NeuroBo Pharmaceuticals, Inc. (NRBO)·Q4 2023 Earnings Summary

Executive Summary

• NRBO ended Q4 2023 with cash of $22.4M, guiding runway into Q4 2024, while advancing DA-1241 (MASH) and DA-1726 (obesity) clinical programs; full-year net loss was $12.5M ($2.46 per share) driven by higher R&D and lower non-cash warrant gains .
• Clinical catalysts strengthened: SRC recommended DA-1241 Phase 2a continue without modification; DA-1726 IND cleared with first site IRB approval and first patient targeted for 2Q 2024 .
• DA-1726 timelines were revised: top-line data now guided to 2025 (SAD 1H25, MAD 2H25), a delay vs prior 2H24 expectations—an important shift for near-term expectations .
• Corporate updates include a 1-for-8 reverse split (Dec 2023) regaining Nasdaq bid price compliance in Jan 2024 and CFO appointment of Marshall Woodworth, improving financial operations and compliance posture .

What Went Well and What Went Wrong

What Went Well

• SRC approval to continue DA-1241 Phase 2a without modification after blinded six-month safety review—supports favorable safety profile and timely development .
• DA-1726 IND cleared (Feb 2024) and first site IRB approval; management highlighted preclinical superiority to semaglutide and similar weight loss efficacy to tirzepatide with higher food intake, bolstering differentiation .
• G&A expenses fell by ~$1.9M YoY to ~$6.7M on lower insurance, stock comp, and legal/pro fees, reflecting disciplined opex management .

What Went Wrong

• R&D rose by ~$6.4M YoY to ~$9.2M from investigational drug manufacturing and clinical services, increasing burn and full-year net loss despite lower non-cash warrant gains .
• DA-1726 data timing shifted to 2025 (from prior 2024), extending the timeline to key efficacy readouts and potentially tempering near-term catalysts .
• No quarterly Q4 EPS/revenue detail was provided; disclosures focused on full-year, constraining precision for Q4-only trend analysis and estimate comparisons .

Financial Results

Full-Year Comparison (FY 2022 → FY 2023)

Notes: NRBO reported operating expenses and other income; revenue was not reported, consistent with clinical-stage biotech disclosures .

Quarterly Trend (Q2 2023 → Q3 2023 → Q4 2023)

Segment breakdown: Not applicable—NRBO does not disclose revenue segments; disclosures focus on R&D and G&A .

KPIs (Operating and Balance Sheet)

Guidance Changes

Earnings Call Themes & Trends

Note: No Q4 2023 earnings call transcript located; themes derived from press releases .

Management Commentary

• “We made remarkable progress advancing the clinical development of our two, next generation cardiometabolic assets... [DA-1241] continue without modification... We continue to believe that DA-1241 has the potential to be a safe and effective treatment for MASH and look forward to reporting full trial data in the second half of this year.” — Hyung Heon Kim, President & CEO .
• “DA-1726... showed superior weight loss compared to semaglutide, and similar weight reduction even while consuming more food compared to tirzepatide... We have begun screening patients... randomizing the first patient in the second quarter... top-line data... SAD Part 1 in the first half of 2025... MAD Part 2 in the second half of 2025.” — Hyung Heon Kim .
• “Cash of $22.4 Million, Expected to Fund the Company Into the Fourth Quarter of 2024.” — Company statement .
• “Welcome Marshall Woodworth, recently appointed as our permanent Chief Financial Officer... significant impact on the company and its financial operations...” — Hyung Heon Kim .

Q&A Highlights

• No Q4 2023 earnings call transcript was found; therefore, no Q&A highlights or clarifications are available. Press releases served as the primary source of management commentary .

Estimates Context

• Wall Street consensus estimates via S&P Global were unavailable due to missing CIQ mapping for NRBO; as a result, comparisons to consensus EPS/revenue for Q4 2023 cannot be provided. Values retrieved from S&P Global are unavailable*.
• Given the absence of reported quarterly revenue and EPS for Q4, and unavailable S&P consensus, we cannot assess beats/misses for Q4 2023 .

Key Takeaways for Investors

• DA-1241 remains on track for full Phase 2a data in 2H 2024, with positive interim safety signals—this is the primary 2024 catalyst and could reshape NRBO’s risk profile if efficacy is confirmed .
• DA-1726 timeline reset to 2025 for top-line data, extending the path to obesity readouts; near-term value drivers skew to DA-1241 while obesity exposure remains intact .
• Cash runway into Q4 2024 provides capacity to reach DA-1241 data and begin DA-1726 Phase 1 dosing; watch accrued liabilities trend (up to $4.41M at year-end) as operating intensity rises .
• Expense discipline in G&A offsets rising R&D as programs scale; expect R&D to remain elevated into readouts, with warrant fair value changes potentially impacting other income volatility .
• Governance and compliance posture improved (reverse split, Nasdaq compliance, CFO appointment), reducing structural risk and enabling capital markets flexibility if needed .
• Absence of Q4-specific EPS/revenue and lack of consensus estimates reduces precision for quarterly beat/miss framing; focus should remain on clinical milestones and cash runway management .
• Trading lens: anticipate event-driven setups around DA-1241 data in 2H 2024; sentiment may be sensitive to any DA-1726 Phase 1 initiation updates and interim safety/tolerability signals .