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Jun 30, 2024
Verona Pharma Q2 2024 Earnings Report
Reported financial results for the second quarter and provided a corporate update.
Key Takeaways
Verona Pharma announced the availability of Ohtuvayre (ensifentrine) in the US and reported a net loss of $70.8 million for the second quarter ended June 30, 2024. The company believes that its cash and cash equivalents will enable it to fund planned operating expenses and capital expenditure requirements beyond 2026.
Ohtuvayre (ensifentrine) is now available in the US for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adults.
The company submitted an investigational new drug application (IND) to the FDA to allow initiation of the clinical program for development of a fixed-dose combination of ensifentrine and glycopyrrolate for the maintenance treatment of COPD via a nebulizer.
The company plans to initiate a Phase 2 clinical trial to assess the efficacy and safety of nebulized ensifentrine in patients with non-cystic fibrosis bronchiectasis (NCFBE) in the third quarter of 2024.
Cash and cash equivalents at June 30, 2024 were $404.6 million.
Forward Guidance
Verona Pharma's forward-looking statements include the potential benefits, efficacy and commercial strategy for Ohtuvayre, the timing of the Company’s Phase 2 trial for the development of a fixed-dose combination of ensifentrine and glycopyrrolate, the Phase 2 clinical trial to assess the efficacy and safety of nebulized ensifentrine in patients with non-cystic fibrosis bronchiectasis, the potential applications of ensifentrine, the Company’s participation in upcoming events and presentations, and the Company’s cash runway.
Positive Outlook
- Potential benefits of Ohtuvayre
- Efficacy of Ohtuvayre
- Commercial strategy for Ohtuvayre
- Timing of the Company’s Phase 2 trial for the development of a fixed-dose combination of ensifentrine and glycopyrrolate
- Phase 2 clinical trial to assess the efficacy and safety of nebulized ensifentrine in patients with non-cystic fibrosis bronchiectasis
Challenges Ahead
- Limited operating history
- Need for additional funding to complete development and commercialization of Ohtuvayre
Historical Earnings Impact
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