Celsion Corp. (NASDAQ: CLSN) stock plunged by 5.88% at last close while the CLSN stock price declines by 0.89% in the after-hours trading session. Celsion is a vertically integrated, clinical-stage biotechnology organization concentrating on developing a pipeline of novel cancer drugs, such as immunotherapies and DNA-based therapies, as well as a vehicle for the manufacture of nucleic acid vaccines, which is primarily focusing on SARS-CoV2.
Celsion has announced its financial results on May 14, 2021, for the first quarter 2021 ended March 31, 2021.
- Celsion announced a net loss of $5.7 million in the first quarter of 2021, relative to a net loss of $5.1 million for the first quarter 2020.
- For Q1 2021 Operating costs were $5.5 million which is an increase of $0.6 million or 13% from $4.9 million in the first quarter of 2020.
- For the first quarter of 2021, research and development costs were $2.6 million, down $0.5 million (16%) from $3.1 million for the same time in 2020.
- In the first quarter of 2021, general and administrative costs were $2.9 million, relative to $1.8 million in the first quarter of 2020. This rise is largely due to a $0.8 million increase in non-cash stock compensation expense, a $0.2 million increase in legal fees, and a rise in directors’ and officers’ insurance costs.
- As of March 31, 2021, the Company had $54.6 million in cash and cash equivalents, short-term deposits, and a receivable on the sale of NOLs.
GEN-1, a DNA-based interleukin-12 (IL-12) immunotherapy in Phase I/II clinical production for the targeted treatment of ovarian cancer, and ThermoDox which is a proprietary heat-activated liposomal encapsulation of doxorubicin under investigator-sponsored production for a variety of cancer indications were also discussed. Celsion also has two platform platforms in the feasibility stage for developing new nucleic acid-based immunotherapies and next-generation vaccines for infectious diseases.
The Celsion stock price is on a decline despite no update available, as of yet. Although the financial results given by CLSN portray that Celsion has faced some disruption, Whereas Celsion has initiated some big development projects in 2021 which will be its way back to making progress and overcoming the loss they have underwent. Therefore it can be a good bet in the future.