Executive Summary

Q4 2022 reflected a lean cost structure post-restructuring: R&D fell to $4.438M (from $11.048M YoY) and G&A to $2.265M (from $3.033M YoY), but reported net loss increased to $9.839M due to non-cash warrant-related charges partially offset by a favorable warrant liability fair-value change .
The company closed a $7.0M registered direct offering in December 2022 and a $10.0M offering in March 2023, with combined estimated net proceeds of ~$15.3M to support exebacase PJI and CF-370 IND milestones; cash and marketable securities at year-end were $13.7M .
Management reiterated timelines: begin dosing exebacase PJI patients and file CF-370 IND, positioning two programs to enter/advance in the clinic in early 2023 .
Near-term stock catalysts center on clinical start (exebacase PJI), CF-370 IND filing, and financing runway; investor focus remains on funding progress and regulatory timelines following Nasdaq deficiency notices in late 2022 .

What Went Well and What Went Wrong

What Went Well

R&D down materially YoY in Q4 as CMC activities and CRO spend fell post-DISRUPT stop; Q4 R&D was $4.438M vs $11.048M YoY .
Secured capital: $7.0M (Dec-2022) and $10.0M (Mar-2023) offerings, with ~$15.3M estimated net proceeds across the two raises to fund near-term milestones .
Clear clinical execution narrative from management: “We remain on track to both begin dosing patients in our Phase 1b/2… and to file an IND for CF-370…” — CEO Roger Pomerantz .

What Went Wrong

Q4 net loss widened to $9.839M vs $4.399M YoY, driven by $4.813M non-cash warrant charges offset by $1.660M gain from warrant liability fair value; full-year net loss rose to $65.153M .
Stockholders’ equity moved to a deficit: $(11.852)M at Dec 31, 2022; current liabilities rose to $20.840M, highlighting balance sheet pressure .
Nasdaq deficiency letters (bid-price and equity requirements) underscored listing risks pending remediation plans (plan due Jan 6, 2023; potential extension to May 21, 2023) .

Financial Results

Metric	Q4 2021	Q2 2022	Q3 2022	Q4 2022
R&D Expense ($USD Millions)	$11.048	$16.760	$10.814	$4.438
G&A Expense ($USD Millions)	$3.033	$3.266	$3.366	$2.265
Restructuring ($USD Millions)	—	—	$7.719	—
Total Operating Expenses ($USD Millions)	$14.081	$20.026	$21.899	$6.703
Net Loss ($USD Millions)	$4.399	$18.089	$17.067	$9.839
Diluted EPS ($)	$(8.95)	$(0.14)	$(0.13)	$(16.14)
Weighted Avg Shares (Millions)	0.492	39.333	39.333	0.610

Notes: Comparative EPS across periods is affected by the 1-for-80 reverse split effected on Feb 14, 2023; Q4 2022 presentation indicates split-adjusted shares/per-share for “all periods presented,” while prior 8-Ks list pre-split shares/per-share; rely on cited filings for period-specific values .

Balance Sheet and Liquidity	Q2 2022	Q3 2022	Q4 2022
Cash & Cash Equivalents ($USD Millions)	$9.549	$4.664	$8.907
Marketable Securities ($USD Millions)	$17.753	$12.984	$4.775
Total Current Assets ($USD Millions)	$37.712	$20.049	$17.706
Current Liabilities ($USD Millions)	$20.600	$23.783	$20.840
Stockholders’ Equity ($USD Millions)	$12.885	$(3.013)	$(11.852)

KPIs and Non-GAAP/Non-cash Items:

Warrant-related non-cash items: Q4 included $4.813M charges tied to December offering warrants and offering-cost allocation to warrants, partly offset by $1.660M gain from warrant liability fair-value change .
No product revenues (clinical-stage); results comprised operating expenses and financing-related non-cash items .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Exebacase PJI Phase 1b/2: Begin patient dosing	Early 2023	“Expect to begin dosing patients in the first quarter of 2023”	“On track to begin dosing patients” (ethics approval Jan 2023; CTA authorized Nov 2022)	Maintained
CF-370 IND submission	Early 2023	“Expect to submit an IND… by the end of the first quarter of 2023”	“On track to file an IND for CF-370”	Maintained

No formal financial guidance (revenue, margins, OpEx, OI&E, tax rate, dividends) was provided in Q4 materials .

Earnings Call Themes & Trends

No Q4 earnings call transcript available in the document set; themes summarized from Q2–Q4 press materials.

Topic	Previous Mentions (Q2 & Q3)	Current Period (Q4 2022)	Trend
R&D execution / pipeline	Advanced exebacase toward intra-articular PJI study; completed GLP tox for CF-370; analyzed DISRUPT data post-DSMB futility; workforce reduction to lower OpEx	Ethics approval (Jan 2023) post-CTA authorization; reiterated start of exebacase PJI dosing; IND for CF-370 on track	Execution milestones maintained; pivot from IV bacteremia to intra-articular PJI and Gram-negative program
Regulatory / clinical	CTA accepted for exebacase PJI (France) with plan to start dosing Q1 2023	Ethics approval received; randomized, double-blind, placebo-controlled design in France described	Advancing to initiation
Funding / runway	No financing executed; noted cash needs; Q2/Q3 liquidity metrics trended down	$7.0M Dec 2022 and $10.0M Mar 2023 offerings; ~$15.3M net proceeds estimated across both	Funding improved vs Q3 through equity raises
Nasdaq listing compliance	Received bid-price deficiency Aug 2022; stockholders’ equity deficiency Nov 2022; plan due Jan 6, 2023	Deficiencies outstanding through Q4; reverse split later (Feb 2023) referenced in Q4 presentation	Remediation actions ongoing
Organizational restructuring	Workforce reduction; restructuring charge in Q3 ($7.719M)	Lower OpEx in Q4 reflects restructuring impacts	Cost base structurally reduced

Management Commentary

“We remain on track to both begin dosing patients in our Phase 1b/2… and to file an IND for our second program, CF-370… We are excited to get in the clinic with both of our lead programs…” — Roger J. Pomerantz, M.D., President & CEO .
Q3 strategic pivot and resilience: “We worked through significant, unexpected adversity while continuing to successfully execute on our near-term objectives… expect to submit an IND for CF-370 by the end of the first quarter of 2023” — Roger J. Pomerantz .
Q2 emphasis on advancing programs post-DISRUPT futility decision: focus on intra-articular exebacase and CF-370 multiple-day dosing strategy .

Q&A Highlights

No Q4 earnings call transcript found in available documents; no Q&A themes to report. We searched for “earnings-call-transcript” for CFRX across Q4 2022 and found none in the catalog [ListDocuments; Search attempted with earnings-call-transcript returned other tickers].

Estimates Context

Wall Street consensus (S&P Global) for Q4 2022 EPS and revenue was unavailable; we attempted to retrieve “Primary EPS Consensus Mean” and “Revenue Consensus Mean” via S&P Global but no CIQ mapping existed for CFRX in the tool, preventing estimate fetch. As a result, beat/miss vs consensus cannot be determined at this time [functions.GetEstimates error].
As a clinical-stage company, CFRX reported no product revenues; comparisons to revenue estimates are not applicable .

Key Takeaways for Investors

Cost discipline post-restructuring: Q4 OpEx fell sharply (Total OpEx $6.703M vs $14.081M YoY), driven by reduced CMC and CRO spend, while preserving clinical milestone execution .
Funding visibility improved with December and March offerings; combined estimated net proceeds of ~$15.3M bolster near-term clinical activities (exebacase PJI initiation, CF-370 IND) .
Balance sheet remains tight: year-end cash and marketable securities total $13.7M; stockholders’ equity at $(11.852)M signals ongoing capital needs and careful cash management .
Listing risk backdrop: bid-price and equity deficiencies necessitate continued remediation; corporate actions (e.g., reverse split in Feb 2023) support compliance efforts .
Near-term catalysts: first patient dosing in exebacase PJI and CF-370 IND filing; successful initiations could re-rate clinical credibility and support further financing options .
Reported net loss dynamics: headline net loss in Q4 impacted by non-cash warrant accounting; investors should focus on operating loss trajectory and pipeline progress rather than transient non-cash items .
Strategy pivot remains intact: shifting exebacase development to intra-articular PJI and advancing CF-370 for resistant Gram-negative pathogens addresses clear unmet needs and differentiates the DLA platform .

CONTRAFECT Corp (CFRX)·Q4 2022 Earnings Summary