Verona Pharma Reports First Quarter 2025 Financial Results and Provides Corporate Update

Financial Performance - Total net revenue for Q1 2025 was $76.3 million, driven by Ohtuvayre net sales of $71.3 million, representing a 95% increase compared to Q4 2024 [1][11] - Approximately 25,000 prescriptions were filled in Q1 2025, with new patient starts over 25% greater than those in Q4 2024 [6][2] - The company reported a net loss of $16.3 million for Q1 2025, an improvement from a net loss of $25.8 million in Q1 2024 [11][25] Product Launch and Market Performance - The launch of Ohtuvayre for the treatment of COPD has shown remarkable growth, with significant increases in prescriptions, prescribers, new patients, and refills [2][3] - The number of prescribers grew by approximately 50% to around 5,300 compared to the end of Q4 2024, with 60% of prescribers classified as Tier 1 healthcare professionals [6][2] - Refills accounted for approximately 60% of overall dispenses, indicating strong ongoing demand for Ohtuvayre [6] Clinical Development and Regulatory Updates - Verona is currently enrolling subjects in a Phase 2 clinical study of ensifentrine for bronchiectasis and plans to initiate a Phase 2b study for a fixed-dose combination of ensifentrine and glycopyrrolate for COPD in the second half of 2025 [3][6] - The company is progressing regulatory activities for potential marketing authorization applications for Ohtuvayre in the EU and UK in 2025 [6] - A newly granted patent for Ohtuvayre is set to expire in June 2044, enhancing the product's market position [11] Financial Position and Strategic Initiatives - As of March 31, 2025, the company had cash and cash equivalents of $401.4 million, showing a slight increase from $399.8 million at the end of 2024 [11][25] - Verona amended its strategic financing agreements, increasing its debt facility to $450 million under more favorable terms, which enhances financial flexibility [11] - The company plans to add approximately 30 new sales representatives in Q3 2025 to further accelerate the launch of Ohtuvayre [2]