Infinity Pharmaceuticals Inc. (INFI) stock declined by 31.53% at the last close whereas the INFI stock price surges by 49.34% in the pre-market trading session. Infinity is a medical biotechnology firm working on eganelisib (IPI-549) which is an oral immuno-oncology macrophage reprogramming therapy that has been shown to target a basic biologic process of immune suppression in cancer in numerous clinical trials.
What’s the update on INFI stock?
Financial Results
Infinity Pharmaceuticals released a company update as well as financial data for the second quarter of 2021.
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- Infinity had $97.3 million in cash, cash equivalents, and available-for-sale securities on June 30, 2021, relative to $106.8 million on March 31, 2021.
- In the second quarter of 2021, research and development costs were $8.0 million, up from $6.1 million in the same period of 2020. The increase is largely due to increased clinical, research, and consultancy costs to support eganelisib’s continuing development.
- In the second quarter of 2021, general and administrative expenses were $3.5 million, up from $2.9 million in the same period of 2020. The rise in general and administrative expenses is largely attributable to higher consultancy and stock compensation costs.
- In the second quarter of 2021, the company lost $11.3 million, or $0.13 per basic and diluted common share, compared to $9.5 million, or $0.16 per basic and diluted common share, in the same time in 2020.
What else?
Infinity Pharmaceuticals has released new data on MARIO-275. MARIO-275 is a Phase 2 trial that is randomized and placebo-controlled. The goal of the research is to see how effective and safe eganelisib in conjunction with nivolumab (Opdivo) is in platinum-resistant cancer patients. In addition, data was also used in I/O naive individuals with advanced UC. However the data from MARIO-3, which is an ongoing Phase 2 trial in patients with unresectable locally advanced or metastatic TNBC that is testing eganelisib in a new triple combination in the front-line scenario with atezolizumab (Tecentriq) and nab-paclitaxel (Abraxane).
- In 2L UC, the combination of eganelisib and nivolumab achieved 15.4 months in MARIO-275, relative to 7.9 months in the nivolumab control arm.
- Early results from the MARIO-3 TNBC trial show that adding eganelisib to standard-of-care regimens improves progression-free survival regardless of PD-L1 status, with the vast majority of people remaining on therapy.
- In MARIO-3, 86.8% of evaluable 1L TNBC patients had tumor decrease, with an overall disease control rate of 84.2 percent.
- On-mechanism enhanced immune activation and reduced immunological suppression, according to MARIO-275 and MARIO-3 translational findings.