STOCKS TELEGRAPH

Author: Mahnoor Shah

  • BioLineRx Inc. (BLRX) stock soars during after-hours trading session, following financial results.

    BioLineRx Inc. (BLRX) stock soars during after-hours trading session, following financial results.

    BioLineRx Inc. (NASDAQ: BLRX) stock hiked by 7.89% in the after-hours trading session. BioLineRx Ltd. is an oncology-focused late-stage biopharmaceutical start-up. The business plan of the company is to in-license novel compounds, advance them via clinical phases, and then collaborate with drug companies for further clinical development and/or marketing.

    BLRX stock’ Financial Highlights

    BioLineRx announced financial results for the third quarter of 2021. Given below are the highlights:

    • For the third quarter of 2021, research and development expenses were $4.9 million, up $1.4 million or 41.3 percent from $3.5 million for the same period in 2020.
    • Sales and marketing expenses were $0.2 million for the third quarter of 2021, down $0.1 million or 20.1 percent from $0.3 million for the same period in 2020.
    • General and administrative expenses for the third quarter of 2021 were $1.1 million, up $0.2 million (or 22.3%) from $0.9 million in the same period last year. The majority of the hike was due to the rise in directors’ and officers’ insurance.
    • The Company’s operating loss for the three months ended September 30, 2021, was $6.2 million, relative to $4.6 million for the third quarter of 2020.
    • The Company’s total loss for the third quarter of 2021 was $5.7 million, compared to $4.6 million for the same period in 2020.
    • As of September 30, 2021, the Company has $62.2 million in cash, cash equivalents, and short-term bank deposits.

    Philip Serlin, CEO of BioLineRx commented,

    The most notable favorable outcomes from a pharmacoeconomic trial of Motixafortide in stem cell mobilization for multiple myeloma patients have been reported since their last quarterly report. In comparison to G-CSF alone, using Motixafortide on top of G-CSF led to an overall cost savings of $17,000 per patient, not considering the cost of Motixafortide, due to fewer G-CSF doses and very few apheresis sessions and related expenses. These cost savings should allow them to enhance their Motixafortide pricing approach at launch and beyond, assuming it is authorized.

  • CASI Pharmaceuticals Inc. (CASI) stock rose during after-hours. Here’s to know why?

    CASI Pharmaceuticals Inc. (NASDAQ: CASI) stock declined by 1.43% at last close whereas the CASI stock price surged by 16.88% in the after-hours trading session. CASI Pharmaceuticals is a pharmaceutical business based in the United States that develops and markets new therapies and pharmaceutical products in China, the United States, and around the world.

    CASI stock’ Recent Update

    Mr. Larry Zhang, President of CASI Pharmaceutical, spoke at the Jefferies London Healthcare Conference on November 18-19, 2021.

    CASI stock’ Financial Highlights

    CASI Pharmaceuticals announced the financial results for the third quarter of 2021. Given below are the highlights:

    • Revenues come from EVOMELA product sales, which began in August 2019. For Q3 of 2021, revenue was $8.1 million, compared to $4.2 million for the same period in 2020.
    • For the third quarter of 2021, general and administrative expenses were $5.3 million, comparable to $5.3 million for the same period in 2020.
    • R&D expenses were $2.9 million for the third quarter of 2021, whereas it was $2.8 million for the same period in 2020.
    • Because of the rise in revenues, the net loss for the third quarter of 2021 was $10 million, however, it was $16.7 million for the third quarter of 2020.
    • In the third quarter of 2021, revenue costs were $3.4 million, relative to $1.8 million in the third quarter of 2020, which included $1.6 million in royalty payments and $0.8 million for the same period.

    Wei-Wu He, CASI’s Chairman, and CEO stated,

    They remain optimistic in their forecast for full-year revenue growth in 2021 to exceed 2020 sales by more than 80%. The capacity of their 100-person sales and marketing staff to cover all main hospitals and essential multiple myeloma transplant physicians is further demonstrated by their continuing expansion. They’re excited to build on this accomplishment with the upcoming introduction of Juventas’ CNCT-19, which their partner recently revealed has officially reached phase II of a registered clinical trial, as well as other products.

  • PainReform Inc. (PRFX) stock dropped during after-hours. Here’s to why?

    PainReform Inc. (NASDAQ: PRFX) stock gained by 13.93% at last close whereas the PRFX stock price declined by -6.99% in the after-market trading session. PainReform is a clinical-stage specialized pharmaceutical firm focusing on the reformulation of well-known drugs. The Company’s primary product, PRF-110, is a post-operative pain reliever based on the local anesthetic ropivacaine.

    PRFX stock’ Financial Results

    Pain Reform announced their financial results which are stated below:

    • For the nine months ended September 30, 2021, research and development expenses were $2.3 million, up from $92,000 for the nine months ended September 30, 2020, a $2.2 million jump. A rise in chemical and manufacturing controls (CMC) operations, as well as preparation for the start of clinical trials, were the main reasons for the increase.
    • General and administrative expenses were $3.2 million for the nine months ended September 30, 2021, up from $888,000 for the same period in 2020, a $2.3 million increase.
    • For the nine months ended September 30, 2021, the financial expense, the total was $46,000, relative to $2.1 million for the nine months ended September 30, 2020, a $2.0 million drop.
    • As a result of the above, they had a net loss of $5.5 million for the nine months ended September 30, 2021, up from $3.1 million for the nine months ended September 30, 2020, a $2.4 million increase.
    • The Company had $18.4 million in cash and cash equivalents as of September 30, 2021.

    Ilan Hadar, Chief Executive Officer, provided business updates,

    They’re getting closer to starting their Phase 3 clinical trials for PRF-110, their lead product, which is built on the local anesthetic ropivacaine and is aimed at the post-operative pain treatment market. For this reason, they’ve partnered with Pharmaceutics International, Inc. to manufacture their clinical batches. PI is a leading contract manufacturing organization with more than 25 years of expertise providing cGMP manufacturing services to the worldwide biopharmaceutical industry. They currently plan to start their first bunionectomy clinical trial in the second part of 2022. They also want to start the Phase 3 hernia repair clinical trial after the bunionectomy experiment is completed.

  • Matins BioPharma Inc. (MTNB) stock rose during after-hours. Here’s what’s happening?

    Matins BioPharma Inc. (NASDAQ: MTNB) stock plunged by 0.94% at last close whereas the MTNB stock gained by 7.62% in the after-market trading session. Matinas BioPharma is a biopharmaceutical business that uses its paradigm-shifting lipid nanocrystal (LNC) delivery platform to improve intracellular delivery of important medications.

    MTNB stock’ Upcoming Event

    Matinas BioPharma Holdings has been asked to give an overview of the company at the Piper Sandler 33rd Annual Virtual Healthcare Conference, which will take place November 29 – December 2, 2021. During the event, the firm will conduct investor meetings.

    Financial Outcomes

    Quite recently Matinas BioPharma announced its financial and operational highlights. Given below is the summary:

    • On September 30, 2021, cash, cash equivalents, and marketable securities totaled $53.8 million, whereas it was $58.7 million on December 31, 2020. The Team thinks that cash on hand will be adequate to support planned operations through 2024, given the current projections.
    • The net loss attributable to common shareholders for the Q3 of 2021 was $6.8 million, or $0.03 per share (basic and diluted), relative to a net loss attributable to common shareholders of $5.7 million, or $0.03 per share (basic and diluted), for the same period in 2020. The rise was mainly due to increased research and development costs.

    MTNB stock’ Operational Updates

    • The DSMB suggested progression to the second part of the study after receiving positive safety and effectiveness data from the first two cohorts of patients in the continuing EnACT study of MAT2203 (oral amphotericin B) for the cure of cryptococcal meningitis.
    • Dosing began in a Phase 1 study of MAT2501, a possible first oral aminoglycoside antibiotic (oral amikacin).
    • Kathryn Penkus Corzo, a seasoned biotechnology executive, has joined the Company’s Board of Directors.

    Jerome D. Jabbour, CEO of Matinas stated that,

    They’ve started an in vivo efficacy study with LNC remdesivir with their collaborators at the National Institutes of Health and Gilead, and they hope to share results later this year as another conceptual design for successful antiviral prodrug oral administration. Lastly, they continue to assess opportunities to capitalize on what they believe is their LNC platform’s immense potential for solving the oral administration and intracellular delivery issues posed by vaccines and complicated nucleic acid polymers like mRNA.

  • Here’s to why TAL Education Group Inc. (TAL) stock declined during after-hours?

    TAL Education Group Inc. (NASDAQ: TAL) stock gained by 3.04% at last close, whereas the TAL stock price plunged by 5.68% in the after-hours trading session. In China, the TAL Education Group is a significant provider of K-12 after-school tutoring sessions. The term “TAL” stands for “Tomorrow Advancing Life,” and it symbolizes their goal of providing excellent opportunities to learn for Chinese students via high-quality teaching and material.

    TAL stock’ Update

    In reaction to recent policy developments about the after-school tutoring sessions, TAL Education Group issued an update on the Company’s business activities. The General Offices of the CPC Central Committee and the General Office of the State Council published Opinions on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education in July 2021 (the “Opinion”), as well as the making and implementation of rules, regulations, and measures enforced by the relevant authority.

    Towards the end of this year 2021, the Company wants to stop offering academic topics to pupils in kindergarten through grade nine in mainland China, in accordance with the Opinion and relevant rules, regulations, and measures. The Company expects the discontinuance to have a significant negative impact on profits in the fiscal year ending February 28, 2022, and the following years. Revenues from offering K9 Academic AST Services accounted for a considerable majority of the Company’s overall revenues in the fiscal year ending February 28, 2021.

    Furthermore,

    TAL will keep operating and building the part of its business that is not tied to K9 Academic AST Services by utilizing its cutting-edge education technology, high-quality content, and vast experience. TAL will also look into new ways that can provide education services while adhering to all applicable norms and regulations.

    In order to ensure compliance with the policy objectives in the Opinion and any related implementation rules, regulations, and measures, the Company will actively seek assistance from and work with government officials in various provinces and municipalities throughout China. As needed, the Company will modify its business activities and provide updates to its shareholders.

  • Following its financial earnings, Zomedica Inc. (ZOM) stock declined during after-hours.

    Zomedica Inc. (NASDAQ: ZOM) stock gained by 4.82% at last close, whereas the ZOM stock price fell by 5.10% in the after-hours trading session. Zomedica, based in Ann Arbor, Michigan, is a veterinary health company that focuses on the unfulfilled requirements of clinical veterinarians to provide products for companion animals.

    ZOM stock’ Financial Highlights

    Zomedica Corp. announced its financial results for the third quarter of 2021 and nine months ended on September 30, 2021. Given below are the highlights:

    • For the third quarter of 2021, Zomedica reported a net loss of about $6.3 million, or $0.01 per share, relative to a net loss of approximately $5.0 million, or $0.01 per share, for the third quarter of 2021.
    • The sale of their TRUFORMA products and accompanying warranties generated $22,514 and $52,331 in revenue for the three and nine months that ended September 30, 2021, correspondingly. They began commercializing TRUFORMA on March 15, 2021, and as a result, sales activity has been restricted in the first three quarters of 2021.
    • The company has generated its research and development expense for the third quarter and nine months ended September 30, 2021, as $0.3 million and $1.0 million respectively.
    • Selling, general, and administrative expense were about $6.1 million for the third quarter of 2021, relative to approximately $2.3 million for the third quarter of 2020, a growth of about $3.8 million, or 166%.

    Larry Heaton, CEO of Zomedica, commented,

    In the third quarter, the Zomedica team continues to expand the installed base of TRUFORMA instruments through their Customer Appreciation Program (CAP), which offers certain customers a free instrument in exchange for the purchase of assay cartridges. With 144 clients engaged to date, customer feedback to this program has been positive, and they aim to continue providing it until the end of the year. They expect revenue from these CAP program users to grow in steps as they use up existing cartridges and add new ones as they become available.

  • Here’s to why AC Immune SA Inc. (ACIU) stock plunged during current market trading?

    Here’s to why AC Immune SA Inc. (ACIU) stock plunged during current market trading?

    AC Immune SA Inc. (NASDAQ: ACIU) stock declined by 5.29% in the current market trading session. AC Immune SA is a clinical-stage pharmaceutical company with the goal of becoming a world leader in targeted therapy for neurodegenerative illnesses such as Alzheimer’s, Parkinson’s, and NeuroOrphan indications caused by misfolded proteins.

    ACIU stock’ Current Update

    At the 14th Clinical Trials on Alzheimer’s Disease (CTAD) conference, happened in Boston, Massachusetts from November 9-12, 2021, AC Immune SA presented different interim Phase 1b/2a data on ACI-35.030. It is a first-in-class anti-phosphorylated-Tau (pTau) vaccine candidate being made in conjunction with Janssen Pharmaceuticals, Inc.

    ACI-35.030 is the first Alzheimer’s disease vaccine candidate to produce antibodies against pathogenic pTau in the brain. At CTAD, AC Immune’s Chief Medical Officer Johannes Streffer presented findings from a current, placebo-controlled Phase 1b/2a trial testing ACI-35.030 in patients with early Alzheimer’s disease in an on-demand oral presentation (AD). The trial found that ACI-35.030 therapy resulted in a significant increase of antibodies specific for pathogenic forms of Tau, such as pTau and its aggregated form, as well as an enrichment of paired helical filaments (ePHF).

    Prof. Andrea Pfeifer, CEO of AC Immune SA, stated that,

    The discovery of such a powerful and long-lasting immune response to a self-protein in an aged population is both remarkable and significant in terms of altering the AD therapy paradigm toward early treatment and prevention. Many years before the Tau build-up was evident using imaging modalities, pathological pTau is present in the CSF as a precursor. They hope to fulfill the significant promise which this anti-pTau vaccination has shown as a viable early intervention for AD by developing ACI-35.030 while harnessing cutting-edge Tau diagnostics.They are excited to continue working with Janssen Pharmaceuticals, Inc. and to share new immunogenicity results from the high-dose group in Phase 1b/2a trial.

  • Brickell Biotech Inc. (BBI) stock hikes during pre-market trading. Let’s see why

    Brickell Biotech Inc. (BBI) stock hikes during pre-market trading. Let’s see why

    Brickell Biotech Inc. (NASDAQ: BBI) stock gained by 1.32% in the pre-market trading session after they have announced their financial earnings. Brickell Biotech is a clinical-stage pharmaceutical business focused on creating unique and distinct prescription treatments for dermatologic, autoimmune, and other chronic disorders.

    BBI stock’ Financial Results

    Brickell Biotech announced its financial results for the third quarter of 2021. Given below are the highlights.

    • As of September 30, 2021, the Company has $21.4 million in cash and cash equivalents, however, it was $30.1 million as of December 31, 2020.
    • For the third quarter of 2021, revenue was $0.1 million, which was made up of royalty revenue from Kaken’s sales of ECCLOCK in Japan. For the third quarter of 2020, revenue was $0.1 million mostly due to revenue generated from known research and development funds provided by Kaken to Brickell in 2018.
    • In the third quarter of 2021, research and development costs were $10.2 million whereas it was $1.3 million in the third quarter of 2020.
    • In the third quarter of 2021, general and administrative expenses were $3.3 million, compared to $3.2 million in the third quarter of 2020, maintaining broadly similar with the comparable period.
    • Brickell’s net loss in the third quarter of 2021 was $13.3 million however it was $4.3 million in the third quarter of 2020.

    Robert Brown, Chief Executive Officer of Brickell stated,

    They’re excited to go on with their DYRK1A inhibitor initiatives, which aim to re-establish immunological balance via a novel and differentiated small chemical strategy. They hope that it will help patients with autoimmune illnesses live better lives. Moving towards the end the company is planning to enroll BBI-02, their main DYRK1A inhibitor, in Phase 1 clinical trial in the first half of 2022, with topline data expected by the end of the year. In the next months, they hope to provide updates on this planned study.

  • Assembly Biosciences Inc. (ASMB) stock soar during pre-market. Here’s to know why?

    Assembly Biosciences Inc. (ASMB) stock soar during pre-market. Here’s to know why?

    Assembly Biosciences Inc. (NASDAQ: (ASMB) stock declined by 1.70% at last close whereas the ASMB stock price gained by 3.81% in the pre-market trading session. Assembly Bio is a clinical-stage biotechnology firm dedicated to developing finite and curative hepatitis B virus (HBV) medicines for the world’s 270 million individuals living with the illness.

    ASMB stock’ Financial Highlights

    For the third quarter of 2021, Assembly Biosciences released financial outcomes and recent highlights.

    • For the third quarter of 2021, cash, cash equivalents, and marketable securities were $190.1 million, compared to $199.1 million in the second quarter of 2021.
    • Revenue from joint research was $6.3 million in the third quarter of 2021, relative to $34.6 million for the same time in 2020.
    • For the third quarter of 2021, research and development expenses were $18.5 million, relative to $26.9 million for the same time in 2020.
    • For the third quarter of 2021, general and administrative expenses were $6.7 million, relative to $11.7 million for the same time in 2020.
    • The net loss attributable to common stockholders was $18.8 million, or $0.41 per basic and diluted share for the third quarter of 2021 while it was $3.3 million, or $0.09 per basic and diluted share, for the same period in 2020.

    John McHutchison, AO, MD, CEO and president of Assembly Bio, commented,

    They’re pleased to progress ABI-4334, their newest core inhibitor, and they’re working hard to get this candidate into clinical trials as soon as feasible next year. In the meantime, they’ve increased the number of triple combination regimens they’re testing to treat HBV. It also includes vebicorvir (VBR), their main experimental core inhibitor candidate, as a core therapy, as well as standard-of-care nucleos(t)ide reverse transcriptase inhibitor (Nrtl) therapy and a complementary mechanism. Interferon (peg-IFN) and Arbutus’ RNAi therapy candidate are currently in Phase 2 studies, and now the company is excited to start the third Phase 2 all-oral triple combination cohort with Antios ASPIN, ATI-2173. The first results from all three studies are expected in 2022.

  • Here’s to why WM Technology Inc. (MAPS) stock declines during premarket?

    Here’s to why WM Technology Inc. (MAPS) stock declines during premarket?

    WM Technology Inc. (NASDAQ: (MAPS) stock surged by 0.26% at last close whereas the MAPS stock price plunged by 12.83% in the pre-market trading session. The Company’s goal is to make the international cannabis market more transparent and inclusive. WM Technology, now in its second decade, has been the main driver behind most of the recent legislation change.

    MAPS stock’ Financial Outcomes

    WM Technology announced financial earnings for its third quarter of 2021. The highlights are given below:

    • For the third quarter of 2021, revenue climbed by 9% from the third quarter of 2020 to $50.9 million.
    • The gross profit was $48.8 million, reflecting a 96 percent margin rate, up 50 basis points from the previous year.
    • The net income was $49.2 million, up from $15.5 million the previous year.
    • Adjusted EBITDA was $10.4 million, down from $16.5 million the previous year.
    • Depending on 64.2 million Class A Common Stock weighted average shares outstanding, basic net income per share for the third quarter of 2021 was $0.32.
    • Based on 68.3 million Class A Common Stock weighted average diluted shares outstanding, diluted net income per share was $0.02.
    • As of September 30, 2021, the company had $77.9 million in cash.

    Chris Beals, CEO, and Chairman of WM Technology commented that,

    The third-quarter results show the momentum they’re experiencing as they work to execute and invest in key growth objectives. Given the issues, many of their customers encountered due to what they believe is rapid consumer demand shifts to non-licensed channels, their ability to outperform their end-market growth is quite noteworthy. In addition, as they move to 2022, they make significant investments in both organic and inorganic development in their platform during the third quarter.

    Future Outlook

    The following is the forecast for the fourth quarter of the year ending December 31, 2021, given current business changes or trends:

    • The revenue is expected to range between $50 and $52 million.
    • The adjusted EBITDA is expected to be in the range of $3 million to $5 million.