ASLAN Pharmaceuticals (NASDAQ: ASLN) shares descend Friday, as the San Mateo, Calif.-based firm, clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced financial results for the fourth quarter December 31, 2023, and provided an update on recent corporate activities.
Cash used in operations for the fourth quarter of 2023 was $7.6 million compared to $12.0 million in the same period in 2022.
Research and development expenses were $9.6 million in the fourth quarter of 2023 compared to $10.7 million in the fourth quarter of 2022. The decrease was due to lower clinical development and manufacturing costs for eblasakimab studies following the TREK-AD topline data readout.
General and administrative expenses were $3.2 million in the fourth quarter of 2023 compared to $2.7 million in the fourth quarter of 2022.
Net loss attributable to stockholders for the fourth quarter of 2023 was $13.5 million compared to a net loss of $14.5 million for the fourth quarter of 2022.
The weighted average number of ADSs outstanding in the computation of basic loss per share for the fourth quarter of 2023 was 17.3 million (representing 432.1 million ordinary shares) compared to 13.9 million (representing 348.7 million ordinary shares) for the fourth quarter of 2022.
ASLN shares dropped 1.5 cents, or 2.7%, to 53 cents.