Financial Performance - Net Loss for 2023 was $20 million, or $0.90 per basic and diluted share, compared to a net loss of $21.8 million, or $1.20 per share, in 2022[18] - Adjusted net loss for 2023 was $22.1 million, an increase from $19.6 million in 2022[18] - Operating loss for the year was USD 22,271 thousand in 2023, slightly down from USD 22,603 thousand in 2022, a decrease of approximately 1.5%[30] - Net loss for the year decreased to USD 19,977 thousand in 2023 from USD 21,760 thousand in 2022, a reduction of about 8.2%[30] - The total comprehensive loss for the period was USD 19,952 thousand in 2023, compared to USD 21,766 thousand in 2022, a decrease of approximately 8.3%[30] - The company reported a basic and diluted loss per ADS of USD 0.90 for the year ended December 31, 2023, compared to USD 1.20 in 2022, a decrease of 25%[30] Expenses - Research and Development Expenses for 2023 were $17 million, an increase of $0.7 million, or 4.3%, compared to $16.3 million in 2022[14] - Selling, General and Administrative Expenses decreased to $5.2 million in 2023 from $6.3 million in 2022, a reduction of $1.1 million[15] - Research and development expenses increased to USD 17,034 thousand in 2023 from USD 16,320 thousand in 2022, representing a growth of about 4.4%[30] Cash and Assets - As of December 31, 2023, cash and cash equivalents were $15.3 million, down from $31.7 million on December 31, 2022, providing a cash runway into the first half of 2025[19] - Cash and cash equivalents at the end of the period were USD 14,489 thousand, down from USD 15,030 thousand at the beginning of the period, a decrease of approximately 3.6%[31] - Total assets decreased from USD 54,622 thousand in 2022 to USD 44,302 thousand in 2023, a decline of approximately 19%[29] - Total equity attributable to owners of the company decreased from USD 46,911 thousand in 2022 to USD 34,207 thousand in 2023, a decline of approximately 27.3%[29] - Total current liabilities remained relatively stable, increasing slightly from USD 7,058 thousand in 2022 to USD 7,183 thousand in 2023, an increase of about 1.8%[29] Research and Development Progress - The Phase 2 study for CM24 completed enrollment of approximately 60 patients ahead of schedule in December 2023, with interim data expected in H1 2024[5] - NT219 demonstrated a tumor objective response rate (ORR) of 29% and a disease control rate (DCR) of 71% in a Phase 1 study, with a recommended Phase 2 dose of 100 mg/kg[10] - The company plans to commence a Phase 2 study of NT219 in H1 2024, following positive results from the Phase 1 study[11] - The lead tribody in development, IM1240, is expected to be ready for an Investigational New Drug (IND) filing in approximately two years[13] Finance Income - Finance income for 2023 was $2.3 million, an increase of $1.5 million, or 188%, compared to $0.8 million in 2022[17] - The company raised USD 5,000 thousand from the issuance of ADSs, warrants, and prefunded warrants during the year[31]
Purple Biotech .(PPBT) - 2023 Q4 - Annual Report