Annovis Bio Provides Corporate Updates and Reports Fourth Quarter and Full Year 2023 Financial Results - Seite 3

Research and development expenses for the quarter ended December 31, 2023 were $8.9 million, compared to $6.2 million for the same period in 2022. The increase was primarily the result of an increase of $3.2 million in clinical and CMC expenses, as the Company incurred substantial costs related to its Phase III PD study and its Phase II/III AD study. This increase was partially offset by a decrease of $0.5 million in stock-based compensation expense, driven by lower option fair values being amortized in 2023 as compared to 2022.

General and administrative expenses for the quarter ended December 31, 2023 were $1.5 million, compared to $1.6 million for the same period in 2022. The decrease was primarily the result of a decrease of $0.1 million in stock-based compensation expense, driven by lower option fair values being amortized in 2023 as compared to 2022.

Other income (expense) for the quarter ended December 31, 2023 was ($11.8) million, compared to $0.1 million for the same period in 2022. The decrease was primarily related to recording $11.8 million of expense related to change in fair value of warrants classified as liabilities.

Financial Results for the Full Year of 2023

For the full year ended 2023, Annovis reported a net loss of $56.2 million, compared to a net loss of $25.3 million in 2022.

Research and development expenses for the year ending December 31, 2023, were $38.8 million, compared to $16.5 million for the same period in 2022. The increase was primarily the result of an increase of $23.7 million in clinical and CMC expenses, as the Company incurred substantial costs related to its Phase III PD study as well as its Phase II/III AD study. This increase was partially offset by a decrease of $1.2 million in stock-based compensation expense driven by lower option fair values being amortized in 2023, as well as a decrease of $0.5 million for lower employee allocations to R&D.

General and administrative expenses for the year ended December 31, 2023 were $6.2 million, compared to $9.0 million for the same period in 2022. The decrease was primarily the result of a decrease of $3.4 million in stock-based compensation expense, driven by lower option fair values being amortized in 2023 as compared to 2022, partially offset by an increase of $0.9 million in professional fees incurred as a result of the material weakness identified in 2023 and associated remediation efforts.