Executive Summary

Q2 2022 was an execution quarter focused on advancing INOpulse in fILD and PH‑Sarc; the company reported a net loss of $4.1M ($0.43 per share) with higher R&D tied to Phase 3 REBUILD enrollment .
FDA cleared an exploratory Phase 2 chronic treatment study in PH‑Sarc, adding a clinical catalyst alongside ongoing REBUILD enrollment in fILD .
Balance sheet cash was $16.3M at quarter‑end, down from $24.7M at year‑end 2021 and $20.0M in Q1 2022, reflecting clinical trial spend .
Wall Street consensus estimates (EPS/revenue) from S&P Global were unavailable for BLPH this quarter; results are therefore assessed vs prior periods and program milestones (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

FDA clearance to conduct an exploratory Phase 2, double‑blinded, placebo‑controlled chronic treatment study in PH‑Sarc (six months), building on positive acute hemodynamic data (median PVR reduction ~20%) .
Continued enrollment progress in the pivotal Phase 3 REBUILD study in fILD; management reiterated the design (n=300, iNO45 vs placebo, MVPA primary endpoint) and the potential to be first therapy to treat broad fILD including varying PH risk .
Management tone emphasized steady advancement: “Enrollment is steadily proceeding in our Phase 3 REBUILD study… we recently received clearance… to conduct a follow‑up exploratory Phase 2 chronic treatment clinical trial [in PH‑Sarc]” — Chairman Naseem Amin, M.D. .

What Went Wrong

Net loss widened year over year to $4.1M vs $3.4M in Q2 2021, driven by higher R&D from Phase 3 activities; operating expenses rose to $6.5M vs $5.2M in Q2 2021 .
Cash declined sequentially to $16.3M from $20.0M in Q1 2022 and $24.7M at year‑end 2021, tightening funding flexibility amid continued trial execution .
No financial guidance or earnings call transcript available to frame near‑term OpEx trajectory or timing/milestones beyond the exploratory PH‑Sarc Phase 2 clearance and ongoing REBUILD enrollment (press release furnished without guidance) .

Financial Results

Metric	Q2 2021	Q1 2022	Q2 2022
Net Loss ($USD Millions)	$(3.389)	$(5.641)	$(4.105)
Diluted EPS ($)	$(0.36)	$(0.59)	$(0.43)
Research & Development ($USD Millions)	$3.239	$4.409	$4.488
General & Administrative ($USD Millions)	$1.987	$1.233	$2.053
Total Operating Expenses ($USD Millions)	$5.226	$5.642	$6.541

Balance Sheet Highlights

Metric	Dec 31, 2021	Mar 31, 2022	Jun 30, 2022
Cash & Cash Equivalents ($USD Millions)	$24.736	$20.000	$16.328
Total Assets ($USD Millions)	$26.875	$21.745	$17.730
Total Stockholders’ Equity ($USD Millions)	$21.619	$16.170	$12.280
Accounts Payable ($USD Millions)	$1.192	$2.193	$2.007

Clinical/Program KPIs

KPI	Q4 2021 (FY context)	Q1 2022	Q2 2022
REBUILD Phase 3 (fILD) status	Continuing enrollment; MVPA primary endpoint; target n=300; iNO45 vs placebo	Enrollment progressing post COVID moderation; reiteration of design	Enrollment steadily proceeding; same design and endpoint
PH‑Sarc program status	Positive Phase 2 acute hemodynamics: median PVR −20%; mPAP −6–10%; no TEAEs/TESAEs in dose escalation	Ongoing work on follow‑up chronic study design; intent to discuss with FDA	FDA clearance for exploratory Phase 2 chronic treatment study (six months)

Segment breakdown: Not applicable; BLPH is a clinical‑stage biotherapeutics company with no commercial revenue lines reported in these periods .

Guidance Changes

No financial guidance (revenue, margins, OpEx, tax, dividends) was provided in Q2 2022; communications focused on clinical milestones and program execution .

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (revenue/margins/OpEx)	FY/Q2 2022	None provided	None provided	Maintained (no guidance)
Clinical milestones	2022	REBUILD enrollment ongoing; PH‑Sarc follow‑up trial under discussion	REBUILD enrollment ongoing; PH‑Sarc exploratory Phase 2 cleared by FDA	Raised clarity (regulatory clearance)

Earnings Call Themes & Trends

No Q2 2022 earnings call transcript was available; strategic themes below reflect press releases across quarters.

Topic	Previous Mentions (Q4 2021)	Previous Mentions (Q1 2022)	Current Period (Q2 2022)	Trend
INOpulse in fILD	Phase 3 REBUILD continuing; MVPA endpoint; potential first broad fILD therapy	Enrollment progressing; reiteration of positive Phase 2 signals	Enrollment steadily proceeding in REBUILD	Consistent execution
PH‑Sarc program	Positive Phase 2 acute hemodynamics; median PVR −20%	Designing chronic treatment trial; planning FDA discussion	FDA clearance for exploratory chronic Phase 2	Advancing (regulatory progress)
R&D execution	FY21 R&D $13.0M; COVID‑19 trial discontinuation lowered prior spend	R&D increased due to Phase 3 fILD	R&D increased y/y due to Phase 3 fILD	Elevated spend for trials
Corporate/IR	H.C. Wainwright conference in Jan 2022	Balance sheet commentary (cash $20M)	ATS 2022 poster presentation in PH‑Sarc ; May ATS poster press release [Nasdaq link, May 12, 2022]	Ongoing scientific engagement

Sources: and May ATS 2022 press release .

Management Commentary

“Enrollment is steadily proceeding in our Phase 3 REBUILD study in fILD… we recently received clearance from the FDA to conduct a follow‑up exploratory Phase 2 chronic treatment clinical trial to evaluate the safety and efficacy of INOpulse in PH‑Sarc patients.” — Naseem Amin, M.D., Chairman .
“We remain focused on the continued advancement of our late‑stage INOpulse… Enrollment is progressing in our pivotal Phase 3 REBUILD study… we are working with key pulmonary disease experts on the design of a follow‑up Phase 2 chronic treatment trial [PH‑Sarc].” — Naseem Amin, M.D. (Q1 release) .
Clinical rationale reinforced by prior data: acute INOpulse treatment improved PVR by 21% and mPAP by 12% in fILD Phase 2; chronic iNO45 showed ~20% average MVPA improvement vs placebo .

Q&A Highlights

No Q2 2022 earnings call transcript was available; the company furnished results via press release without hosting an identifiable call in filings/IR. Key clarifications came through the press release: R&D increases attributed to Phase 3 fILD trial; FDA clearance obtained for PH‑Sarc exploratory chronic study .

Estimates Context

S&P Global consensus estimates (EPS and revenue) for BLPH Q2 2022 were unavailable; as a result, results are assessed vs prior year and prior quarter and relative to program milestones (S&P Global consensus unavailable).

Key Takeaways for Investors

Clinical execution remains the central driver: Phase 3 REBUILD enrollment in fILD continued; any interim enrollment updates or data milestones are potential stock catalysts .
Regulatory advancement in PH‑Sarc: FDA clearance for an exploratory chronic Phase 2 study enhances the pipeline’s breadth and adds a nearer‑term newsflow item .
Operating expenses rose with trial activity; R&D spend increased y/y (Q2: $4.5M vs $3.2M) and total OpEx rose to $6.5M, underscoring continued cash usage during pivotal execution .
Cash declined to $16.3M at quarter‑end; investors should monitor financing needs and timing relative to trial milestones .
Prior Phase 2 signals (fILD MVPA +20%, PH‑Sarc PVR −20%) support the mechanistic rationale; successful execution/positive readouts could reshape risk‑reward .
Near‑term focus: enrollment cadence, trial site activity, and any updates around the PH‑Sarc chronic study initiation; absence of consensus estimates implies narrative‑driven stock moves tied to clinical/regulatory disclosures (S&P Global consensus unavailable).

Sources

Q2 2022 8‑K and press release (Exhibit 99.1): results, clinical program updates, financial statements .
Q1 2022 8‑K press release and financials: prior‑quarter context .
FY 2021 press release and financials: year‑end baseline .
External press coverage of Q2 release and ATS poster: GlobeNewswire and Nasdaq press release pages .

Bellerophon Therapeutics, Inc. (BLPH)·Q2 2022 Earnings Summary