Q1 2020 Cymabay Therapeutics Inc Financial Results

NEWARK May 12, 2020 (WS Coverage) —  CymaBay Therapeutics Inc (NASDAQ: CBAY) stock closed at $4.18 by rising

Transcript of CymaBay Therapeutics Inc earnings conference call or presentation Monday, May 11, 2020, at 8:30: 00 pm GMT.

First Quarter Ended March 31, 2020, Financial Results

Research and development expenses for the three months ended March 31, 2020, were $9.5 million, compared to $18.6 million for the three months ended March 31, 2019. Research and development expense in the first quarter of 2020 was significantly lower than the corresponding period in 2019 primarily due to declining clinical trial activities related to the Phase 3 PBC, Phase 2b NASH, and Phase 2 PSC clinical trials, and other studies, as efforts continue to scale back and shut down these studies as a result of the clinical hold on the seladelpar development program.

 

General and administrative expenses for the three months ended March 31, 2020, were $4.3 million, compared to $5.7 million for the three months ended March 31, 2019. General and administrative expenses in the first quarter of 2020 were lower than the corresponding period in 2019 due to lower continuing labour costs and other administrative expenses following restructuring efforts undertaken in the fourth quarter of 2019.

Net loss for the three months ended March 31, 2020, was $13.1 million, or ($0.19) per diluted share, compared to a net loss of $23.1 million, or ($0.37) per diluted share in the three months ended March 31, 2019. Net loss was lower in the first quarter of 2020 compared to the corresponding period in 2019 primarily due to a decrease in operating expenses, including clinical trial and labour-related expenses.

Balancesheet