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VRNA Verona Pharma

Verona Pharma is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for the treatment of respiratory diseases with significant unmet medical needs. If successfully developed and approved, Verona Pharma's product candidate, ensifentrine, has the potential to be the first therapy for the treatment of respiratory diseases that combines bronchodilator and anti-inflammatory activities in one compound. The Company is evaluating nebulized ensifentrine in its Phase 3 clinical program ENHANCE ('Ensifentrine as a Novel inHAled Nebulized COPD thErapy') for COPD maintenance treatment. The Company raised gross proceeds of $200 million through a private placement in July 2020 and expects the funds to support its operations and Phase 3 clinical program into 2023. Two additional formulations of ensifentrine are currently in Phase 2 development for the treatment of COPD: dry powder inhaler ('DPI') and pressurized metered-dose inhaler ('pMDI'). Ensifentrine is being evaluated in a pilot clinical study in patients hospitalized with COVID-19 and has potential applications in cystic fibrosis, asthma and other respiratory diseases.

VRNA stock data

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Data from SEC filings
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Calendar

5 Aug 21
17 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Dec 19
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Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 146.04M 146.04M 146.04M 146.04M 146.04M
Cash burn (monthly) 7.85M 1.96M 9.52M 4.28M 1.55M
Cash used (since last report) 28.28M 7.07M 34.27M 15.42M 5.57M
Cash remaining 117.75M 138.96M 111.77M 130.61M 140.47M
Runway (months of cash) 15.0 70.8 11.7 30.5 90.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Aug 21 David R Ebsworth Share Options Ordinary Shares Grant Acquire A No No 0.775 64,000 49.6K 64,000
9 Aug 21 Sinclair Andrew Share Options Ordinary Shares Grant Acquire A No No 0.775 64,000 49.6K 64,000
9 Aug 21 Anders Ullman Share Options Ordinary Shares Grant Acquire A No No 0.775 64,000 49.6K 64,000
9 Aug 21 Lisa Deschamps Share Options Ordinary Shares Grant Acquire A No No 0.775 64,000 49.6K 64,000
9 Aug 21 Kenneth Cunningham Share Options Ordinary Shares Grant Acquire A No No 0.775 64,000 49.6K 64,000

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

61.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 36 37 -2.7%
Opened positions 6 7 -14.3%
Closed positions 7 5 +40.0%
Increased positions 5 7 -28.6%
Reduced positions 6 10 -40.0%
13F shares
Current Prev Q Change
Total value 239.91M 305.09M -21.4%
Total shares 36.7M 36.53M +0.5%
Total puts 0 11.8K EXIT
Total calls 0 0
Total put/call ratio Infinity
Largest owners
Shares Value Change
Orbimed Advisors 5.69M $37.24M 0.0%
NEA Management 5.11M $33.41M 0.0%
Ra Capital Management 5.1M $33.35M 0.0%
Wellington Management 3.91M $25.58M +3.0%
Vivo Capital 3.05M $19.94M 0.0%
Perceptive Advisors 2.89M $18.89M 0.0%
Abingworth 2.46M $16M 0.0%
Aisling Capital Management 1.33M $8.71M 0.0%
Foresite Capital Management III 1.11M $7.27M 0.0%
Samsara BioCapital 1.11M $7.27M 0.0%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 249.94K +249.94K NEW
Wellington Management 3.91M +113.7K +3.0%
Polar Capital 900K -100K -10.0%
Novo Holdings A/S 761.21K -77.16K -9.2%
Ghost Tree Capital 1M +60.96K +6.5%
HighVista Strategies 0 -36.64K EXIT
DAFNA Capital Management 0 -18.34K EXIT
Quantitative Systematic Strategies 14.03K -15.14K -51.9%
Susquehanna International 0 -15.04K EXIT
Chicago Partners Investment 10.01K +10.01K NEW

Financial report summary

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Risks
  • The collaboration and license agreement with Nuance Pharma is important to our business. If Nuance Pharma is unable to develop and commercialize products containing ensifentrine in Greater China, if we or Nuance Pharma fail to adequately perform under the Nuance Agreement, or if we or Nuance Pharma terminate the Nuance Agreement, our business would be adversely affected.
  • If we fail to enter into new strategic relationships for ensifentrine, our business, research and development and commercialization prospects could be adversely affected.
Management Discussion
  • In prior periods, we prepared our financial information in accordance with IFRS. As a consequence of becoming a U.S. domestic issuer as of January 1, 2021, we are required to present our financial information in accordance with US GAAP and expressed in U.S. dollars from that date. The below financial information has been prepared in accordance with US GAAP. The financial information should not be expected to correspond to figures we have previously presented under IFRS.
  • Research and development costs were $44.5 million for the year ended December 31, 2020, compared to $42.4 million for the year ended December 31, 2020, an increase of $2.1 million. This increase was primarily due to a $7.7 million increase in share-based compensation charges and a $1.0 million increase in salary and related costs as we increased the development team in 2019 and 2020.
  • Offsetting this, clinical trial costs fell by $5.2 million from 2019 to 2020. There were seven clinical trials (ongoing, in preparation or closing down) in 2020 compared to five in 2019, but the costs related to the Phase 2b four-week clinical study with ensifentrine added on to tiotropium in 2019 were significantly higher than the start-up costs of the ENHANCE program in 2020. Additionally, travel, manufacturing and development related consulting expenses were $1.4 million lower in 2020 compared to 2019.
Content analysis
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Patents

GRANT
Utility
Liquid inhalation formulation comprising RPL554
16 Mar 21
The present invention relates to a liquid pharmaceutical composition suitable for administration by inhalation which comprises a diluent and a suspension of particles of 9,10-dimethoxy-2-(2,4,6-trimethylphenylimino)-3-(N-carbamoyl-2-aminoethyl)-3,4,6,7-tetrahydro-2H-pyrimido[6,1-a]isoquinolin-4-one (RPL554) or a pharmaceutically acceptable salt thereof.
GRANT
Utility
Treatment
14 Dec 20
The invention provides a compound for use in treating or preventing a disease or condition selected from cystic fibrosis, chronic obstructive pulmonary disease (COPD), asthma, mild pulmonary disease, bronchitis, bronchiectasis, idiopathic bronchiectasis, allergic bronchopulmonary aspergillosis, sinusitis, rhinosinusitis, CFTR-related metabolic syndrome (CRMS), pancreatitis, idiopathic chronic pancreatitis and Sjörgren's syndrome, or for use in preventing male infertility caused by congenital absence of the vas deferens, in a patient by modulating CFTR activity, which compound is 9,10-dimethoxy-2-(2,4,6-trimethylphenylimino)-3-(N-carbamoyl-2-aminoethyl)-3,4,6,7-tetrahydro-2H-pyrimido[6,1-a]isoquinolin-4-one or a pharmaceutically acceptable acid addition salt thereof.
GRANT
Utility
Compound and process
13 Jul 20
Inventors: Peter Lionel Spargo
APP
Utility
Salt of a PYRIMIDO[6,1-A]ISOQUINOLIN-4-ONE Compound
15 Jan 20
The present invention relates to a pharmaceutically acceptable acid addition salt of: (i) 9,10-dimethoxy-2-(2,4,6-tri-methylphenylimino)-3-(N-carbamoyl-2-aminoethyl)-3,4,6,7-tetrahydro-2H-pyrimido[6,1-a]isoquinolin-4-one (RPL554); and (ii) ethane-1,2-disulfonic acid, ethanesulfonic acid, methanesulfonic acid, benzenesulfonic acid, p-toluenesulfonic acid, hydrochloric acid, hydrobromic acid, phosphoric acid or sulfuric acid.
GRANT
Utility
Drug combination of PDE3/PDE4 inhibitor and muscarinic receptor antagonist
11 Nov 19
The invention provides a composition which comprises (a) a PDE3/PDE4 inhibitor which is 9,10-Dimethoxy-2-(2,4,6-trimethylphenylimino)-3-(N-carbamoyl-2-aminoethyl)-3,4,6,7-tetrahydro-2H-pyrimido[6,1-a]isoquinolin-4-one or a pharmaceutically acceptable acid addition salt thereof and (b) a muscarinic receptor antagonist.