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Organization and Liquidity
3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Liquidity

1. Organization and Liquidity

Description of Business

89bio, Inc. (together with its consolidated subsidiaries, herein referred to as 89bio, the company, we, our or us) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. Our lead product candidate, pegozafermin, is a specifically engineered glycoPEGylated analog of fibroblast growth factor 21 (FGF21). Pegozafermin is currently being developed for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), formerly nonalcoholic steatohepatitis (NASH), and for the treatment of severe hypertriglyceridemia (SHTG).

89bio was formed as a Delaware corporation in June 2019 to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018.

Liquidity

We have incurred significant losses and negative cash flows from operations since inception and had an accumulated deficit of $895.8 million as of March 31, 2025. We have historically financed our operations primarily through the sale of equity securities, including warrants, and from borrowings under term loan facilities. To date, none of our product candidates have been approved for sale, and we have not generated any revenue from commercial products. We expect operating losses to continue and increase for the foreseeable future as we progress our clinical development activities for our product candidates.

We believe our existing cash, cash equivalents and marketable securities of $638.8 million as of March 31, 2025 will be sufficient to fund our planned operating expense requirements for a period of at least one year from the issuance date of these condensed consolidated financial statements.