Pfizer's Cannabinoid-Related Biotech Company Arena's Q4 Net Loss Grows 27% YoY

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) revealed Wednesday financial results for the fourth quarter and full year ended Dec. 31, 2021.

Q4 Finanical HIghlights

• Net loss for the fourth quarter was $155.6 million compared to a net loss of $122.2 million for the same period in 2020
• Basic and diluted net loss per share for the fourth quarter was $2.54 compared to basic and diluted net loss per share of $2.10 for the same period in 2020
• Research and development (R&D) expenses for the fourth quarter totaled $110.3 million compared to $100.4 million in the same period in 2020. This increase was primarily driven by our advancing clinical studies, including the etrasimod Phase 3 program, as well as an increase in personnel expenses to support our clinical programs.
• Selling, general and administrative (SG&A) expenses for the fourth quarter totaled $34.5 million, compared to $34.9 million in the same period in 2020.
• Cash, cash equivalents and marketable securities were $700 million at December 31, 2021 as compared to $1.1 billion at December 31, 2020

Full Year 2021 Financial Results

• Revenues totaled $100,000
• Net loss was $616.4 million, or $10.14 per share
• Research and development expenses totaled $419.5 million, including $33.5 million related to non-cash share-based compensation
• Selling, general and administrative expenses totaled $126.2 million, including $36.9 million related to non-cash share-based compensation

• Key Program & Corporate Updates

• In December pharmaceutical giant Pfizer Inc. (NYSE:PFE) and Arena entered into a definitive agreement under which Pfizer has agreed to acquire Arena
• In November achieved target enrollment for Study A in the Phase 2/3 CULTIVATE trial for etrasimod in Crohn’s disease
• In November the first participant was randomized in the Phase 2 trial for temanogrel in Raynaud’s phenomenon secondary to systemic sclerosis
• Phase 3 ELEVATE program for etrasimod in ulcerative colitis remains on track for topline data readout in Q1 2022

About Arena Pharmaceuticals