Iterum Therapeutics plc Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Iterum Therapeutics plc filed its Q1 2024 10-Q report, providing an update on its financial status and business activities.</b>

AI Summary

Iterum Therapeutics plc (ITRM) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Iterum Therapeutics plc filed a 10-Q report for the period ending March 31, 2024. The filing details financial information and business operations for the first quarter of 2024. Key dates related to various offerings and agreements are referenced, including the February Underwritten Offering in 2021 and the June 3 Securities Purchase Agreement in 2020. The company's fiscal year ends on December 31. The filing includes information on equity incentive plans and stock options.

Why It Matters

For investors and stakeholders tracking Iterum Therapeutics plc, this filing contains several important signals. This 10-Q filing provides crucial insights into Iterum Therapeutics' financial health and operational progress during the first quarter of 2024, which is vital for investors assessing the company's trajectory. The detailed financial disclosures and historical transaction references within the filing help stakeholders understand the company's capital structure, past financing activities, and potential future funding needs.

Risk Assessment

Risk Level: medium — Iterum Therapeutics plc shows moderate risk based on this filing. The company has a history of various financing activities and equity plans, indicating potential complexity in its capital structure and ongoing need for capital, which could pose financial risks.

Analyst Insight

Investors should review the detailed financial statements and disclosures in the 10-Q to understand Iterum Therapeutics' current financial position and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed As Of Date)
• 2023-12-31 — Fiscal Year End (Company fiscal year end)
• 2021-02-10 — February Underwritten Offering Date (Reference to a past offering)
• 2020-06-05 — June 3 Securities Purchase Agreement Date (Reference to a past agreement)

Key Players & Entities

• Iterum Therapeutics plc (company) — Filer of the 10-Q report
• 0000950170-24-058200 (other) — Accession Number for the filing
• 20240331 (date) — Conformed Period of Report
• 20240513 (date) — Filed As Of Date
• 0001659323 (other) — Central Index Key
• 2834 (other) — Standard Industrial Classification (Pharmaceutical Preparations)
• Dublin 2 (location) — Business and Mail Address City

FAQ

Risk Factors

• Financial Condition and Liquidity [medium — financial]: The filing likely contains detailed information on the company's financial condition, including its cash position, debt, and ability to fund operations, which is critical for ongoing viability.
• Regulatory Compliance [high — regulatory]: As a pharmaceutical company, Iterum Therapeutics is subject to extensive regulatory oversight from bodies like the FDA, and any non-compliance could significantly impact its business.
• Market and Competition [medium — market]: The pharmaceutical market is highly competitive, and the success of Iterum's products depends on market acceptance, pricing, and competition from other companies.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — on which registered Ordinary Shares, $0.01 par value per share ITRM The Nasdaq

Filing Documents

• itrm-20240331.htm (10-Q) — 2325KB
• itrm-ex31_1.htm (EX-31.1) — 16KB
• itrm-ex31_2.htm (EX-31.2) — 16KB
• itrm-ex32_1.htm (EX-32.1) — 9KB
• itrm-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-058200.txt (&nbsp;) — 10220KB
• itrm-20240331.xsd (EX-101.SCH) — 1651KB
• itrm-20240331_htm.xml (XML) — 1745KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Loss 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Stockholders' Equity 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 5. Other Information 94 Item 6. Exhibits 95

Signatures

Signatures 96 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: our use of cash reserves; our ability to continue as a going concern; the design, initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; our ability to resolve the issues set forth in the Complete Response Letter (CRL) received from the U.S. Food and Drug Administration in July 2021 in connection with our New Drug Application (NDA) for oral sulopenem; our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals; our ability to advance product candidates into, and successfully complete, clinical trials; the potential advantages of our product candidates; the timing or likelihood of regulatory filings and approvals; the commercialization of our product candidates, if approved; our manufacturing plans; our sales, marketing and distribution capabilities and strategy; market acceptance of any product we successfully commercialize; the pricing, coverage and reimbursement of our product candidates, if approved; the implementation of our business model, strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain f

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements (Unaudited)

Item 1. Financi al Statements (Unaudited). ITERUM THERAPEUTICS PLC Condensed Consolidated B alance Sheets (In thousands except share and per share data) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 7,389 $ 6,071 Short-term investments 10,825 17,859 Income taxes receivable — 38 Prepaid expenses and other current assets 840 1,628 Total current assets 19,054 25,596 Property and equipment, net 44 51 Restricted cash 34 34 Other assets 493 578 Total assets $ 19,625 $ 26,259 Liabilities and Shareholders' Deficit Current liabilities: Accounts payable $ 2,966 $ 4,996 Accrued expenses 1,859 7,761 Exchangeable Notes 12,203 — Other current liabilities 755 761 Income taxes payable 11 — Total current liabilities $ 17,794 $ 13,518 Exchangeable Notes — 11,453 Royalty-linked notes 7,889 7,503 Other liabilities 92 188 Total liabilities $ 25,775 $ 32,662 Commitments and contingencies (Note 14) Shareholders' deficit Undesignated preferred shares, $ 0.01 par value per share: 100,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued at March 31, 2024 and December 31, 2023 — — Ordinary shares, $ 0.01 par value per share: 80,000,000 shares authorized at March 31, 2024 and December 31, 2023, 16,470,414 shares issued at March 31, 2024; 13,499,003 shares issued at December 31, 2023 165 135 Additional paid-in capital 462,084 454,759 Accumulated deficit ( 468,399 ) ( 461,298 ) Accumulated other comprehensive income — 1 Total shareholders' deficit ( 6,150 ) ( 6,403 ) Total liabilities and shareholders' deficit $ 19,625 $ 26,259 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 ITERUM THERAPEUTICS PLC Condensed Consolidated Statements of Oper atio

View Full Filing

View this 10-Q filing on SEC EDGAR