- Reata Pharma ( NASDAQ: RETA ) is trading 22% lower premarket after the company reported lower-than-expected Q2 revenue.
- Quarterly revenue fell ~66% to $0.76M, and missed estimates by $0.7M, hurt by lower collaboration revenue.
- The company posted a loss of -$1.36, which beat by $0.61.
- The company said that at a recent meeting with the U.S. FDA for omaveloxolone for the treatment of Friedreich’s ataxia, the agency said that t continues to have concerns regarding the strength of the efficacy evidence.
- The company has proposed to address FDA's concerns in three ways - present updated results from the Delayed-Start Analysis, to submit a new propensity-matched matched analysis of extension data using the largest, most robust Friedreich’s ataxia natural history study and an additional NDA amendment as confirmatory evidences.
- The company has cash of $481.5M, as of June 30.
- The Company reaffirmed its existing cash will be sufficient to enable it to fund operations through the end of 2024.
- ( RETA ) has fallen 72% in the last 12 months.
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Reata Pharma falls 22% on Q2 revenue miss