# EDGAR Filing Document

**Accession Number:** 0000907654
**File Stem:** 0000950170-23-004387
**Filing Date:** 2023-2
**Character Count:** 12621
**Document Hash:** 31a6af6baa518d6cfc6f9d3d38589b76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-004387.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000950170-23-004387

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230224

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARCA biopharma, Inc.
- **CENTRAL INDEX KEY:** 0000907654
- **STANDARD INDUSTRIAL CLASSIFICATION:** IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
- **IRS NUMBER:** 363855489
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-22873
- **FILM NUMBER:** 23667902

**BUSINESS ADDRESS:**
- **STREET 1:** 10170 CHURCH RANCH WAY
- **STREET 2:** SUITE 100
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80021
- **BUSINESS PHONE:** 7209402200

**MAIL ADDRESS:**
- **STREET 1:** 10170 CHURCH RANCH WAY
- **STREET 2:** SUITE 100
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NUVELO INC
- **DATE OF NAME CHANGE:** 20030203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HYSEQ INC
- **DATE OF NAME CHANGE:** 19970610

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** February 24, 2023<br>

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ARCA biopharma, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 000-22873 | 36-3855489 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 10170 Church Ranch Way<br>Suite 100 |  |  |
| Westminster**,** Colorado |  | 80021 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (720) 940-2200<br>

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

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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:

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

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

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

☐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:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common | ABIO | The Nasdaq Global Market |

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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 ☐

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. ☐

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**Section 2 — Financial Information**

**Item 2.02 Results of Operations and Financial Condition.**

On February 24, 2023, ARCA biopharma, Inc., or ARCA, issued a press release reporting financial results for the year ended December 31, 2022.

The press release is attached hereto as Exhibit 99.1, which is furnished under Item 2.02 of this report and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

**Section 9 — Financial Statements and Exhibits** 

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [<u>Press Release titled "ARCA biopharma Announces 2022 Financial Results and Provides Corporate Update" dated February 24, 2023</u>](abio-ex99_1.htm). |
| 104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101). |

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**SIGNATURES**

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

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **ARCA biopharma, Inc.**<br> (Registrant) |
| Date: | February 24, 2023 | By:  | /s/ C. Jeffrey Dekker |
|  |  |  | Name: C. Jeffrey Dekker <br>Title: Chief Financial Officer |

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## Ex-99

Exhibit 99.1

![img123434494_0.jpg](img123434494_0.jpg)

**ARCA biopharma Announces 2022 Financial Results and Provides Corporate Update**

**------------------------------------------------------------------------------------------------------------** 

• **Company is currently engaged in a strategic review process, evaluating additional development of its assets, collaborations and other strategic options**

Westminster, CO, February 24, 2023 – ARCA biopharma, Inc. (Nasdaq: ABIO), a biopharmaceutical company applying a precision medicine approach to developing genetically targeted therapies for cardiovascular diseases, today reported 2022 financial results and provided a corporate update.

In May 2022, the Company retained Ladenburg Thalmann & Co. Inc. to act as its financial advisor to explore and evaluate strategic options for maximizing stockholder value. Potential strategic alternatives that may be explored or evaluated as part of this process include the potential for an acquisition, merger, business combination or other strategic transaction involving the Company. The Board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic options at this time. There can be no assurance, however, that this process will result in any such transaction.

**Full Year 2022 Summary Financial Results**

**Cash and cash equivalents** were $42.4 million as of December 31, 2022, compared to $53.4 million as of December 31, 2021. ARCA believes that its current cash and cash equivalents, consisting primarily of money market funds, will be sufficient to fund its operations through the middle of 2024.

**Research and development (R&D) expenses** were $4.7 million for the year ended December 31, 2022, compared to $13.8 million for 2021. In the third quarter of 2022, ARCA implemented a strategic reduction of the workforce and recorded total restructuring charges of approximately $0.8 million, of which $0.5 million and $0.3 million were recognized in research and development and general and administrative expenses, respectively, in connection with the restructuring, all in the form of one-time termination benefits. The $9.1 million decrease in R&D expenses in 2022 as compared to 2021 was primarily related to the completion of enrollment in the rNAPc2 Phase 2b clinical trial in the fourth quarter of 2021, partially offset by the restructuring charges discussed above. R&D expenses in 2023 are expected to be lower than 2022.

**General and administrative (G&A) expenses** were $5.8 million for the year ended December 31, 2022, compared to $5.5 million for 2021, an increase of approximately $0.3 million. The increase in expenses during 2022 was primarily a result of increases in professional fees and consulting costs and one-time termination benefits discussed above in 2022. G&A expenses in

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2023 are expected to be consistent with those in 2022 as the Company maintains administrative activities to support our ongoing operations.

**Total operating expenses** for the year ended December 31, 2022 were $10.6 million compared to $19.3 million in 2021.

**Net loss** for the year ended December 31, 2022 was $9.9 million, or $0.69 per basic and diluted share, compared to $19.3 million, or $1.39 per basic and diluted share in 2021.

**About ARCA biopharma**

ARCA biopharma is dedicated to developing genetically and other targeted therapies for cardiovascular diseases through a precision medicine approach to drug development. At present, ARCA is evaluating options for development of its assets, including partnering and other strategic options. For more information, please visit www.arcabio.com or follow the Company on LinkedIn.

**Safe Harbor Statement**

This press release contains "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding potential future development plans for Gencaro and rNAPc2, if any, the Company's review of strategic options. Such statements are based on management's current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: ARCA's financial resources and whether they will be sufficient to meet its business objectives and operational requirements; ARCA may not be able to raise sufficient capital on acceptable terms, or at all, to continue development of Gencaro or rNAPc2 or to otherwise continue operations in the future; results of earlier clinical trials may not be confirmed in future clinical trials; the protection and market exclusivity provided by ARCA's intellectual property; risks related to the drug discovery and the regulatory approval processes; the Company's ability to complete a strategic transaction, and, the impact of competitive products and technological changes. These and other factors are identified and described in more detail in ARCA's filings with the Securities and Exchange Commission, including without limitation ARCA's annual report on Form 10-K for the year ended December 31, 2022, and subsequent filings. ARCA disclaims any intent or obligation to update these forward-looking statements.

**Investor & Media Contact:**

Jeff Dekker

720.940.2122 ir@arcabio.com

(Tables follow)

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**ARCA BIOPHARMA, INC.**

**BALANCE SHEET DATA** 

**(in thousands)** 

**(unaudited)**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>December 31, 2022</u> | &nbsp;&nbsp;<u>December 31, 2021</u> |
| &nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42445 | &nbsp;&nbsp;$53359 |
| &nbsp;&nbsp;Working capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41567 | &nbsp;&nbsp;$50923 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43085 | &nbsp;&nbsp;$54924 |
| &nbsp;&nbsp;Total stockholders' equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41673 | &nbsp;&nbsp;$51043 |

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**ARCA BIOPHARMA, INC.** 

**STATEMENTS OF OPERATIONS**

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2022** | **2021** |
|  | **(in thousands, except share<br>and per share amounts)** | **(in thousands, except share<br>and per share amounts)** |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | $4749 | $13832 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5847 | 5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 10596 | 19335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (10596) | (19335) |
| Interest and other income | 675 | 13 |
| Other loss | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(9926) | $(19322) |
| Net loss per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.69) | $(1.39) |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 14410143 | 13903871 |

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