months ended March 31, 2024 and 2023 of $117,029 and $226,040, respectively, representing a decrease of $109,011 or 48%. Our gross profit for the three months ended March 31, 2024 was zero or 0% of total revenues, as compared to a gross profit of $31,138 or 12% of total revenues for the same period in 2023, representing a decrease of $31,138 or 100%. The decrease in revenue and gross profit during the three months ended March 31, 2024 was primarily related to the conclusion of higher margin grants associated with the development of SGX943 and CiVax™ and a decrease in revenue associated with the zero margin grant for the HyBryte™ investigator initiated study.
Research and development expenses were $1,095,040 for the three months ended March 31, 2024 as compared to $946,451 for the same period in 2023, representing an increase of $148,589 or 16%. The increase was primarily due to an increase in preliminary costs associated with the anticipated initiation of our Phase 2 study in Behçet’s Disease and the second confirmatory Phase 3 CTCL trial.
General and administrative expenses were $1,022,051 for the three months ended March 31, 2024, as compared to $1,235,376 for the same period in 2023, representing a decrease of $213,325 or 17%. The decrease in general and administrative expenses for the three months ended March 31, 2024 was primarily attributable to a reduction in legal and professional fees associated with a reverse stock split of our issued and outstanding shares of common stock during the three months ended March 31, 2023.
The amendment to the convertible debt financing agreement with Pontifax Medison Finance (“Pontifax”) – see Note 4, resulted in the extinguishment of the original convertible debt for accounting purposes. We elected to account for the amended convertible debt using the fair value option, which requires us to record changes in fair value as a component of other income or expense. The fair value of the convertible debt as of March 31, 2024 was $2,996,136, which resulted in the recognition of $165,382 of other income from the change in the fair value of the convertible debt on our accompanying condensed consolidated statements of operations during the three months ended March 31, 2024. The fair value of the convertible debt was estimated using the Monte Carlo valuation method.
Interest expense, net for the three months ended March 31, 2024 was ($28,842) as compared to $103,568 for the same period in 2023, representing a decrease of $132,410 or 128%. The decrease is primarily associated with the reduction in interest resulting from the repayment of $6M of the convertible debt principal balance.
Financial Condition
Cash and Working Capital
As of March 31, 2024, we had cash and cash equivalents of $7,091,548 as compared to $8,446,158 as of December 31, 2023, representing a decrease of $1,354,610 or 16%. As of March 31, 2024, we had working capital of $607,499 as compared to working capital of $3,355,212 as of December 31, 2023, representing a decrease of $2,747,713 or 82%. The decrease in cash and cash equivalents was primarily related to cash used in operating activities during the three months ended March 31, 2024. The decrease in working capital is primarily the result of the reclassification of approximately $1 million of the convertible debt balance from a non-current liability as of December 31, 2023 to a current liability as of March 31, 2024 (resulting from the amendment to the loan and security agreement with Pontifax – see Note 4), and cash used in operating activities during the three months ended March 31, 2024.
Based on our operating budget, current rate of cash outflows, cash on hand, and proceeds from government contract and grant programs, we believe that we have sufficient resources available to support our development activities and business operations and timely satisfy our obligations as they become due through the first quarter of 2025. We do not have sufficient cash and cash equivalents as of the date of filing this Quarterly Report on Form 10-Q to support our operations for at least the 12 months following the date the financial statements are issued. These conditions raise substantial doubt about our ability to continue as a going concern through 12 months after the date that the financial statements are issued.