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Cara Therapeutics: A Financial Overview in January

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Jan. 23 2019, Updated 12:00 p.m. ET

Revenue trends

In the first nine months of 2018, Cara Therapeutics (CARA) generated revenues of $7.9 million—compared to $911,000 during the same period the previous year. In the third quarter, Cara Therapeutics’ net revenues were $5.1 million.

In the first nine months of 2018, Cara Therapeutics generated revenues of $7.9 million from licenses and milestone payments. In the third quarter, the company’s revenues from licenses and milestone payments were $5.0 million.

Analysts expect Cara Therapeutics to generate revenues of $2.7 million in the fourth quarter. Analysts expect the company’s net revenues in fiscal 2018 to be ~$10.60 million. Analysts expect Cara Therapeutics’ net revenues in fiscal 2019 to be ~$11.21 million, which represents ~5.73% YoY growth.

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Among Cara Therapeutics’ peers in the cannabis drug market, GW Pharmaceuticals (GWPH) reported revenues of $12.74 million in fiscal 2018. INSYS Therapeutics reported net revenues of $18.35 in the third quarter. Analysts expect INSYS Therapeutics to report net revenues of $83.74 million in fiscal 2018.

Cara Therapeutics, GW Pharmaceuticals, and INSYS Therapeutics’ revenue growth are expected to boost the ETFMG Alternative Harvest ETF’s (MJ) revenue growth. Cara Therapeutics, GW Pharmaceuticals, and INSYS Therapeutics account for ~1.52%, ~5.95%, and 1.64% of MJ’s total portfolio holdings.

Expense trends

In the first nine months of 2018, Cara Therapeutics reported R&D (research and development) and G&A (general and administrative) expenses of $52.7 million and $10.6 million, respectively—compared to $36.9 million and $8.9 million during the same period the previous year.

In the third quarter, Cara Therapeutics’ net operating expenses were $25.5 million—compared to $13.0 million in the third quarter of 2017. Analysts expect the company’s R&D and G&A expenditure to be ~$3.8 million and $22.02 million, respectively, in the fourth quarter. Analysts expect Cara Therapeutics’ net R&D and SG&A expenditure in fiscal 2018 to be ~$14.4 million and $74.8 million, respectively.

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