Cara Therapeutics, Inc. CARA released its financial results for the first quarter ended March 31, 2023, revealing revenues of $6.2 million, an increase of 29% compared to $4.8 million in Q1 2022.
Q1 2023 Financial Results
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R&D expenses were $24.3 million for the three months ended March 31, 2023 compared to $21.3 million in the same period of 2022.
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Other income, net was approximately $985,000 for the three months ended March 31, 2023 compared to approximately $162,000 in the same period of 2022.
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Net loss was $26.7 million, or $(0.49) per basic and diluted share, compared to net loss of $27.7 million, or ($0.52) per basic and diluted share, for the same period in 2022.
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Cash, cash equivalents and marketable securities at March 31, 2023 totaled $123.4 million compared to $156.7 million at December 31, 2022.
“The U.S. and global launches of KORSUVA (difelikefalin) injection / Kapruvia gained momentum in the first quarter of 2023. Trends in vial shipments indicate a significant acceleration in demand, and feedback from providers and patients continues to be positive,” stated Christopher Posner, president and CEO of Cara Therapeutics. “On the clinical development front, our three ongoing late-stage oral difelikefalin programs across our nephrology and dermatology franchises are progressing well. We are acutely focused on the execution of our clinical programs and committed to maximizing the potential of difelikefalin to address the unmet need for an oral therapy to treat moderate-to-severe chronic pruritus associated with advanced chronic kidney disease, atopic dermatitis, and notalgia paresthetica. Looking ahead, we expect the internal readout from Part A of our KIND 1 atopic dermatitis trial in the fourth quarter of 2023 and will continue to build on our positive momentum to drive long-term growth.”
Financial Guidance
Cara expects that its current unrestricted cash and cash equivalents and available-for-sale marketable securities, including collaborative revenue from its share of the profit from KORSUVA injection, will be sufficient to fund its currently anticipated operating plan into the second half of 2024.
Photo by Mackenzie Marco on Unsplash
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