Trevena Inc. (NASDAQ: TRVN) has announced its financial results for Q3 2021 ending September 30, 2021, and offered highlights of its recent operations.
Net loss of $13.9 million in Q3 2021
In the third quarter, the company reported a net loss of $13.9 million or $0.08 per share attributable to common shareholders relative to a net loss of $5.6 million or $0.04 per share a year ago. The increase in net loss was related to OLUNVYK commercialization activities. At the end of the quarter, the company has cash and equivalents of $78.6 million, which is enough to fund operations through Q4 2022.
The company announced an expansion of the field medical team to ten Medical Science Liaisons (MSLs) because they are vital decision-makers in institutions. The company also announced the expansion of the customer targeting approach by adding burn centers to the priority targets list. Also, the company announced a post-approval trial assets OLINVK’s impact on cognitive function relative to IV morphine. Also, the company advanced the VOLITION study evaluating OLINVYK’s impact on respiratory gastrointestinal and cognitive function outcomes after operation.
Trevena advancing OLINVYK to commercialization
CEO Carrie Bourdow said, “As we advance the OLINVYK commercial launch, we have continued to hear positive feedback on its performance in the post-operative setting. This feedback has helped us refine our launch strategy and post-approval plan, which we believe will help position us for success as hospitals begin to reopen and in-person engagement resumes. We have also continued to make progress on our pipeline, with the recent announcement of positive TRV027 proof-of-concept data, and other exciting developments.”
The company released positive TRV027 proof of concept data in SARS-CoV-2 patients in September. The data provided preliminary evidence of TRV027’s potential of improving clinical/biomarker endpoints related to COVID-19 disease progression and severity. The FDA issued a clinical hold letter to the company about phase 1 TRV045 design elements. As a result, the company has refilled the INF and is ready to commence the phase 1 program after the FDA offers the final feedback.
