Cyclo Therapeutics Reports Full Year 2023 Financial Results and Provides Business Update

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 full year 2023 and provided a business update.

“We made significant progress over the course of the past year. We continue to be extremely active with the NPC patient and scientific communities and believe these valuable interactions underscore the progress we have seen with the advancement of our TransportNPC study,” commented N. Scott Fine, Chief Executive Officer of Cyclo Therapeutics. “Following the completion of the merger with Applied Molecular Transport, we are poised to continue building momentum and achieving the value-driving milestones ahead. Importantly, supported with the positive feedback from FDA and alignment on our strategy moving forward, we remain focused on generating the appropriate data required to successfully drive our TransportNPC study across the finish line and the potential to provide a much-needed treatment option for the NPC community. We are grateful for the continued support of our investors, including Rafael Holdings and other longtime shareholders, who have bolstered our cash runway and helped position us to achieve our mission and continue our work to advance the clinical development of Trappsol Cyclo.”

William Conkling, Chief Executive Officer of Rafael Holdings, Inc., added, “We are pleased with the continued clinical progress and operational execution and look forward to the continued advancement of those efforts in 2024.”

Recent Highlights

• Granted U.S. patent covering use of Trappsol Cyclo for treatment of Alzheimer's Disease from the U.S. Patent and Trademark Office;
• Completed merger with Applied Molecular Transport Inc to focus on advancing Cyclo Therapeutics’ pivotal Phase 3 global study, TransportNPC, evaluating Trappsol Cyclo for NPC;
• Dr. Caroline Hastings, Chair of the Company’s Phase 3 Trappsol Cyclo program steering committee and Global Principal Investigator for the Company’s ongoing TransportNPC study presented at the 20^th Annual WORLDSymposium; and
• Announced positive outcome from Type C Meeting with the U.S. FDA discussing Trappsol Cyclo clinical program for the treatment of Niemann-Pick Disease Type C1.
• Strengthened Balance Sheet with early exercise of warrants by board members, management and a significant shareholder resulting in bolstered cash proceeds of $2.4 million. The Investors include Rafael Holdings, Inc., a significant shareholder of the Company, several directors of the Company, Company management, and their affiliates.

Summary of Financial Results for the Full Year 2023