Full Year 2023 Financial Results

As of December 31, 2023, the Company had $7.4 million in cash and cash equivalents, compared to $6.2 million as of December 31, 2022. The increase in cash and cash equivalents resulted from $7.6 million net proceeds from three financings that closed in March 2023, May 2023, and November 2023, offset by $6.4 million of cash used in operations for the year ended December 31, 2023. The Company expects its current cash resources to be sufficient to fund operations into the third quarter of 2024.

Research and development expenses were $4.1 million for the year ended December 31, 2023, compared to $5.7 million for the year ended December 31, 2022. The decrease in research and development expense was the result of decreased clinical trial and non-clinical expenses during 2023, partially offset by increased chemistry, manufacturing, and controls, or CMC, expenses in preparation for the DMT310 Phase 3 program. Stock-based compensation attributable to research and development totaled $0.2 million for the years ended December 31, 2023, and 2022.

General and administrative expenses were $4.0 million for the years ended December 31, 2023, and 2022. Decreases in insurance and stock-based compensation expenses were offset by increased public company costs, including the expenses related to audit fees and shareholder meetings. Stock-based compensation attributable to general and administrative totaled $0.3 million for the year ended December 31, 2023, compared to $0.7 million for the year ended December 31, 2022.