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Verona Pharma(VRNA) - 2023 Q4 - Annual Results
VRNAVerona Pharma(VRNA)2024-02-29 11:08

Financial Performance - The net loss for Q4 2023 was 14.1million,comparedtoanetlossof14.1 million, compared to a net loss of 10.5 million in Q4 2022[10][15]. - Revenue for Q4 2023 was 0,unchangedfromQ42022,whiletotalrevenuefortheyearwasalso0, unchanged from Q4 2022, while total revenue for the year was also 0, consistent with the previous year[21]. - Gross profit for Q4 2023 was 0,maintainingthesamelevelasQ42022,withagrossprofitof0, maintaining the same level as Q4 2022, with a gross profit of 112,000 for the year[21]. - The net loss for Q4 2023 was 14,132,000,comparedtoanetlossof14,132,000, compared to a net loss of 10,451,000 in Q4 2022, with a total net loss of 54,369,000fortheyearversus54,369,000 for the year versus 68,701,000 in 2022[21]. - Loss per ordinary share for Q4 2023 was 0.02,consistentwithQ42022,whiletheannuallosspersharewas0.02, consistent with Q4 2022, while the annual loss per share was 0.09 compared to 0.13 in 2022[21]. Research and Development - R&D expenses for the fourth quarter of 2023 were 4.1 million, down from 6.8 million in Q4 2022, primarily due to reduced clinical trial costs[10][11]. - Full-year R&D expenses for 2023 totaled 17.2 million, significantly down from 49.3 million in 2022, reflecting the completion of the Phase 3 ENHANCE program[10][15]. - The company plans to submit an IND for a fixed-dose combination formulation of ensifentrine and glycopyrrolate in the second half of 2024[10][12]. Selling, General and Administrative Expenses - SG&A expenses for Q4 2023 were 15.0 million, up from 8.3 million in Q4 2022, driven by increased personnel and commercialization preparation costs[10][15]. - Full-year SG&A expenses for 2023 were 50.4 million, an increase from 26.6millionin2022,largelyduetocostsassociatedwithbuildingcommercialinfrastructure[10][15].−Selling,generalandadministrativeexpensesincreasedto26.6 million in 2022, largely due to costs associated with building commercial infrastructure[10][15]. - Selling, general and administrative expenses increased to 14,972,000 in Q4 2023 from 8,323,000inQ42022,withtotalexpensesfortheyearrisingto8,323,000 in Q4 2022, with total expenses for the year rising to 50,353,000 from 26,579,000[21].CashandAssets−CashandcashequivalentsatDecember31,2023,were26,579,000[21]. Cash and Assets - Cash and cash equivalents at December 31, 2023, were 271.8 million, an increase from 227.8millionattheendof2022[10].−Cashandcashequivalentsincreasedto227.8 million at the end of 2022[10]. - Cash and cash equivalents increased to 271,772,000 in Q4 2023 from 227,827,000inQ42022[21].−Totalassetsroseto227,827,000 in Q4 2022[21]. - Total assets rose to 308,124,000 in Q4 2023, up from 259,468,000inQ42022[21].−Shareholders′equityincreasedto259,468,000 in Q4 2022[21]. - Shareholders' equity increased to 249,283,000 in Q4 2023 from 230,466,000inQ42022[21].DebtFinancingandFuturePlans−Thecompanycompleteda230,466,000 in Q4 2022[21]. Debt Financing and Future Plans - The company completed a 400 million debt financing facility in December 2023 to support commercialization and pipeline expansion[5][10]. - The FDA has assigned a PDUFA target action date of June 26, 2024, for the NDA of ensifentrine, which is aimed at treating COPD[10]. - The company expects to launch ensifentrine in the US market in the second half of 2024, pending FDA approval[10][7]. - The weighted average shares outstanding for Q4 2023 was 642,139,211, compared to 604,204,929 in Q4 2022[21].