Home Equities Score Clovis Oncology, Inc. (CLVS) Stock Trending Up Following Disclosure of Promising Q1...

Clovis Oncology, Inc. (CLVS) Stock Trending Up Following Disclosure of Promising Q1 2021 Financial Reports

Clovis Oncology, Inc. (CLVS) stock prices were up a promising 8.89% shortly after the trading day commenced on May 5th, 2021, bringing the price per share up to USD$6.00.

Comparative Decrease in Revenue

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CLVS reported USD$38.1 million in global net product revenues derived from the company’s flagship Rubraca in the first quarter of the fiscal year 2021. This includes USD$31.7 million being derived from U.S. markets, and the rest from around the rest of the world. This is an 11% year-over-year decrease from the USD$42.6 million net product revenues reported in Q1 2020.

Contextualizing the Difference

The difference is attributable to fewer diagnoses and the fewer patient starts since the onset of the global Covid-19 pandemic resulted in strict regulations and restrictions. Furthermore, Q1 2020 happened to also be the strongest US Rubraca sales quarter in the company’s history, making it a very strong quarter to be compared to. With the Covid-19 pandemic gripping the global economy after the first quarter, Q1 2020 went by with CLVS remaining largely unscathed from the virus.

Improvement in Net Loss

Net loss for the first quarter of 2021 was reported at USD$66.3 million, down from the USD$99.3 million reported in the prior-year quarter. This translates into an improvement of net loss per share of USD$1.39 per share in Q1 2020 to USD$0.64 per share in Q1 2021. Of the net loss for Q1 2021, USD$4 million is attributable to share-based compensation expenses, down from the USD$13 million reported for the comparable period of 2020.

Solid Liquidity Position

As of March 31st, 2021, CLVs reported cash and cash equivalents in the amount of USD$190.9 million. In conjunction with the ATHENA clinical trial financing, CLVS expects its solid liquidity position to fund its operations through to early 2023. Concurrently, the company announced having drawn USD$113.6 million from the ATHENA clinical trial financing provided by Sixth Street Partner, LLC. The company had another USD$61.4 million available to be drawn to fund expenditures related to the ATHENA trial as per the agreement.

Pipeline Developments

The company recently announced the clearance of imaging and treatment INDs for FAP-2286, approved by the U.S. Drug and Food Administration as an innovative peptide-targeted radionuclide therapy. CLVS expects Phase 1 and 2 enrollments for the LuMIERE study of FAP-2286 to commence by the second quarter of 2021. Also expected by Q2 2021 is top-line data from the Phase 3 ATHENA trial of Rubraca in patients with ovarian cancer as a monotherapy and first-line maintenance treatment.

Future Outlook for CLVS

The company is looking forward to a profitable 2021, with their solid liquidity position affording them the chance to leverage their resources to usher in unprecedented gains. As CLVS focuses on developing its oncology pipeline, current and potential investors are hopeful for commercialization that will translate into significant and sustained increases in shareholder value.

 

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