Entera Bio Ltd. (ENTX) Reports Q1 Loss of $0.16

Entera Bio Ltd. (NASDAQ: ENTX) reported Q1 EPS of ($0.16), versus ($0.26) reported last year.

First Quarter 2020 and Recent Highlights

• Continued Development of EB612: Entera continues to make progress on the determination of a formulation of EB612 that could be used to support the initiation in 2021 of a Phase 2b or Phase 3 clinical trial in patients with hypoparathyroidism.
• Maintained Financial Flexibility to Support Operations and Business Development: After completion of a private placement of ordinary shares and warrants that raised gross proceeds of $14.3 million dollars following the final closing in February 2020 and the onset of COVID-19, Entera had rapidly adjusted its operating plan to conserve cash until it had better visibility on the impact of COVID-19 on the ongoing Phase 2 trial of EB613 and its 2020 objectives. While it evaluates the interim data from the Phase 2 trial of EB613, the Company will continue to maintain its financial flexibility by conserving its cash and exploring potential business development collaborations.

Financial Results for the First Quarter of 2020

Revenue and cost of revenue for the quarter ended March 31, 2020 were $42,000 and were solely related to research and development services provided to Amgen. There was no revenue or cost of revenue in the quarter ended March 31, 2019 as the Company did not provide any research and development services to Amgen because the plans to support the collaboration were still in development. Operating expenses were $2.9 million for the quarter ended March 31, 2020, compared to $3.1 million for the quarter ended March 31, 2019. Entera’s operating loss was $(2.9) million for the quarter ended March 31, 2020, compared to $(3.1) million for the quarter ended March 31, 2019.

Research and development expenses were $1.6 million for the quarter ended March 31, 2020, compared to $2.0 million for the quarter ended March 31, 2019. The decrease was primarily due to reductions in materials and production costs and compensation-related expenses that were partially offset by an increase in consulting fees and other expenses related to the conduct of the Phase 2 clinical trial for EB613 and preparation of the IND application for EB613. General and administrative expenses were $1.3 million for the quarter ended March 31, 2020, compared to $1.1 million for the quarter ended March 31, 2019. The increase was primarily due to increases in compensation related expenses, professional fees and insurance costs that were partially offset by a decline in legal fees and investor relations expenses.

Net comprehensive loss was $(2.9) million for the quarter ended March 31, 2020, or $(0.16) per ordinary share, compared to $(3.0) million, or $(0.26) per ordinary share. The change in net loss per ordinary share is primarily due to an increase in the weighted average shares outstanding in the first quarter of 2020 resulting from the private placements in December 2019 and February 2020.

At March 31, 2020, Entera had cash and cash equivalents of $13.3 million, compared to $15.2 million at December 31, 2019.

Entera is currently evaluating changes to its operating plan based on these data and expects an operating loss of approximately $10 million for the year ending December 31, 2020 subject to the impact of COVID-19 and the further evaluation of the Phase 2 EB613 results, and believes its current cash position will be sufficient to fund its operations into the second quarter of 2021.

For earnings history and earnings-related data on Entera Bio Ltd. (ENTX) click here.

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