The clinical-stage biopharmaceutical company Oncternal Therapeutics, Inc. (Nasdaq: ONCT) stock is up +4.49% in the early trades today rising to $7.91 as of the writing. Although there has not been any news that could cause the ONCT stock to surge the increase in price could be attributed to the announcement of financial results unveiled by ONCT last week.
How were the financial results?
At its clinical-stage, Oncternal Therapeutics is dedicated to the discovery, development, and manufacture of novel therapies for the treatment of cancers with critical unmet medical needs. Oncternal’s drug development team targets promising and untapped pathways that could contribute to cancer genesis or progression. The clinical pipeline includes a type I tyrosine kinase-like orphan receptor, Phase 1b clinical trial in combination with paclitaxel for the treatment of women with HER2-negative metastatic or locally advanced, unresectable breast cancer; and cirmtuzumab,
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Oncternal Therapeutics reported full-year and fourth quarter 2020 financials last week. Some key figures from the released report are as follows:
- For the fourth quarter ended December 31, 2020, ONCT’s grant revenue derived from sub awarding a grant from the California Institute for Regenerative Medicine (CIRM) to UC San Diego was $1.6 million.
- In total, grant revenues were $3.4 million for for full year 2020.
- In the fourth quarter ended December 31, 2020, operating expenses had reached $4.4 million.
- Total operating expenses for the full year 2020 were $20.9 million.
- A total of $3.0 million was spent on R&D for the quarter, and a total of $1.5 million was spent on general and administrative expenses.
- A loss of $2.6 million was incurred during the first quarter, or a loss of $0.09 per share.
- 2020 resulted in a net loss of $17.2 million, or $0.85 per share.
- ONCT had $116.7 million in cash and cash equivalents at December 31, 2020, which the company believes will be sufficient to fund its operations through 2023.
- Around 48.8 million shares of ONCT’s common stock are outstanding as of December 31, 2020.
Oncternal Therapeutics has spared $125 million in 2020 to strengthen its balance sheet and has developed a pipeline of differentiated oncology assets in 2021. With this runway, ONCT should be able to advance its promising programs well into 2023.