– Topline results from ENLIVEN Phase 2b NASH trial on track for first quarter of 2023 –
– Feedback from FDA supports advancement of Phase 3 program for pegozafermin in SHTG; plan to initiate first of two SHTG Phase 3 trials in the second quarter of 2023 –
– Published results of Phase 1b/2a study of pegozafermin for the treatment of NASH in The Lancet Gastroenterology & Hepatology –
SAN FRANCISCO, March 10, 2023 (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 fourth quarter and full year ended December 31, 2022.
“In 2022, we made significant advancements across our late-stage clinical development program for pegozafermin, and with our extended cash runway, are well positioned to execute on our key priorities and achieve multiple value-driving milestones in both SHTG and NASH,” said Rohan Palekar, Chief Executive Officer of 89bio. “We are encouraged by the feedback from the FDA supporting the advancement of pegozafermin in SHTG and plan to initiate the first of two recommended Phase 3 trials in the second quarter of this year. In parallel, we remain on track to deliver topline results from ENLIVEN, our Phase 2b NASH trial, this quarter, which could support advancing into Phase 3 development in NASH. We have developed plans to optimize the clinical development program across both indications and expect to finalize these plans after we have reviewed the results from ENLIVEN.”
Recent Highlights and Anticipated Milestones
Nonalcoholic Steatohepatitis (NASH)
ENLIVEN Phase 2b trial topline data on track for the first quarter of 2023
Published results from the Phase 1b/2a study of pegozafermin for the treatment of NASH in The Lancet Gastroenterology & Hepatology
Severe Hypertriglyceridemia (SHTG)
Initiation of the first Phase 3 trial planned in the second quarter of 2023 based on feedback from the FDA
Presented new analysis of data from the ENTRIGUE Phase 2 trial highlighting the beneficial effects of pegozafermin in SHTG patients at the American College of Cardiology’s Annual Scientific Session
Other Updates
Fourth Quarter and Full Year 2022 Financial Results
Cash Position. As of December 31, 2022, 89bio had cash, cash equivalents, and short-term investments totaling $188.2 million compared to $150.7 million as of December 31, 2021.
Research and Development (R&D) Expenses. R&D expenses were $19.1 million and $80.8 million for the three months and year ended December 31, 2022, respectively, compared to $21.0 million and $70.3 million for the three months and year ended December 31, 2021, respectively. The increase in R&D expenses for the year was primarily driven by increases in clinical development and personnel expenses offset by a decrease in contract manufacturing costs.
General and Administrative (G&A) Expenses. G&A expenses were $6.3 million and $21.5 million for the three months and year ended December 31, 2022, respectively, compared to $5.3 million and $19.4 million for the three months and year ended December 31, 2021, respectively. The increase in G&A expenses for the year ended December 31, 2022 was primarily due to an increase in costs related to personnel expenses and expenses for professional services offset by a decrease in insurance related costs.
Net Loss. 89bio reported a net loss of $24.6 million and $102.0 million for the three and year ended December 31, 2022, respectively, compared to a net loss of $26.3 million and $90.1 million for the three months and year ended December 31, 2021, respectively. The increase in net loss is primarily attributable to increased R&D expenses for our programs and increased G&A expenses associated with our growth and operating as a public company.
About 89bio
89bio is a clinical-stage biopharmaceutical company dedicated to the development of best-in-class therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is focused on rapidly advancing its lead candidate, pegozafermin, through clinical development for the treatment of non-alcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). Pegozafermin is a specifically engineered, potentially best-in-class fibroblast growth factor 21 (FGF21) analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. The company is headquartered in San Francisco. For more information, visit www.89bio.com or follow the company on LinkedIn.
Forward-looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, statements regarding the therapeutic potential and clinical benefits of pegozafermin, the clinical benefit, safety and tolerability profile of pegozafermin, clinical development plans and timing for pegozafermin, including the Phase 3 trial in SHTG, the timing for topline data for the ENLIVEN trial, the timing for the initiation of the Phase 3 trial in SHTG and expectations regarding the time period over which 89bio's capital resources will be sufficient to fund its anticipated operations. Words such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "anticipate," "goal," "opportunity," "develop," "plan" or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. While 89bio believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in 89bio's filings with the SEC), many of which are beyond 89bio's control and subject to change. Actual results could be materially different. Risks and uncertainties include: expectations regarding the timing and outcome of the Phase 2b ENLIVEN trial in NASH; expectations regarding the timing of topline data; expectations regarding the initiation of the Phase 3 trial in SHTG; 89bio's ability to execute on its strategy; positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies; 89bio's substantial dependence on the success of it lead product candidate; competition from competing products; the effect of public health crises on 89bio's clinical trials and business operations, and the impact of general economic, health, industrial or political conditions in the United States or internationally; the sufficiency of 89bio's capital resources and its ability to raise additional capital; and other risks and uncertainties identified in 89bio's Annual Report on Form 10-K for the year ended December 31, 2022 and other subsequent disclosure documents filed with the SEC. 89bio claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. 89bio expressly disclaims any obligation to update or alter any statements whether as a result of new information, future events or otherwise, except as required by law.
| 89bio, Inc. Condensed Consolidated Statement of Operations Data (Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 19,064 | $ | 20,979 | $ | 80,796 | $ | 70,330 | ||||||||
| General and administrative | 6,298 | 5,262 | 21,453 | 19,413 | ||||||||||||
| Total operating expenses | 25,362 | 26,241 | 102,249 | 89,743 | ||||||||||||
| Loss from operations | 25,362 | 26,241 | 102,249 | 89,743 | ||||||||||||
| Other (income) expenses, net | (776 | ) | 194 | (242 | ) | 526 | ||||||||||
| Net loss before income tax | 24,586 | 26,435 | 102,007 | 90,269 | ||||||||||||
| Income tax (expense) benefit | 16 | (147 | ) | 19 | (147 | ) | ||||||||||
| Net loss | $ | 24,602 | $ | 26,288 | $ | 102,026 | $ | 90,122 | ||||||||
| Comprehensive loss | $ | 24,512 | $ | 26,358 | $ | 102,312 | $ | 90,176 | ||||||||
| Net loss per share, basic and diluted | $ | 0.48 | $ | 1.30 | $ | 2.93 | $ | 4.48 | ||||||||
| Weighted-average shares used to compute net loss per share, basic and diluted | 50,809,279 | 20,261,662 | 34,806,349 | 20,098,340 | ||||||||||||
| 89bio, Inc. Condensed Consolidated Balance Sheet Data (Unaudited) (In thousands) | |||||
| December 31, | December 31, | ||||
| 2022 | 2021 | ||||
| Cash, cash equivalents and short-term investments | $ | 188,160 | $ | 150,745 | |
| Total assets | 196,824 | 162,422 | |||
| Total current liabilities | 24,614 | 19,537 | |||
| Non current liabilities | 44,992 | 16,928 | |||
| Total stockholders’ equity | 151,832 | 125,957 | |||
| Total liabilities and stockholders' equity | $ | 196,824 | $ | 162,422 | |
Investor Contact:
Ryan Martins
Chief Financial Officer
investors@89bio.com
PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
pkelleher@lifesciadvisors.com
Media Contact:
Lauren Barbiero
Real Chemistry
lbarbiero@realchemistry.com