Iterum Therapeutics(ITRM) - 2024 Q4 - Annual Results

Financial Performance - Net loss for Q4 2024 was $6.6 million, an improvement from a net loss of $12.4 million in Q4 2023[10] - Non-GAAP net loss for Q4 2024 was $3.4 million, compared to a non-GAAP net loss of $10.7 million in Q4 2023[10] - For the three months ended December 31, 2024, the net loss attributable to ordinary shareholders was $6,582,000, compared to a net loss of $12,362,000 for the same period in 2023, representing a 46% improvement[21] - The company reported a non-GAAP net loss of $3,140,000 for the three months ended December 31, 2024, compared to a non-GAAP net loss of $10,704,000 for the same period in 2023, a 71% improvement[21] - The net loss per share attributable to ordinary shareholders for the year ended December 31, 2024, was $(1.26), down from $(2.96) in 2023, indicating a 57% improvement[21] Expenses - Research and development (R&D) expenses for Q4 2024 were $1.3 million, a decrease from $9.7 million in Q4 2023, primarily due to reduced clinical trial costs[7] - General and administrative (G&A) expenses for Q4 2024 were $2.1 million, up from $1.7 million in Q4 2023, mainly due to increased legal fees[8] - The total operating expenses for the year ended December 31, 2024, were $18,696,000, down from $47,468,000 in 2023, indicating a 61% reduction[21] - Research and development expenses for the year ended December 31, 2024, were $10,458,000, a decrease of 74% from $39,992,000 in 2023[21] Cash and Assets - As of December 31, 2024, Iterum had cash and cash equivalents of $24.1 million, expected to fund operations into the second half of 2025[5] - Cash, cash equivalents, and short-term investments increased to $24,159,000 as of December 31, 2024, compared to $23,964,000 as of December 31, 2023[23] - Total assets rose to $44,595,000 as of December 31, 2024, up from $26,259,000 in 2023, reflecting a 70% increase[23] Debt and Shareholder Equity - Long-term debt, less current portion, was reported at $20,300,000 as of December 31, 2024, with no long-term debt reported in 2023[23] - The total shareholders' deficit improved to $(4,081,000) as of December 31, 2024, from $(6,403,000) in 2023[23] Product Development and Approvals - Iterum Therapeutics received FDA approval for ORLYNVAH™ for uncomplicated urinary tract infections (uUTIs) in Q4 2024, marking the first branded uUTI product in the U.S. in over 25 years[3] - Iterum is focused on pre-commercialization activities for ORLYNVAH™ to address the unmet need for effective uUTI treatments[2] - The Australian Patent Office issued a Notice of Allowance for a patent covering the use of sulopenem etzadroxil and probenecid, expected to be issued after administrative processes are completed[4] Other Financial Adjustments - Adjustments to the fair value of derivatives for Q4 2024 were $2.0 million, significantly higher than $0.3 million in Q4 2023[9] - Iterum repaid its 6.500% Exchangeable Senior Subordinated Notes due 2025 in January 2025[3] Shareholder Information - The weighted average ordinary shares outstanding increased to 26,687,281 for the three months ended December 31, 2024, compared to 13,180,447 for the same period in 2023[21]