Can-Fite(CANF) - 2022 Q4 - Annual Report

Financial Performance - Revenues for the year ended December 31, 2022 were $0.81 million, a decrease of $0.04 million, or 4.7%, compared to $0.85 million in 2021[8] - Total revenues for the year ended December 2022 were $810 million, a decrease of 31% compared to $853 million in 2021[37] - Can-Fite's net loss for the year ended December 31, 2022 was $10.17 million, compared with a net loss of $12.61 million for the same period in 2021[26] - Net loss for the year was $10.173 million, compared to a net loss of $12.615 million in 2021, indicating a reduction of about 19%[37] - Basic and diluted net loss per share improved to $0.01 from $0.03 in the previous year[37] - The operating loss for the year was $10.096 million, an improvement from the $12.842 million loss reported in 2021[37] Expenses - Research and development expenses for the year ended December 31, 2022 were $7.76 million, a decrease of $2.09 million, or 21.2%, compared to $9.85 million in 2021[24] - Research and development expenses decreased to $7.763 million from $9.850 million in the previous year, reflecting a reduction of approximately 21%[37] - General and administrative expenses were $3.14 million for the year ended December 31, 2022, a decrease of $0.70 million, or 18.2%, compared to $3.84 million in 2021[25] Cash and Assets - As of December 31, 2022, Can-Fite had cash, cash equivalents, and short-term deposits of $7.97 million, down from $18.90 million at the end of 2021[11] - Total liabilities and shareholders' equity amounted to $9.283 billion, a decrease from $20.253 billion[36] Product Development and Regulatory Approvals - The pivotal Phase III psoriasis trial for Piclidenoson met its primary endpoint, showing a statistically significant improvement in patients compared to placebo[19] - Can-Fite is advancing Namodenoson in a Phase IIb study for NASH, with a focus on its efficacy in treating liver diseases[6] - The company has submitted a market registration plan for Piclidenoson to the EMA and plans to submit to the FDA[3] - Can-Fite's veterinary partner, Vetbiolix, is developing Piclidenoson for canine osteoarthritis, a market projected to reach $3 billion by 2028[4] - Namodenoson has been approved for compassionate use in Romania for patients with advanced liver cancer, following a complete response in a prior study[7] Risks and Future Outlook - The company continues to face risks related to cash flow uncertainties and the need for additional capital to fund operations[38] - Forward-looking statements indicate potential challenges in product development and regulatory approvals, which may impact future performance[38] - The company has not provided specific guidance for future revenues or operational milestones in the current report[38]