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Cara Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a net loss of $12.5 million for the quarter, compared to a net loss of $28.0 million in the same quarter the previous year. The decrease in net loss is attributed to reduced research and development expenses following the discontinuation of certain clinical programs.
Total revenue for the quarter was $2.6 million, down from $4.9 million in the same quarter of the previous year. The decline in revenue is primarily due to decreased collaborative and commercial supply revenue.
Cara Therapeutics reported no commercial supply revenue for the quarter, compared to $1.3 million in the previous year. Collaborative revenue declined to $1.3 million from $2.5 million, reflecting lower profit share from KORSUVA injection sales.
Research and development expenses decreased significantly to $1.4 million from $25.5 million in the previous year, largely due to the discontinuation of the oral difelikefalin program for pruritus associated with notalgia paresthetica.
General and administrative expenses were $6.5 million, slightly down from $6.8 million in the previous year, with reductions in stock-based compensation partly offset by costs related to strategic alternatives exploration.
Cara Therapeutics recorded an impairment charge of $4.3 million related to its right-of-use asset following the assignment of its corporate lease.
The company continues to explore strategic alternatives to maximize shareholder value following the discontinuation of its clinical program in notalgia paresthetica.
Cara Therapeutics is also addressing compliance with Nasdaq listing requirements, having received an extension to regain compliance with the minimum bid price requirement.
As of September 30, 2024, Cara Therapeutics had cash, cash equivalents, and marketable securities of $42.0 million, with an accumulated deficit of $747.9 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cara Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.