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bankruptcy, CFRX, Council, dissolution, geopolitical, October, OTC, par, sought, symbol
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Army, attractive, Command, fundamental, independence, Military, Russia, Ukraine
Financial report summary
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Armata Pharmaceuticals • Ansun Biopharma • Aridis Pharmaceuticals • XBiotech • Roivant SciencesManagement Discussion
- For a discussion of our results of operations for the year ended December 31, 2021, including a year-to-year comparison between 2021 and 2020, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2021.
- Research and development expense was $44.7 million for the year ended December 31, 2022, compared with $35.5 million for the year ended December 31, 2021, an increase of $9.2 million. This increase was primarily attributable to a $5.8 million increase in spending on clinical activities related to the Phase 3 DISRUPT study of exebacase a $3.4 million increase in spending on manufacturing costs for both exebacase and CF-370. These costs decreased significantly after we stopped enrollment in the Phase 3 DISRUPT study and implemented our restructuring plan, discussed below and in Note 9, “Restructuring” to the notes to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K, and we expect will continue at reduced levels through 2023.
- General and administrative expense was $12.2 million for the year ended December 31, 2022, compared with $11.8 million for the year ended December 31, 2021, an increase of $0.4 million. This increase was primarily attributable to an increase in our external legal costs.