Annovis Bio Provides Corporate Updates and Reports Fourth Quarter and Full Year 2023 Financial Results - Seite 2

Appointments

Appointed Andrew Walsh as Vice President Finance

On December 1, 2023, the Company appointed Andrew Walsh as VP Finance, whose 12 years of experience in finance operations proves crucial for the Company’s continued success. Mr. Walsh joined Annovis from Ocugen, a clinical stage biotechnology company developing novel gene and cell therapies as well as vaccines, where he served as Senior Director, Finance and Treasury. Andrew began his career at KPMG in corporate tax and has since held roles of increasing responsibility at InVentiv Health, PQ Corporation and Potters Industries.

Conferences

Participated in the 139TH Yale CEO Summit

On December 11, 2023, Maria Maccecchini, Founder, President and CEO of Annovis, was selected to participate in the Yale CEO Summit, a bi-annual event which brings together influential CEOs from major US Fortune 500 companies for impactful collaborative dialogues themed around “Re-imagining Your Strategic Mission with Your Current Leadership.”

Message from Dr. Maria L. Maccecchini

“During the fourth quarter of last year, we witnessed a remarkable momentum in our mission to bring novel therapeutics for neurodegenerative diseases, as both of our clinical trials for Alzheimer’s and Parkinson’s progressed significantly. In December, we completed the Phase III PD study, and we are currently in the process of meticulously cleaning the data. The AD Phase II/III study was completed in February, and we announced that we cleaned the data to our satisfaction and will release top-line efficacy results in April. As our drug development programs stride forward, we also appointed a key senior-level professional who will play a pivotal role in our financial operations. Annovis is poised for an exhilarating year ahead, driven by our unwavering team execution.”

Financial Results for the Fourth Quarter of 2023

As of December 31, 2023, Annovis had cash and cash equivalents of $5.8 million, compared to $28.4 million at December 31, 2022. The decrease in cash and cash equivalents was related to cash burn from funding of our operations, partially offset by our March 2023 ATM and November 2023 Equity Offering. For the quarter ended December 31, 2023, Annovis reported a net loss of $22.2 million, compared to a net loss of $7.7 million for the same period in 2022.