Third Harmonic Bio FY23 EPS $(0.78) Vs $(2.45) YoY
Summary of Financial Results
Cash Position: Cash and cash equivalents totaled $269.1 million as of December 31, 2023. Based on the company's current operating plan, Third Harmonic Bio believes that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements through at least 2026.
R&D Expenses: Research and development (R&D) expenses decreased to $5.9 million for the three months ended December 31, 2023, from $9.3 million for the same period in 2022. R&D expenses for the year ended December 31, 2023 decreased to $24.0 million, from $24.4 million for the same period in 2022. The decreases were primarily due to decreases in development costs relating to the termination of the THB001 program, partially offset by increases in discovery and development and personnel-related costs relating to the research and nonclinical development of THB335 and other next-generation discovery efforts.
G&A Expenses: General and administrative (G&A) expenses increased to $4.5 million for the three months ended December 31, 2023, from $4.3 million for the same period in 2022. G&A expenses for the year ended December 31, 2023 increased to $20.0 million, from $13.3 million for the same period in 2022. The increases were primarily attributable to increased costs associated with being a public company and personnel-related expenses.
Net Loss: Net loss for the three months ended December 31, 2023 decreased to $6.8 million from a net loss of $11.5 million for the same period in 2022. Net loss for the year ended December 31, 2023 was $30.8 million, compared to a net loss of $35.2 million for the same period in 2022. The decreases were primarily due to increased costs associated with being a public company and personnel-related expenses, partially offset by increases in interest income.