By Sam Boughedda
Investing.com -- Reata Pharmaceuticals Inc (NASDAQ:RETA) announced its fourth-quarter and full-year earnings Monday. The stock surged 22.46% after the release.
The loss per share came in at $1.59, beating analysts' prediction for a per-share loss of $2.26. However, revenue missed forecasts of $1.63 million, coming in at $0.93 million.
The company also said its cash and cash equivalents will be able to fund operations through the end of 2024.
"We are making important progress in our efforts to advance omaveloxolone for the treatment of patients with Friedreich's ataxia ('FA') including receiving Fast Track Designation from the U.S. Food and Drug Administration and initiating rolling submission of our New Drug Application ('NDA')," said Warren Huff, Reata's CEO.
The company added that a recent submission of an NDA for omaveloxolone, its potential treatment for patients with Friedreich's Ataxia, is expected to be completed by the end of Q1 2022. The company also plans to work with the FDA to confirm its next steps on its Alport syndrome program.