Executive Summary

Q3 2022 maintained operational focus on advancing CB5138-3 for IPF; management reiterated the IND timeline for 2H 2023, contingent on identifying a formulation that mitigates injection-site aggregation issues .
Cash and investments were $18.3M, quarterly cash burn was ~$1.9M, and management guided runway through Q4 2023 (extended from “into 2H 2023” in Q2), with no debt .
CohBar executed a 1-for-30 reverse stock split on Sept 23, regaining compliance with Nasdaq’s $1 minimum bid price, improving access to capital and potential institutional interest .
No revenue; net loss improved year over year; EPS comparability affected by the reverse split (Q3 post-split vs prior quarters pre-split) .
Near-term catalysts: formulation in vivo results and target engagement data (management “hoping” by year-end), and progress toward IND submission for CB5138-3; risks centered on formulation iteration potentially impacting timeline and exposure .

What Went Well and What Went Wrong

What Went Well

CB5138-3 IND timeline reiterated (2H 2023), with newer formulations showing improved in vitro aggregation profile under physiological stress; animal testing underway to validate in vivo performance .
Capital markets actions: reverse split completed; Nasdaq compliance regained, supporting liquidity and institutional access. “By implementing the reverse split, we have maintained our listing on the NASDAQ Exchange…” .
Operating discipline: reduced R&D and G&A vs prior year; net loss narrowed year over year. “We continue to operate the company in a prudent financial manner…” .

What Went Wrong

Formulation setbacks: Interim formulations that looked promising in vitro still aggregated/gelled in vivo, causing local deposition at injection sites; prompted additional formulation iterations .
Continued pre-revenue profile with reliance on cash runway and capital market access; micro-cap market turbulence noted by management as a headwind .
EPS comparability and dilution optics complicated by reverse split; investors should note pre/post-split share counts when assessing per-share trends .

Financial Results

Income Statement Summary (no revenue; expenses and loss)

Metric	Q1 2022	Q2 2022	Q3 2022
Revenues ($USD)	$0	$0	$0
Research & Development ($USD)	$1,506,308	$1,186,900	$1,037,111
General & Administrative ($USD)	$1,744,918	$1,556,785	$1,433,699
Total Operating Expenses ($USD)	$3,251,226	$2,743,685	$2,470,810
Operating Loss ($USD)	$(3,251,226)	$(2,743,685)	$(2,470,810)
Interest Income ($USD)	$3,173	$18,717	$78,902
Net Loss ($USD)	$(3,261,773)	$(2,724,968)	$(2,391,908)
Diluted EPS ($)	$(0.04)	$(0.03)	$(0.82) (post-split)

Note: Q1/Q2 EPS reflect pre-split share counts (~86.7M and ~87.0M avg shares), Q3 reflects post-split (~2.90M avg shares) .

Balance Sheet / Liquidity

Metric	Q1 2022	Q2 2022	Q3 2022
Cash & Cash Equivalents ($USD)	$1,563,984	$2,878,147	$4,211,379
Investments ($USD)	$21,963,818	$17,219,179	$14,128,120
Cash + Investments ($USD)	$23.5M	$20.1M	$18.3M
Total Assets ($USD)	$24,226,899	$21,456,932	$19,292,616
Total Stockholders’ Equity ($USD)	$23,003,101	$20,713,089	$18,746,117
Debt	None outstanding in Q3 (no debt)

KPIs

KPI	Q1 2022	Q2 2022	Q3 2022
Quarterly Cash Burn (approx.)	~$3.1M	~$3.5M	~$1.9M
Non-cash expense included in net loss	~$0.5M	~$0.5M	~$0.4M
Weighted Avg Shares (Basic & Diluted)	86,726,347	86,981,684	2,903,403 (post-split)

Versus Estimates

Metric	Q3 2022 Actual	Q3 2022 Consensus	Surprise
Revenue ($USD)	$0	N/A (Unavailable via S&P Global)	N/A
EPS ($)	$(0.82) (post-split)	N/A (Unavailable via S&P Global)	N/A

Wall Street consensus via S&P Global was unavailable for CWBR at the time of analysis; no estimate comparisons could be made.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
CB5138-3 IND Filing	2H 2023	On track for 2H 2023 (Q2 PR/remarks)	On track for 2H 2023, pending suitable formulation; newer formulations in animal testing	Maintained (with formulation contingency)
Cash Runway	Through 2H 2023	“Sufficient capital… into the second half of 2023” (Q2 CFO)	“Sufficient capital… through Q4 2023” (Q3 CFO)	Raised/extended
Nasdaq Listing Status	2022	Extension to Nov 7, 2022 to regain $1 bid compliance (Q1 PR)	Reverse split (1-for-30) completed Sept 23, 2022; compliance regained	Improved
Revenue/Margins/OpEx	2022	No formal guidance provided	No formal guidance provided	No change

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
CB5138-3 Formulation & Injection Site Reactions	New formulation work initiated; interim formulations identified; clean systemic safety profile but prior injection site reactions noted	Interim formulations aggregated in vivo; newer formulations show better in vitro performance under stress; animal tests underway	Iterative; risk persists; timeline maintained contingent on formulation
IND Timing for CB5138-3	Expect filing in 2H 2023; “on track” reiterated	“Assuming… formulating meets in vivo targets… remain on track to file… 2H 2023”	Maintained with contingency
Target Engagement	Approaches initiated to clarify MOA; biomarker planning for Phase 2	Broad cell surface receptor screen underway; preliminary data expected near-term	Advancing discovery; updates pending
Capital Markets / Listing	Nasdaq granted extension to Nov 7 for bid compliance	Reverse split executed; compliance regained; focus on institutional access	Improved listing status
CB4211 Partnering	Active partnering discussions; NASH interest improving	Strategy unchanged; partnership remains preferred path	Steady; external market-dependent
Runway & Burn	“Into 2H 2023”; burn ~$3.1–$3.5M in Q1/Q2	Runway through Q4 2023; burn ~$1.9M in Q3	Extended runway; lower burn in Q3

Management Commentary

“Assuming that these formulations meet our in vivo performance targets, we remain on track to file our IND in the second half of 2023.” — CEO, Q3 prepared remarks .
“We ended Q3 2022 with $18.3 million in cash and investments… we estimate that we have sufficient capital to finance our operations through the fourth quarter of 2023.” — CFO, Q3 prepared remarks .
“By implementing the reverse split, we have maintained our listing on the NASDAQ Exchange, which affords us greater access to capital… and an increased chance of attracting high-quality institutional investors and commercial partners.” — CEO, Q3 prepared remarks .
“This past year has been a challenging one… turbulence in the capital markets… disproportionate impact on micro-cap biotech companies.” — CEO, Q3 prepared remarks .
“We now expect data on both… target engagement and improved formulations in the near future…” — CEO, Q3 prepared remarks .

Q&A Highlights

Timing of formulation/target engagement data: Management is “hoping” for near-year-end readouts but emphasized dependence on CROs; exact timing uncertain .
IND timeline risk management: Management reiterated the IND timing depends on next data set; if further formulation work is required, timeline impact will depend on proximity to performance targets and specific data outcomes .
Clarifications: Process is iterative; manufacturing for contemplated formulations not expected to be atypical or a significant hurdle .

Estimates Context

Wall Street consensus (S&P Global) for Q3 2022 revenue and EPS was unavailable for CWBR at the time of analysis; therefore, we cannot assess beats/misses versus consensus. Estimate comparisons are omitted accordingly.
Implication: With no revenue and evolving share count due to the reverse split, per-share optics are less comparable; investors should focus on cash runway, burn, and clinical milestone timing .

Key Takeaways for Investors

IND timeline maintained for CB5138-3 (2H 2023) but contingent on successfully mitigating injection-site aggregation; near-term formulation data is the critical catalyst. A positive in vivo performance in animals would likely de-risk the path to IND .
Runway extended to Q4 2023 with lower Q3 burn (~$1.9M); funding risk moderated in the near term, but progress remains sensitive to capital market conditions and potential partnership milestones .
Reverse split and regained Nasdaq compliance should help sustain listing and potentially expand the investor base; reduces near-term listing risk and supports optionality for future financing .
Expense discipline evident (R&D/G&A down YoY); focus remains on CB5138-3 preclinical derisking and target engagement work, which may inform biomarker selection and Phase 2 design .
Trading setup: Watch for any company updates on animal testing of new formulations and preliminary receptor screen results (management “hoping” by year-end); either update could drive stock volatility given the binary nature of formulation success .
Medium-term thesis: If CB5138-3 advances to IND on schedule and Phase 1 initiates quickly thereafter, IPF’s sizable market and need for better-tolerated therapies underpin strategic value; partnership for CB4211 remains a call option on NASH/obesity .
Risk factors: Additional formulation iterations may be needed; timeline sensitivity remains. Pre-revenue profile and micro-cap biotech market turbulence can amplify funding and execution risk .

CohBar, Inc. (CWBR)·Q3 2022 Earnings Summary