Cara Q2 2022 Earnings Report
Key Takeaways
Cara Therapeutics reported a net revenue of $23 million for Q2 2022, driven by profit-sharing from KORSUVA™ injection and a milestone payment from the European Commission approval of Kapruvia®. The KOMFORT Phase 2 trial met its primary endpoint in notalgia paresthetica, and the company anticipates a meeting with the FDA in the second half of 2022.
Net revenue for 2Q 2022 was $23M, including $8M from KORSUVA™ injection profit-sharing and a $15M milestone payment from Kapruvia® approval.
KORSUVA injection generated net sales of $16.8 million in the second quarter of 2022.
KOMFORT Phase 2 trial of oral difelikefalin met the primary endpoint in notalgia paresthetica.
The company expects to report topline data from the Phase 2 trial in primary biliary cholangitis (PBC) in the second half of 2022.
Cara
Cara
Forward Guidance
Cara Therapeutics expects its current cash and cash equivalents will be sufficient to fund its anticipated operating expenses and capital requirements into the first half of 2024.
Positive Outlook
- Current cash sufficient to fund operations into the first half of 2024.
- Supportive Phase 1 trials planned.
- Phase 2 trials in PBC and NP are underway.
- Phase 3 trials in CKD and AD are ongoing.
- Potential revenue from KORSUVA injection and Kapruvia commercialization.
Challenges Ahead
- Guidance does not account for potential milestone payments.
- Guidance does not account for potential additional product revenue under collaboration agreements.
- Timing expectations and projected costs for current clinical development plans may change.
- Clinical development plans include trials in PBC, NP, CKD and AD.
- Future product revenue from commercialization of KORSUVA injection or Kapruvia not included in guidance.