Iterum Reports Third Quarter 2018 Financial Results and Recent Highlights

Iterum Therapeutics (Nasdaq:ITRM), a clinical-stage pharmaceutical company developing anti-infectives against multi-drug resistant pathogens, today reported financial results for the quarter ended September 30, 2018.

As quoted in the press release:

As of September 30, 2018, Iterum had cash, cash equivalents and short-term investments of $108.1 million and approximately 14.2 million shares outstanding. Iterum expects that its cash, cash equivalents and short-term investments, along with its available borrowings, will be sufficient to fund operations through the fourth quarter of 2019.

For the full year 2018, operating expenses are expected to be approximately $85-90 million, which includes the milestone payments owed to Pfizer on first patient dosed in a Phase 3 trial with oral and IV sulopenem of $7.5 million for each product (or $15 million total).

Research and development (R&D) expenses for the third quarter of 2018 were $22.6 million compared to $7.4 million for the same period in 2017. One of the two $7.5 million milestone payments owed to Pfizer as described above was recorded and paid in the third quarter. The remaining $7.5 million milestone is expected to be recorded and paid in the fourth quarter of 2018. Excluding the Pfizer milestone payment, the $7.7 million increase in R&D expenses was primarily due to the increase in clinical trial expenses associated with the three Phase 3 clinical trials initiated in the third quarter of 2018.

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