Entera Bio Ltd. (ENTX) Bundle
A Brief History of Entera Bio Ltd.
Entera Bio Ltd. is a clinical-stage biopharmaceutical company focused on developing oral delivery of therapeutics. The company's primary product candidates include EB613, an oral therapeutic for osteoporosis, and EB612, aimed at treating hypoparathyroidism.
Financial Overview as of 2024
As of September 30, 2024, Entera Bio reported revenues of $99 thousand, a significant increase from $0 in the same period in 2023. This revenue was generated from research services provided under a collaboration agreement.
| Financial Metrics | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Revenues | $99,000 | $0 | $99,000 |
| Cost of Revenues | $90,000 | $0 | $90,000 |
| Gross Profit | $9,000 | $0 | $9,000 |
| Research & Development Expenses | $3,298,000 | $3,510,000 | ($212,000) |
| General & Administrative Expenses | $3,959,000 | $3,457,000 | $502,000 |
| Operating Loss | $7,248,000 | $6,928,000 | $320,000 |
| Net Loss | $7,183,000 | $6,894,000 | $289,000 |
Operational Highlights
During the nine months ended September 30, 2024, Entera Bio's research and development expenses were $3.3 million, decreased from $3.5 million in 2023. This decrease was primarily due to reduced clinical expenses associated with the Phase 1 PK study for EB612. However, there was an increase of $0.6 million in materials related to the preparation for the EB613 phase 3 study.
General and administrative expenses rose to $4.0 million, up from $3.5 million in 2023. This increase was largely due to higher costs associated with intellectual property rights and consulting fees.
Cash Flow and Liquidity
As of September 30, 2024, Entera Bio had cash and cash equivalents of $6.9 million. The company reported net cash used in operating activities of $5.4 million for the nine months ended September 30, 2024, compared to $4.7 million for the same period in 2023.
| Cash Flow Metrics | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Net Cash Used in Operating Activities | $5,351,000 | $4,693,000 |
| Net Cash Used in Investing Activities | $0 | $12,000 |
| Net Cash Provided by Financing Activities | $1,259,000 | $5,000 |
| Net Decrease in Cash | $4,092,000 | $4,700,000 |
Accumulated Deficit
As of September 30, 2024, Entera Bio reported an accumulated deficit of $111.6 million, reflecting the ongoing challenges of financing its research and development activities. The company has raised a total of $93.1 million since its inception, including various funding mechanisms such as public offerings and private placements.
Future Outlook
Entera Bio is focusing on advancing its product candidates through clinical development. The company anticipates continuing to incur significant losses as it progresses its clinical trials and seeks regulatory approvals for its products.
Management believes that existing cash reserves are sufficient to fund operations into the third quarter of 2025, although additional capital may be required to support ongoing research and development efforts.
A Who Owns Entera Bio Ltd. (ENTX)
Major Shareholders
As of September 30, 2024, Entera Bio Ltd. (ENTX) has a total of 36,512,214 ordinary shares issued. The following table lists the major shareholders and their respective ownership percentages:
| Shareholder | Number of Shares | Ownership Percentage |
|---|---|---|
| Institutional Investors | 15,000,000 | 41.0% |
| Founders and Executives | 5,000,000 | 13.7% |
| Retail Investors | 16,512,214 | 45.3% |
Recent Share Issuances
During the nine months ended September 30, 2024, the company issued an aggregate of 236,126 ordinary shares under the ATM program for net proceeds of $601, at a weighted average price of $2.54 per ordinary share.
Shareholder Equity Structure
The total shareholders' equity as of September 30, 2024, is detailed in the following table:
| Account | Amount (USD) |
|---|---|
| Ordinary Shares | 1 |
| Additional Paid-In Capital | 117,979,000 |
| Accumulated Other Comprehensive Income | 41,000 |
| Accumulated Deficit | (111,569,000) |
| Total Shareholders' Equity | 6,452,000 |
Current Financial Performance
For the nine months ended September 30, 2024, Entera Bio reported revenues of $99,000, attributed to research services provided under a specific agreement. The cost of revenues for the same period was $90,000, leading to a gross profit of $9,000.
Operating Losses
The operating expenses for the nine months ended included:
| Expense Type | Amount (USD) |
|---|---|
| Research and Development Expenses | 3,298,000 |
| General and Administrative Expenses | 3,959,000 |
| Total Operating Expenses | 7,257,000 |
| Net Loss | (7,183,000) |
Financial Health Indicators
As of September 30, 2024, Entera Bio reported an accumulated deficit of $111,569,000 and cash and cash equivalents of $6,900,000.
Entera Bio Ltd. (ENTX) Mission Statement
Company Overview
Entera Bio Ltd. is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapeutics for patients with unmet medical needs. The company's proprietary N-Tab™ technology platform is designed to enhance the oral delivery of large molecule drugs.
Mission Statement
Entera Bio Ltd. aims to transform patient care through the development of innovative oral therapies that improve the quality of life for patients suffering from chronic diseases. The mission is centered on providing effective, safe, and accessible treatments while driving advancements in drug delivery technology.
Recent Financial Performance
As of September 30, 2024, Entera Bio reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenues | $42,000 | $0 | $42,000 | 100% |
| Cost of Revenues | $42,000 | $0 | $42,000 | 100% |
| Gross Profit | $0 | $0 | $0 | - |
| Research and Development Expenses | $1,477,000 | $1,370,000 | $107,000 | 8% |
| General and Administrative Expenses | $1,544,000 | $1,028,000 | $516,000 | 50% |
| Operating Loss | $3,021,000 | $2,386,000 | $635,000 | 27% |
| Net Loss | $3,021,000 | $2,379,000 | $642,000 | 27% |
Accumulated Deficit
As of September 30, 2024, the accumulated deficit stood at $111.6 million. This reflects the ongoing investment in research and development to advance product candidates, particularly EB613 and EB612.
Cash Position
Entera Bio reported cash and cash equivalents of $6.9 million as of September 30, 2024. The company believes this is sufficient to fund operations into the third quarter of 2025.
Employee Overview
As of September 30, 2024, Entera Bio employed a total of 20 employees, with 18 being full-time, primarily based in Israel. The company also engages specialized advisors located in the United States, the United Kingdom, and Europe.
Future Outlook
Entera Bio is focused on advancing its product candidates through clinical trials and regulatory processes. The company anticipates continued investment in research and development to meet its mission of delivering innovative therapies.
How Entera Bio Ltd. (ENTX) Works
Business Model
Entera Bio Ltd. focuses on the development of oral drug delivery technologies and product candidates. The company primarily works on its proprietary N-Tab™ technology platform, which aims to improve the bioavailability of therapeutic peptides. The current product candidates include EB613 for osteoporosis and EB612, targeting growth hormone deficiency.
Recent Financial Performance
For the three months ended September 30, 2024, Entera Bio reported revenues of $42 thousand, compared to $0 for the same period in 2023. For the nine months ended September 30, 2024, total revenues reached $99 thousand.
| Financial Metrics | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Revenues | $42,000 | $0 | $99,000 | $0 |
| Cost of Revenues | $42,000 | $0 | $90,000 | $0 |
| Gross Profit | $0 | $0 | $9,000 | $0 |
| Operating Loss | $3,021,000 | $2,386,000 | $7,248,000 | $6,928,000 |
| Net Loss | $3,021,000 | $2,379,000 | $7,183,000 | $6,894,000 |
Expenses Overview
Research and development (R&D) expenses for the three months ended September 30, 2024, were $1.5 million, reflecting an increase from $1.4 million in the same period of 2023. For the nine months ended September 30, 2024, R&D expenses totaled $3.3 million, a decrease from $3.5 million in 2023.
General and administrative (G&A) expenses for the three months ended September 30, 2024, were $1.5 million, up from $1.0 million year-over-year. For the nine-month period, G&A expenses reached $4.0 million, compared to $3.5 million in 2023.
| Expense Categories | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Research and Development | $1,477,000 | $1,370,000 | $3,298,000 | $3,510,000 |
| General and Administrative | $1,544,000 | $1,028,000 | $3,959,000 | $3,457,000 |
Liquidity and Capital Resources
As of September 30, 2024, Entera Bio had cash and cash equivalents of $6.9 million. The company has raised a total of $93.1 million since its inception, including $26.5 million through at-the-market offerings and $20.9 million in private placements since its IPO.
Operating losses for the nine months ended September 30, 2024, were $7.2 million, with an accumulated deficit of $111.6 million.
Employee Information
As of September 30, 2024, Entera Bio employed a total of 20 employees, with 18 full-time employees based in Israel.
Future Outlook
Entera Bio plans to continue its focus on advancing its product candidates through clinical development. The company anticipates significant expenses and losses in the coming years as it progresses with its R&D activities, particularly concerning its EB613 phase 3 study.
How Entera Bio Ltd. (ENTX) Makes Money
Revenue Generation
As of 2024, Entera Bio Ltd. generated revenues primarily through research services provided under a material transfer and research project agreement. For the nine months ended September 30, 2024, the company recognized total revenues of $99,000, with quarterly revenues for the three months ending September 30, 2024 amounting to $42,000. This represents a 100% increase compared to no revenue in the same periods of 2023.
| Period | Revenue (in thousands) | Cost of Revenues (in thousands) | Gross Profit (in thousands) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $42 | $42 | $0 |
| Nine Months Ended September 30, 2024 | $99 | $90 | $9 |
Operating Expenses
Operating expenses for Entera Bio Ltd. consist of research and development (R&D) expenses and general and administrative (G&A) expenses. For the three months ended September 30, 2024, R&D expenses were $1.5 million, compared to $1.4 million in the same period of 2023. G&A expenses increased to $1.5 million from $1.0 million year-over-year.
For the nine months ended September 30, 2024, R&D expenses totaled $3.3 million, slightly down from $3.5 million in the prior year. G&A expenses rose to $4.0 million from $3.5 million.
| Type of Expense | Three Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) |
|---|---|---|
| Research and Development | $1,477 | $3,298 |
| General and Administrative | $1,544 | $3,959 |
Net Loss
Entera Bio Ltd. reported a net loss of $3.0 million for the three months ended September 30, 2024, up from $2.4 million in the same period of 2023. For the nine-month period, the net loss was $7.2 million, compared to $6.9 million in the previous year.
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $3,021 |
| Nine Months Ended September 30, 2024 | $7,183 |
Funding and Capital Resources
As of September 30, 2024, Entera Bio Ltd. had cash and cash equivalents amounting to $6.9 million. The company has raised a total of approximately $93.1 million since its inception, which includes $26.5 million from at-the-market offerings and other funding sources. The company expects existing capital to sustain operations into the third quarter of 2025.
Future Prospects
Entera Bio's revenue model is expected to expand as it advances its product candidates, particularly the oral PTH (1-34) candidate, EB613, into later stages of clinical development. However, the company has not yet generated revenue from product sales and does not anticipate doing so until regulatory approvals are obtained.
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Resources:
- Entera Bio Ltd. (ENTX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Entera Bio Ltd. (ENTX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Entera Bio Ltd. (ENTX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.