Executive Summary

Initiated clinical execution: first patient dosed in the Phase 1b/2 study of intra-articular exebacase for chronic prosthetic joint infections (PJI) of the knee in April 2023; management framed this as a potential paradigm shift vs decades‑old surgical standard of care .
Financing and balance sheet: Completed a $10.0M registered direct offering and concurrent private placement in March, ending Q1 with $13.9M in cash, cash equivalents and marketable securities, supporting near‑term milestones for exebacase and CF‑370 .
P&L inflection driven by non‑cash item: Net loss narrowed to $(1.37)M, aided by a $7.4M non‑cash gain from the change in fair value of warrant liabilities; operating spend declined sharply YoY on program reprioritization and restructuring .
Guidance update: CF‑370 IND timing shifted from end of Q1 2023 to “around the middle of this year,” signaling a modest delay but continued momentum in the Gram‑negative lysin program .
Estimates: We were unable to retrieve S&P Global consensus for CFRX’s Q1 2023 EPS/revenue; no comparison to street estimates is available at this time (consensus unavailable via S&P Global access).

What Went Well and What Went Wrong

What Went Well
- First patient dosed in exebacase Phase 1b/2 PJI knee study, marking a key clinical milestone; CEO: “truly excited to have begun dosing patients… [and] the potential to change the paradigm” .
- Continued CF‑370 progress, with mid‑year IND targeted; new ECCMID data showed CF‑370 efficacy with amikacin vs XDR P. aeruginosa in a rabbit lung infection model, with strongest bacterial reductions on multiple CF‑370 doses plus amikacin .
- Operating discipline: R&D fell to $5.3M from $12.7M YoY, reflecting reduced late‑stage spend and headcount restructuring; net loss narrowed significantly versus prior year .
What Went Wrong
- CF‑370 IND timing slipped from “end of Q1 2023” to “mid‑2023,” a modest schedule delay vs prior expectation .
- G&A increased YoY to $3.6M (from $3.3M) primarily on consulting and costs to support Nasdaq listing, partially offsetting R&D savings .
- Earnings call transcript was not available in our document set for Q1 2023; reduced disclosure limits color on timeline risks, runway, and development prioritization beyond the press release [ListDocuments returns, no transcript found].

Financial Results

Sequential comparison – Income statement (USD thousands)

Metric	Q3 2022	Q4 2022	Q1 2023
Research & Development	10,814	4,438	5,295
General & Administrative	3,366	2,265	3,563
Total Operating Expenses	21,899	6,703	8,858
Loss from Operations	(21,899)	(6,703)	(8,858)
Interest Income (net)	9	17	87
Change in FV of Warrant Liabilities	4,823	1,660	7,400
Total Other Income (Expense), net	4,832	(3,136)	7,487
Net Loss	(17,067)	(9,839)	(1,371)

Balance sheet snapshot (period-end, USD thousands)

Metric	9/30/2022	12/31/2022	3/31/2023
Cash & Cash Equivalents	4,664	8,907	11,866
Marketable Securities	12,984	4,775	2,025
Total Current Assets	20,049	17,706	17,698
Total Assets	23,034	20,679	20,552
Current Liabilities	23,783	20,840	19,652
Warrant Liabilities	3	9,299	1,899
Total Liabilities	26,137	32,531	23,689
Stockholders’ (Deficit) Equity	(3,013)	(11,852)	(3,137)

YoY comparison – Q1 (USD thousands except per-share)

Metric	Q1 2022	Q1 2023
Research & Development	12,725	5,295
General & Administrative	3,254	3,563
Total Operating Expenses	15,979	8,858
Change in FV of Warrant Liabilities	(4,212)	7,400
Net Loss	(20,157)	(1,371)
Net Loss per Share (Basic & Diluted)	(41.00)	(0.69)
Cash, Cash Equivalents + Marketable Securities (period-end)	—	13,891 (11,866+2,025)

Notes: Per the company, the per‑share figures in Q1 2023 and Q4 2022 reflect a 1‑for‑80 reverse split effected on February 14, 2023; Q1 2022 per‑share figures shown in the Q1 2023 release are also adjusted for the reverse split .

Segment/KPIs: No revenue or segment reporting; results reflect operating expenses and other non‑cash items; no KPIs disclosed .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Exebacase Phase 1b/2 PJI (patient dosing start)	2023	Expected to begin dosing in Q1 2023	First patient dosed in April 2023	Achieved (slightly later)
CF‑370 IND filing (Gram‑negative lysin)	2023	IND expected by end of Q1 2023	On track to file IND around mid‑2023	Delayed
DISRUPT (exebacase Phase 3) dataset communication	H1 2023 (prior view)	Company expected to communicate results after database lock in H1 2023	No update provided in Q1 2023 press release	Not updated

No quantitative financial guidance (revenue, margins, opex, tax, dividends) was provided in the period’s disclosures .

Earnings Call Themes & Trends

No Q1 2023 earnings call transcript was available in our document set; themes below synthesize disclosures across Q3 2022, Q4 2022, and Q1 2023 press releases.

Topic	Previous Mentions (Q3 2022, Q4 2022)	Current Period (Q1 2023)	Trend
Exebacase in PJI (DAIR procedure)	CTA accepted; ethics approval obtained; dosing expected Q1 2023	First patient dosed in April 2023; randomized, double‑blind, placebo‑controlled study in France, Part I 6‑week assessment, Part II up to 2‑year follow‑up	Progressed to execution
CF‑370 (Gram‑negative lysin)	GLP tox completed; IND targeted by end Q1 2023	IND “around mid‑2023”; ECCMID preclinical efficacy with amikacin vs XDR P. aeruginosa	Modest schedule slip; strong preclinical
Funding/liquidity	Capital raises in Dec’22 ($7M) and Mar’23 planned	Closed $10M March financing; cash/securities $13.9M at 3/31/23	Liquidity improved near‑term
NASDAQ listing/compliance costs	—	G&A increase tied to costs to support listing	Cost headwind persists
BARDA support/partnerships	BARDA contract noted	BARDA contract reference continues	Ongoing

Management Commentary

“As a physician‑scientist, I am truly excited to have begun dosing patients in our Phase 1b/2 clinical study of intra‑articular exebacase for the treatment of chronic prosthetic joint infections of the knee… we finally have the potential to change the paradigm.” — Roger J. Pomerantz, M.D., President, CEO & Chairman .
“We remain on track to file an IND for our second program, CF‑370… around the middle of this year. Resistant Gram‑negative infections are an area of global unmet medical need…” — Roger J. Pomerantz, M.D. .
On financing: Company closed a $10.0M registered direct offering and concurrent private placement in March 2023 to support advancement of exebacase and CF‑370 .

Q&A Highlights

No Q1 2023 earnings call transcript was available in our document set; no Q&A themes or clarifications beyond the press release can be summarized for this quarter [ListDocuments returns, no transcript found].

Estimates Context

We attempted to pull S&P Global (Capital IQ) consensus for Q1 2023 EPS and revenue, but consensus was unavailable for CFRX via our S&P Global access at this time (mapping unavailable). As a result, we cannot provide a results‑vs‑consensus comparison for this quarter.
Reported Q1 2023 net loss per share: $(0.69); net loss: $(1.37)M; no revenue line was presented in the statement of operations .

Key Takeaways for Investors

Clinical momentum: Initiation of patient dosing in the exebacase PJI study is a tangible execution milestone that can catalyze sentiment as early safety/PK and 6‑week data emerge from Part I .
CF‑370 timing: IND shift to mid‑2023 modestly delays the Gram‑negative program, but ECCMID data reinforce biological rationale and potential differentiation in XDR pathogens when combined with aminoglycosides .
Operating discipline: YoY R&D spend fell by 58% (to $5.3M from $12.7M), reflecting program reprioritization post‑DISRUPT and restructuring; G&A rose on listing‑related costs .
P&L optics: Q1’s improved bottom line was largely driven by a $7.4M non‑cash warrant liability fair value gain; investors should focus on cash operating burn and clinical milestones rather than quarterly GAAP net loss volatility .
Liquidity: Post‑financing cash and marketable securities of $13.9M at quarter‑end provide runway for near‑term milestones but do not eliminate medium‑term funding risk inherent to clinical‑stage biotech .
Near‑term catalysts: CF‑370 IND filing (mid‑2023) and progress updates from the exebacase PJI trial (Part I six‑week assessment) are likely stock drivers; continued Nasdaq listing compliance and financing updates may also influence trading .
Risk balance: Absence of street estimates and lack of an earnings call this quarter limit external validation and disclosure depth; execution on clinical timelines and clarity on funding will be key to sustaining momentum .

Supporting detail excerpts

Q1 2023 financials and business update, including exebacase first patient dosing, CF‑370 timing, and financial statements .
Q4 2022 financials and financing context .
Q3 2022 financials and prior guidance on exebacase/CF‑370 timelines .

CONTRAFECT Corp (CFRX)·Q1 2023 Earnings Summary