These preliminary studies provide evidence supporting biological activity of orally administered LNC formulations of small oligonucleotides. However, additional work will be necessary to clarify the strength and time course of cytokine inhibition for both IL-17A and TNF alpha and to determine whether the level of cytokine knockdown achievable with orally administered small oligos will be sufficient to provide clinical benefit in disease models. We’re targeting these cytokines can play a meaningful therapeutic role. To this end, we have recently conducted preliminary in vivo studies with an oral LNC formulation in a murine imiquimod induced psoriasis model. In this model, an irritant imiquimod, was applied daily to the skin of healthy mice, resulting in a pathological picture closely resembling whole human psoriatic lesions.
Importantly, blocking IL-17A with monoclonal antibodies has been associated with improvement in the severity of skin lesions in both this model and in human psoriasis. Similar to the LPS model, the severity of the response is proportional to the amount and duration of imiquimod exposure. An initial pilot study evaluated our oral LNC formulation of the anti-IL-17A oligonucleotide in a high-dose imiquimod model and identified reductions in skin IL-17A mRNA expression in comparison to treatment with imiquimod alone. Thus confirming the biological activity of an orally administered small oligonucleotide in a disease model. More recent studies in a lower dose imiquimod model have provided additional evidence of associated clinical benefit with qualitative improvements in skin lesion appearance, such as redness and scaling of the lesions.
Additional in vivo studies evaluating the therapeutic potential of oral LNC knockdown of both IL-17A and TNF alpha are ongoing in other disease models with data readouts expected in the fourth quarter of this year. With those comments, I’d like to turn the call over to Keith Kucinski, our Chief Financial Officer, to review our financial performance. Keith?
Keith Kucinski: Thank you, Terry. Starting today with our third quarter results. We reported 0 revenue for the third quarter of 2023, whereas in the third quarter of 2022, we reported revenue of $1.1 million which was generated from our research collaboration with BioNTech. Total costs and expenses for the third quarter of 2023 were $6.1 million which compares with $6.5 million for the third quarter of 2022. The decrease was primarily attributable to lower manufacturing costs of clinical trial materials, lower clinical consulting fees and lower headcount-related expenses. Our net loss for the third quarter of 2023 was $6.1 million or $0.03 per share. This compares with a net loss for the third quarter of 2022 of $6.5 million, also $0.03 per share.
Turning now to our nine-month results. Revenue for the first nine months of 2023 was $1.1 million compared with $2.1 million for the first nine months of 2022. Total costs and expenses for the first nine months of 2023 were $19 million compared with $21.2 million for the first nine months of 2022. The company’s net loss for the first nine months of 2023 was $17.6 million or $0.08 per share. This compares with a net loss for the first nine months of 2022 of $17.4 million, also $0.08 per share. Cash, cash equivalents, and marketable securities as of September 30th, 2023, were $18.2 million. Based on current projections, we believe our cash is sufficient to fund planned operations into the third quarter of 2024. We are actively seeking to extend our cash runway by securing non-dilutive funding from potential third-party development partners and government grant programs through agencies such as BARDA, as well as from potential public or private equity offerings.
With that, I’ll turn the call back to Jerry.
Jerry Jabbour: Thanks Keith. In summary, this is a very exciting time for our company. In MAT2203, we have a late-stage asset that’s positioned to enter Phase 3. This drug is supported by robust positive clinical data and the regulatory and clinical trial strategy designed to potentially provide superiority data on a composite endpoint and potentially line up for registration under the advantageous LPAD pathway. The combination of focusing treatment with MAT2203 on an orphan patient population, with a superiority composite primary endpoint is designed to maximize commercial potential while filling what is perhaps the biggest current unmet need in the treatment of deadly invasive fungal infections. Further supported by the potential for 12 years of market exclusivity upon approval, should not be a surprise that partner interest in MAT2203 has increased significantly over the last month or so.
