Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today provided a corporate update and reported financial results for the first quarter ended March 31, 2021.
"Over the quarter, we continued progress across our pipeline we announced our temanogrel program in microvascular obstruction, the ELEVATE UC 52 Phase 3 study for etrasimod was fully enrolled, and we initiated additional etrasimod Phase 2 studies for eosinophilic esophagitis (VOYAGE) and ulcerative colitis (GLADIATOR UC)," said Amit D. Munshi, President and CEO of Arena. "We also recently published our second annual Environmental, Social, Governance (ESG) report to share our progress and commitment to building long-term value. Overall, our pipeline continues on track and we look forward to providing more updates throughout the year."
Program & Business Updates
In April, during a late-breaking session at The American Academy of Dermatology Virtual Meeting, a sub-study from the Phase 2 ADVISE trial in atopic dermatitis that measured the impact of etrasimod on patient and clinician reported outcomes was presented
In April, Arena published an update to the Environmental, Social, Governance (ESG) Report, available on Arenas website here
In March, Arena announced topline results of the Phase 2 CAPTIVATE trial investigating olorinab in pain associated with irritable bowel syndrome (IBS). While the program missed the primary endpoint, a prespecified subset of moderate to severe patients showed statistically significant and clinically meaningful reduction in pain.
In February, the first participant was dosed in the Phase 2b VOYAGE trial for etrasimod in eosinophilic esophagitis (EoE)
In February, Garry Neil was named Chair, Board of Directors, and Nawal Ouzren named to the Board of Directors
In January, etrasimod ELEVATE UC 52 Phase 3 trial in ulcerative colitis (UC) completed enrollment; both ELEVATE UC 52 and ELEVATE UC 12 Phase 3 trials on track for topline data in Q1 2022; we continue to monitor the impact of the COVID-19 resurgence on study progress for both UC 52 and UC 12
In January at the JP Morgan Health Care Conference, Arena announced plans to commence a Phase 2a study of temanogrel in coronary microvascular obstruction (cMVO)
First Quarter 2021 Financial Results
Revenues for the first quarter were nil compared to $0.3 million in the first quarter of 2020
Research and development (R&D) expenses for the first quarter totaled $102.5 million compared to $78.5 million in the same period 2020. This increase was primarily driven by our advancing clinical studies, including the etrasimod Phase 3 program, as well as an increase in personnel expenses as we staff to support our clinical programs. The R&D non-cash, share-based compensation was $8.2 million in the first quarter as compared to $6.6 million in the same period 2020
Selling, general and administrative (SG&A) expenses for the first quarter totaled $29.5 million, compared to $26.4 million in the first quarter of 2020. This increase was primarily driven by increased personnel expenses. The SG&A non-cash, share-based compensation was $8.8 million in the first quarter as compared to $8.6 million in the same period 2020
Net loss for the first quarter was $118.4 million compared to net loss of $100.2 million for the same period in 2020
Basic and diluted net loss per share for the first quarter was $1.98 compared to basic and diluted net loss per share of $2.00 for the same period in 2020
Cash, cash equivalents and marketable securities were $1.1 billion at March 31, 2021 and December 31, 2020 2021 Global Data Point.