Analyst Conference Summary

press release date: March 2, 2018
for quarter ending: December 31, 2018 (Q4, fourth quarter 2017)

Forward-looking statements

Note no analyst conference was held; data here is from the Reata Q4 2017 press release.

Overview: Clinical-stage company continues to develop its pipeline.

Basic data (GAAP):

Revenue was $10.0 million, all from collaborations. That was down from $12.5 million in the year-earlier quarter.

Net income was negative $16.7 million, down from negative $4.1 million year-earlier.

Diluted EPS was negative $0.64, down from negative $0.19 year-earlier.

Guidance:

None

Conference Highlights:

“In 2017, Reata made significant strides towards our goal of building a deep pipeline of late-stage therapeutics for rare and life-threatening diseases,” said Warren Huff, Chief Executive Officer. “We entered 2017 with one pivotal trial in pulmonary arterial hypertension associated with connective tissue disease and a broad portfolio of exploratory Phase 2 studies from which we produced meaningful clinical data and launched pivotal trials in two additional rare diseases, Alport syndrome and Friedreich’s ataxia. We begin 2018 with these three pivotal programs in the clinic and a highly focused Phase 2 program in four rare forms of CKD underway.”

The Phase 2 part of the CARDINAL trial of bardoxolone methyl for CDK (chronic kidney disease) caused by Alport Syndrome was statistically significant. The Phase 3 part is enrolling. One year data could support accelerated approval by the FDA. One year eGFR data from the Phase 2 trial should be available in Q3. Phase 3 data should be available in the second half of 2019.

A Phase 2 study (PHOENIX) of bardoxolone methyl for CKD from four rare causes is underway. Data from at least some cohorts should be available in the second half of 2018.

Omaveloxolone for Friereich's ataxia is in a registrational trial (MOXIe). The mFARS score has been accepted by the FDA as an endpoint that would support accerated or full approval. Data should be available in the second half of 2019.

CATALYST Phase 3 data for CTD-PAH (connective tissue disease associated pulmonary arterial hypertension) is expected in the second half of 2018, pending a sample size re-calculation in the second quarter of 2018 that could change expected timing.

Cash ended at $129.8 million.

Operating expense of $26.5 million consisted of $40.4 million for R&D and $6.0 million for general and administrative. Other expense $0.1 million.

Q&A:

none

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