Executive Summary

Q2 2023 revenue was $4.643M, up 13.5% year over year; net loss improved to $20.695M and diluted EPS to -$0.47, driven by Zokinvy sales (notably Germany) and a cost-of-sales reversal .
Management pivoted strategy to prioritize avexitide in hyperinsulinemic hypoglycemia (PBH, HI), executed a 25% workforce reduction, and guided cash runway into Q4 2024; active partner discussions for late-stage virology assets are underway .
Operating mix shifted: R&D rose to $19.401M as SG&A fell to $5.533M; total operating expenses were $24.624M vs. $24.171M in Q2 2022 .
No formal revenue/EPS guidance; S&P Global consensus estimates were unavailable for Q2 2023 (SPGI mapping error), limiting beat/miss analysis. Note: Estimates unavailable.

What Went Well and What Went Wrong

Zokinvy net revenue reached $4.643M (+$0.552M YoY), with growth primarily from product sales in Germany versus no such sales in Q2 2022 .
SG&A costs declined to $5.533M (from $7.027M YoY), reflecting lower compensation and outside services; cost of sales benefited from reversal of a nonconforming batch accrual (-$0.310M) .
Clear strategic focus and leadership stability: “We are deploying our resources toward recognizing the compelling potential of avexitide in metabolic diseases” — CEO David Apelian; Breakthrough Therapy designation and FDA alignment on Phase 3 endpoints bolster execution confidence .

Loss from operations remained substantial at $(19.981)M and net loss at $(20.695)M, reflecting heavy R&D investment and limited scale of product revenue .
R&D increased to $19.401M (+$2.408M YoY) due to clinical/manufacturing spend and compensation, offset by reduced outside services tied to peginterferon lambda programs; OpEx ticked up vs. Q2 2022 .
No financial guidance on revenue or profitability; inability to compare to Street estimates (SPGI mapping error) reduces near-term visibility and complicates investor scorekeeping. Note: Estimates unavailable.

Metric	Q2 2022	Q1 2023	Q2 2023
Total Revenue ($USD Millions)	$4.091	$4.118	$4.643
Loss from Operations ($USD Millions)	$(20.080)	$(22.263)	$(19.981)
Net Loss ($USD Millions)	$(21.884)	$(22.784)	$(20.695)
Diluted EPS ($USD)	$(0.51)	$(0.52)	$(0.47)
Total Operating Expenses ($USD Millions)	$24.171	$26.381	$24.624

Metric	Q2 2022	Q1 2023	Q2 2023
Product Revenue, Net ($USD Millions)	$3.341	$4.118	$4.393
Other Revenue ($USD Millions)	$0.750	N/A	$0.250

Metric	Q2 2022	Q1 2023	Q2 2023
Cost of Sales ($USD Millions)	$0.151	$0.118	$(0.310)
Research & Development ($USD Millions)	$16.993	$16.748	$19.401
Selling, General & Administrative ($USD Millions)	$7.027	$9.515	$5.533

Metric	Q4 2022	Q1 2023	Q2 2023
Cash & Cash Equivalents ($USD Millions)	$25.798	$15.181	$22.983
Short-term Debt Securities ($USD Millions)	$73.150	$60.091	$30.626
Total Assets ($USD Millions)	$120.139	$99.228	$72.358
Stockholders’ Equity ($USD Millions)	$55.310	$35.239	$15.295
Common Shares Outstanding (Units)	44,074,284	44,296,417	44,296,417

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	FY2023–FY2024	Not provided	“Expected to extend into Q4 2024”	Introduced
Workforce	FY2023	Not provided	25% reduction executed	Introduced
Revenue	FY/Q2 2023	None	None	Maintained (no guidance)
Margins/OpEx/EPS	FY/Q2 2023	None	None	Maintained (no guidance)
OI&E, Tax, Dividends	FY/Q2 2023	None	None	Maintained (no guidance)

Note: A Q2 2023 earnings call transcript was not available in our document set; themes reflect management’s press releases.

Topic	Previous Mentions (Q4 2022, Q1 2023)	Current Period (Q2 2023)	Trend
Strategic Focus	Emphasis on HDV (lonafarnib/ritonavir D-LIVR met primary endpoint; LIMT-2 enrollment progressing)	Pivot to metabolic diseases; prioritizing avexitide for PBH/HI; workforce reduction; partnering for virology assets	Shift from HDV-heavy to avexitide-centric
R&D Execution	Phase 3 readiness for AVANT (HI); LIMT-2 randomization; LIFT-2 collaboration	FDA-aligned Phase 3 endpoints/sample size for PBH; continued HI plans	Focused development with regulatory alignment
Regulatory/Legal	Pre-NDA meeting for HDV planned by end of Q2; EU/UK Zokinvy approvals	Continues regulatory alignment for avexitide; HDV assets seeking partners	De-emphasize internal HDV spend; explore partnerships
Product Performance	Zokinvy revenue up; EU/UK approvals	Zokinvy net revenue $4.6M; Germany sales drove growth	Stable commercial base; selective geographic expansion
Corporate	Leadership transitions, CFO/GC hires; program prioritization analysis	CEO appointment; cost actions to extend runway	Strengthened leadership, cash discipline

“We are deploying our resources toward recognizing the compelling potential of avexitide in metabolic diseases… initial focus is on post-bariatric hypoglycemia…and other forms of hyperinsulinemic hypoglycemia…we see the highest revenue potential…have demonstrated proof-of-concept…FDA alignment on Phase 3 endpoints, sample size, and study design.” — David Apelian, CEO .
“In December, we announced that both our lonafarnib-based treatments met the primary endpoint in our pivotal Phase 3 D-LIVR trial… we look forward to our pre-NDA meeting with the FDA…” — David Apelian, Interim CEO (Q1 commentary, context) .
Corporate actions: “25% reduction in workforce… expected to extend the Company’s cash runway into the fourth quarter of 2024” .

A Q2 2023 earnings call transcript was not found; no direct Q&A to summarize. Our clarifications rely on press release disclosures: revenue growth was “primarily driven by product sales in Germany,” cost of sales decreased due to reversal of an accrual for a nonconforming batch, and R&D increased on clinical/manufacturing and personnel costs; SG&A decreased on personnel and outside services .

S&P Global consensus EPS and revenue estimates for Q2 2023 were unavailable due to missing CIQ mapping for EIGR; therefore, beat/miss analysis versus Street is not provided. Note: Estimates unavailable.

Execution pivot: Eiger reoriented toward avexitide in PBH/HI with FDA-aligned Phase 3 endpoints, signaling a clearer, potentially faster path to value in metabolic diseases .
Commercial base: Zokinvy revenue of $4.643M supports cash inflows; Germany sales drove growth, partially offset by lower AnGes MDA upfronts YoY .
Cost actions: Workforce reduction and reduced HDV out-of-pocket spend extend runway into Q4 2024, lowering near-term financing risk .
R&D intensity remains high: Q2 R&D rose to $19.401M as programs progress; monitor spend versus runway and partner outcomes on virology assets .
Limited visibility: No formal revenue/EPS guidance and absent Street estimates reduce near-term comparability; focus on regulatory milestones and partnership catalysts .
Balance sheet compression: Total assets fell to $72.358M; equity declined to $15.295M, underscoring the importance of disciplined OpEx and external funding/partnerships .
Trading lens: Near-term catalysts include Phase 3 PBH initiation specifics, partner announcements for HDV assets, and sustained Zokinvy performance; downside risk revolves around clinical timelines and funding needs .

Sources: Q2 2023 8-K press release and exhibits ; Q1 2023 8-K press release ; Q4 2022 8-K press release .