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Dec 31, 2021
Verona Pharma Q4 2021 Earnings Report
Verona Pharma's financial results for Q4 2021 were announced, along with a corporate update, highlighting the progress of the Phase 3 ENHANCE program.
Key Takeaways
Verona Pharma reported a net loss of $23.3 million for the fourth quarter ended December 31, 2021. The company's cash and cash equivalents were $148.4 million as of December 31, 2021. Enrollment was completed in ENHANCE-2 and the 48-week subset of ENHANCE-1, and ensifentrine met all safety objectives in a TQT study.
Completed enrollment in ENHANCE-2 with over 800 subjects.
Completed enrollment in the 48-week subset of ENHANCE-1 with approximately 400 subjects.
Ensifentrine met all safety objectives in a TQT study.
Cash and cash equivalents were $148.4 million at the end of 2021.
Forward Guidance
Verona Pharma expects 2022 to be a pivotal year, with top-line data expected from the ENHANCE program and plans to submit an NDA in the first half of 2023.
Positive Outlook
- Completing enrollment of approximately 400 subjects randomized in the 24-week subset of ENHANCE-1 around the end of the second quarter of 2022.
- Reporting top-line data from ENHANCE-2 in the third quarter of 2022 and from ENHANCE-1 around the end of 2022.
- Conditional upon positive results, expects to submit a New Drug Application (“NDA”) to the US Food and Drug Administration (“FDA”) in the first half of 2023.
- Believes cash and cash equivalents at December 31, 2021, expected cash receipts from the U.K. tax credit program and funding expected to become available under $30.0 million debt facility, will enable to fund planned operating expenses and capital expenditure requirements through at least the end of 2023.
- Advancing global partnering strategy through strategic collaboration with Nuance Pharma.
Challenges Ahead
- Recent sanctions and other restrictions imposed on Russia and the COVID-19 pandemic and government and other measures continuing to impact a number of clinical trial activities.
Historical Earnings Impact
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