Home Top Movers Onconova Therapeutics Inc. (ONTX) stock soars during current market. What is driving...

Onconova Therapeutics Inc. (ONTX) stock soars during current market. What is driving it high?

Onconova Therapeutics Inc. (NASDAQ: ONTX) stock gains by 29.45% during current market trading. Onconova Therapeutics is a clinical-stage biopharmaceutical corporation dedicated to the discovery and development of new cancer treatments. ONTX has developed patented selective anti-cancer agents that inhibit key cellular pathways involved in cancer cell proliferation.

Financial Highlights

On May 17, 2021, Onconova Therapeutics has announced its financial results for the first quarter of 2021 and business highlights. Given below is the record:

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  • Cash and cash equivalents were $48.0 million as of March 31, 2021, compared to $19.0 million as of December 31, 2020. For more than 18 months, ONTX expects it’s capital and cash reserves would be adequate to finance continuing clinical trials and corporate activities.
  • In the first quarter of 2021, research and development costs were $1.9 million, compared to $3.4 million in the first quarter of 2020. In the 2021 timeframe, the reduction was partially due to lower costs for the oral rigosertib combination program and the completed Phase 3 INSPIRE research.
  • In the first quarter of 2021, general and administrative expenditures were $2.2 million, up from $1.8 million in the first quarter of 2020. In the 2021 timeframe, the rise was largely due to higher special stockholder meeting by proxy expenditures and insurance costs.
  • The first quarter of 2021 saw a net loss of $4.7 million, or $0.02 per share, on 219.2 million weighted average shares outstanding, relative to a net loss of $5.1 million, or $0.03 per share, on 160.3 million weighted average shares outstanding in the first quarter of 2020.

Business Updates

  • In China, a Phase 1 solid tumor trial with ON 123300 is underway, with no dose-limiting toxicities seen in the first two cohorts. The third cohort (120 mg) will now begin enrollment.
  • In the United States, a Phase 1 trial with ON 123300 is currently enrolling patients and screening them.
  • The first patient has been medicated in a Phase 2 trial led by the investigator to evaluate the effectiveness and protection of rigosertib in patients with RDEB-associated locally advanced/metastatic squamous cell carcinoma (SCC).
  • The investigator-initiated Phase 1/2 trial evaluating rigosertib in conjunction with the checkpoint inhibitor nivolumab in patients with KRAS-mutated non-small cell lung cancer is progressing well and has achieved the maximum dose of oral rigosertib allowed under the current protocol.

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