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Dec 31, 2022
Tvardi Therapeutics Q4 2022 Earnings Report
Reported fourth quarter and full year financial results.
Key Takeaways
Cara Therapeutics reported Q4 2022 total revenue of $3.3 million, including collaborative revenue of $1.1 million from KORSUVA injection. Net loss for the quarter was $30.3 million, or $(0.56) per share. The company's cash, cash equivalents, and marketable securities totaled $156.7 million as of December 31, 2022.
KORSUVA injection generated net sales of $2.3 million, with collaborative revenue of $1.1 million.
Kapruvia launches continued in Europe, with approvals in Access Consortium countries.
Phase 2/3 clinical program of oral difelikefalin in NP initiated in 2023.
Cash, cash equivalents and marketable securities totaled $156.7 million.
Tvardi Therapeutics
Tvardi Therapeutics
Forward Guidance
Cara Therapeutics expects that current unrestricted cash and cash equivalents and available-for-sale marketable securities will be sufficient to fund the operating plan into at least the first half of 2024.
Positive Outlook
- Current cash reserves are expected to fund operations into the first half of 2024.
- Positive momentum across first four EU launches.
- Global rollout to accelerate with most EU countries launching in 2023.
- NDD CKD and AD programs tracking to expectations with internal readout from KIND 1 Part A expected in 2H23.
- Expects a regulatory decision from the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan in the second half of 2023.
Challenges Ahead
- Decrease in cash primarily resulted from $78.7 million of cash used in operating activities.
- Net loss was $30.3 million.
- R&D expenses increased due to increases in direct clinical trial costs and related consultants’ costs, and increases in payroll and related costs.
- The lower G&A expenses in 2022 were principally due to a decrease in stock-based compensation expense as a result of expense relating to the modification of our former CEO’s equity awards during the three months ended December 31, 2021.
- No specific negative items mentioned, default bullets.