89bio(ETNB) - 2021 Q2 - Quarterly Report

Financial Performance - The company reported a net loss of $20.7 million for the three months ended June 30, 2021, compared to a net loss of $11.8 million for the same period in 2020, representing an increase of $8.9 million or 75.7%[87]. - The total operating expenses for the three months ended June 30, 2021, were $20.6 million, an increase of $8.9 million or 76.0% from $11.7 million in the same period in 2020[87]. - The company has incurred net losses since inception, with an accumulated deficit of $158.6 million as of June 30, 2021[75]. - Net cash used in operating activities was $35.1 million for the six months ended June 30, 2021, compared to $19.3 million for the same period in 2020[107][108]. - Net cash used in investing activities was $29.3 million for the six months ended June 30, 2021, compared to $5.8 million for the same period in 2020[109][110]. - The company expects to continue generating substantial operating losses as it expands research and development activities[103]. Research and Development - Research and development expenses increased by $7.2 million, or 85%, to $15.6 million for the three months ended June 30, 2021, from $8.4 million for the same period in 2020[88]. - Research and development expenses increased by $9.5 million, or 59%, to $25.8 million for the six months ended June 30, 2021, from $16.2 million for the same period in 2020[93]. - The company plans to increase research and development expenses substantially for the foreseeable future as it continues clinical development[100]. - The company initiated a Phase 2b trial (ENLIVEN) in NASH patients in the second quarter of 2021, with topline results anticipated by the end of 2021[79]. - The company expects to report topline data from its Phase 2 trial (ENTRIGUE) in SHTG patients in the first half of 2022[71]. Cash and Funding - As of June 30, 2021, the company had cash, cash equivalents, and short-term available-for-sale securities totaling $171.0 million, which is expected to meet cash requirements for at least one year[74]. - As of June 30, 2021, the company had available cash and cash equivalents of $171.0 million and an accumulated deficit of $158.6 million[96]. - The company amended its secured term loan facility to increase the aggregate committed principal amount to $25.0 million, with $1.5 million drawn as of June 30, 2021[99]. - Future funding requirements will depend on various factors, including clinical trial progress and costs, regulatory approvals, and potential collaborations[102]. Public Offerings - The company completed an underwritten public offering of 3,047,040 shares at a price of $27.50 per share in July 2020, raising net proceeds of $78.2 million[73]. - The company completed another public offering of 3,025,000 shares at a price of $28.00 per share in September 2020, raising net proceeds of $79.5 million[73]. - The company completed public offerings in July and September 2020, raising a total of $157.7 million net of underwriting discounts and commissions[98]. Administrative Expenses - General and administrative expenses rose by $1.7 million, or 52%, to $4.9 million for the three months ended June 30, 2021, compared to $3.2 million for the same period in 2020[89]. - General and administrative expenses rose by $3.4 million, or 55%, to $9.5 million for the six months ended June 30, 2021, compared to $6.2 million for the same period in 2020[94].