TG Therapeutics to Participate in the Bank of America Securities 2023 Health Care Conference

On May 4, 2023 TG Therapeutics, Inc. (NASDAQ: TGTX) reported that Michael S. Weiss, the Company’s Chairman and Chief Executive Officer, will participate in the Bank of America Securities 2023 Health Care Conference, being held at the Encore Hotel, in Las Vegas, NV on Tuesday May 9th through Thursday May 11th, 2023 (Press release, TG Therapeutics, MAY 4, 2023, View Source [SID1234631057]). The fireside chat is scheduled to take place on Tuesday, May 9, 2023, at 3:00 PM PT.

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A live webcast of the fireside chat will be available on the Events page, located within the Investors & Media section, of the Company’s website at View Source

Surface Oncology Reports Financial Results and Corporate Highlights for First Quarter 2023

On May 4, 2023 Surface Oncology (Nasdaq: SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, reported financial results and corporate highlights for the first quarter 2023, as well as anticipated near-term milestones (Press release, Surface Oncology, MAY 4, 2023, View Source [SID1234631056]).

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"We remain highly encouraged by the progress of our two clinical programs, SRF388 a potential first-in-class IL-27 inhibitor, and SRF114, a potentially best-in-class anti-CCR8 antibody, both of which have been enrolling well," said Rob Ross, M.D., chief executive officer of Surface. "At the recent AACR (Free AACR Whitepaper) Annual Meeting, we presented compelling new SRF114 preclinical data which indicate that therapeutic depletion of CCR8 positive tumor infiltrating Tregs results in robust anti-tumorigenic activity across multiple tumor models. With respect to SRF388 and our ongoing Phase 2 trials in liver and lung cancer, we look forward to providing a clinical data update in both indications later in the second quarter."

First Quarter and Subsequent Corporate Highlights

In April 2023, Surface presented new preclinical data on SRF114, a fully human anti-CCR8 antibody, at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2023 in Orlando. A poster presentation highlighted new in vivo data showing SRF114 promotes a pro-inflammatory tumor microenvironment resulting in robust antitumor activity in checkpoint inhibition-resistant and checkpoint inhibition-susceptible tumor models. The poster also demonstrated that anti-CCR8 therapy resulted in the depletion of Treg cells selectively in tumor tissue and anti-CCR8 and anti-PD-1 combination therapy increased tumor immune cell infiltration, cytokine production and improved overall survival in a checkpoint inhibitor-resistant melanoma model.

In January 2023, Surface announced the first patient had been dosed in a Phase 1/2 study evaluating SRF114 as a monotherapy in patients with advanced solid tumors. The dose escalation portion of the study is ongoing and will enroll up to 30 patients evaluating the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy of SRF114.
Selected Anticipated Near-term Corporate Milestones

In the second quarter, Surface expects to share updated clinical data from the ongoing Phase 2 studies investigating SRF388 as a monotherapy in lung cancer and in combination therapy in liver cancer.
Initial safety and efficacy data from the ongoing SRF114 Phase 1/2 clinical study are anticipated in 2024.
Financial Results

As of March 31, 2023, cash, cash equivalents and marketable securities were $102.1 million, compared to $124.8 million on December 31, 2022.

General and administrative (G&A) expenses were $5.9 million for the first quarter ended March 31, 2023, compared to $6.5 million for the same period in 2022. The decrease primarily relates to personnel-related costs from reduced headcount and a reduction in professional fees. G&A expenses included $1.0 million in stock-based compensation expense for the first quarter ended March 31, 2023.

Research and development (R&D) expenses were $13.8 million for the first quarter ended March 31, 2023, compared to $16.6 million for the same period in 2022. This decrease was primarily driven by a reduction in manufacturing costs for our SRF388 program and the strategic decision to pause the SRF617 program as part of our corporate restructuring in November 2022. R&D expenses included $0.6 million in stock-based compensation expense for the first quarter ended March 31, 2023.

For the first quarter ended March 31, 2023, net loss was $19.7 million, or basic and diluted net loss per share of $0.33. Net income was $6.2 million for the same period in 2022, or basic net income per share of $0.13 and diluted net income per share of $0.13.

Surface Oncology continues to project that current cash and cash equivalents are sufficient to fund the company into the third quarter of 2024.

About SRF388

SRF388 is a fully human anti-IL-27 antibody designed to inhibit the activity of this immunosuppressive cytokine. Surface Oncology has identified particular tumor types, including liver and lung cancer, where IL-27 appears to play an important role in the immunosuppressive tumor microenvironment and may contribute to resistance to treatment with checkpoint inhibitors. SRF388 targets the rate-limiting p28 subunit of IL-27, and preclinical studies have shown that treatment with SRF388 blocks the immunosuppressive biologic effects of IL-27, resulting in immune cell activation in combination with other cancer therapies including anti-PD-1 therapy, as well as potent anti-tumor effects as a monotherapy. Furthermore, Surface Oncology has identified a potential biomarker associated with IL-27 that may be useful in helping to identify patients most likely to respond to SRF388. In November 2020, Surface announced that SRF388 was granted Orphan Drug designation and Fast Track designation for the treatment of refractory hepatocellular carcinoma from the FDA.

About SRF114

SRF114 is a fully human, afucosylated anti-CCR8 antibody designed to preferentially deplete CCR8+ Treg cells within the tumor microenvironment. In preclinical studies, Surface Oncology has shown that SRF114 induces antibody-dependent cellular cytotoxicity (ADCC) and/or antibody-dependent cellular phagocytosis (ADCP) pathways to deplete intratumoral Treg cells. In addition, SRF114 reduced tumor growth in murine models. These findings support the advancement of SRF114 as a therapeutic candidate that holds the potential to drive anti-tumor immunity in patients.

Soligenix Announces Positive Clinical Results from Compatibility Study of HyBryte™ in the Treatment of Cutaneous T-Cell Lymphoma

On May 4, 2023 Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, reported positive clinical results from a compatibility study evaluating HyBryte (synthetic hypericin sodium) in the treatment of cutaneous T-cell lymphoma (CTCL) using the commercially ready Daavlin Series 7 visible light device, which recently received 510(k) clearance from U.S. Food and Drug Administration (FDA) (Press release, Soligenix, MAY 4, 2023, View Source [SID1234631055]). The open-label study (protocol HPN-CTCL-02) enrolled 9 patients to receive 8 weeks of HyBryte treatment of their cancerous lesions, with an assessment of treatment response conducted at week 10 using the Composite Assessment of Index Lesion Severity (CAILS) score. All subjects were enrolled by Brian Poligone, MD, PhD, at the Rochester Skin Lymphoma Medical Group.

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The purpose of the study was to establish that any light device capable of producing visible light of an appropriate and consistent wavelength (500 to 650 nm) was suitable for use with HyBryte and extend the pharmacokinetic profile using a recently developed, more sensitive hypericin assay. In addition to meeting these objectives, the efficacy demonstrated strongly substantiates the results of the Phase 3 FLASH (Fluorescent Light Activated Synthetic Hypericin) study. The treatment response data of 22% following 8 weeks of twice weekly HyBryte therapy recapitulates the results of the FLASH trial, despite the fact that patients in the current study were specifically selected to have more extensive disease consistent with its potential commercial use. Additionally, in this study all patients had improvements in their cumulative CAILS score (average improvement of 36.4%, range 8 to 100%). Results in individual lesions showed that 7 of the 27 index lesions (25.9%) had at least a 50% improvement in their CAILS score and 4 of the 27 index lesions (14.8%) were completely resolved after as little as 8 weeks of treatment. Other key evaluations included measurements of systemic exposure and cardiac output, which yielded extremely low and limited levels of systemic hypericin (plateau concentration of approximately 0.00013 μg/mL) detected in the blood and no observable impact to normal sinus rhythm, reinforcing the safety of HyBryte.

"We were excited for the opportunity to work with Soligenix and make HyBryte available to our patients," stated Brian Poligone, MD, PhD, Director of the Rochester Skin Lymphoma Medical Group, Fairport, NY, and Principal Investigator for the compatibility study and Leading Enrolling Investigator in the FLASH study. "Since the completion of the Phase 3 FLASH study, I have had a number of patients asking about possible access to this promising therapy. Fortunately, we were chosen to conduct this study and the patients’ enthusiasm for the product was evident by their willingness to participate in the trial, allowing for its rapid completion. I look forward to continuing to work with Soligenix to further advance the HyBryte program so my patients can have this much needed treatment option available to them."

"These results reinforce the positive HyBryte data from the FLASH study. Important corporate objectives for the study were to replicate results previously observed in the FLASH study, while using finished drug product manufactured by our proposed commercial contract manufacturer and activated using a commercially viable light device," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "We look forward to continuing to work with Dr. Poligone and all of our committed clinical investigators to make HyBryte available to this underserved orphan patient population."

About HyBryte

HyBryte (research name SGX301) is a novel, first-in-class, photodynamic therapy utilizing safe, visible light for activation. The active ingredient in HyBryte is synthetic hypericin, a potent photosensitizer that is topically applied to skin lesions that is taken up by the malignant T-cells, and then activated by visible light approximately 24 hours later. The use of visible light in the red-yellow spectrum has the advantage of penetrating more deeply into the skin (much more so than ultraviolet light) and therefore potentially treating deeper skin disease and thicker plaques and lesions. This treatment approach avoids the risk of secondary malignancies (including melanoma) inherent with the frequently employed DNA-damaging drugs and other phototherapy that are dependent on ultraviolet exposure. Combined with photoactivation, hypericin has demonstrated significant anti-proliferative effects on activated normal human lymphoid cells and inhibited growth of malignant T-cells isolated from CTCL patients. In a published Phase 2 clinical study in CTCL, patients experienced a statistically significant (p=0.04) improvement with topical hypericin treatment whereas the placebo was ineffective. HyBryte has received orphan drug and fast track designations from the FDA, as well as orphan designation from the European Medicines Agency (EMA).

The recently published Phase 3 FLASH trial enrolled a total of 169 patients (166 evaluable) with Stage IA, IB or IIA CTCL. The trial consisted of three treatment cycles. Treatments were administered twice weekly for the first 6 weeks and treatment response was determined at the end of the 8th week of each cycle. In the first double-blind treatment cycle, 116 patients received HyBryte treatment (0.25% synthetic hypericin) and 50 received placebo treatment of their index lesions. A total of 16% of the patients receiving HyBryte achieved at least a 50% reduction in their lesions (graded using a standard measurement of dermatologic lesions, the CAILS score) compared to only 4% of patients in the placebo group at 8 weeks (p=0.04) during the first treatment cycle (primary endpoint). HyBryte treatment in the first cycle was safe and well tolerated.

In the second open-label treatment cycle (Cycle 2), all patients received HyBryte treatment of their index lesions. Evaluation of 155 patients in this cycle (110 receiving 12 weeks of HyBryte treatment and 45 receiving 6 weeks of placebo treatment followed by 6 weeks of HyBryte treatment), demonstrated that the response rate among the 12-week treatment group was 40% (p<0.0001 vs the placebo treatment rate in Cycle 1). Comparison of the 12-week and 6-week treatment groups also revealed a statistically significant improvement (p<0.0001) between the two groups, indicating that continued treatment results in better outcomes. HyBryte continued to be safe and well tolerated. Additional analyses also indicated that HyBryte is equally effective in treating both plaque (response 42%, p<0.0001 relative to placebo treatment in Cycle 1) and patch (response 37%, p=0.0009 relative to placebo treatment in Cycle 1) lesions of CTCL, a particularly relevant finding given the historical difficulty in treating plaque lesions in particular.

The third (optional) treatment cycle (Cycle 3) was focused on safety and all patients could elect to receive HyBryte treatment of all their lesions. Of note, 66% of patients elected to continue with this optional compassionate use / safety cycle of the study. Of the subset of patients that received HyBryte throughout all 3 cycles of treatment, 49% of them demonstrated a positive treatment response (p<0.0001 vs patients receiving placebo in Cycle 1). Moreover, in a subset of patients evaluated in this cycle, it was demonstrated that HyBryte is not systemically available, consistent with the general safety of this topical product observed to date. At the end of Cycle 3, HyBryte continued to be well tolerated despite extended and increased use of the product to treat multiple lesions.

Overall safety of HyBryte is a critical attribute of this treatment and was monitored throughout the three treatment cycles (Cycles 1, 2 and 3) and the 6-month follow-up period. HyBryte’s mechanism of action is not associated with DNA damage, making it a safer alternative than currently available therapies, all of which are associated with significant and sometimes fatal, side effects. Predominantly these include the risk of melanoma and other malignancies, as well as the risk of significant skin damage and premature skin aging. Currently available treatments are only approved in the context of previous treatment failure with other modalities and there is no approved front-line therapy available. Within this landscape, treatment of CTCL is strongly motivated by the safety risk of each product. HyBryte potentially represents the safest available efficacious treatment for CTCL. With very limited systemic absorption, a compound that is not mutagenic and a light source that is not carcinogenic, there is no evidence to date of any potential safety issues.

The Phase 3 CTCL clinical study was partially funded by the National Cancer Institute via a Phase II SBIR grant (#1R44CA210848-01A1) awarded to Soligenix, Inc. In addition, the FDA awarded an Orphan Products Development grant to support the evaluation of HyBryte for expanded treatment in patients with early-stage CTCL, including in the home use setting. The grant, totaling $2.6 million over 4 years, was awarded to a prestigious academic institution that was a leading enroller in the Phase 3 FLASH study.

About Cutaneous T-Cell Lymphoma (CTCL)

CTCL is a class of non-Hodgkin’s lymphoma (NHL), a type of cancer of the white blood cells that are an integral part of the immune system. Unlike most NHLs which generally involve B-cell lymphocytes (involved in producing antibodies), CTCL is caused by an expansion of malignant T-cell lymphocytes (involved in cell-mediated immunity) normally programmed to migrate to the skin. These malignant cells migrate to the skin where they form various lesions, typically beginning as patches and may progress to raised plaques and tumors. Mortality is related to the stage of CTCL, with median survival generally ranging from about 12 years in the early stages to only 2.5 years when the disease has advanced. There is currently no cure for CTCL. Typically, CTCL lesions are treated and regress but usually return either in the same part of the body or in new areas.

CTCL constitutes a rare group of NHLs, occurring in about 4% of the approximate 700,000 individuals living with the disease. It is estimated, based upon review of historic published studies and reports and an interpolation of data on the incidence of CTCL that it affects over 25,000 individuals in the U.S., with approximately 3,000 new cases seen annually.

SELLAS Announces Positive Topline Data from GFH009 Phase 1 Dose-Escalation Trial in Acute Myeloid Leukemia Cohort Supporting Advancement to Phase 2 Clinical Study

On May 4, 2023 SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) ("SELLAS’’ or the "Company"), a late-stage clinical biopharmaceutical company focused on the development of novel therapies for a broad range of cancer indications, reported positive topline data for the cohort of patients with acute myeloid leukemia (AML) from its Phase 1 dose-escalation trial in relapsed/refractory (r/r) myeloid malignancies for GFH009, its CDK9 inhibitor (Press release, Sellas Life Sciences, MAY 4, 2023, View Source [SID1234631054]). Dose escalation continues in the lymphoma cohort with the last dose level of 75 mg weekly. Clinical activity observed in the lymphoma group will be announced after completion of the last dose level and is expected by the end of the second quarter or early third quarter of 2023.

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In the cohort of patients with AML, GFH009 treatment showed evidence of anti-tumor activity increasing with higher doses and no significant safety issues, including at the highest dose levels. The recommended Phase 2 dose (RP2D) for AML has been established and submitted to the U.S. Food and Drug Administration (FDA). SELLAS plans to commence a Phase 2a trial with GFH009 in combination with venetoclax and azacitidine (aza/ven) in patients with AML during the second quarter of 2023 with topline data expected by the end of the year.

"We are thrilled to share promising signs of safety and clinical activity for GFH009 that support advancement into the Phase 2 clinical study in patients with AML, in parallel to completing the Phase 1 lymphoma cohort dose escalation," said Angelos Stergiou, MD, ScD h.c., President and Chief Executive Officer of SELLAS. "These data include results from patients with difficult to treat advanced heavily pretreated blood cancers, which highlight the significant unmet need of patients that have failed current standards of care. The strength of the AML cohort data supports expediting our clinical strategy to initiate a Phase 2a trial in patients with AML during the second quarter of 2023."

The Phase 1 interim analysis included 72 patients in the AML (n = 31) and lymphoma (n = 41) cohorts who were high-risk, advanced, heavily pretreated and resistant to multiple prior therapies. In these difficult to treat cohorts of patients with advanced blood cancer, 94% of patients are alive to date (29/31 in AML cohort and 39/41 in lymphoma cohort) with one patient alive more than 18 months following the beginning of treatment. Two dosing regimens were tested in incremental GFH009 dose levels from 2.5 mg to 75 mg, either a twice a week (BIW) regimen or once a week (QW) regimen. No further dose escalations are planned in the AML cohort,

All key study objectives regarding pharmacokinetic (PK), pharmacodynamic (PD), safety and clinical activity data were met:

Efficacy: Anti-tumor activity and clinical responses across groups and dose levels were observed, indicating a broad therapeutic index. Meaningful cell killing activity was defined as ≥50% reduction in blasts in the bone marrow.
AML cohort: cell killing activity observed at the following dose levels:
9 mg BIW: 50.0% bone marrow blast (BMB) reduction;
15 mg BIW: 53.8% BMB reduction;
30 mg QW: 57.1% BMB reduction;
45 mg QW: 61.3% BMB reduction;
60 mg QW: 77.3% BMB reduction.
Durable complete remission (CR) with no minimal residual disease (MRD) in one patient with AML who had failed prior venetoclax plus azacytidine (aza/ven) therapy. The patient continues to be in CR 7 months following commencement of treatment. Historic, best available therapy median survival for patients relapsed after aza/ven is estimated at 2.5 months.
Safety: No dose limiting toxicities, no higher grade non-hematologic toxicities of any kind, some hematologic toxicities difficult to determine in patients with hematologic cancers but short in duration and reversible.
Pharmacokinetic (PK) Data: Achieved desired 24 hours > IC90 peripheral blood concentrations after the first infusion, with IC90 concentrations resulting in up to 97% cancer cell killed.
Pharmacodynamic (PD) Data: Achieved desired levels of MCL1 and MYC suppression in peripheral blood with decrease in MCL1 or MYC observed in 97% (66/68) of analyzed patients. A trend of proportionally increased maximum inhibition of MCL1 and MYC observed among higher doses (22.5 mg to 60 mg) in both AML and lymphoma patients, which is more prominent in QW cohorts compared to BIW cohorts. QW regimen was able to induce longer sustained inhibition (at least 6 hours) of MCL1 and MYC than BIW treatment, allowing longer period for CDK9 inhibition to induce cancer cell apoptosis.
"I am encouraged by the results from the Phase 1 GFH009 trial thus far," said Joshua Zeidner, MD, Associate Professor of Medicine, Chief of Leukemia Research, Associate Chief of Research in Division of Hematology, and Director of Clinical Cancer Research Commercial Integration at University of North Carolina Lineberger Comprehensive Cancer Center. "Novel agents are sorely needed in relapsed/refractory AML. I am looking forward to the next step of combining GFH009 with azacitidine and venetoclax where the mechanism of action of GFH009 is promising and has potential to add to our treatment armamentarium in AML."

The totality of the AML data will be presented at a major medical conference in Q4 2023 and the lymphoma topline data is expected by late second quarter/early third quarter 2023.

Selecta Biosciences Reports First Quarter 2023 Financial Results and Provides Business Update

On May 4, 2023 Selecta Biosciences, Inc. (NASDAQ: SELB), a biotechnology company leveraging its clinically validated ImmTOR platform to develop tolerogenic therapies for autoimmune diseases and gene therapies, reported financial results for the first quarter ended March 31, 2023 and provided a business update (Press release, Selecta Biosciences, MAY 4, 2023, View Source [SID1234631053]).

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The Company also announced a program prioritization and capital allocation strategy that is expected to extend its cash runway into the second half of 2025.

"As the only immune tolerance platform with positive Phase 3 data, we firmly believe in the potential of our pipeline of candidates powered by our ImmTOR technology," said Carsten Brunn, Ph.D., President and Chief Executive Officer of Selecta. "As we continue to navigate the current market environment, we have undertaken the strategic decision to focus our resources in the areas where we believe we have the highest potential to succeed in delivering meaningful therapies to the patients we aim to serve. In the near term, we look forward to continuing to work with our partner, Sobi, to advance SEL-212 (ImmTOR in combination with pegadricase) toward a Biologics License Application (BLA), which we continue to expect in the first half of 2024, while also advancing our ImmTOR-IL combination for diseases of the liver."

Strategic Initiative Overview

Following a comprehensive review of its portfolio and capital resources, Selecta, in consultation with the Company’s Board of Directors, plans to streamline operations and prioritize investments in select programs. As part of this initiative, the Company plans to:

Advance SEL-212 in Patients with Chronic Refractory Gout in Partnership with Sobi. In March 2023, Selecta and its SEL-212 development partner, Sobi, reported positive Phase 3 data from the Phase 3 DISSOLVE I & II placebo controlled randomized clinical trials. Both trials met their primary endpoint, and SEL-212 was observed to be safe and well-tolerated. A BLA submission remains on track for the first half of 2024. In June 2020, Sobi licensed SEL-212 from Selecta and is responsible for development, regulatory, and commercial activities in all markets outside of China.
Prioritize Development of the Combination of ImmTOR and Company’s Proprietary Treg-Selective IL-2 (ImmTOR-IL). The combination of ImmTOR and IL-2 (ImmTOR-IL) represents an evolution of Selecta’s precision immune tolerance platform. The Company remains on track to initiate Investigational New Drug (IND)-enabling studies in 2023, while also exploring multiple autoimmune indications that may be suitable for study with ImmTOR-IL, with an initial focus on diseases of the liver.
Develop SEL-018 IgG Protease (Xork) for LOPD in Partnership with Astellas Gene Therapies. In January 2023, the Company announced an exclusive licensing and development agreement for IdeXork (Xork), a next-generation immunoglobulin G (IgG) protease, to be developed for use with AT845, Astellas Gene Therapies’ investigational adeno-associated virus (AAV)-based treatment for Late-Onset Pompe disease (LOPD) in adults. Xork is designed to be differentiated by its low-cross reactivity to pre-existing antibodies in human serum, which the Company believes has the potential to expand access to life-changing gene therapies for more patients.
Advance Gene Therapy Programs through Potential Partnerships. Selecta will pause further development of its wholly-owned gene therapy programs, including the ongoing Phase 1/2 clinical trial of SEL-302, an AAV gene therapy combined with ImmTOR for the treatment of methylmalonic acidemia (MMA). The Company is currently assessing ways to support further development of these programs through potential partnerships.
Reduction in Force. The Company reduced its headcount by approximately 25% in order to align its workforce with its updated priorities. As a result of the reduction in force, the Company expects to incur a cash charge of approximately $1.0 million related to severance and benefit-related expenses.
Dr. Brunn added, "The decision to enact these measures was extremely difficult, as we are losing many valued colleagues who helped advance Selecta to where it is today. I would like to express my sincere gratitude to all of these individuals."

First Quarter 2023 Financial Results:

Cash Position: Selecta had $127.5 million in cash, cash equivalents, restricted cash, and marketable securities as of March 31, 2023, as compared to cash, cash equivalents, restricted cash, and marketable securities of $136.2 million as of December 31, 2022. Selecta believes that following the capital efficiencies expected to be realized through its strategic reprioritization, its available cash, cash equivalents, restricted cash, and marketable securities, as well as the next anticipated milestone payment related to SEL-212 development activities, will be sufficient to meet its operating requirements into the second half of 2025.

Collaboration and License Revenue: Revenue for the first quarter of 2023 was $5.9 million, as compared to $34.0 million for the same period in 2022. Revenue was primarily driven by the shipment of clinical supply and the reimbursement of costs incurred for the Phase 3 DISSOLVE clinical program under the license agreement with Sobi.

Research and Development Expenses: Research and development expenses for the first quarter of 2023 were $18.6 million, as compared to $17.7 million for the same period in 2022. The increase was primarily the result of expenses incurred for contract license and milestone payments and personnel expenses partially offset by a decrease in expenses incurred for the SEL-212 clinical program.

General and Administrative Expenses: General and administrative expenses for the first quarter of 2023 were $5.7 million, as compared to $5.5 million for the same period in 2022. The increase was primarily the result of increased personnel expenses.

Net (Loss) Income: For the first quarter of 2023, Selecta reported net loss of $21.7 million, or basic net loss per share of $(0.14). For the first quarter of 2022, Selecta reported net income of $28.8 million, or $0.23 per share.

Conference Call and Webcast Reminder
Selecta’s management will host a conference call at 8:30 AM ET today to provide a corporate update and review the Company’s first quarter 2023 financial results and strategic initiatives. Individuals may participate in the live call via telephone by dialing (844) 845-4170 (domestic) or (412) 717-9621 (international) and may access a teleconference replay for one week by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using confirmation code 6836582. Investors and the public can access the live and archived webcast of this call and a copy of the presentation via the Investors & Media section of the Company’s website, www.selectabio.com.