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Saturday, Jun 10, 2023

Kythera Reports Quarterly Loss

Newly public Kythera Pharmaceuticals Inc. announced a higher-than-expected loss in the third quarter, which it attributed to the costs of enrollment in clinical trials for its primary pipeline drug. The Calabasas biotech, which went public Oct. 11, reported a net loss of $16.4 million ($11.41 a share), compared with $2.3 million ($1.66) in the same period a year earlier. The company reported no revenue as it has no drugs on the market and has not signed any licensing agreements. Analysts from Thomson Reuters had expected a loss of $1.10 per share. Research and development costs climbed to $13.9 million from $3.2 million. Losses from operations widened to $16.4 million from $1.91 million. The company raised $81 million in its initial public offering largely to fund Phase III clinical trials for a treatment to reduce double chins. Trial enrollment for the drug, ATX-101, has been completed, and Kythera expects to report data by the middle of next year. “We are pleased with the continued progress of the development of ATX-101 as part of our long-term vision to build Kythera into a leading aesthetics company,” said Chief Executive Keith Leonard in a statement. Kythera gained $1.37, or 5.9 percent, to close at $24.77 on the Nasdaq.

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