Athenex Inc (ATNX) stock commenced the Tuesday trading by losing 3.89% to close at $3.71 per share. But, in the after-hours session, ATNX shares soared 23.99% to close at $4.60 per share.
ATNX shares have lost 59.05% over the last 12 months, and they have declined 10.17% in the past week. Over the past three months, the stock has sunk at 73.42%, while over the past six months, it has shed 67.46% of its value.
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Let’s see if we can find any reason behind its after-hours gains.
Upcoming financial results announcement
Athenex is going to report its Q1 2021 financial results on May 6, 2021, before the market opens.
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A conference call and webcast have been scheduled for Thursday, May 06, 2021, at 8:00 am EDT.
Acquiring Kuur Therapeutics
On May 04, 2021, Athenex, Inc. acquired Kuur Therapeutics, Inc.
According to the acquisition agreement, Athenex will pay $70 million upfront to Kuur shareholders and certain of its former employees and directors, comprised primarily of equity in Athenex common stock.
Kuur Therapeutics, Inc is the leading developer of off-the-shelf CAR-NKT cell immunotherapies for the treatment of solid and hematological malignancies.
The Chief Executive Officer of AthenexDr Johnson Lau said that Kuur’s innovative technology, combined with our TCR program, could drive us into a leadership position in cell therapy.
Q4 and FY 2020 financial results
On March 1, 2021, Athenex Inc. reported financial results for the fourth quarter and the full-year ended December 31, 2020.
Fourth Quarter 2020 financial highlights
- Product sales for Q4 2020 were $21.8 million, compared to $14.1 million for the three months ended December 31, 2019.
- Q4 2020 total revenue was $21.8 million compared to $34.4 million in Q4 2019.
- Research & Development expenses were $18.3 million in Q4 2020 compared to $21.8 million in Q4 2019.
- Selling, General & Administrative expenses were $31.4 million in Q4 2020 compared to $18.1 million for the three months ended December 31, 2019.
- Net losses attributable to Athenex for Q4 2020 were $49.5 million or $0.53 per diluted share compared to a net loss of $21.7 million or $0.28 per diluted share in Q4 2019.
FY2020 financial highlights
- Product sales for the full year in 2020 were $105.3 million compared to $80.5 million for the full year in 2019.
- FY 2020 total revenue was $144.4 million compared to$101.2 million in FY 2019.
- R&D expenses were $75.9 million for the full year in 2020 compared to $84.4 million in 2019.
- SG&A expenses totaled $96.9 million for the full year in 2020 compared to $66.7 million in 2019.
- Net losses attributable to Athenex for the FY 2020 were $49.5 million or $0.53 per diluted share net loss of $123.7 million, or $1.67 per diluted share in FY 2019.
- Athenexhad cash, cash equivalents, and restricted cash of $86.1 million and short-term investments of $138.6 million on December 31, 2020.
Conclusion
The Acquisition of Kuur Therapeutics is the reason behind its gains in the after-market trading. The ATNX stock performance in the coming days is dependent on the upcoming financial results announcement on May 6.