Home Equities Score Checkpoint Therapeutics, Inc. (CKPT) Stock Undergoes Volatility after Release of Q1 2021...

Checkpoint Therapeutics, Inc. (CKPT) Stock Undergoes Volatility after Release of Q1 2021 Financial Reports

Checkpoint Therapeutics, Inc. (CKPT) stock prices were up 4.17% as of the market closing on May 11th, 2021, bringing the price per share up to USD$2.50. Subsequent pre-market fluctuations have seen the stock fall 9.20%, down to USD$2.27.

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Cosibelimab Development

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The company recently reported the continued advancement of the development of CKPT’s two lead drug candidates over the course of the first quarter of the fiscal year 2021. Enrollment in the company’s registration-enabling study for cosibelimab in metastatic cutaneous squamous cell carcinoma (mCSCC) is nearly complete. The study is on track to report top-line results by the end of the 2021 year, the success of which will facilitate the submission of an application for marketing approval in 2022.

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Neupharma Continues Enrollment

Additionally, Neupharma, Inc., CKPT’s collaborative partner in Asia, continues to enroll patients into a Phase 3, registration enabling study. As planned, the ongoing enrollment is for first-line, EFGR mutation-positive locally advanced or metastatic non-small cell lung cancer (NSCLC). The company intends to discuss the ongoing Phase 3 study design with the U.S. Food and Drug Administration, as well as its potential utility in supporting a New Drug Application submission.

Solid Liquidity Position

Q1 2021 saw the company generate USD$23.9 million in net proceeds from the utilization of CKPT’s At-the-Market Issuance Sales Agreement, which had an average price of USD$3.50. As of March 31st, 2021, the company reported USD$60 million in cash and cash equivalents, a USD$19.2 million increase over the USD$40.8 million reported as of December 31st of 2020.

R&D and G&A Expenses

Research and Development costs were up USD$1.6 million from USD$2.6 million in Q1 2020 up to USD$4.2 million in Q1 2021. Of these totals, R&D accounted for USD$0.2 million of non-cash stock expense in Q1 2021 and USD$0.1 million in Q1 2020. General and administrative costs for the first quarter of the fiscal year 2021 were reported at USD$2.4 million, up USD$0.7 million from the USD$1.7 million reported in Q1 2020. Of these total G&A expenses, non-cash stock expenses accounted for USD$1.2 million in Q1 2021 up from the USD$0.5 million reported in Q1 2020.

Net Loss

CKPT’s most recent financial statements for the first period of the fiscal year 2021 reported a net loss attributable to common stockholders in the amount of USD$6.5 million. This represents a net loss per share of USD$0.09 per share, up from the USD$0.06 per share reported in Q1 2020, which reported a net loss of USD$3.3 million. Of these totals, non-cash stock expenses accounted for USD$1.4 million in Q1 2021, up from the USD$0.6 million reported in Q1 2020.

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Future Outlook for CKPT

With promising developments to its pipelines and advancements towards the commercialization of its lead drug candidates, CKPT is poised to usher in unprecedented growth. Current and potential investors are hopeful that the company will manage to leverage its resources to facilitate sustained and significant increases in shareholder value.

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