Entasis Therapeutics reports Q3 net loss ($8.5M) vs. ($8.3M) last year
Entasis earlier today reported a net loss of $8.5M for the third quarter 2018 as compared to $8.3M for the prior year period. The increase in net loss for the quarter was primarily related to increases in research and development expenses, as well as increases in general and administrative expenses primarily related to professional fees associated with the company's preparation for its IPO. These increases are offset by an increase in grant income.Research and development expenses were $8.1M for the third quarter 2018 as compared to $7.2M for the prior year period. The increase in research and development expenses was primarily driven by an increase in spending for preclinical and clinical development activities associated with the advancement of the company's pipeline. Entasis ended the quarter with $94M in cash and cash equivalents compared to $55.1M as of December 31, 2017. continues to advance its pre-clinical program on a novel class of non beta-lactam penicillin-binding protein inhibitors or NBPs, with an initial focus on multi-drug resistant Pseudomonas infections. Lead optimization work is ongoing with the goal of selecting a clinical candidate in 2019. The company is on track to initiate two Phase 3 clinical trials in 2019.