ESSA posted a net loss of $3.3 million for the second quarter, 2019, compared to a net loss of $2.9 million for the same period last year, pointing out R&D expenses to be $1.95 million, compared to $0.99 million last year the same period.
David Parkinson, President and CEO of ESSA said that, uring the quarter, the company worked to complete the acquisition of Realm Therapeutics with the transaction closing on July 31st.
“The acquisition of Realm and its cash balance put Essa in a strong financial position to allow us to commence the Phase 1 clinical study of EPI-7386. We are progressing with IND-enabling studies on EPI-7386 and on track to file an IND with the FDA in the first calendar quarter of 2020. We look forward to presenting further in vitro and in vivo study results of EPI-7386 in the coming months at medical conferences,” he said.
General and administration (“G&A”) expenditures. G&A expenditures for the quarter ended June 30, 2019 were $1.2 million compared to $1.6 million for the quarter ended June 30, 2018. The decrease is the result of a reduction in professional fees, primarily due to Acquisition-related professional fees being recorded as deferred costs for the period, as well as decreases in rent expense and share-based payments.
The company said their cash worth at June 30, 2019, was $4.9 million, with working capital of $0.3 million, reflecting the aggregate gross proceeds of the completed January 2018 financing, which totaled $26 million, less operating expenses in the intervening period.