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Mar 31, 2023
Verona Pharma Q1 2023 Earnings Report
Verona Pharma reported its financial results for the first quarter ended March 31, 2023, and provided a corporate update. The company is on schedule to submit the NDA in the second quarter of 2023 and will present 12 abstracts and one symposium at the American Thoracic Society 2023. The company's balance sheet is strong to support commercial launch preparations.
Key Takeaways
Verona Pharma reported a net loss of $16.7 million for the first quarter of 2023. The company's cash and cash equivalents were $291.4 million as of March 31, 2023, which is expected to fund operations through at least the end of 2025, including the commercial launch of ensifentrine in the US, if approved.
NDA submission on schedule for Q2 2023
12 abstracts and one symposium expanding on successful Phase 3 ENHANCE data to be presented at American Thoracic Society 2023
Strong balance sheet to support commercial launch preparations
Nuance Pharma enrolled the first subject in its Phase 3 trial evaluating ensifentrine for the maintenance treatment of COPD in China
Forward Guidance
Verona Pharma expects cash receipts from the UK tax credit program and funding expected to become available under the $150.0 million debt facility, will enable Verona Pharma to fund planned operating expenses and capital expenditure requirements through at least the end of 2025 including the commercial launch of ensifentrine in the US, if approved.
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