What drove Moleculin Biotech's expense fluctuations in 2023?

Moleculin Biotech's 2023 expenses were driven primarily by **Research and Development (R&D) Costs**, with **Selling, General, and Administrative (SG&A) Expenses** also contributing, but to a lesser extent. The fluctuations in these categories can be attributed to the following factors:

1. **R&D Expenses**:
- **Increase in Q3 vs Q2**: The R&D expense for the three months ended September 30, 2023, was $6.0 million, compared to $3.3 million for the same period in 2022. This increase is likely due to the acceleration of clinical trial activities, including the Phase 1b/2 study of Annamycin combined with Cytarabine, and ongoing Phase 2 programs.
- **Consistent Funding**: Despite the increase, the company maintained a consistent cash position, with $24.6 million in cash and cash equivalents as of September 30, 2023, sufficient to meet operational requirements into Q3 2024.
2. **SG&A Expenses**:
- **Quarterly Variations**: SG&A expenses were $10.14 million for the year ended December 31, 2023. The quarterly distribution of these expenses is not detailed, but fluctuations could be due to variable expenses such as professional fees, marketing costs, and executive compensation, which can vary based on company milestones and operational needs.
3. **Other Expenses**: The data does not provide specifics on other expenses, but they are likely to include costs associated with employee salaries, insurance, and other overhead expenses that are not directly related to R&D or sales activities. These can be variable based on the company's headcount and operational scale.
4. **Strategic Financial Moves**: The company's financing activities, such as the securities offering in December 2023, which raised approximately $4.5 million, may also influence expense fluctuations, as they can affect the company's cash position and, subsequently, its ability to incur expenses.

In summary, Moleculin Biotech's 2023 expense fluctuations are primarily driven by increased R&D costs associated with advancing its clinical trials and product development, alongside general administrative costs. The company's strategic financial decisions and operational scale also influence these fluctuations.