MBRX - Moleculin drops as 2022 net loss widens

2023-03-23 13:21:04 ET

• Moleculin Biotech ( NASDAQ: MBRX ) was trading around -9% on Thursday after its net loss widened from  $6.7M in 2021 to $29M in 2022.
• The drug developer's pipeline is yet to generate revenue, but Moleculin Biotech "positive and highly encouraging data" in 2022 and expects to see more data readouts with Annamycin and other pipeline products over the course of this year.
• Annamycin is currently in development for the treatment of relapsed or refractory acute myeloid leukemia and soft tissue sarcoma lung metastases.
• R&D expenses were up from $14.4M a year ago to $19M, mainly related to increased clinical trial activity and costs associated with manufacturing an additional drug product.
• Moleculin Biotech had cash and cash equivalents of $43.1M at the end of the year, which it expects will be enough to meet operating requirements into Q3 2024.

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