11:04 AM EDT, 05/09/2024 (MT Newswires) -- Verona Pharma's ( VRNA ) shares were down 0.2% in recent Thursday trading after the company reported a Q1 net loss of $0.04 per diluted share, compared with a loss of $0.03 a year earlier.

Analysts surveyed by Capital IQ expected a loss of $0.13.

No revenue was reported for the quarter ended March 31.

Verona Pharma ( VRNA ) said it had cash and cash equivalents of $254.9 million as of March 31. Including funding from its $650 million strategic financing facility, the company said it expects its existing cash runway to extend beyond 2026.

The company also said it is looking to potentially launch ensifentrine in the US in Q3, if approved by the US Food and Drug Administration as a treatment for chronic obstructive pulmonary disease. The FDA had set a June 26 target action date for ensifentrine, the company added.

Price: 14.85, Change: -0.03, Percent Change: -0.20