89bio Reports $71.3 Million Net Loss and $315.4 Million Cash Position in Latest 10-Q

89bio, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company recorded a net loss of $71.3 million, compared to a net loss of $51.7 million for the same period in 2024, reflecting an increase in operating expenses driven primarily by heightened research and development activities. Total operating expenses for the quarter reached $75.9 million, up from $57.3 million year-over-year. The increase in expenses was largely attributed to a $17.0 million rise in research and development costs, which were primarily related to advancing the clinical development of its lead product candidate, pegozafermin.

In terms of liquidity, 89bio reported cash and cash equivalents of $315.4 million as of March 31, 2025, a substantial increase from $126.1 million at the end of 2024. This increase was bolstered by a successful public offering in February 2025, which raised approximately $269.9 million in net proceeds. The company’s total assets also grew to $685.0 million, up from $478.7 million at the end of the previous fiscal year, indicating a strong financial position to support ongoing clinical trials and operational needs.

Operationally, 89bio is focused on the development of pegozafermin for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). The company is currently conducting two Phase 3 clinical trials, ENLIGHTEN-Fibrosis and ENLIGHTEN-Cirrhosis, which are actively enrolling patients. The FDA has granted Breakthrough Therapy Designation for pegozafermin in MASH, and the company anticipates reporting topline data from these trials in the coming years. Additionally, 89bio has entered into a collaboration agreement with BiBo Biopharma Engineering Co., Ltd. for the construction of a production facility in China, aimed at ensuring a robust supply chain for pegozafermin.

Looking ahead, 89bio expects to continue incurring significant operating losses as it invests in the clinical development of pegozafermin and other potential product candidates. The company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to fund its operations for at least the next year. However, it acknowledges the inherent uncertainties in clinical development and the potential need for additional capital to support its growth strategy. The company remains focused on advancing its clinical programs while navigating the complexities of regulatory approvals and market competition.