89bio Reports First Quarter 2022 Financial Results and Provides Corporate Update
- ENTRIGUE Phase 2 trial of pegozafermin in severe hypertriglyceridemia (SHTG) patients remains on track with topline data expected in the second quarter of 2022 -
- ENLIVEN Phase 2b NASH trial enrollment completion expected in the third quarter of 2022 followed by topline data in the first half of 2023 -
SAN FRANCISCO, May 11, 2022 (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 ended March 31, 2022.
“Our team continued to execute very well in the first quarter and we are now well positioned to deliver on multiple upcoming milestones,” said Rohan Palekar, Chief Executive Officer of 89bio. “We plan to report topline data from the ENTRIGUE trial in SHTG this quarter. We are excited about the opportunity in this indication given pegozafermin’s unique profile to potentially reduce triglyceride levels and treat other metabolic co-morbidities associated with SHTG. On our NASH program, we now expect to complete enrollment in the ENLIVEN trial in the third quarter of 2022, and have implemented changes to the ENLIVEN protocol to maximize the probability of success in this trial.”
Recent Highlights and Anticipated Milestones
Topline data for the Phase 2 ENTRIGUE trial of pegozafermin in SHTG patients expected in the second quarter of 2022.
Hosted key opinion leader webinar on SHTG that reinforced pegozafermin’s unique proposition in this patient population.
Expect to complete enrollment in the third quarter of 2022 with ~200 patients in the ENLIVEN Phase 2b trial; topline data expected in the first half of 2023.
Implemented modifications to the ENLIVEN protocol to optimize the trial including:
First Quarter 2022 Financial Results
Cash Position. As of March 31, 2022, 89bio had cash, cash equivalents, and short-term investments of $126.1 million. Based upon current projections, 89bio believes it has sufficient cash to fund operations into the second half of 2023.
Research and Development (R&D) Expenses. R&D expenses were $19.8 million for the three months ended March 31, 2022, compared to $10.1 million for the three months ended March 31, 2021. The increase in R&D expenses was primarily driven by increases in clinical development costs, contract manufacturing and personnel expenses.
General and Administrative (G&A) Expenses. G&A expenses were $5.3 million for the three months ended March 31, 2022, compared to $4.6 million for the three months ended March 31, 2021. The increase in G&A expenses was primarily due to an increase in costs related to personnel expenses, offset by a reduction in expenses for professional services.
Net Loss. 89bio reported a net loss of $25.6 million for the three months ended March 31, 2022, compared to a net loss of $14.8 million for the three months ended March 31, 2021. The increase in net loss is primarily attributable to increased R&D expenses for our programs and increased G&A expenses associated with operating as a public company.
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