89bio Reports $111.5 Million Net Loss in Q2 2025, Driven by Increased R&D Expenses

89bio, Inc. reported significant financial results for the second quarter of 2025, reflecting a net loss of $111.5 million, compared to a net loss of $48.0 million for the same period in 2024. For the first half of 2025, the company recorded a net loss of $182.8 million, up from $99.7 million in the prior year. The increase in losses is attributed primarily to a substantial rise in research and development expenses, which surged to $103.9 million in Q2 2025 from $44.9 million in Q2 2024, driven by higher contract manufacturing and clinical development costs associated with the ongoing development of its lead product candidate, pegozafermin.

Total operating expenses for the second quarter reached $115.8 million, a significant increase from $53.4 million in the same quarter last year. The company's research and development expenses for the first half of 2025 totaled $168.3 million, compared to $92.3 million in the first half of 2024. This increase was largely due to a $40 million payment made to BiBo Biopharma Engineering Co., Ltd. for the construction of a manufacturing facility in China, as well as escalating costs related to clinical trials for pegozafermin. General and administrative expenses also rose to $11.9 million in Q2 2025 from $8.6 million in Q2 2024, reflecting increased personnel costs.

In terms of liquidity, 89bio reported cash, cash equivalents, and marketable securities totaling $561.2 million as of June 30, 2025, an increase from $476.5 million at the end of 2024. The company raised approximately $269.9 million in January 2025 through a public offering of common stock and pre-funded warrants, contributing to its cash reserves. The company has indicated that its current financial resources are expected to be sufficient to fund operations for at least the next year.

Strategically, 89bio is advancing its clinical programs for pegozafermin, which is being developed for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). The company is currently enrolling patients in two Phase 3 trials, ENLIGHTEN-Fibrosis and ENLIGHTEN-Cirrhosis, with topline data expected in 2027 and 2028, respectively. The FDA has granted Breakthrough Therapy Designation for pegozafermin, underscoring its potential in addressing significant unmet medical needs.

Looking ahead, 89bio anticipates continued operating losses as it invests heavily in the clinical development of pegozafermin. The company remains focused on executing its clinical trials and expanding its manufacturing capabilities while navigating the complexities of regulatory approvals and market conditions. The ongoing development of pegozafermin is critical to the company's future, as it seeks to establish a foothold in the biopharmaceutical market for liver and cardio-metabolic diseases.