89bio, Inc. announced its financial results for the first quarter ended March 31, 2025, on May 1, 2025. The company reported a net loss of $71.3 million for the quarter, an increase from $51.7 million in the first quarter of 2024. Research and development (R&D) expenses rose to $64.4 million, up from $47.4 million in the prior year, primarily due to increased clinical development costs for the Phase 3 ENLIGHTEN trials.
As of March 31, 2025, 89bio held a robust cash, cash equivalents, and marketable securities balance of approximately $638.8 million. This strong liquidity position was significantly boosted by the completion of a follow-on equity offering in Q1 2025, which generated gross proceeds of $287.5 million.
The company reiterated its clinical development timelines, with topline data from the Phase 3 ENTRUST trial in SHTG expected in the first quarter of 2026. For MASH, topline histology data from the ENLIGHTEN-Fibrosis and ENLIGHTEN-Cirrhosis Phase 3 trials are anticipated in the first half of 2027 and in 2028, respectively, with both trials designed to support accelerated approval filings.
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