Verona Pharma Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update

Core Insights - Verona Pharma reported strong sales for Ohtuvayre, with net product sales of $36.6 million in Q4 2024 and $42.3 million for the full year 2024, marking a significant increase from $0 million in 2023 [9][10][11] - The launch of Ohtuvayre has gained momentum, with more prescriptions filled through February 2025 than in the entire fourth quarter of 2024 [2][3] - The company has initiated Phase 2 clinical trials for Ohtuvayre in bronchiectasis and a fixed-dose combination for COPD, with plans for further trials in 2025 [4][6] Financial Performance - The company reported a net loss of $33.8 million for Q4 2024, compared to a net loss of $14.1 million in Q4 2023 [11][30] - Research and development expenses increased to $7.9 million in Q4 2024 from $4.1 million in Q4 2023, primarily due to clinical trial costs [11][30] - Selling, general and administrative expenses rose significantly to $45.1 million in Q4 2024 from $15.0 million in Q4 2023, driven by marketing and commercial activities related to Ohtuvayre's launch [11][30] Market and Regulatory Developments - Ohtuvayre received FDA approval on June 26, 2024, and became commercially available in August 2024 [11] - The product has been approved in Macau, marking the first approval outside the US for the maintenance treatment of COPD [5][11] - The company is pursuing regulatory activities for potential marketing authorization in the European Union and the UK [6][11] Clinical and Product Development - Over 4,600 unique healthcare professionals have prescribed Ohtuvayre, with approximately 55% being Tier 1 healthcare providers [3] - The company successfully completed a Phase 2 dose-ranging trial with glycopyrrolate and plans to initiate a Phase 2b trial in the second half of 2025 [4][6] - The ongoing Phase 2 trial for nebulized ensifentrine in bronchiectasis continues to enroll subjects [6]