Aslan Pharmaceuticals Inc. (NASDAQ: ASLN) stock plunged by 1.77% at last close while the ASLN stock price keeps falling by 6.12% in the pre-market session as well. ASLAN Pharmaceuticals is a clinical-stage immunology biopharmaceutical corporation focusing on discovering novel therapies to improve patients’ lives. ASLAN’s product pipeline includes ASLAN004, a first-in-class monoclonal therapy being formulated for atopic dermatitis and other immunology indications, and ASLAN003, an autoimmune disorder drug in development.
On May 11, 2021, Aslan Pharmaceuticals announced its Q1 2021 financial results. Given below is the summary:
- In the first quarter of 2021, cash used in operations was US$7.6 million, up from US$5.2 million in the same timeframe in 2020.
- In the first quarter of 2021, research and development costs were US$3.8 million, up from US$2.4 million in the first quarter of 2020. Manufacturing costs incurred in preparation for the Phase 2b trial of ASLAN004 accounted for the rise.
- In the first quarter of 2021, general and administrative costs were US$3.1 million, up from US$1.0 million in the first quarter of 2020. The spike was due to the rise in headcount and staffing expenses in preparation for the ASLAN004 Phase 2b trial, as well as increased organizational costs incurred to facilitate fundraising efforts that ended in the first quarter of 2021.
- The first quarter of 2021 saw a net loss of US$6.7 million, compared to US$3.0 million in the first quarter of 2020.
- As of March 31, 2021, currency, cash assets, and short-term assets totaled US$100.8 million, up from US$14.3 million as of December 31, 2020. Following the fundraising activities in the first quarter of 2021, which generated roughly US$101 million in combined gross proceeds, management expects that its cash and cash equivalents will be sufficient to finance operations until 2023.
Upcoming significant developments
- Clinical findings from the MAD clinical trial of ASLAN004 in moderate-to-severe AD patients are expected in the third quarter of 2021.
- The Phase 2b testing of ASLAN004 for Alzheimer’s disease is scheduled to begin in the second half of 2021.