Apologies if posted from the 10 May 23 quarterly.........highlighted relevant parts.....
Evaluation of Strategic Options
As previously announced in March 2023, the Company’s board of directors (“Board”) and executive management team have approved and are conducting a comprehensive process to explore and evaluate strategic options to progress the development of its novel pipeline of potential treatments for autoimmune, inflammatory, and other diseases with the goal of maximizing shareholder value. Potential strategic options to be explored or evaluated as part of this process may include, but are not limited to, a financing, sale or licensing of assets, acquisition, merger, business combination, and/or other strategic transaction or series of related transactions involving the Company. Fresh Tracks does not expect to disclose developments with respect to this process until the evaluation of strategic options has been completed or until the Board has concluded disclosure is appropriate or legally required. MTS Health Partners, LP has been retained as the Company’s exclusive financial advisor to assist in this review process.
Sales of Common Stock
In March 2023, the Company sold approximately 2.9 million shares of its common stock under an At-The-Market (ATM) program at a weighted-average price of approximately $2.34 per share, for aggregate net proceeds of approximately $6.6 million.
Sofpironium Bromide
In December 2022, the U.S. Food and Drug Administration (“FDA”) accepted the U.S. new drug application (“NDA”) submission by Botanix SB Inc. (“Botanix”) for sofpironium bromide gel, 15%. In April 2023, Botanix announced the successful completion of its FDA mid-cycle review for sofpironium bromide gel, 15%. The FDA communicated to Botanix that no significant issues were identified as part of the review process, including no major clinical safety issues or risk management issues, and that there are no complex regulatory issues that might warrant an advisory committee meeting discussion. Botanix has communicated that it believes FDA approval remains on track for September 2023. If FDA approval is received, Fresh Tracks will be due the next milestone payment ($4.0 million if received before September 30th, less if received thereafter).
First Quarter 2023 Financial Results
The Company reported cash and cash equivalents of $10.8 million as of March 31, 2023, compared to $8.7 million as of December 31, 2022. The Company expects its cash and cash equivalents as of March 31, 2023 will be sufficient to fund its operations for at least the next 12 months.
https://ir.frtx.com/news/detail/97/fresh-tracks-therapeutics-reports-first-quarter-2023
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