Chiasma, Inc. (CHMA) stock prices were up by a marginal 0.24% as of the market closing on May 26th, 2021, bringing the price per share up to USD$4.22 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock rise by 4.27%, bringing it up to USD$4.40.
The company reported net product revenue generated from the sale of MYCAPSSA came out to USD$1.9 million for the first quarter of 2021. This is a significant improvement on the USD$0.9 million reported in the fourth quarter of 2020, the treatment’s first full quarter of sales. The first quarter of 2021 reported USD$30.5 million in net loss, representing a net loss of USD$0.49 per basic share. This is compared to the USD$15.4 million reported for the first quarter of the prior year, indicating a net loss of USD$0.36 per share.
Selling, general, and administrative expenses were reported at USD$15.7 million for the first quarter of the fiscal year 2021, significantly higher than the USD$7.6 million reported for the first quarter of 2020. This increase was largely attributable to the company’s commercial activities and higher personnel-related expense. Also contributing to the increase were other administrative costs that were incurred in supporting of the launch and commercialization of MYCAPSSA in the U.S, as well as diligence costs related to the merger agreement with Amryt
Costs incurred from research and development during the first quarter of the fiscal year 2021 came in at USD$4.2 million, down from the USD$8.1 million reported in the same time period of the year prior. The difference is largely attributable to the expenses arising from the manufacturing of octreotide capsules to support the commercial launch of CHMA in the U.S. These costs were expensed before MYCAPSSA was granted approval by the FDA in June of the fiscal year 2020.
The company also recently announced that it had entered into a definitive merger agreement that would facilitate the acquisition of CHMA by Amrit Pharma PLC. The biopharmaceutical company finds itself focusing on the acquisition, development, and delivery of innovative treatments designed to help improve the quality of life of patients with rare and orphan diseases.
In light of the promising numbers reported by the company in their most recently disclosed financial reports, CHMA is poised to capitalize on its new merger agreement and push for further growth. Current and potential investors are hopeful that the company will continue to leverage the resources at its disposal to facilitate significant and sustained increases in shareholder value.