89bio Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Corporate Update
- Initiation of BIO89-100 Phase 2b NASH trial planned in 1H21 -
- NASH histology cohort topline data expected by YE21 -
- Phase 2 SHTG trial (ENTRIGUE) expected to report topline data in 2H21 -
SAN FRANCISCO, March 24, 2021 (GLOBE NEWSWIRE) -- 89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases, today reported its financial results for the quarter and full year ended December 31, 2020.
“2020 was a transformative year for 89bio, and we are encouraged by the significant progress made in advancing BIO89-100 through the clinic. This was highlighted by our Phase 1b/2a data in NASH patients that underscored the potential for BIO89-100 as a best-in-class FGF21 analog and provided the impetus for advancing BIO89-100 into a Phase 2b trial for the treatment of NASH,” said Rohan Palekar, Chief Executive Officer of 89bio. “We are anticipating some important clinical milestones in 2021 that we expect will continue to validate BIO89-100’s potential in both NASH and SHTG.”
Recent Highlights and Anticipated Milestones
Fourth Quarter and Full Year 2020 Financial Results
Cash Position. As of December 31, 2020, 89bio had cash, cash equivalents, and short-term investments totaling $204.7 million compared to $93.4 million as of December 31, 2019. This included approximately $157.7 million in estimated net proceeds from underwritten public offerings of common stock in the third quarter of 2020.
Research and Development (R&D) Expenses. R&D expenses were $8.8 million and $36.2 million for the three months and year ended December 31, 2020, respectively, compared to $7.2 million and $21.4 million for the three months and year ended December 31, 2019, respectively. The increase for the year ended December 31, 2020 was primarily driven by higher clinical development, contract manufacturing, and personnel expenses.
General and Administrative (G&A) Expenses. G&A expenses were $3.8 million and $13.2 million for the three months and year ended December 31, 2020, respectively, compared to $2.4 million and $5.3 million for the three months and year ended December 31, 2019, respectively. The increase for the year ended December 31, 2020 was primarily due to higher personnel expenses and expenses relating to first full year of operations as a public company.
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