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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trevena Inc | NASDAQ:TRVN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.40 | 0.3308 | 0.4423 | 0 | 09:00:00 |
“We made substantive progress in the second quarter on the key activities to support resubmission of the NDA for oliceridine and advancement of our pipeline,” said Carrie Bourdow, President and Chief Executive Officer. “Subject enrollment in our healthy volunteer study for oliceridine is progressing well, and we remain focused on delivering topline data next quarter. We’re also excited to continue development efforts for our other pipeline assets, including the acute migraine study for TRV250, which is slated to start next quarter.”
Second Quarter and Recent Corporate Highlights:
Presentation details:
All abstracts will be made available on https://www.asahq.org/annualmeeting/education/sessions.
Financial Results for Second Quarter 2019
For the second quarter of 2019, the Company reported a net loss attributable to common stockholders of $4.7 million, or $0.05 per share, compared to $9.3 million, or $0.13 per share, for the second quarter of 2018. This decrease is primarily due to a decrease in expenditures resulting from the 2018 restructuring and reduction in force and associated cost-saving initiatives.
Cash, cash equivalents, and marketable securities were $54.0 million as of June 30, 2019. The Company believes its cash, cash equivalents, and marketable securities as of June 30, 2019, together with interest thereon, to be sufficient to fund the Company’s operating expenses, debt service, and capital expenditure requirements for at least twelve months following the date of this filing, into the third quarter of 2020.
Conference Call and Webcast Information
The Company will host a conference call and webcast with the investment community on Wednesday, August 7, 2019 at 8:00 a.m. Eastern Time featuring remarks by Carrie Bourdow, President and CEO, Barry Shin, SVP and Chief Financial Officer, and Mark Demitrack, SVP and Chief Medical Officer.
Live Call: | Toll-Free: (855) 465-0180International: (484) 756-4313 |
Webcast: | investors.trevena.com |
Replay: | Toll-Free: (855) 859-2056International: (404) 537-3406Conference ID: 3799758 (Available approximately one hour after the completion of the live call until 11:59 p.m. ET on August 14, 2019) |
About TrevenaTrevena, Inc. is a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with Central Nervous System conditions. The Company has four novel and differentiated investigational drug candidates, including IV oliceridine, for the management of moderate to severe acute pain in hospitals, TRV250 for the acute treatment of migraine, and TRV734 for maintenance treatment of opioid use disorder. The Company has also identified TRV045, a novel S1P receptor modulator that may offer a new, non-opioid approach to managing chronic pain.
Forward-Looking StatementsAny statements in this press release about future expectations, plans and prospects for the Company, including statements about the Company’s strategy, future operations, clinical development of its therapeutic candidates, plans for potential future product candidates and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “suggest,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the status, timing, costs, results and interpretation of the Company’s clinical trials or any future trials, including with respect to any future clinical study of oliceridine; the uncertainties inherent in conducting clinical trials; expectations for regulatory interactions, submissions and approvals, including the Company’s assessment of the discussions with FDA, and whether there is a path to resubmit the oliceridine NDA; availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and whether cash, cash equivalents, and marketable securities as of June 30, 2019 will be sufficient to fund operating expenses and capital expenditure requirements into the third quarter of 2020; uncertainties related to the Company’s intellectual property; other matters that could affect the availability or commercial potential of the Company’s therapeutic candidates; and other factors discussed in the Risk Factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC) and in other filings the Company makes with the SEC from time to time. In addition, the forward-looking statements included in this press release represent the Company’s views only as of the date hereof. The Company anticipates that subsequent events and developments may cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, except as may be required by law.
For more information, please contact:
Investor Contact:Valter Pinto / Allison SossKCSA Strategic CommunicationsPhone: 212-896-1254 / 212-896-1267Email: IR@trevena.com
Company Contact:Bob Yoder, SVP and Chief Business OfficerTrevena, Inc.Phone: 610-354-8840
TREVENA, INC. | |||||||||||||||
Condensed Statements of Operations | |||||||||||||||
(Unaudited, in thousands except share and per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | - | $ | 2,500 | $ | - | $ | 2,500 | |||||||
Operating expenses: | |||||||||||||||
General and administrative | 3,311 | 5,926 | 6,371 | 10,998 | |||||||||||
Research and development | 2,722 | 5,128 | 4,876 | 9,726 | |||||||||||
Restructuring charges | - | 41 | - | 64 | |||||||||||
Impairment of property and equipment | 108 | - | 108 | - | |||||||||||
Total operating expenses | 6,141 | 11,095 | 11,355 | 20,788 | |||||||||||
Loss from operations | (6,141 | ) | (8,595 | ) | (11,355 | ) | (18,288 | ) | |||||||
Other income | 1,450 | 36 | 1,495 | 708 | |||||||||||
Loss before income tax expense | (4,691 | ) | (8,559 | ) | (9,860 | ) | (17,580 | ) | |||||||
Foreign income tax expense | - | (745 | ) | - | (745 | ) | |||||||||
Net loss | $ | (4,691 | ) | $ | (9,304 | ) | $ | (9,860 | ) | $ | (18,325 | ) | |||
Per share information: | |||||||||||||||
Net loss per share of common stock, basic and diluted | $ | (0.05 | ) | $ | (0.13 | ) | $ | (0.11 | ) | $ | (0.27 | ) | |||
Weighted average shares outstanding, basic and diluted | 92,414,644 | 69,664,994 | 90,665,684 | 67,127,711 | |||||||||||
TREVENA, INC. | |||||||
Condensed Balance Sheets | |||||||
(Unaudited, in thousands) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 23,826 | $ | 32,892 | |||
Marketable securities | 30,140 | 28,590 | |||||
Prepaid expenses and other current assets | 1,301 | 607 | |||||
Total current assets | 55,267 | 62,089 | |||||
Restricted cash | 1,306 | 1,303 | |||||
Property and equipment, net | 2,982 | 3,387 | |||||
Right-of-use lease assets | 5,629 | - | |||||
Total assets | $ | 65,184 | $ | 66,779 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 403 | $ | 1,416 | |||
Accrued expenses and other current liabilities | 2,416 | 3,295 | |||||
Current portion of loans payable, net | 11,258 | 12,562 | |||||
Current portion of lease liabilities | 581 | 10 | |||||
Deferred rent | - | 207 | |||||
Total current liabilities | 14,658 | 17,490 | |||||
Loans payable, net | - | 4,811 | |||||
Leases, net of current portion | 8,127 | 20 | |||||
Deferred rent, net of current portion | - | 2,931 | |||||
Warrant liability | 7 | 1 | |||||
Total liabilities | 22,792 | 25,253 | |||||
Common stock | 92 | 82 | |||||
Additional paid-in capital | 440,424 | 429,727 | |||||
Accumulated deficit | (398,134 | ) | (388,274 | ) | |||
Accumulated other comprehensive income (loss) | 10 | (9 | ) | ||||
Total stockholders’ equity | 42,392 | 41,526 | |||||
Total liabilities and stockholders’ equity | $ | 65,184 | $ | 66,779 | |||
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