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Fourth Quarter and Full Year 2023 Financial Results
Cash Position and Guidance: The company had cash, cash equivalents, and short-term investments totaling $18.4 million as of December 31, 2023, compared to $26.3 million as of December 31, 2022. After incorporating the net proceeds of $13.6 million raised from the registered direct financing in January 2024, the company anticipates that its cash, cash equivalents, and short-term investments will be sufficient to fund operations into the first quarter of 2025.
Revenue: Revenue was zero for the quarter ended December 31, 2023, compared to approximately $0.7 million for the same quarter of 2022. Revenue for the full year of 2023 was zero, compared to $3.6 million for the full year of 2022. Revenue for the year ended December 31, 2022, consisted of grant revenue in connection with the company's subaward from the University of California San Francisco under a grant from DARPA to investigate new COVID-19 treatments.
Research and Development (R&D) Expenses: R&D expenses were $6.1 million for the quarter ended December 31, 2023, compared to $6.6 million for the same quarter of 2022. R&D expenses were $22.9 million for the year ended December 31, 2023, compared to $23.3 million for the year ended December 31, 2022. This decrease for the year was due to lower consultant and personnel costs, along with lower external development expenses surrounding the zotatifin program, partially offset by increased external development expenses surrounding the KICKSTART trial for tomivosertib. R&D expenses included approximately $1.9 million and $2.6 million of non-cash stock compensation expense in the years ended December 31, 2023, and 2022, respectively.
General and Administrative (G&A) Expenses: G&A expenses were $2.5 million for the quarter ended December 31, 2023, compared to $2.7 million for the same quarter of 2022. G&A expenses were $10.9 million for the year ended December 31, 2023, compared to $12.6 million for the year ended December 31, 2022. This decrease for the year was primarily due to a decrease in the cost of director and officer insurance premiums, reduced personnel-related costs, and reduced professional service costs, including external audit and legal. G&A expenses included approximately $2.6 million and $2.7 million of non-cash stock compensation expense in the years ended December 31, 2023, and 2022, respectively.
Other Income (Expense): Other expense was $0.5 million for the quarter ended December 31, 2023, and 2022. Other expense was $2.0 million for the year ended December 31, 2023, and other income was $9.7 million for the year ended December 31, 2022. Other expense in the year ended December 31, 2023, consisted primarily of interest expense associated with the company's term loans. Other income in the year ended December 31, 2022, consisted primarily of income related to the change in fair value of the company's earn-out liability for the period, partially offset by interest expense associated with the company's term loans. The fair value of the share earn-out liability of $61.0 million at the closing date of the business combination in August 2021 was remeasured at $6 thousand as of December 31, 2022. The earn-out period expired in August 2023 resulting in a reduction of the corresponding earn-out liability to zero as of December 31, 2023.
Net Loss: Net loss was $9.1 million, or $3.42 per basic and diluted share, for the quarter ended December 31, 2023, as compared to $9.3 million, or $5.57 per basic and diluted share, for the same quarter of 2022. Net loss was $35.8 million, or $16.37 per basic and diluted share, for the year ended December 31, 2023, as compared to $22.7 million, or $13.76 per basic and diluted share, for the year ended December 31, 2022. Shares outstanding as of December 31, 3023, and 2022 were 2,982,679 and 1,667,602, respectively, after taking into effect the retroactive application of the 25:1 reverse stock split completed on January 12, 2024.
Posted In: EFTR
