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Jun 30, 2021
Verona Pharma Q2 2021 Earnings Report
Reported financial results for the second quarter of 2021 and provided a corporate update.
Key Takeaways
Verona Pharma reported progress on their Phase 3 ENHANCE program and a strategic collaboration with Nuance Pharma. They also announced their Q2 2021 financial results, including a net loss of $22.1 million and cash and cash equivalents of $146.0 million.
Phase 3 ENHANCE program is on track to report top-line data in 2022.
Strategic collaboration with Nuance Pharma in Greater China for up to $219 million.
ENHANCE-2 expected to report top-line data in the first half of 2022 and ENHANCE-1 in the second half of 2022.
Received $40.0 million upfront payment from Nuance Pharma, consisting of $25.0 million in cash and an equity interest valued at $15.0 million.
Forward Guidance
Verona Pharma expects to report top-line data from ENHANCE-2 in the first half of 2022 and ENHANCE-1 in the second half of 2022, but these timelines may be affected by the COVID-19 pandemic.
Positive Outlook
- ENHANCE Phase 3 program on track to report top-line data in 2022
- Strategic collaboration with Nuance Pharma provides additional funds to support development efforts
- Expect ENHANCE-2 to be approximately 70% enrolled by the end of August.
- Expect the 48-week subset in ENHANCE-1 to be approximately 80% enrolled by the end of August.
- Company believes cash and cash equivalents will enable funding of planned operating expenses and capital expenditure requirements through at least 2023.
Challenges Ahead
- COVID-19 related challenges have put pressure on recruitment timelines.
- Timelines may be affected by the COVID-19 pandemic.
- Models predict top-line data would be expected in the third quarter of 2022 from ENHANCE-2 and the fourth quarter of 2022 from ENHANCE-1 should COVID-19 related challenges continue to increase.
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