\n\u201cSo far this year, we have achieved important milestones in advancing clinical studies for povetacicept, our potential best-in-class dual BAFF\/APRIL inhibitor being developed for multiple autoantibody-related diseases. The first participant was dosed in the RUBY-3 study of povetacicept in autoimmune glomerulonephritis and we are pleased with the high level of investigator interest in the study. We\u2019ve also opened the RUBY-4 study of povetacicept in autoimmune cytopenias and are preparing to initiate enrollment this quarter,\u201d said Mitchell H. Gold, MD, Executive Chairman and Chief Executive Officer of Alpine. \u201cWe remain on track to deliver preliminary data from both the RUBY-3 and RUBY-4 studies by the end of the year as we continue to pursue our mission of bringing meaningful new therapies to people living with autoimmune or inflammatory diseases.\u201d<\/p>\n
First Quarter 2023 Highlights<\/span><\/b><\/p>\n Povetacicept (ALPN-303)<\/span><\/b><\/a><\/p>\n First Quarter 2023 Financial Results<\/span><\/b><\/p>\n \nAs of March 31, 2023, Alpine\u2019s cash and investments totaled $248.3 million, which the Company anticipates is sufficient to fund its planned operations through 2025. The Company recorded net losses of $13.3 million and $7.5 million for the quarters ended March 31, 2023 and 2022, respectively.<\/p>\n \nCollaboration revenue for the first quarter ended March 31, 2023 was $9.4 million compared to $13.6 million for the first quarter ended March 31, 2022.<\/p>\n \nThe decrease in collaboration revenue relates primarily to the Company\u2019s agreement with Horizon. Horizon collaboration revenues for the three-months period ended March 31, 2023 decreased by $4.2 million related to services rendered in connection with the Company\u2019s two ongoing research programs for Horizon, whereas the higher 2022 period revenues were the result of substantial completion of the initial existing program with Horizon.<\/p>\n \nResearch and development expenses for the first quarter ended March 31, 2023 were $19.6 million compared to $16.3 million for the first quarter ended March 31, 2022. The increase was primarily attributable to higher personnel-related expenses due to increased headcount to support clinical trial activities.<\/p>\n \nGeneral and administrative expenses for the first quarter ended March 31, 2023 were $5.4 million compared to $4.8 million for the first quarter ended March 31, 2022. The increase was primarily attributable to increases in personnel costs.<\/p>\n\n
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