As of December 31, 2023, iSpecimen had approximately $2.34 million of cash and approximately $2.66 million of available-for-sale securities, with maturities ranging from one to six months, for a combined total of approximately $5.01 million compared to a cash balance of approximately $15.31 million as of December 31, 2022. For 2023, the company had a cash burn of approximately $10.31 million, primarily comprised of approximately $5.58 million of operating expenses and of approximately $4.73 million for capitalized development of the iSpecimen Marketplace technology and our sequencing data. We have plans for significantly lower levels of operating expenses and capitalized investments in 2024. The deliberate investment this past year in our technology and sequencing initiatives, coupled with our inability to generate increased levels of revenue, have negatively impacted our cash and equivalents balances during the year.
Throughout the year and primarily on September 6, 2023, the company executed a reduction in workforce, resulting in an estimated reduction in monthly compensation cost of approximately 29% and additional expenditure reductions estimated to be over 50% of monthly expenditures for the remainder of the year, after streamlining operations and rationalizing resources to focus on key market opportunities. As a result, the company experienced a significant decrease in expenditures during the second half of 2023 compared to the first half of 2023. The best way to articulate the impact of this is through understanding the quarterly cash burn for 2023. For Q1, Q2, Q3 and Q4, the quarterly cash burn was approximately $4.29 million, $2.81 million, $2.55 million and $657,000, respectively.
As we focus on the 2024 strategy and budgeting process, we have been mindful of our cash position and continue to have a goal of being cash flow positive in 2024. On March 5, 2024, we entered into an aftermarket offering agreement, whereby we may issue and sell shares of our common stock from time to time on the open market with an aggregate offering price of up to $1.5 million through our shelf registration statement. We may seek additional funding through public equity or other sources to fund further capital investments or for general corporate purposes. I would like to thank everyone again for joining us on today’s call and for your continued support. We have achieved great progress operationally in 2023, and we believe we are on track to advance our new revenue-generating sequencing opportunity in 2024, and with a stronger operational infrastructure in place.
We look forward to updating you on our progress on our Q1 2024 results call during our quarterly conference call that is anticipated to take place in May 2024. With that, thank you, and have a great day.
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Operator: Thank you. And ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.
