amti-20230511

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2023

APPLIED MOLECULAR TRANSPORT INC.

(Exact name of registrant as specified in its charter)


Delaware	001-39306	81-4481426
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Address not Applicable(1)

(Address of principal executive offices, including zip code)

(650) 392-0420

(Registrant’s telephone number, including area code)

450 East Jamie Court

South San Francisco, CA 94080

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, par value $0.0001 per share

AMTI

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

1 We are a remote-only company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, any stockholder communication required to be sent to our principal executive offices may be directed to the agent for service of process at the following address: Applied Molecular Transport Inc., c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, or to the email address: corporate.secretary@appliedmt.com.

Item 2.02 Results of Operations and Financial Conditions.

On May 11, 2023, Applied Molecular Transport Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2023. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

All of the information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

d.Exhibits.


Exhibit No.						Description

99.1						Press Release of Applied Molecular Transport Inc. dated May 11, 2023
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	APPLIED MOLECULAR TRANSPORT INC.

Date: May 11, 2023	By:	/s/ Shawn Cross
		Shawn Cross
		Chief Executive Officer and Chair of the Board of Directors

Document

Exhibit 99.1

Applied Molecular Transport Reports First Quarter 2023 Financial Results

SOUTH SAN FRANCISCO, Calif., May 11, 2023 — Applied Molecular Transport Inc. (Nasdaq: AMTI) (AMT), a biopharmaceutical company, today reported financial results for the first quarter ended March 31, 2023.

Recent Business Highlights

•Engaged MTS Health Partners, L.P. as advisors in a process to explore strategic alternatives for the company

•Appointed Shawn Cross to serve as chief executive officer and board chair

•Tahir Mahmood, Ph.D., co-founder and former CEO remains a member of the board and retained as a consultant

Financial Results for the First Quarter Ended March 31, 2023

Research and development (R&D) expenses. Total R&D expenses for the first quarter of 2023 were $13.0 million, compared to $31.2 million for the same period in 2022. The overall decrease was attributable to our restructuring of operations, related reductions in workforce implemented in March 2023 and halting all research and development activities.

General and administrative (G&A) expenses. Total G&A expenses for the first quarter of 2023 were $6.8 million, compared to $11.3 million for the same period in 2022. The overall decrease was attributable to our restructuring of operations and related reductions in workforce implemented in March 2023.

Restructuring, impairment, and related charges. Total restructuring, impairment, and related charges for the first quarter of 2023 were $8.7 million as the company halted all research and development activities, commenced the close out of existing programs and reduced its workforce by approximately 82%. There were no restructuring, impairment, and related charges recorded for the same period in 2022.

Net loss. Net loss for the first quarter of 2023 was $27.9 million, compared to $42.6 million for the same period in 2022. Operating expenses for the first quarter of 2023 were $28.5 million and interest income was $0.6 million.

Cash and cash equivalents. As of March 31, 2023, cash and cash equivalents were $41.8 million. The company believes its cash and cash equivalents will be sufficient to allow the company to fund its current operating plan for at least twelve months.

About Applied Molecular Transport Inc.

AMT is a biopharmaceutical company that has developed novel oral biologic product candidates, by leveraging its technology platform to design biologic product candidates in patient-friendly oral dosage forms. AMT’s product candidates are designed to precisely target the relevant pathophysiology of the disease. AMT’s proprietary technology platform is incorporated in its product candidates, exploiting existing natural cellular trafficking pathways to drive the active transport of diverse therapeutic modalities across the IE barrier. Active transport is an efficient mechanism that utilizes the cell’s own machinery to transport materials across the IE barrier. The company has halted all research and development activities and commenced a process to explore strategic alternatives.

For additional information on AMT, please visit www.appliedmt.com.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements including statements relating to AMT’s plans, expectations, forecasts and future events. Such forward-looking statements include, but are not limited to, statements regarding the ability of AMT to enter into a strategic transaction and sufficiency of AMT’s cash resources. In some cases, you can identify forward- looking statements by terminology such as “believe,” “estimate,” “intend,” “may,” “plan,” “potentially,” “will,” “expect,” “enable,” “likely” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual events, trends or results could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements

based on various factors. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in AMT’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”), and AMT’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and AMT assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

Applied Molecular Transport Inc.

Condensed Balance Sheets

(unaudited)

(in thousands)


	March 31, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	41,771	$	61,145
Prepaid expenses	1,929		2,688
Other current assets	370		186
Long-lived assets held for sale	2,250		—
Total current assets	46,320		64,019
Property and equipment, net	2,790		8,183
Operating lease right-of-use assets	32,086		33,222
Finance lease right-of-use assets	688		584
Restricted cash	916		916
Other assets	495		522
Total assets	$	83,295	$	107,446
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	871	$	1,583
Accrued expenses	10,990		8,660
Lease liabilities, operating lease - current	4,774		4,639
Lease liabilities, finance lease - current	184		205
Total current liabilities	16,819		15,087
Lease liabilities, operating lease	29,974		31,228
Lease liabilities, finance lease	114		49
Other liabilities	244		244
Total liabilities	47,151		46,608
Stockholders’ equity:
Common stock	4		4
Additional paid-in capital	430,027		426,804
Accumulated deficit	(393,887)		(365,970)
Total stockholders’ equity	36,144		60,838
Total liabilities and stockholders’ equity	$	83,295	$	107,446

Applied Molecular Transport Inc.

Condensed Statements of Operations

(unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended March 31,
		2023		2022
Operating expenses:
Research and development		$	12,988	$	31,239
General and administrative		6,752		11,337
Restructuring, impairment, and related charges		8,743		—
Total operating expenses		28,483		42,576
Loss from operations		(28,483)		(42,576)
Interest income, net		579		(3)
Other income (expense), net		(13)		4
Net loss		$	(27,917)	$	(42,575)
Net loss per share, basic and diluted		$	(0.71)	$	(1.10)
Weighted-average shares of common stock outstanding, basic and diluted		39,188,397		38,641,365

Refer to the Company’s applicable SEC filings for previously reported periods.

Investor Relations Contact:

Alexandra Santos

Wheelhouse Life Science Advisors

asantos@wheelhouselsa.com

Media Contact:

Aljanae Reynolds

Wheelhouse Life Science Advisors

areynolds@wheelhouselsa.com