Announcement • May 21
RegenETP, Inc. announced that it expects to receive $22.5 million in funding from Avenue Capital Group, LLC RegenETP, Inc. has announced that it will receive $12.5 million in a round of funding on May 20, 2024. The company will issue Common shares for the gross proceeds of $12.5 million from institutional investors and current shareholders in the transaction. The company will be provided remaining gross proceeds of $10 million in senior secured credit facility from Avenue Venture Opportunities Fund, L.P., a fund managed by Avenue Capital Group, LLC.
As on the same date, the company has received $17.5 million in its first tranche. The company has received $12.5 million for the common shares and $5 million for the senior secured credit facility. Announcement • Feb 27
PolarityTE Screens First Subject in Phase III Pivotal Study Evaluating Investigational New Drug SkinTE® in Diabetic Foot Ulcers PolarityTE announced the Screening of the first subject in the Phase III pivotal study evaluating SkinTE in the investigational treatment of Wagner grade 1 diabetic foot ulcers (DFUs), entitled "Closure Obtained with Vascularized Epithelial Regeneration for DFUs with SkinTE II," or "COVER DFUS II." COVER DFUS II will enroll up to 120 subjects at up to 20 clinical sites in the United States. Subjects will be randomized to one of two treatment groups, receiving either SkinTE plus the standard of care (SOC) or the SOC alone. The primary endpoint is the incidence of DFUs closed at 12 weeks. Secondary endpoints include percent area reduction (PAR) at 4, 8, and 12 weeks; Total number of in-person wound care clinic visits and/or hospital days related to the index ulcer from Randomization Visit (RV1); Total days of CAM Boot use related to the index ulcer from Randomization Visit (RV1); Time to closure within 24 weeks; and Proportion of subjects experiencing treatment-emergent AEs between SOC and SkinTE arms. COVER DFUS II is a pivotal study that PolarityTE will conduct under its open IND for SkinTE. Announcement • Aug 12
PolarityTE, Inc. Files Form 15 PolarityTE, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.001 per share. Announcement • Jul 08
Nasdaq to Delist the Common Stock of PolarityTE Nasdaq announced on July 06, 2023 that it will delist the common stock of PolarityTE, Inc. The company’s securities were suspended on June 16, 2023, and have not traded on Nasdaq since that time. Announcement • Jun 17
PolarityTE, Inc.(OTCPK:PTEI.Q) dropped from NASDAQ Composite Index PolarityTE, Inc. removed New Risk • Jun 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$22m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Revenue is less than US$1m (US$73k revenue). Market cap is less than US$10m (US$1.44m market cap). Reported Earnings • May 14
First quarter 2023 earnings released: US$0.58 loss per share (vs US$1.12 loss in 1Q 2022) First quarter 2023 results: US$0.58 loss per share. Net loss: US$4.24m (loss widened 13% from 1Q 2022). Revenue is forecast to grow 63% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Biotechs industry in the US. Reported Earnings • Mar 29
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$1.14 loss per share (improved from US$9.43 loss in FY 2021). Net loss: US$7.83m (loss narrowed 74% from FY 2021). Revenue is forecast to grow 56% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Biotechs industry in the US. Announcement • Jan 28
Polarityte, Inc. Appoints Jeff Dyer as A Member of the Board of Directors PolarityTE, Inc. elected Jeff Dyer, PhD, to serve as a member of the Board of Directors beginning January 26, 2023, for a term expiring at the Company’s 2025 annual meeting of stockholders. Dr. Dyer was also appointed to serve on the Company’s Audit Committee, Nominating and Governance Committee, and Compensation Committee for which he will also serve as chairperson. Dr. Dyer served on the Company’s Board from March 2, 2017, to September 2, 2022. Dr. Dyer has served as the Horace Beesley Professor of Strategy at Brigham Young University since September 1999. From August 1993 until September 1999, he served as an Assistant Professor at Wharton School, University of Pennsylvania, and from July 1984 until September 1988 he served as Management Consultant and Manager of Bain & Company. Dr. Dyer received his Bachelor of Science degree in psychology and MBA from Brigham Young University and his PhD in management from University of California, Los Angeles. In consideration for Dr. Dyer’s agreement to join the Board the Company agreed to pay him a one-time cash fee of $10,000. In accordance with the Company’s annual compensation program for non-employee directors that began October 1, 2022, Dr. Dyer is entitled to receive a $50,000 annual retainer prorated for the period of actual service that began January 26, 2023, or a total of $33,972.60, which is paid in the form of restricted stock units issued under the Company’s equity incentive plans that will vest in arrears at the rate of 26.2% on March 31, 2023, 36.9% on June 30, 2023, and 36.9% on September 30, 2023. Dr. Dyer will be entitled be entitled to additional compensation for his service on Board committees. As chair of the Compensation Committee he is paid an annual cash fee of $7,500, payable quarterly in arrears and prorated for actual periods of service less than a full quarter. As a member of the Audit Committee Dr. Dyer is paid an annual cash fee of $4,500 and as a member of the Nominating and Governance Committee he is paid an annual cash fee of $2,500, in each case payable quarterly in arrears and prorated for periods of service less than a full quarter. Board Change • Jan 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. Independent Chairman of the Board Peter Cohen was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Breakeven Date Change • Jan 03
Forecast to breakeven in 2025 The 2 analysts covering PolarityTE expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$42.5m in 2025. Average annual earnings growth of 58% is required to achieve expected profit on schedule. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -US$130 to -US$4.60 per share. Revenue forecast unchanged from US$814.0k at last update. Biotechs industry in the US expected to see average net income decline 94% next year. Consensus price target of US$1.25 unchanged from last update. Share price fell 16% to US$0.69 over the past week. Price Target Changed • Nov 16
Price target decreased to US$1.25 Down from US$50.00, the current price target is provided by 1 analyst. New target price is 80% above last closing price of US$0.69. The company is forecast to post a net loss per share of US$4.60 next year compared to a net loss per share of US$9.43 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: US$0.47 loss per share (vs US$0.31 loss in 3Q 2021) Third quarter 2022 results: US$0.47 loss per share (further deteriorated from US$0.31 loss in 3Q 2021). Net loss: US$3.40m (loss widened 233% from 3Q 2021). Revenue is expected to decline by 145% p.a. on average during the next 2 years, while revenues in the Biotechs industry in the US are expected to grow by 14%. Reported Earnings • Nov 12
Third quarter 2022 earnings released: US$0.47 loss per share (vs US$0.31 loss in 3Q 2021) Third quarter 2022 results: US$0.47 loss per share (further deteriorated from US$0.31 loss in 3Q 2021). Net loss: US$3.40m (loss widened 233% from 3Q 2021). Revenue is expected to decline by 145% p.a. on average during the next 2 years, while revenues in the Biotechs industry in the US are expected to grow by 14%. Major Estimate Revision • Aug 18
Consensus revenue estimates fall by 40% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$2.20m to US$1.32m. Forecast losses increased from -US$0.98 to -US$9.15 per share. Biotechs industry in the US expected to see average net income decline 57% next year. Consensus price target of US$39.38 unchanged from last update. Share price fell 19% to US$1.32 over the past week. Price Target Changed • Aug 13
Price target decreased to US$15.38 Down from US$26.88, the current price target is an average from 3 analysts. New target price is 1,014% above last closing price of US$1.38. Stock is down 93% over the past year. The company is forecast to post a net loss per share of US$0.66 next year compared to a net loss per share of US$9.43 last year. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: US$0.013 loss per share (up from US$0.99 loss in 2Q 2021). Revenue: US$73.0k (down 97% from 2Q 2021). Net loss: US$68.0k (loss narrowed 98% from 2Q 2021). Revenue missed analyst estimates by 85%. Earnings per share (EPS) exceeded analyst estimates by 98%. Over the next year, revenue is expected to shrink by 17% compared to a 51% growth forecast for the industry in the US. Major Estimate Revision • May 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$2.82m to US$2.20m. EPS estimate increased from -US$6.75 to -US$0.98 per share. Biotechs industry in the US expected to see average net income decline 52% next year. Consensus price target down from US$26.88 to US$15.38. Share price fell 43% to US$2.43 over the past week. Price Target Changed • May 22
Price target decreased to US$15.38 Down from US$26.88, the current price target is an average from 3 analysts. New target price is 554% above last closing price of US$2.35. Stock is down 92% over the past year. The company is forecast to post a net loss per share of US$0.98 next year compared to a net loss per share of US$9.43 last year. Reported Earnings • May 17
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: US$741.0k (down 84% from 1Q 2021). Net loss: US$3.77m (loss narrowed 78% from 1Q 2021). Revenue missed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 47% compared to a 36% growth forecast for the industry in the US. Price Target Changed • Apr 27
Price target decreased to US$1.08 Down from US$2.25, the current price target is an average from 3 analysts. New target price is 478% above last closing price of US$0.19. Stock is down 82% over the past year. The company is forecast to post a net loss per share of US$0.27 next year compared to a net loss per share of US$0.38 last year. Major Estimate Revision • Apr 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$2.87m to US$2.82m. 2022 losses expected to reduce from -US$0.34 to -US$0.27 per share. Biotechs industry in the US expected to see average net income decline 47% next year. Consensus price target down from US$2.25 to US$1.08. Share price fell 15% to US$0.23 over the past week. Reported Earnings • Mar 31
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.38 loss per share (up from US$1.11 loss in FY 2020). Revenue: US$9.40m (down 7.1% from FY 2020). Net loss: US$30.2m (loss narrowed 30% from FY 2020). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Over the next year, revenue is expected to shrink by 74% compared to a 66% growth forecast for the pharmaceuticals industry in the US. Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.013 loss per share (vs US$0.18 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: US$1.12m (down 67% from 3Q 2020). Net loss: US$1.02m (loss narrowed 86% from 3Q 2020). Executive Departure • Sep 07
Independent Director Minnie Baylor-Henry has left the company On the 1st of September, Minnie Baylor-Henry's tenure as Independent Director ended after 2.7 years in the role. As of June 2021, Minnie still personally held 129.51k shares (US$132k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.17 years. Major Estimate Revision • Aug 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$11.1m to US$7.69m. EPS estimate increased from -US$0.52 to -US$0.45 per share. Biotechs industry in the US expected to see average net income decline 21% next year. Consensus price target of US$2.75 unchanged from last update. Share price fell 5.0% to US$0.82 over the past week. Reported Earnings • Aug 14
Second quarter 2021 earnings released: US$0.04 loss per share (vs US$0.33 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$2.54m (up 12% from 2Q 2020). Net loss: US$3.19m (loss narrowed 75% from 2Q 2020). Recent Insider Transactions • May 21
Independent Chairman of the Board recently bought US$259k worth of stock On the 18th of May, Peter Cohen bought around 265k shares on-market at roughly US$0.98 per share. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • May 16
First quarter 2021 earnings released: US$0.23 loss per share (vs US$0.40 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: US$4.71m (up 405% from 1Q 2020). Net loss: US$17.4m (loss widened 34% from 1Q 2020). Major Estimate Revision • Feb 16
Analysts update estimates The 2020 consensus revenue estimate was lowered from US$9.59m to US$9.42m. The company's losses in 2020 are expected to improve with analysts raising their EPS forecasts from -US$1.07 to -US$0.88. The Biotechs industry in the US is expected to see a 1.3% decline in net income next year. The consensus price target of US$3.00 was unchanged from the last update. Share price is up 9.7% to US$1.69 over the past week. Is New 90 Day High Low • Feb 10
New 90-day high: US$1.54 The company is up 90% from its price of US$0.81 on 11 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$55.68 per share. Is New 90 Day High Low • Jan 09
New 90-day high: US$1.32 The company is up 22% from its price of US$1.08 on 09 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$84.75 per share. Is New 90 Day High Low • Dec 15
New 90-day low: US$0.63 The company is down 43% from its price of US$1.11 on 15 September 2020. The American market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$11.12 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 26%, compared to a 315% growth forecast for the Biotechs industry in the US. Reported Earnings • Nov 11
Third quarter 2020 earnings released: US$0.18 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$3.34m (up 139% from 3Q 2019). Net loss: US$7.08m (loss narrowed 69% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 67% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 10
New 90-day low: US$0.81 The company is down 44% from its price of US$1.45 on 11 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$9.83 per share. Is New 90 Day High Low • Oct 19
New 90-day low: US$1.01 The company is down 45% from its price of US$1.85 on 21 July 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$10.35 per share.