VERONA PHARMA Reports Second Quarter Earnings for 2023

🌥️Earnings Overview

VERONA PHARMA ($NASDAQ:VRNA) reported their earnings results for the second quarter of fiscal year 2023 on June 30, 2023, revealing total revenue for the quarter of USD 0.0 million, a decrease from the USD 0.0 million reported in the same quarter one year ago. Net loss also decreased year-over-year, falling from USD 17.8 million in the second quarter of fiscal year 2022 to USD 8.8 million in the same period of 2023.

Stock Price

The company’s stock opened at $21.0 and closed the day at $20.0, a decrease of 2.9% from the prior closing price of 20.6. Despite this drop in share price, the company reported strong overall numbers for the quarter. The company’s strong financials and dividend payment indicate that investors remain confident in VERONA PHARMA‘s ability to produce positive returns in the future. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Verona Pharma. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Verona Pharma. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Verona Pharma. More…

Key Ratios Snapshot

Some of the financial key ratios for Verona Pharma are shown below. More…

Analysis

GoodWhale has conducted an analysis of VERONA PHARMA‘s fundamentals and found that it is a medium risk investment in terms of both financial and business aspects. Our Risk Rating system takes into account both qualitative and quantitative factors when assessing investment risk, so our users can make more informed decisions. We have also detected 3 risk warnings in VERONA PHARMA’s income sheet, balance sheet, and cashflow statement. For registered GoodWhale users, these risk warnings are available for more detailed review, allowing users to take proactive steps to reduce their risk exposure. More…

Peers

Some of its competitors are Karuna Therapeutics Inc, Cardiff Oncology Inc, Reviva Pharmaceuticals Holdings Inc.

– Karuna Therapeutics Inc ($NASDAQ:KRTX)

Karuna Therapeutics Inc is a clinical-stage biopharmaceutical company that focuses on developing and commercializing novel treatments for patients with psychiatric and neurological disorders. The company’s lead product candidate, KarXT, is a novel, oral, small molecule that is being developed for the treatment of schizophrenia. KarXT has the potential to improve cognitive function, negative symptoms, and overall functioning in patients with schizophrenia. The company has completed a Phase II clinical trial of KarXT in patients with schizophrenia and is currently enrolling patients in a Phase III clinical trial.

– Cardiff Oncology Inc ($NASDAQ:CRDF)

Cardiff Oncology is a clinical-stage biotechnology company focused on the development of novel cancer therapies. The company’s lead product candidate, CZC24832, is a first-in-class, orally-available small molecule inhibitor of the PI3K/mTOR pathway. The PI3K/mTOR pathway is a key driver of cancer cell growth and proliferation. CZC24832 is currently being evaluated in a Phase 1/2 clinical trial in patients with advanced solid tumors.

Cardiff Oncology has a market cap of $59.42 million and a return on equity of -21.11%. The company’s lead product candidate, CZC24832, is a first-in-class, orally-available small molecule inhibitor of the PI3K/mTOR pathway. The PI3K/mTOR pathway is a key driver of cancer cell growth and proliferation. CZC24832 is currently being evaluated in a Phase 1/2 clinical trial in patients with advanced solid tumors.

– Reviva Pharmaceuticals Holdings Inc ($NASDAQ:RVPH)

Reviva Pharmaceuticals Holdings Inc is a pharmaceutical company with a market cap of 107.33M as of 2022 and a Return on Equity of -63.24%. The company’s main focus is on the development and commercialization of drugs for the treatment of central nervous system disorders.

Summary

VERONA PHARMA’s second-quarter earnings results for 2023 show a decrease in both total revenue and net loss. Total revenue for the quarter was USD 0.0 million, a decrease from the 0.0 million reported at the same time last year. The company reported a net loss of USD 8.8 million, a decrease from the net loss of USD 17.8 million reported in the same quarter one year ago.

Investors should consider these results when evaluating VERONA PHARMA’s performance and future prospects as a stock investment. Looking ahead, the company will need to find ways to increase revenue and reduce their costs in order to achieve profitability and improve their financial position.