2023 Financial Results

Revenue for 2023 was $1.1 million, which was generated from the Company's research collaborations with BioNTech SE and Genentech Inc. This compares with revenue for 2022 of $3.2 million, which was generated from the Company's research collaboration with BioNTech SE.

Total costs and expenses for 2023 were $24.9 million compared with $27.8 million for 2022. The decrease was primarily due to lower clinical trial expenses and lower professional and consulting fees. Income from selling unused New Jersey net operating losses (NOLs) and research and development tax credits was $0.5 million and $3.5 million for 2023 and 2022, respectively.

The net loss for 2023 was $22.9 million, or $0.11 per share, compared with a net loss for 2022 of $21.0 million, or $0.10 per share.

Cash, cash equivalents and marketable securities as of December 31, 2023 were $13.8 million compared with $28.8 million as of December 31, 2022. Based on current projections, the Company believes its cash position is sufficient to fund planned operations through the third quarter of 2024.