Artelo Biosciences Reports First Quarter 2023 Financial Results and Provides Business Update

About this update from Artelo Biosciences, Inc.

[{"type":"text","content":"Cash on Hand of $15.5M Expected to Support Completion of the CAReS Trial and Operations into Second Half of 2024\nSOLANA BEACH, Calif., May 11, 2023 (GLOBE NEWSWIRE) -- Artelo Biosciences, Inc. (Nasdaq: ARTL), a clinical-stage pharmaceutical company focused on modulating lipid-signaling pathways to develop treatments for people living with cancer, pain, and neurological conditions, today reported financial and operating results for the three months ended March 31, 2023 and provided a business update. “Given the positive safety profile observed in the patients with cancer-associated anorexia participating in the Phase 1b portion of our Cancer Appetite Recovery Study (CAReS) for our drug candidate, ART27.13, in April we advanced to the Phase 2a stage of the study,” said Gregory D. Gorgas, President and Chief Executive Officer of Artelo Biosciences. “New for the Phase 2a, randomized patients will be monitored for increased physical activity with a validated wearable device in addition to the other efficacy assessments utilized in the first stage. We also obtained regulatory approval to increase the allowable concurrent anti-cancer treatments, as well as expand the number of Phase 2a participants to 40.” “With ample financial resources to support our operations into the second half of 2024, we not only expect to complete enrollment of CAReS, we also plan to file the application to begin human trials with ART26.12 and to advance preclinical studies of ART12.11 to support its transition to the clinic,” Mr. Gorgas concluded. Financial Results Ended March 31, 2023 Operating expenses for the three months ended March 31, 2023, were $2.3 million compared to $1.9 million for the same period in 2022. The increase in operating expenses for the three months ended March 31, 2023, was primarily related to an increase in research and development expense in the prior year as a result of tax credits received from the United Kingdom government, of which similar credits have not yet been received in the current year, offset by a decrease in stock-based compensation expense. Net loss was approximately $2.2 million, or $0.76 per basic and diluted share, for the three months ended March 31, 2023, compared to a net loss of $2.0 million, or $0.70 per basic and diluted share, for the three months ended March 31, 2022. As of March 31, 2023, the Company had ...

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