CymaBay reports Q4 EPS (30c), consensus (30c)

The company held $135.5M in cash, cash equivalents and investments as of December 31, 2022. The company believes that cash and investments on hand, together with the upfront payment of $34.2M received from Kaken and $92.4M of net proceeds received in connection with our January 2023 public equity offering, are sufficient to fund CymaBay’s operating plan through the third quarter of 2024. Sujal Shah, president and CEO of CymaBay, stated, "We are off to a fast start in 2023 after making significant progress in 2022 in our development program evaluating seladelpar for patients with primary biliary cholangitis (PBC). Since completing enrollment in RESPONSE, our global phase 3 registration study, in July 2022, we presented data at The Liver MeetingO, licensed rights to develop and commercialize seladelpar for patients with PBC in Japan to Kaken and secured additional funding that extends our runway through the third quarter of 2024. These accomplishments set up the remainder of 2023, during which we intend to manufacture commercial supplies, complete our plans for launch and marketing, and finish clinical development, which we expect to provide major catalysts in the second half of the year."