Rhea-AI Summary
Karuna Therapeutics (NASDAQ: KRTX) announced its Q3 2020 financial results and business updates, reporting a net loss of $18.8 million, up from $9.0 million in Q3 2019, primarily due to increased R&D expenses of $12.6 million. The company is set to begin its Phase 3 EMERGENT program for KarXT, targeting acute psychosis in schizophrenia, by the end of 2020. The current cash reserves of $344.9 million are expected to last for at least three years, supporting upcoming clinical trials and potential NDA submissions.
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