Second Quarter 2018 Financial Results
As of June 30, 2018, Iterum had cash, cash equivalents and short-term investments of $135.3 million and approximately 14.2 million shares outstanding. Iterum expects that its cash, cash equivalents and short-term investments, along with its available borrowings, will be sufficient to fund operations through the fourth quarter of 2019.
For the full year 2018, operating expenses are expected to be approximately$90-95 million, which includes the milestone payments owed to Pfizer on first patient dosed in a Phase 3 trial with oral and IV sulopenem of $7.5 million for each product (or $15 million total).
Research and development expenses for the second quarter of 2018 were $13.7 million compared to $5.3 million for the same period in 2017. The $8.4 million increase was primarily due to the increase in clinical trial expenses and clinical trial materials as Iterum prepared for the initiation of its three Phase 3 clinical trials in the second half of 2018.
General and administrative expenses for the second quarter of 2018 were $1.9 million compared to $1.1 million for the same period in 2017. This increase was primarily due to increased headcount to support research and development efforts, increased costs associated with operating as a public company andpre-commercialization activities.
Iterum reported a net loss for the second quarter of 2018 of $15.7 million compared to a net loss of $6.3 million for the same period in 2017.
About Iterum Therapeutics plc
Iterum Therapeutics plc is a clinical-stage pharmaceutical company dedicated to developing differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum Therapeutics is advancing its first compound, sulopenem, a novel penem anti-infective compound with oral and IV formulations that has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum Therapeutics has received QIDP designations for its oral and IV formulations for the treatment of uUTI, complicated urinary tract infection and complicated intra-abdominal infection. For more information, please visit http://www.iterumtx.com.
Forward-looking Statements
This press release contains forward-looking statements. These forward-looking statements include, without limitation, statements regarding financial guidance for 2018, expectations regarding future revenue, expenses, cash flows and net income or loss, the development, therapeutic and market potential of sulopenem, the timing, progress and results of clinical trials, and the expected timing of NDA filings. In some cases, forward-looking statements can be identified by words such as “may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future,” “potential”
