Cost of goods sold expense for the first quarter of 2023 was $1.5 million compared to $0.7 million for the first quarter of 2022, primarily due to an increase in product sales.
Research and development (R&D) expenses for the first quarter of 2023 were $15.5 million, compared to $26.3 million for the first quarter of 2022. The decrease in R&D expenses was primarily due to a decrease in the Company’s clinical program costs.
Selling, general, and administrative (SG&A) expenses for the first quarter of 2023 were $21.8 million, compared to $26.7 million for the first quarter of 2022. The decrease in SG&A expenses was primarily due to decreases in commercialization activities, personnel costs, and professional fees.
G1 today reiterated its full year 2023 net revenue guidance. The Company expects to generate between $50 million and $60 million in COSELA net revenue in 2023. G1’s product revenue guidance was initially provided in its fourth quarter and full year 2022 financial results and business update, and is based on expectations for continued acceleration of sales performance of COSELA in the U.S.
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