Nivalis reports $8.5M loss in Q2, continues to work on drug to treat cystic fibrosis

BOULDER — Nivalis Therapeutics Inc. (Nasdaq: NVLS), a clinical-stage pharmaceutical company based in Boulder, reported a loss of $8.5 million, or 55 cents per share, for its second quarter that ended June 30.

Nivalis, focused on developing drugs to treat people with cystic fibrosis, did not generate any revenue for the quarter. The company continues to advance the clinical development of the drug cavosonstat.

“We achieved significant enrollment milestones in our Phase 2 development program of cavosonstat, including completion of enrollment in our 138-patient study where we are adding cavosonstat to Orkambi, and initiation of dosing in a second smaller study where we are adding cavosonstat to Kalydeco,” Jon Congleton, Nivalis’ president and chief executive, said in a prepared statement. “We are encouraged by the enthusiasm for a stabilizer therapy by the CF community and are pleased that the achievement of full enrollment within our targeted timeline allows us to reach our goal of presenting topline data by the end of the year.”

SPONSORED CONTENT

How Platte River Power Authority is accelerating its energy transition

Platte River Power Authority, the community-owned wholesale electricity provider for Northern Colorado, has a history of bold initiatives.

Cash used in operating activities was $6.5 million during the second quarter and $13.6 million for the six months year to date. As of June 30, Nivalis had approximately $74 million in cash and marketable securities. Nivalis has no outstanding debt, and there are 15.5 million shares of common stock issued and outstanding.