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Tag: SIOX Stock

  • Sio Gene Therapies Inc. (SIOX) Plunges to New Lows on Terminating License Agreement for its Lead Gene Therapy Programs

    Shares of Sio Gene Therapies Inc. (SIOX) are plunging down in the premarket today, on April 28, 2022. So far, SIOX stock has declined by 34.54% registering a new low of $0.3947 in the premarket against its previous 52-week low of $0.5401. This downward move comes after a slight gain of 2.20% in yesterday’s trading which had the stock valued at $0.6030 at the close.

    The reason for the current downfall is yesterday’s corporate updates which brought forth some concerning news.

    Source: CHBO

    SIOX’s Corporate Update

    Yesterday, the company said that it has sent a notice to the University of Massachusetts for terminating its licensing agreement for developing and commercializing its gene therapy product candidates. The licensing agreement also covered its lead gene therapy products AXO-AAV-GM1 and AXO-AAV-GM2 for GM1 and GM2 gangliosidosis including Tay-Sachs and Sandhoff diseases.

    Furthermore, the company also said that as of March 31, its cash balance was $64 million and hence it plans to explore various strategic alternatives for increasing stockholder value. It is considering various options like company sale, merger, business combination, etc. For the purpose of the review, SIOX is working with SVB Securities as its financial advisor.

    Additionally, the update also included plans for headcount reduction and wind-down of all trials related to the programs.

    What’s going on??

    In a run for reserving cash and reducing operating expenses, the company has terminated its lead gene therapy program’s license agreement. Not only this but it has also decided to wind down all related clinical trials and manufacturing operations.

    It was only in January that the company announced a portfolio prioritization with a focus on the GM1 and GM2 programs. It all came falling down when the company’s previous CEO left in January while earlier chief R&D officer had also left and thus, the prioritization was a means for extending its cash runway. The new interim CEO, David Nassif had then shared his expectations for the GM1 and GM2 programs that were said to bring meaningful value.

    What Does This Mean for SIOX?

    It seems the company is going through some real tumulus times as it has slowly ceased all R&D activities. After narrowing its portfolio to only the GM1 and GM2 programs, it has now even halted those. On top of this, it is also reducing headcount to conserve capital. Unless SIOX brings about a successful outcome from the review process to rise from the ashes like a phoenix, its future is seemingly very bleak.

  • How Did CynergisTek (CTEK) Stock Perform In Extended Trading?

    During Monday’s aftermarket session, CynergisTek Inc. (CTEK) shares fell -6.06% to $2.17. Following a gain in the regular session, CTEK stock has come to consolidate. CynergisTek stock added 13.79% to finish regular trading session at $2.31.

    CTEK recorded a trading volume of 1.07 million shares, which is high compared with the average daily trading volume of 0.22 million shares for the last 50 days. In the past three months, CTEK stock has declined -1.70 percent and gained 59.31 percent this year.

    CTEK recently experienced what?

    Cybersecurity company CynergisTek specializes in serving the needs of the healthcare industry. Providing security, privacy, and compliance solutions is a core competency of CTEK. In addition to serving hundreds of healthcare organizations as a partner, CynergisTek contributes to relevant industry associations to support and educate the industry. For the second year in a row, CTEK was named the top cybersecurity consultant for healthcare by Black Book in 2020.

    CynergisTek’s Redspin division recently achieved certification as a Candidate CMMC Third-Party Assessor Organization (C3PAO) under the Cybersecurity Maturity Model Certification Program (CMMC).

    • A Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) of the Defense Contract Management Agency (DCMA) deemed that Redspin’s security practices and processes meet the requirements of CMMC Level 3.
    • In response, the CMMC Accreditation Body has certified CTEK’s Redspin as an Authorized C3PAO capable of conducting CMMC assessments.
    • CTEK’s division now has the authority to conduct assessments based on CMMC Levels 1-3 contractually with Organizations Seeking Certification (OSCs).
    • The Defense Industrial Base (DIB) contracts must be secured or renewed by CMMC contractors regardless of security negotiations.

    How CEO envision this going forward?

    Caleb Barlow, president and CEO of CynergisTek said that a number of resources at the company are on hand, and the last step was formal authorization that CynergisTek (CTEK) has now received. The CTEK executives, consultants, and provisional assessors are eager to assist DIB suppliers with assessing, constructing, and validating their cyber resilience.

  • Why Was The SIOX Stock Up 18% After Hours?

    On Monday, Sio Gene Therapies Inc. (SIOX) gained 18.25% to $2.98 in after-market trading. During the last trading session, shares of Sio Gene stock rose by 1.20% to close at $2.52. During the normal session, SIOX stock saw price of its shares ranging between $2.50 and $2.64.

    Recent developments:

    Sio Gene Therapies develops genetic medicines to help patients live longer, healthier lives. Among SIOX’s clinical-stage candidates are its potential curing AAV-based gene therapies for childhood diseases, including GM1 gangliosidosis and Tay-Sachs/Sandhoff, which are rare and uniformly fatal because of single gene defects. Also, SIOX is bringing gene therapy to treatments for Parkinson’s, which affects millions of people worldwide.

    Last week, Sio Gene reported its financial results for its fiscal year ended March 31, 2021.

    Financial Highlights:

    • As compared to the fiscal year ended March 31, 2020, research and development expenses of SIOX were $24.9 million in fiscal year 2021, a decrease of $22.2 million.
    • General and administrative expenses decreased by $4.8 million in comparison to the fiscal year ended March 31, 2020, and were $17.3 million in fiscal year 2021.
    • As of March 31, 2021, SIOX’s net loss was $32.4 million, which equates to $0.62 per share, compared to a loss of $72.6 million, or $2.93 per share, from March 31, 2020.
    • Net cash used by SIOX in operating activities for the fiscal year ended March 31, 2021 was $46.6 million.
    • The sale of long-term investment in Arvelle contributed $11.6 million to SIOX’s net cash provided by investing activities.

    SIOX’s strength:

    Sio Gene (SIOX) had cash and cash equivalents of $119.0 million as of March 31, 2021. There are no short- or long-term debts on the company’s balance sheet. SIOX estimated that it will be able to sustain operations up until the end of Q4 2022, beyond the anticipated dates for its AXO-AAV-GM1 gene therapy program to treat GM1 gangliosidosis.