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Financial report summary
?Management Discussion
- We commenced commercial activities in Germany in the first quarter of 2023. Prior to 2023, we had no revenue or costs of goods sold.
- Research and development expenses increased by $3.7 million, or 10.7%, during the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to increased personnel-related expenses as well as clinical, medical affairs and facilities expenditures. Personnel-related expenses, including salaries, bonuses and other compensatory benefits, increased by $1.7 million as a result of the expansion of our workforce and our effort to bring
- certain clinical and scientific resources in house. In addition, stock-based compensation increased by $1.2 million due to new option grants issued to new hires and existing employees. Medical affairs expenses increased by $1.2 million, primarily driven by activities in connection with collaborative medical research. Clinical study expenses increased by $1.0 million due to the progress made in Revitalize-1 upon the approval of a new study protocol. Facilities expenses increased by $1.2 million as the Burlington Lease commenced on November 1, 2023 and the monthly lease expense for the Lexington Lease increased compared to the first half of 2022 upon its extension in June 2022. These increases were partially offset by a decrease of $3.1 million in engineering, manufacturing, and preclinical study expenditures primarily as a result of reduced product development effort and the timing of the expenditures incurred with the Rejuva program.