Summary by Futu AI
Clene Inc., a clinical-stage pharmaceutical company, reported its annual financial results, highlighting a 38% increase in total revenue from $473,000 in 2022 to $654,000 in 2023. This growth was driven by a 51% rise in product revenue and an 8% increase in royalty revenue. Despite this, the company experienced a 16% decrease in operating expenses, primarily due to reduced research and development costs, which fell from $31.92 million to $26.655 million. General and administrative expenses also decreased by 15%. However, Clene Inc. reported a net loss of $49.504 million, a 65% increase from the previous year's $29.918 million loss. The company has not yet achieved profitability and has no drugs approved for commercial sale. Clene Inc. continues to focus on developing its novel clean-surfaced nanotechnology (CSN®) therapeutics, with multiple drug assets in development and clinical trials, primarily for neurology applications. The company's future plans include initiating an international Phase 3 study of CNM-Au8 30 mg, RESTORE-ALS, in the second half of 2024, contingent upon funding, and further engagement with the FDA to support potential approval of their drug candidates.