Verona Pharma Q3 2022 Earnings Report
Key Takeaways
Verona Pharma reported a net loss of $15.6 million for the third quarter ended September 30, 2022. The company's cash and cash equivalents were $231.7 million as of September 30, 2022. They have access to up to $400 million expected to provide cash runway through at least 2025. Top-line Phase 3 ENHANCE-1 data expected around the end of 2022.
Verona Pharma has access to up to approximately $400 million, through cash on hand and a recently announced $150 million debt facility from Oxford Finance.
Funds are expected to extend the cash runway through at least the end of 2025, supporting pre-commercialization activities for ensifentrine and the planned commercial launch in the United States.
Ensifentrine demonstrated consistent positive effects across primary and secondary endpoints of lung function including subgroups in the Phase 3 ENHANCE-2 trial.
Nuance Pharma received clearance from China’s Center for Drug Evaluation to begin Phase 1 and Phase 3 studies with ensifentrine for chronic obstructive pulmonary disease in mainland China.