Verona Pharma plc · Q3 2022 earnings

Briefing

Verona Pharma reported its financial results for Q3 2022 and provided a corporate update.

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.

Headline financials

Revenue & EPS history