Otonomy (OTIC) on Thursday provided an update on its product pipeline and financial guidance for 2019 to 2020.
The biopharmaceutical firm said it expects to have clinical trial results for three programs in 2020 including the previously announced phase 3 trial of Otividex in Meniere’s disease, phase 1/2 trial of OTO-313 in tinnitus patients in the first half of 2020 and phase 1/2 trial of OTO-413 in patients with hearing loss in the second half of 2020.
Cash, cash equivalents, and short-term investments as of Dec. 31 totaled approximately $97 million. The balance includes proceeds from a $15 million term loan from Oxford Finance LLC completed in December, the company said.
Otonomy also reaffirmed its expectations that GAAP operating expenses will be in the range of $52 million to $57 million. For 2019, the company anticipates GAAP operating expenses to be in the range of $55 million to $60 million, and that non-GAAP operating expenses will be in the range of $45 million to $50 million. For 2020, it expects operating expenses to be lower than the previous year as multiple clinical trials are completed.