Tyme Technologies, Inc. (TYME) stock prices was down by -6.92% shortly after market trading commenced on June 11th, 2021, bringing the price per share up to USD$1.48 early on in the trading day.
Solid Liquidity Position
The company reported a stellar liquidity position at the end of the fourth quarter of fiscal 2021, with cash and cash equivalents in the amount of USD$107.5 million as of March 31st, 2021. This is comparable to the USD$13.5 million reported in the prior quarter, ended December 31st, 2020. The fourth quarter of the prior fiscal year saw the company report a liquidity position of USD$26.7 million.
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Registered Direct Offering
This massive increase is largely due to the capital generated through the company’s registered direct offering that closed on February 8th, 2021. The offering saw the company offer up to 40 million shares of its common stock, at a purchase price of USD$2.50 per share. Before the deduction of expenses related to the offering, the company generated gross proceeds amounting to USD$100 million.
Operational Cash Burn Rate
The company’s operational cash burn rate for the last quarter of the fiscal year 2021 came in at USD$5.2 million, down from the USD$5.9 million reported for the third quarter of fiscal 2021. The burn rate is largely attributable to expenses related to the clinical trials currently underway in pancreatic and sarcoma cancers. Based on the forecast of its operations, TYME expects its quarterly cash burn rate to range from USD$6.0 million to USD$8.0 million per quarter during the fiscal year 2022.
OASIS Breast Cancer Trial
June 11th, 2021 saw the company announce the OASIS breast cancer trial at Georgetown University. The trial is an investigator-initiated prospective open-label Phase 2 Trial that is designed to evaluate the efficacy and safety of SM-88 for the treatment of metastatic hormone receptor positive, human epidermal growth factor receptor 2 negative breast cancer after treatment with a CDK4/6 inhibitor.
Details of the Trial
The trial consists of two stages, with an initial enrolment of 30 patients that would eventually be expanded to include a total of 50 patients without standard background therapies. The primary endpoint of the trial is RECIST tumor response, with the collection of cell-free DNA from patients being carried out several times throughout the treatment.
Future Outlook for TYME
Armed with a solid liquidity position, TYME is poised to capitalize on the progress being made in the commercialization of its pipeline. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.
