPS $(0.45)) from $(7.766)M (EPS $(0.44)) amid sustained R&D spend .
Liquidity tightened: total cash, equivalents, and restricted cash ≈$8.0M; ATM facility “cannot be used” without updating certain conditions, and the company has “no plans” to update them, limiting access to equity capital .
Fair value of note payable increased by $273k y/y, and operating expenses rose to $8.029M from $6.267M y/y, reflecting higher clinical activity and carrying costs despite limited revenue .

Financial Results

Income Statement and Cash Trends (Units: $USD Millions, except EPS)

Metric	Q4 2021	Q1 2022	Q2 2022
Revenue	$0.570	$1.187	$0.292
Research & Development	$8.588	$6.450	$6.348
General & Administrative	$1.951	$2.161	$1.681
Loss from Operations	$(9.969)	$(7.424)	$(7.737)
Net Loss	$(10.227)	$(7.766)	$(7.979)
Diluted EPS	$(0.92)	$(0.44)	$(0.45)
Weighted Avg. Shares (M)	14.500	17.702	17.702
Cash & Cash Equivalents	$19.986	$12.475	$6.317
Total Cash, Equivalents & Restricted Cash	$20.0	$14.2	$8.0
Total Assets	$26.796	$23.817	$16.686
Total Liabilities	$40.906	$44.226	$44.619
Stockholders’ Deficit	$(14.110)	$(20.409)	$(27.933)

Q2 Year-over-Year Comparison (Units: $USD Millions, except EPS)

Metric	Q2 2021	Q2 2022
Total Revenue	$0.033	$0.292
Net Loss	$(5.490)	$(7.979)
Diluted EPS	$(0.49)	$(0.45)

Revenue Breakdown (Units: $USD Thousands)

Component	Q2 2021	Q4 2021	Q1 2022	Q2 2022
Grant Revenue	$0	$570	$1,187 (grant/licensing)	$292
License Revenue	$33	N/A	Included in grant/licensing	$0

Note: Q1 2022 press release describes revenue as grant/licensing; detailed split not presented in the statement .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
AR-301 Phase 3 (VAP) top-line data	2H 2022	“Second half of 2022”	“Late second half of 2022”	Maintained (timing refined later in 2H)
AR-501 Phase 2a (CF) top-line data	2022	“Mid-2022”	“Second half of 2022; FDA agreed to add higher dose cohort”	Lowered/pushed later (scope expanded)
AR-320 Phase 3 initiation	2022	“Expected to launch mid-2022”	“Initiated Phase 3 (SAATELLITE‑2) with EU IMI support”	Raised/progressed
AR-701 first-in-human initiation	Late 2H 2022	“Expect to initiate late 2H 2022”	Preclinical efficacy reaffirmed; timeline not updated in Q2 PR	Maintained
Financial Guidance (Revenue/Margins/OpEx)	2022	None provided	None provided	Maintained

Earnings Call Themes & Trends

No Q2 2022 earnings call transcript was available in our document set; themes are tracked from sequential press releases.

Topic	Previous Mentions (Q4 2021 and Q1 2022)	Current Period (Q2 2022)	Trend
Clinical execution (AR‑301, AR‑501)	On track for top-line data in 2H 2022; noted Eastern Europe enrollment headwinds (Ukraine‑Russia) for AR‑301	Reaffirmed top-line data in late 2H 2022; ongoing blinded monitoring with no safety concerns	Steady progress; timeline intact
AR‑320 (suvratoxumab)	Phase 3 launch expected mid‑2022; single pivotal agreed by FDA/EMA	Phase 3 initiated; EU IMI up to €25M support	Positive inflection
AR‑701 (COVID‑19 mAb)	Expect Phase 1 initiation late 2H 2022; Omicron neutralization reported	Inhaled efficacy in macaques; broad variant coverage	Preclinical strengthening; clinical start pending
Regulatory alignment	EMA Scientific Advisory and FDA EOP2 completed; clear path for AR‑320	Continued alignment reflected in Phase 3 launch	Consistent regulatory clarity
R&D spend/OpEx	Elevated due to AR‑320 prep, AR‑701 supplies; R&D $6.450M in Q1	R&D $6.348M; total OpEx $8.029M	High but stable sequentially
Liquidity/financing	Cash $19.986M (FY21); $12.475M (Q1’22); Streeterville loan tranches received	Cash & equivalents $6.317M; ATM unusable with no update planned	Deteriorating liquidity; constrained capital access
Geopolitical enrollment impact	Ukraine‑Russia conflict expected to impact AR‑301 enrollment	Not referenced in Q2 PR; trial remains blinded and monitored	Unclear current impact; monitoring continues

Management Commentary

“The company is on track to report top-line data from the AR‑301 Phase 3 study in ventilator associated pneumonia (VAP) and the AR‑501 Phase 2a study in cystic fibrosis during the second half of 2022… we completed the manufacturing of the clinical trial supplies and launched the global Phase 3 trial of AR‑320.” — Vu Truong, Ph.D., CEO .
“We believe these data readouts will be significant and transformative milestones for the Company.” — Vu Truong, Ph.D., CEO .
Prior quarter framing: “We are on track to report top-line data… position Aridis for a pivotal year of important clinical milestones.” — Vu Truong, Ph.D., CEO .

Q&A Highlights

No public Q2 2022 earnings call transcript was available; therefore, Q&A highlights and analyst clarifications are not accessible in our document set [Search result shows none].

Estimates Context

S&P Global consensus estimates for Q2 2022 could not be retrieved due to missing CIQ mapping for ARDS; as a result, we cannot assess beats/misses versus Street estimates at this time. Values retrieved from S&P Global are unavailable due to mapping limitations.
Given the constrained liquidity and absence of revenue-bearing products, near-term estimate revisions (when available) would likely focus on OpEx cadence and financing assumptions rather than top-line revenue.

Metric	Q2 2022 Consensus (S&P Global)	Q2 2022 Actual
Revenue	Unavailable (mapping issue)	$0.292M
Primary EPS	Unavailable (mapping issue)	$(0.45)

Key Takeaways for Investors

Liquidity has tightened rapidly (total cash, equivalents, restricted ≈$8.0M; cash & equivalents $6.317M), and the ATM is currently unusable with no plans to update conditions, elevating near-term financing risk highlighted in forward-looking statements .
Multiple potential stock catalysts cluster in 2H 2022: AR‑301 Phase 3 and AR‑501 Phase 2a top-line readouts; AR‑320 Phase 3 initiation provides a registrational path with external funding support .
Sequential revenue decline (grant/licensing) and stable but high R&D spend suggest continued losses absent partnership inflows; watch grant/licensing recognition for variability .
AR‑701’s inhaled efficacy in primates and broad variant neutralization underpin platform value; clinical initiation timing remains a near-term watch item .
Geopolitical enrollment risks previously cited for AR‑301 (Ukraine‑Russia) remain a monitoring point despite not being referenced in Q2 PR; any delay would be material to timelines .
Without Street estimates, relative performance vs consensus cannot be scored; once mapping is resolved, expect the market to focus on EPS/OpEx trajectory and cash runway. Values retrieved from S&P Global are unavailable due to mapping limitations.
Near-term trading implications: stock likely sensitive to clinical readout timing updates, financing developments, and any AR‑320 Phase 3 enrollment news; medium-term thesis hinges on successful data readouts and capital access .

Aridis Pharmaceuticals, Inc. (ARDS)·Q2 2022 Earnings Summary