89Bio Q1 2020 Earnings Report

89bio reported financial results for the first quarter of 2020 and provided a corporate update.

Key Takeaways

89bio reported a net loss of $10.5 million for the first quarter of 2020. The company's cash and cash equivalents were $85.5 million as of March 31, 2020. Topline results from the Phase 1b/2a NASH trial are expected in the second half of 2020, and the FDA cleared the IND application for SHTG.

Closed enrollment in Phase 1b/2a trial of BIO89-100 in NASH, with topline results expected in the second half of 2020.

FDA cleared the IND Application for BIO89-100 in patients with SHTG.

Released new preclinical data confirming BIO89-100’s mechanism of action via potent FGF receptor agonism.

Cash and cash equivalents totaled $85.5 million as of March 31, 2020.

EPS

-$0.76

Previous year: -$0.968

-21.5%

Research and Development Expenses

$7.8M

General and Administrative Expenses

$2.9M