The net loss for the first quarter of 2020 was $3.5 million compared with $4.7 million for the first quarter of 2019.
Conatus did not record any revenue for the first quarter of 2020 compared with total revenues of $7.0 million for the first quarter of 2019. The decrease in revenue was due to the termination of the emricasan programs and corresponding termination of the Novartis agreement and related revenues.
Research and development expenses were $0.1 million for the first quarter of 2020 compared with $9.4 million for the first quarter of 2019. The decrease was primarily due to the suspension of emricasan and CTS-2090 programs.
General and administrative expenses were $3.5 million for the first quarter of 2020 compared with $2.6 million for the first quarter of 2019. The increase was primarily due to higher legal expenses incurred in connection with the proposed merger with Histogen.
Cash, cash equivalents and marketable securities were $18.0 million at March 31, 2020, compared with $20.7 million at December 31, 2019.
In January 2020, Conatus announced that it had entered into a definitive agreement with Histogen Inc., a privately-held regenerative medicine company with a redacted biological platform that replaces and regenerates tissues in the body, under which Histogen will merge with a wholly-owned subsidiary of Conatus in an all-stock transaction. The combined company will operate under the name Histogen Inc., is expected to trade on the Nasdaq Capital Market under the ticker symbol HSTO and will focus on advancement of its patented technology for dermatological and orthopedic indications.
None. Waste stock we once put some faith in. The merger is just a cheap way for the private company to get on NASDAQ.