Trevena (TRVN) Reports Q3 Loss of $0.06, Announces Workforce Restructuring
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Trevena (NASDAQ: TRVN) reported Q3 EPS of ($0.06), versus ($0.27) reported last year. Revenue for the quarter came in at $3 million, versus $0 reported last year.
Trevena, Inc. (NASDAQ: TRVN), a biopharmaceutical company focused on the development and commercialization of new and innovative treatment options for patients in pain, today reported third quarter 2018 financial results and announced a workforce restructuring to preserve capital while the Company continues development of oliceridine. As part of this plan, the Company is reducing its workforce by approximately one-third and is undertaking additional cost saving initiatives that in total are expected to save more than $3.5 million a year. The Company also expects to incur a cash charge in the fourth quarter of 2018 of approximately $1.3 million related to the restructuring.
"Following receipt of the Complete Response Letter for oliceridine, we must act to reduce operating costs and conserve our capital resources,” said Carrie L. Bourdow, President and Chief Executive Officer. “Today’s action will allow us to extend our cash runway while retaining the capabilities needed to reach our goal of bringing oliceridine to clinicians and hospital patients. I would like to thank our dedicated employees affected by this plan for their commitment to patients and their many contributions to Trevena.”
For earnings history and earnings-related data on Trevena (TRVN) click here.
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