Verona Pharma reports Q1 EPS (4c), consensus (16c)

Cash and cash equivalents at March 31, 2024, were $254.9M vs. $271.8M at December 31, 2023. Believes cash and cash equivalents at March 31 and funding expected to become available under the $650M strategic financing facility will enable Verona Pharma to fund planned operating expenses and capital expenditure requirements beyond 2026 including the commercial launch of ensifentrine in the US, if approved. “As we approach the PDUFA target action date for ensifentrine of June 26, we are finalizing our preparations for a potential US launch in Q3,” said CEO David Zaccardelli. “If approved, ensifentrine is expected to be the first novel inhaled mechanism available for the treatment of COPD in more than 20 years, and we continue to work with the FDA during their review. Our goal is to address the significant unmet need in COPD and provide a novel and effective treatment for patients that continue to experience symptoms, despite existing therapies…We expect these funds, along with existing cash, to support the Company’s growth through the planned commercialization beyond 2026.”