$ETNB reports impressive clinical developments and financial updates for 2022
Mar 10th 2023, 1:06 pm
Analyst Summary: Clinical-stage biopharmaceutical company, 89bio, Inc., reported its Q4 2022 and full-year 2022 financial results, sharing its latest developments and milestones for its clinical development program for pegozafermin. The company plans to begin its first Phase 3 trial for SHTG this year after receiving encouraging feedback from the FDA. In addition, the company remains on track to deliver Phase 2b NASH trial results, expected this quarter, which could support advancing into Phase 3 development in NASH. Within the quarter, 89bio also published results from the Phase 1b/2a study of pegozafermin for the treatment of NASH in The Lancet Gastroenterology & Hepatology. Furthermore, the company reported a net loss of $102.0 million for the year ended Dec. 31, 2022. Despite this, the current cash position was reported as $188.2 million as of Dec. 31, 2022, allowing the company to be well positioned to execute on its key priorities and achieve multiple value-driving milestones. Investors should note positive forward-looking statements made by the company's CEO, Rohan Palekar, related to the company's clinical development program across the board.