Cyclo Therapeutics Reports Second Quarter 2023 Financial Results

Cyclo Therapeutics, Inc. (Nasdaq: CYTH) (“Cyclo Therapeutics” or the “Company”), a clinical stage biotechnology company dedicated to developing life-changing medicines through science and innovation for patients and families living with diseases, today reported its financial results for the second quarter 2023.

“Over the past quarter, we continued to execute on all fronts. We remain focused on driving recruitment in our pivotal TransportNPC study of Trappsol Cyclo and are on track to complete enrollment by the end of this year. Our commitment to the NPC community remains steadfast, strong and a top priority. We are working diligently to bring a safe and effective treatment option where there remains a significant unmet need,” commented N. Scott Fine, Chief Executive Officer of Cyclo Therapeutics.

Recent Highlights

• Extended cash runway with the closing of a $5.0 million private placement with strategic investor, Rafael Holdings, Inc. (NYSE: RFL);
• Continued prioritization on patient engagement and advocacy through participation at the 2023 NNPDF Family Support & Medical Conference and China NPC meeting to connect with the global NPC community and discuss Trappsol Cyclo and its clinical development program for the treatment of NPC;
• Announced the publication of positive, confirmatory data from its Phase 1/2 clinical trial, which demonstrated promising safety and efficacy results for Trappsol Cyclo in the treatment of Niemann-Pick Disease Type C1; and
• Received allowance of patent from European Patent Office for Trappsol Cyclo for Alzheimer’s Disease.

Summary of Financial Results for the Second Quarter 2023

Net loss for the quarter ended June 30, 2023 was approximately $4.6 million. Research and development expenses increased 69% to approximately $3.2 million for the three months ended June 30, 2023, from approximately $1.9 for the three months ended June 30, 2022. The increase in research and development expense resulted from the increased activity in our Phase 3 study of Trappsol Cyclo for the treatment of NPC in the more recent period. We expect research and development costs to increase in 2023 as we continue to seek regulatory approval for the use of Trappsol Cyclo in the treatment of NPC and Alzheimer’s disease.