On May 11, 2023 Moleculin Biotech, Inc., (Nasdaq: MBRX) ("Moleculin" or the "Company"), a clinical stage pharmaceutical company with a growing pipeline, including Phase 2 clinical programs, for hard-to-treat tumors and viruses, reported its financial results for the quarter ended March 31, 2023 (Press release, Moleculin, MAY 11, 2023, View Source [SID1234631522]). As previously announced, the Company will host a conference call and live audio webcast, today, Thursday, May 11, 2023, at 8:30 AM ET (details below).
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"Through our team’s continued operational and clinical execution throughout 2022, we have set the stage for numerous clinical data readouts in 2023," commented Walter Klemp, Chairman and Chief Executive Officer of Moleculin. "We believe that with the progress we’ve made and the milestones ahead, we are well positioned to unlock significant potential for all stakeholders, and most importantly, address unmet needs for people with highly resistant cancers and viruses."
Recent Highlights
Successfully completed the first cohort in that Phase 1b portion of its ongoing Phase 1b/2 trial evaluating Annamycin in combination with Cytarabine (Ara-C) for the treatment of AML (MB-106).
Announced presentation of positive pharmacokinetics and tissue-organ distribution data demonstrating high anti-tumor activity of Annamycin in preclinical cancer models in a poster titled, Exploration of Annamycin Organotropism to Target Primary and Metastatic Liver Cancers, at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting 2023.
Summary of Financial Results for the First Quarter 2023
Research and development (R&D) expense was $5.7 million and $4.6 million for the three months ended March 31, 2023 and 2022, respectively. The increase of $1.1 million is mainly related to the WPD sublicense termination.
General and administrative (G&A) expense was $2.6 million and $2.4 million for the three months ended March 31, 2023 and 2022, respectively. The increase of $0.2 million is mainly related to an increase in regulatory and legal services, and consulting & advisory fees.
As of March 31, 2023, the Company had cash and cash equivalents of $37.3 million and believes that this cash is sufficient to meet its projected operating requirements into the third quarter of 2024.
Conference Call and Webcast
Moleculin management will host its quarterly conference call and live audio webcast for investors, analysts, and other interested parties today, Thursday, May 11, 2023, at 8:30 AM ET.
Interested participants and investors may access the conference call by dialing (877) 407-0832 (domestic) or (201) 689-8433 (international) and referencing the Moleculin Biotech Conference Call. The live webcast will be accessible on the Events page of the Investors section of the Moleculin website, moleculin.com, and will be archived for 90 days.