Prometheus Biosciences has released its Q3 2022 earnings, reporting a net loss per share of USD 0.90, in line with analyst expectations. Net losses for the quarter, however, increased 37% YoY to USD 37.3 million amid higher operating expenses. 

The company is a clinical-stage biotechnology company that is yet to generate any revenue from drug sales. However, it reported collaboration and license revenue of USD 0.97 million, compared with USD 1.01 million in Q3 2021. 

Total operating expenses rose 42%YoY to USD 39.4 million for Q3 2022 due to higher R&D expenses related to advances in its PRA023 drug candidate, which is currently in Phase 2 clinical trials, and developments in PRA052. 

During the quarter Prometheus completed enrollment for the Phase 2 clinical study of PRA023 for treating ulcerative colitis and received Investigational New Drug approval from the FDA for PRA052, an antibody to treat inflammatory bowel disease, and initiated Phase 1 clinical studies. The company plans to report the Phase 2a study for PRA023 treating Crohn’s Disease by December 2022

As of June 30, 2022, the company’s cash, cash equivalents, and investments stood at USD 260.2 million, compared with USD 257.3 million at the end of December 2021. The company raised USD 1.1 million under its ATM facility and believes this is adequate to extend its cash runway till mid-2024. The company did not provide guidance for 2022.