NeuroSense announces year-end 2023 financial results

NeuroSense Therapeutics Ltd. reported its financial results for the year ended December 31, 2023 and provides a business update.

Corporate highlights from Q4 and to date

• Topline clinical results from the Phase 2b PARADIGM ALS trial demonstrated a statistically significant, 37.4% difference (P=0.03), slowing of disease progression in ALSFRS-R in patients treated with PrimeC compared to placebo, in the pre-specified Per Protocol (PP) analysis
• Subsequent analyses of quality of life and complication-free survival demonstrated positive results as well as positive trends of key biomarker outcome of neurofilament light chain (NfL) levels, in patients participating in NeuroSense’s Phase 2b PARADIGM study
• These data will be presented at an upcoming medical conference and submitted for publication in a peer-reviewed journal

“During the fourth quarter, we reported significant clinical results from our Phase 2b ALS study, followed by further encouraging results on additional pre-specified clinical parameters relating to quality of life and complication-free survival. This is perhaps one of the most significant outcomes seen to date. We are thankful for the study participants, their families and caregivers, principal investigators, study coordinators, and our supportive scientific advisory board and ALS community,” stated NeuroSense’s CEO, Alon Ben-Noon.

Financial results
Research and development expenses for the years ended December 31, 2023 and 2022 were $7,588 thousand and $6,416 thousand, respectively. The increase of $1,172 thousand, or 18%, was mainly attributed to (i) an increase of $693 thousand in salaries and social benefits, mainly due to an increase in the number of employees, (ii) an increase of $1,181 thousand, or 33%, in subcontractor and consulting expenses relating to clinical programs and (iii) a decrease of $703 thousand, or 44%, in share-based compensation expenses to our employees and service providers.

General and administrative expenses for the years ended December 31, 2023 and 2022 were $5,714 thousand and $7,136 thousand, respectively. The decrease of $1,422 thousand, or 20%, was primarily attributable to (i) a $1,604 thousand, or 45%, decrease in share-based compensation expenses due to less grants of options and RSUs to our employees, directors and service providers, (ii) a decrease of $663 thousand, or 56%, in insurance costs as a public company, (iii) an increase of $174 thousand, or 21%, in salaries and social benefits, mainly due to additional compensation paid to our executive officers and an increase in the number of employees and (iv) a $401 thousand, or 37%, increase in professional services expenses.

Operating expenses for the years ended December 31, 2023 and 2022 were $13,302 thousand and $13,552 thousand, respectively. The decrease of $250 thousand, or 2%, was primarily due to the reasons described above.

As of December 31, 2023, NeuroSense had cash of approximately $2.6 million.
MB Bureau