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Cara Therapeutics, Inc. (Nasdaq: CARA) is a pioneering biotechnology company focused on developing innovative treatments for pain, inflammation, and pruritus (itching). The company aims to address unmet medical needs with its proprietary therapeutic approaches and cutting-edge drug screening technology. Cara's flagship compound, CR845, is undergoing clinical trials for acute pain and uremic pruritus, demonstrating analgesic, anti-inflammatory, and antipruritic properties that could serve multiple therapeutic purposes.
Cara Therapeutics has recently made significant strides in its clinical programs. Despite the discontinuation of its clinical trial for pruritus associated with atopic dermatitis, the company remains optimistic about other late-stage clinical programs involving oral difelikefalin for indications such as notalgia paresthetica and chronic kidney disease. The company is also collaborating with HealthCare Royalty to secure financial backing and support for its ongoing and future developments.
Financially, Cara expects to end 2023 with approximately $100 million in cash, bolstered by milestone payments from HealthCare Royalty and efficient management of expenses. The company continues to focus on its goal of bringing first-in-class therapeutics to market, leveraging its proprietary drug-screening technology to expand its pipeline of innovative molecules targeting novel analgesic and anti-inflammatory pathways.
Cara Therapeutics has announced the engagement of Piper Sandler & Co. to explore strategic alternatives with the aim of maximizing shareholder value.
The company’s Board of Directors has approved a new operating plan focused on cost-containment and cash conservation.
There are no assurances that this exploration will result in any agreements or transactions.
As of March 31, 2024, Cara Therapeutics held approximately $70 million in cash, cash equivalents, and marketable securities.
Cara Therapeutics announced disappointing results from Part A of their KOURAGE-1 study, evaluating oral difelikefalin for notalgia paresthetica (NP). The drug did not show meaningful clinical benefit over placebo at any dose, leading the company to discontinue the clinical program in NP. The Phase 2/3 trial involved 214 patients, and despite the drug's safety profile being consistent with prior trials, it did not achieve the primary endpoint of a ≥4-point improvement in the Itch-Numeric Rating Scale. Cara Therapeutics will now explore strategic alternatives to maximize shareholder value.
Cara Therapeutics (Nasdaq: CARA) reported its Q1 2024 results. Net sales from KORSUVA injections totaled $1.8 million, with collaborative revenue contributing $800,000. However, total revenue decreased to $2.1 million from $6.2 million YoY. The company’s net loss widened to $30.7 million from $26.7 million in Q1 2023. Cash balance dropped to $69.8 million from $100.8 million in December 2023, largely due to $30.5 million used in operations. R&D expenses decreased to $22 million, but restructuring expenses added $2.4 million. The KOURAGE 1 Part A study for NP is progressing ahead of schedule, with results expected by the end of Q2 2024. Cara’s financial guidance indicates sufficient cash to fund operations into 2026.
Cara Therapeutics, a biopharmaceutical company, will announce its first quarter 2024 financial results on May 13, 2024. The company focuses on developing treatments for pruritus to enhance patient lives. The press release will be accessible on the company's website.
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