Cara Therapeutics, Inc. reported a net loss of $70.9 million for the year ended December 31, 2024, compared to a net loss of $118.5 million in 2023 and $85.5 million in 2022. Total revenue decreased to $7.1 million in 2024 from $20.9 million in 2023 and $41.9 million in 2022. This decrease was primarily attributed to lower collaborative revenue ($2.1 million in 2024 versus $12.9 million in 2023 and $16.6 million in 2022) and commercial supply revenue ($0.6 million in 2024 versus $5.8 million in 2023 and $10.2 million in 2022), reflecting the impact of the expiration of the Transition Drug Add-on Payment Adjustment (TDAPA) for KORSUVA injection in April 2024. The company also recorded a $1.6 million expense in other general and administrative (G&A) expenses due to negative profit share amounts in the second and fourth quarters of 2024.
Significant changes compared to the previous fiscal year include a 70% reduction in workforce, substantially completed by June 30, 2024, following the discontinuation of the clinical program in notalgia paresthetica (NP) due to the lack of meaningful clinical benefit in a dose-finding study. The company also completed a one-for-twelve reverse stock split on December 30, 2024. In December 2024, Cara entered into a merger agreement with Tvardi Therapeutics, Inc., subject to stockholder approval and other closing conditions. Concurrently, Cara agreed to sell certain assets and rights related to difelikefalin to CSL Vifor for $900,000 (subject to adjustments).
Strategic developments included the aforementioned merger agreement and asset disposition. The company also entered into an Asset Purchase Agreement (APA) with CSL Vifor, transferring certain assets and liabilities related to difelikefalin. The closing of both the merger and the asset disposition is contingent upon several conditions, including stockholder approval. As of March 6, 2025, Cara employed ten individuals, all located in the United States. The company's commercial product, KORSUVA injection, had net sales of approximately $2.1 million in the United States in 2024, compared to $26.5 million in 2023 and $35 million in 2022. 300,696 vials were shipped from wholesalers to dialysis clinics in 2024.
The company's outlook is highly dependent on the successful completion of the merger with Tvardi and the asset disposition with CSL Vifor. If these transactions are not completed, the board may pursue dissolution and liquidation. The company anticipates that its current cash resources will be sufficient to fund its operating plan for at least the next 12 months, but future funding requirements will depend on several factors, including whether the company resumes development activities for future product candidates. The company has not declared or paid any cash dividends and does not anticipate doing so in the foreseeable future. The company's financial performance is subject to various risks and uncertainties, including those related to the merger, regulatory approvals, competition, and market conditions, as detailed in the 10-K filing.
About Cara Therapeutics, Inc.
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