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Sep 30, 2020
89Bio Q3 2020 Earnings Report
89bio reported financial results for the quarter ended September 30, 2020 and provided a corporate update.
Key Takeaways
89bio reported a net loss of $14.6 million for the third quarter of 2020. The company's cash, cash equivalents, and short-term investments totaled $219.2 million as of September 30, 2020. They also initiated their Phase 2 trial in SHTG and in NASH they announced impressive results from their Phase 1b/2a trial.
Reported positive Phase 1b/2a clinical data evaluating BIO89-100 in NASH, showing strong efficacy and favorable tolerability.
Initiated a Phase 2 trial of BIO89-100 in patients with SHTG.
Completed underwritten public offerings of common stock in the third quarter, resulting in approximately $157.7 million in estimated net proceeds.
Planning to present updated clinical data from the Phase 1b/2a trial as a late-breaking poster at AASLD’s The Liver Meeting® 2020 being held November 13-16.
Forward Guidance
89bio is planning to initiate a Phase 2b NASH trial in the first half of 2021 and report topline data from the Phase 2 trial of BIO89-100 in SHTG in the second half of 2021.
Positive Outlook
- Present updated clinical data from the Phase 1b/2a trial as a late-breaking poster at AASLD’s The Liver Meeting® 2020 being held November 13-16 highlighting BIO89-100’s compelling clinical profile and preclinical data covering BIO89-100’s receptor activation profile.
- Initiate a new open-label histology cohort as part of the Phase 1b/2a trial of BIO89-100 in NASH. This new cohort will enroll approximately 20 patients with biopsy-confirmed NASH that will be treated for 20 weeks with 27mg QW BIO89-100.
- The new cohort will provide an early opportunity to demonstrate BIO89-100’s benefits on histology endpoints.
- This cohort is planned to start in the near term with results expected by the end of 2021.
- Initiate a Phase 2b NASH trial as part of the Phase 2b/3 program in the first half of 2021.
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