89bio reports Q2 EPS (48c), consensus (57c)

As of June 30, 2024, 89bio had cash, cash equivalents and marketable securities of $531.4M, which does not include $19.4M and $5.3 Mof proceeds received by the Company subsequent to June 30 from the exercise of common stock warrants prior to June 30 and on July 1, respectively.”We are thrilled to have initiated two pivotal Phase 3 trials addressing non-cirrhotic MASH or ENLIGHTEN-Fibrosis in F2-F3 and MASH, with compensated cirrhosis which have the potential for accelerated approval using histology in both trials,” stated Rohan Palekar, CEO of 89bio. “In parallel to executing on three Phase 3 trials in both MASH and SHTG, we continue to take important steps forward that we believe will strategically enhance our preparedness for potential commercialization of pegozafermin including commercial manufacturing readiness. We believe in the prospects of pegozafermin in MASH, given the urgent medical need for more severe patients with advanced fibrosis and cirrhosis, in addition to the significant opportunity in SHTG to help patients who are refractory to current standard of care.”89bio reported a net loss of $48.M for the three months ended June 30, 2024, compared to a net loss of $38.4M for the three months ended June 30, 2023. The increase in net loss was primarily attributable to increased R&D expenses to advance the company’s Phase 3 clinical trials, increased G&A expenses associated with higher headcount, and expenses to support the Company’s expanded operations. These increases in operating expenses were offset in part by the increase in net interest income and other to $6.5 million for the three months ended June 30, 2024 from $4.6 M for the three months ended June 30 mainly due to a change in interest rates and an increase in the average invested balances.