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

• 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.