Fiscal Year 2023 Financial Results

• Research and development expenses were $64.9 million and $30.4 million for the years ended December 31, 2023 and 2022, respectively. The increase in expense was primarily due to increased clinical spending on trials related to furmonertinib.
  
  
  
   
• General and administrative expenses were $9.7 million and $6.5 million for the years ended December 31, 2023 and 2022, respectively. The increase was primarily due to increased external costs related to preparing for and operating as a public company, as well as increased personnel costs to support these activities.
  
  
  
   
• Net loss was $69.3 million and $37.0 million for the years ended December 31, 2023 and 2022, respectively.
  
  
  
  
  • As of December 31, 2023, the company had cash, cash equivalents and marketable securities of $150.4 million, which, with the proceeds from our IPO in January 2024, is expected to fund operations into 2026.