Antibe Reports 2023 Year-End Results and Business Highlights - Seite 2

• Selected lead and back-up candidates for IBD program, currently undergoing evaluation in animal efficacy models; filed patent application, providing protection to 2043
• Selected lead and back-up candidates for a family of new anti-inflammatory compounds with effectiveness demonstrated in two animal models; comprehensive announcement expected in the upcoming quarter

Corporate

• Closed the previously announced sale of Citagenix subsidiary in an all-cash transaction involving a guaranteed $3.5 million, divided into four equal payments over three years, with the remaining $4.0 million subject to Citagenix achieving sales milestones over four years
• Appointed Robert E. Hoffman as new Board Chair; former Chair, Walt Macnee, and Antibe’s founder, Dr. John L. Wallace, appointed as corporate Vice Chairs
• Appointed Scott Curtis to the new position of Chief Operating Officer; since joining Antibe in 2016, Mr. Curtis has played a growing role in corporate development and strategic initiatives
• Completed in-person arbitration proceeding with Nuance Pharma; decision expected in calendar Q3 2023

Upcoming Milestones

The following summarizes the Company’s estimated timeline for its key upcoming milestones:

• Complete clinical PK/PD study for otenaproxesul – calendar Q4 2023
• Initiate Phase II bunionectomy trial of otenaproxesul – calendar Q1 2024
• Deliver Phase II bunionectomy top-line data of otenaproxesul – calendar Q2 2024

Financial Results

Cash Position: As of March 31, 2023, the Company had available cash balance and term deposits totaling $38.9 million, compared to $54.8 million as at March 31, 2022.

Net Loss: For the year ended March 31, 2023, Net Loss and Comprehensive Loss totaled $19.5 million ($0.37 per share), a decrease of $5.6 million compared to $25.1 million ($0.50 per share) in fiscal 2022.

Research and Development Expenses: Research and development expenses for the year, net of research tax credits, amounted to $11.3 million, compared to $14.4 million for fiscal 2022.

General and Administrative Expenses: General and administrative expenses were $6.1 million, compared to $5.4 million in fiscal 2022.

The Company’s audited fiscal 2023 consolidated financial statements, MD&A and AIF are available on SEDAR.

About Antibe Therapeutics Inc.

Antibe is a clinical-stage biotechnology company leveraging its proprietary hydrogen sulfide platform to develop next-generation therapies to target inflammation arising from a wide range of medical conditions. The Company’s current pipeline includes assets that seek to overcome the gastrointestinal (“GI”) ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs (“NSAIDs”). Antibe’s lead drug, otenaproxesul, is in clinical development as a safer alternative to opioids and today’s NSAIDs for acute pain. Antibe’s second pipeline drug, ATB-352, is being developed for a specialized pain indication. The Company’s next target is inflammatory bowel disease (“IBD”), a condition long in need of safer, more effective therapies. Learn more at antibethera.com.