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89bio (ETNB)

89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The company's lead product candidate, BIO89-100, is a specifically engineered glycoPEGylated analog of FGF21. BIO89-100 is being developed for the treatment of nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). 89bio is headquartered in San Francisco with operations in Herzliya, Israel.

Company profile

Ticker
ETNB
Exchange
Website
CEO
Rohan Palekar
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
89Bio Ltd. • 89bio Management, Inc. • UAB 89bio Lithuania, a private limited liability company ...
IRS number
831114349

ETNB stock data

Calendar

11 Aug 22
15 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 60.64M 60.64M 60.64M 60.64M 60.64M 60.64M
Cash burn (monthly) (no burn) (no burn) 8.35M 8.78M 4.95M 6.74M
Cash used (since last report) n/a n/a 12.74M 13.4M 7.54M 10.28M
Cash remaining n/a n/a 47.9M 47.25M 53.1M 50.36M
Runway (months of cash) n/a n/a 5.7 5.4 10.7 7.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 22 Ra Capital Management Common Stock Buy Acquire P Yes No 3.55 2,816,900 10M 7,782,669
1 Jul 22 Ra Capital Management Warrants Common Stock Buy Acquire P Yes No 0.001 2,816,900 2.82K 1,408,450
25 May 22 Edward Morrow Atkinson III Stock Option Common Stock Grant Acquire A No No 2.61 6,250 16.31K 6,250
16 May 22 Zoth Lota S. Stock Option Common Stock Grant Acquire A No No 2.64 25,000 66K 25,000
16 May 22 Laporte Kathleen Stock Option Common Stock Grant Acquire A No No 2.64 25,000 66K 25,000
16 May 22 Grunberg Gregory Stock Option Common Stock Grant Acquire A No No 2.64 25,000 66K 25,000
93.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 71 54 +31.5%
Opened positions 21 6 +250.0%
Closed positions 4 4
Increased positions 24 14 +71.4%
Reduced positions 20 20
13F shares Current Prev Q Change
Total value 82.82M 286.16M -71.1%
Total shares 19.11M 19.89M -3.9%
Total puts 11.4K 0 NEW
Total calls 93K 31.8K +192.5%
Total put/call ratio 0.1
Largest owners Shares Value Change
Ra Capital Management 4.97M $18.72M 0.0%
Orbimed Advisors 3.66M $13.79M -1.9%
Wellington Management 1.78M $6.72M -17.1%
Longitude Capital Partners III 1.21M $7.66M -30.9%
BLK Blackrock 922.23K $3.48M +8.3%
Ran Nussbaum 827.7K $10.82M 0.0%
FMR 712.21K $2.68M +11.7%
BEN Franklin Resources 419.56K $1.58M -47.8%
BAC Bank Of America 418.65K $1.58M +294.7%
Citadel Advisors 413.12K $1.56M +52.8%
Largest transactions Shares Bought/sold Change
Eventide Asset Managment 0 -716.67K EXIT
Longitude Capital Partners III 1.21M -540.35K -30.9%
Candriam Luxembourg S.C.A. 0 -488.2K EXIT
BEN Franklin Resources 419.56K -384.86K -47.8%
Wellington Management 1.78M -368.42K -17.1%
BAC Bank Of America 418.65K +312.59K +294.7%
Renaissance Technologies 263.4K +263.4K NEW
DAFNA Capital Management 324.05K +179.4K +124.0%
Pekin Hardy Strauss 360.86K +178.01K +97.3%
Two Sigma Investments 220.42K +162.76K +282.3%

Financial report summary

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Risks
  • We will require substantial additional capital to finance our operations, which may not be available to us on acceptable terms, or at all. As a result, we may not complete the development and commercialization of pegozafermin or develop new product candidates.
  • The ongoing COVID-19 pandemic has resulted and may in the future result in significant disruptions to our clinical trials or other business operations, which could have a material adverse effect on our business.
  • We have relied on, and expect to continue to rely on, third-party manufacturers and vendors to produce and release pegozafermin or any future product candidates. Any failure by a third-party to produce and release acceptable product candidates for us pursuant to our specifications and regulatory standards may delay or impair our ability to initiate or complete our clinical trials, obtain and maintain regulatory approvals or commercialize approved products.
  • Lack of efficacy, adverse events or undesirable side effects may emerge in clinical trials conducted by third parties developing FGF product candidates, which could adversely affect our stock price, our ability to attract additional capital and our development program.
  • Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Unstable market and economic conditions may have serious adverse consequences on our business and financial condition.
  • The 2021 Loan Agreement contains certain covenants that could adversely affect our operations and, if an event of default were to occur, we could be forced to repay any outstanding indebtedness sooner than planned and possibly at a time when we do not have sufficient capital to meet this obligation.
  • We may encounter difficulties in managing our growth, which could adversely affect our operations.
  • We rely on third parties for certain aspects of our product candidate development process and we may not be able to obtain and maintain the third-party relationships that are necessary to develop, commercialize and manufacture some or all of our product candidates.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • We may seek to establish commercial collaborations for our product candidates, and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization plans.
  • We may not be successful in our efforts to identify, in-license or acquire, discover, develop or commercialize additional product candidates.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
  • We depend on our information technology systems and those of our third-party collaborators, service providers, contractors or consultants. Our internal computer systems, or those of our third-party collaborators, service providers, contractors or consultants, may fail or suffer security breaches, disruptions, or incidents, which could result in a material disruption of our development programs or loss of data or compromise the privacy, security, integrity or confidentiality of sensitive information related to our business and have a material adverse effect on our reputation, business, financial condition or results of operations.
  • Risks Related to Regulatory Approvals
  • Even if pegozafermin or any future product candidate receives regulatory approval, it may still face future development and regulatory difficulties.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We rely on a license from Teva and a sublicense from ratiopharm to patents and know-how related to glycoPEGylation technology that are used in the development, manufacture and commercialization of pegozafermin. Any termination or loss of significant rights, including the right to glycoPEGylation technology, or breach, under these agreements or any future license agreement related to our product candidates, would materially and adversely affect our ability to continue the development and commercialization of the related product candidates.
  • Risks Related to Ownership of Our Common Stock
  • Sales of our common stock, or the perception that such sales may occur, or issuance of shares of our common stock upon exercise of warrants could depress the price of our common stock.
  • Hedging activity by investors in the warrants could depress the trading price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Management Discussion
  • Research and development expenses increased by $4.1 million, or 26%, to $19.7 million for the three months ended June 30, 2022 from $15.6 million for the three months ended June 30, 2021. The change was primarily due to an increase of $5.5 million in
  • clinical development costs related to our ongoing clinical trials and an increase of $0.8 million in personnel-related costs, including stock-based compensation due to higher headcount, offset in part by a decrease of $1.9 million in contract manufacturing costs, mainly as a result of the completion of manufacturing batches to cater to the current supply requirement for our ongoing clinical trials and a decrease of $0.3 million in other expenses primarily due to lower overhead costs.
  • General and administrative expenses increased by $0.1 million, or 3%, to $5.1 million for the three months ended June 30, 2022 from $4.9 million for the three months ended June 30, 2021. The change was primarily due to an increase in personnel-related costs, including stock-based compensation.

Content analysis

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Positive
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Legalese
Litigous
Readability
H.S. senior Avg
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Removed: beginning, dual, entry, fourth, frozen, imposed, movement, recognize, recommended, travel, Update