Iterum Therapeutics(ITRM) - 2025 Q1 - Quarterly Results

Financial Performance - The net loss for Q1 2025 was $4.9 million, an improvement from a net loss of $7.1 million in the same period of 2024[10]. - Non-GAAP net loss for Q1 2025 was $3.3 million, compared to a non-GAAP net loss of $5.8 million in Q1 2024[10]. - Research and development expenses for Q1 2025 were $0.6 million, a significant decrease from $4.0 million in Q1 2024, primarily due to reduced clinical trial costs[7]. - General and administrative expenses increased to $2.8 million in Q1 2025 from $2.2 million in Q1 2024, driven by pre-commercialization activities[8]. Cash and Funding - The company extended its cash runway into 2026, raising approximately $5 million from a registered direct offering and an additional $1 million from its at-the-market offering program[3][5]. - As of March 31, 2025, Iterum had cash and cash equivalents of $12.7 million, which, along with recent fundraising, is expected to fund operations into 2026[5]. - Cash, cash equivalents, and short-term investments dropped significantly to $12,652 million from $24,125 million, a decrease of about 47.5%[23]. Assets and Liabilities - As of March 31, 2025, total assets decreased to $32,975 million from $44,595 million as of December 31, 2024, representing a decline of approximately 26.3%[23]. - Total liabilities decreased to $35,529 million from $48,676 million, reflecting a reduction of approximately 26.9%[23]. - Total shareholders' deficit improved to $(2,554) million from $(4,081) million, indicating a positive change of approximately 37.5%[23]. - Inventory stood at $533 million as of March 31, 2025, with no prior inventory reported[23]. - Other assets decreased to $386 million from $724 million, a decline of about 46.6%[23]. - Other liabilities increased to $3,504 million from $3,142 million, reflecting an increase of approximately 11.5%[23]. Shareholder Information - Iterum has approximately 40.0 million ordinary shares outstanding as of May 12, 2025[5]. Strategic Focus - The company is focused on addressing the increasing rate of antimicrobial resistance and the lack of innovation in uUTI treatments over the past 25 years[2]. Debt Management - The company repaid its 6.500% Exchangeable Senior Subordinated Notes due 2025 in January 2025[4]. - The Pfizer Promissory Note increased to $20,705 million from $20,300 million, a rise of about 2.0%[23]. - Royalty-linked notes rose to $11,320 million from $10,771 million, an increase of approximately 5.1%[23]. - Exchangeable notes were not reported as of March 31, 2025, compared to $14,463 million as of December 31, 2024[23].