Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) stock declined by 0.96% at last close while the RCKT stock price plunged by 14.65% in the after-hours trading session. Rocket Pharmaceuticals is developing a comprehensive and long-term pipeline of genetic treatments to treat the underlying causes of complex and rare childhood diseases. Because of RCKT’s platform-agnostic approach, it will devise the right treatment for each indication, possibly changing the lives of patients with rare genetic disorders.
On May 10, 2021, Rocket Pharmaceuticals has announced its first-quarter 2021 financial results. Given below is the summary:
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- As of March 31, 2021, RCKT had $466.4 million in cash, cash equivalents, and deposits.
- Due to a rise in compensation and benefits expense due to increased R&D headcount, an increase in non-cash stock compensation expense, an increase in manufacturing and development costs, and an increase in clinical trials e, research and development expenses were $28.5 million for the three months ended March 31, 2021, compared to $17.0 million for the Q1 2020.
- Owing to the increase in non-cash stock compensation cost and an increase in compensation and benefits expense due to higher G&A headcount, general and administrative expenditures were $10.7 million for the three months ended March 31, 2021, relative to $7.2 million for the Q1 2020.
- The net loss for the three months ended March 31, 2021, was $40.2 million, relative to $24.7 million for the three months ended March 31, 2020.
Gaurav Shah, Chief Executive Officer of Rocket commented:
We are pleased to report that RCKT started 2021 with strong clinical, regulatory, and industrial progress, as evidenced by their promising PKD and LAD-I outcomes, pipeline progress toward regulatory submissions, and continuing progress at their GMP manufacturing facility.
He also said that the promising low dose RP-A501 Phase 1 trial findings in Danon Disease announced today give them hope. Due to FDA calls for risk reduction methods in their protocol, RCKT expects a one-quarter delay in registration. In both the low- and high-dose adult cohorts, RCKT has cured five people. RCKT announced today that recent longer-term low-dose results show durable expression and continued changes in biomarkers, as well as evidence of a favorable risk/benefit profile lasting up to 18 months.