San Diego-based Vital Therapies Inc., a company developing a cell-based therapy to help people suffering from serious liver disease, announced its fourth quarter financial results March 19, reporting a net loss of about $14 million compared with a net loss of $10.2 million in the same quarter of 2013.
For 2014 as a whole, Vital Therapies reported a net loss of $47.7 million compared with a net loss of $32.7 million the previous year.
Vital Therapies is a pre-revenue company with about $108.1 million in assets as of December 31, 2014, up from $46.6 million the previous year.
Based on the current business plan, the company said it has enough cash to fund into the third quarter of 2016, according to a company news release.
The biotherapeutics company has finished enrolling patients for its Phase 3 clinical trial — the final phase before FDA approval — for VTI-208, and has started enrolling patients for a separate Phase 3 clinical trial for VTI-210.
"With completion of enrollment in VTI-208 and topline results expected later this year, we are now focused on enrolling our second phase 3 trial, VTI-210, and preparing for a potential Biologics License Application submission targeted for the first half of 2016 should VTI-208 yield positive results," said Terry Winters, CEO of Vital Therapies.