First Wave BioPharma(FWBI) - 2023 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2023, total operating expenses decreased by approximately $5.3 million, or 57%, to $4.1 million from $9.4 million in the same period in 2022[135]. - The net loss for the three months ended March 31, 2023, was approximately $4.1 million, a decrease of approximately $5.6 million, or 58%, compared to a net loss of $9.6 million for the same period in 2022[145]. - Net cash used in operating activities for the three months ended March 31, 2023, was approximately $2.8 million, compared to $7.9 million for the same period in 2022[146]. Expenses Breakdown - Research and development expenses for the three months ended March 31, 2023, totaled approximately $1.4 million, a decrease of approximately $3.6 million, or 73%, compared to $5.0 million for the same period in 2022[136]. - General and administrative expenses for the three months ended March 31, 2023, totaled approximately $2.7 million, a decrease of approximately $1.7 million, or 39%, from $4.4 million in the same period in 2022[140]. Cash Position - As of March 31, 2023, the company had cash and cash equivalents of approximately $2.1 million and cumulative losses attributable to common stockholders of approximately $172.6 million[129]. - Net cash provided by financing activities for the three months ended March 31, 2023, was approximately $3.5 million, primarily due to net proceeds from a private placement offering[149]. Future Outlook - The company anticipates that research and development expenses will remain stable during the remainder of the fiscal year as it works towards completion of the Phase 2b Adrulipase SPAN clinical trial[138]. - The company is dependent on obtaining additional funding from outside sources to continue operations and develop its drug candidates[130]. - The company is evaluating potential asset acquisitions and business combinations to expand its product pipeline[131]. Internal Controls - The CEO and CFO confirmed the effectiveness of disclosure controls and procedures as of the end of the reporting period[155]. - There were no changes in internal control over financial reporting that materially affected the company's reporting[156]. Market Risks - No applicable market risks were disclosed in the report[153].