Fri. 15 Mar 2024, 4:20pm ET
Benzinga
Earnings, News
Financial Results for the Year Ended December 31, 2023
- Service Revenue – Related Party: The Company generated $0.7 million of service revenue during the year ended December 31, 2023, compared to $0.3 million for the comparable period in 2022.
- Research and Development (R&D) expenses: R&D expenses for the year ended December 31, 2023, were $3.8 million compared to $6.1 million for the comparable period in 2022.
- General and Administrative (G&A) expenses: G&A expenses for the year ended December 31, 2023, were $4.5 million compared to $3.6 million for the comparable period in 2022.
- Net Loss was $11.3 million for the year ended December 31, 2023, compared to $10.7 million for the comparable period in 2022.
- Cash and cash equivalents: As of December 31, 2023, the Company had cash and cash equivalents of $1.8 million, which does not include net proceeds of approximately $4.4 million from a February 15, 2024, follow-on offering.