How did R&D costs impact THRD's net profit in 2023?

Research and Development (R&D) costs had a significant impact on Third Harmonic Bio's (THRD) net profit in 2023. The company's R&D expenses for the year were $23.96 million, while the net income was -$30.82 million. This indicates that the company's operations incurred a net loss of $6.86 million after accounting for R&D costs. The negative net income suggests that THRD is currently unprofitable, and the substantial R&D expenses are a contributing factor to this financial position. |code|Ticker|Name|Date|R&D Expenses|Net Income|market_code| |---|---|---|---|---|---|---| |THRD|THRD.O|Third Harmonic Bio|2023 Q1|6737000|-9085000|185| |THRD|THRD.O|Third Harmonic Bio|2023 Q2|5340000|-7560000|185| |THRD|THRD.O|Third Harmonic Bio|2023 Q3|5969000|-7343000|185| |THRD|THRD.O|Third Harmonic Bio|2023 Q4|5918000|-6836000|185| |code|Ticker|Name|Date|Net Income YoY|R&D Expenses|Net Income|market_code| |---|---|---|---|---|---|---|---| |THRD|THRD.O|Third Harmonic Bio|2023 Q1|-16.71377183967112|6737000|-9085000|185| |THRD|THRD.O|Third Harmonic Bio|2023 Q2|1.5112037519541428|5340000|-7560000|185| |THRD|THRD.O|Third Harmonic Bio|2023 Q3|10.505789152955515|5969000|-7343000|185| |THRD|THRD.O|Third Harmonic Bio|2023 Q4|40.50478677110531|5918000|-6836000|185|