Financial Performance - For the three months ended June 30, 2023, total operating expenses decreased by approximately $1.2 million, or 23%, to $4.2 million compared to $5.4 million for the same period in 2022[144]. - The net loss for the three months ended June 30, 2023, was approximately $4.2 million, a decrease of approximately $1.2 million, or 23%, compared to a net loss of approximately $5.4 million for the same period in 2022[153]. - For the six months ended June 30, 2023, total operating expenses decreased by approximately $6.5 million, or 44%, to $8.2 million compared to $14.8 million for the same period in 2022[154]. - The net loss for the six months ended June 30, 2023, was approximately $8.2 million, a decrease of approximately $6.8 million, or 45%, compared to a net loss of approximately $15.0 million for the same period in 2022[164]. Research and Development - Research and development expenses for the three months ended June 30, 2023, totaled approximately $1.4 million, a decrease of approximately $1.5 million, or 53%, from approximately $2.9 million in the same period of 2022[145]. - Research and development expenses for the six months ended June 30, 2023, totaled approximately $2.7 million, a decrease of approximately $5.2 million, or 66%, from approximately $7.9 million in the same period of 2022[155]. - The company is currently focused on developing adrulipase and niclosamide drug candidates, with ongoing clinical trials and regulatory submissions[134]. - The company anticipates that research and development expenses will decrease as it closes out the Phase 2b adrulipase SPAN clinical trial[147]. Cash Flow and Financing - As of June 30, 2023, the company had cash and cash equivalents of approximately $1.2 million and cumulative losses attributable to common stockholders of approximately $176.8 million[139]. - The company raised approximately $2.1 million from the July 2023 Offering, which is expected to fund operations through September 2023[139]. - Net cash used in operating activities for the six months ended June 30, 2023, was approximately $5.6 million, a decrease from $12.5 million in the same period of 2022, reflecting an improvement of 55%[166][167]. - Net cash provided by financing activities for the six months ended June 30, 2023, was approximately $5.5 million, slightly higher than $5.4 million in the same period of 2022[168][169]. - The financing activities in 2023 included net proceeds of approximately $2.2 million from the exercise of warrants and $3.7 million from the March 2023 Offering[168]. - Cash repayments related to note payable financing for corporate insurances amounted to approximately $0.4 million during the first half of 2023[168]. - The decrease in cash and cash equivalents for the six months ended June 30, 2023, was $126,850, a significant improvement compared to a decrease of $7.1 million in the same period of 2022[165]. - Non-cash expenses in operating activities for the first half of 2023 were approximately $0.7 million, primarily related to stock-based compensation[166]. - Increases in accounts payable and accrued expenses contributed approximately $1.0 million to the cash flow in the first half of 2023[166]. Accounting Policies - There were no material changes to critical accounting policies during the six months ended June 30, 2023[171]. - The company continues to assess its accounting policies, which are essential for interpreting financial results[170].
First Wave BioPharma(FWBI) - 2023 Q2 - Quarterly Report