Cti Biopharma Corp. (CTIC) stock rises during after-hour, given no current news

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AFRM Stock
AFRM Stock

Cti Biopharma Corp. (NASDAQ: CTIC) stock decline by 0.74% at the last close whereas the CTIC stock price gains by 10.37% in the after-hours trading session even though the company has no released any updated news in the past few days. CTIC is a biopharmaceutical business focusing on the purchase, production, and marketing of innovative targeted treatments for blood-related malignancies that provide patients and healthcare providers with a distinct advantage.

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CTIC stock, Financial Highlights

On Aug 5, 2021, Cti Biopharma announced its financial results for the second quarter 2021. Given below is the summary:

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  • For the three and six months ended June 30, 2021, operational losses were $19.5 million and $36.6 million, respectively, relative to operating losses of $10.0 million and $21.9 million for the same period in 2020. The rise in operating loss for the three and six months ended June 30, 2021, especially in comparison to the same periods in 2020 was primarily due to increased research and development, as well as general and administrative events, linked with pacritinib’s ongoing growth and developmental commercialization.
  • The net loss calculated for the second quarter 2021 was $19.7 million whereas for the second quarter of 2020 the net loss was $14.0 million.
  • Cash, cash equivalents, and short-term investments totaled $71.9 million as of June 30, 2021, up from $52.5 million as of December 31, 2020. They anticipate to be able to support their activities until the fourth quarter with their present cash and cash equivalents.

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Adam R. Craig, President, and CEO of CTI Biopharma commented,

They worked to expand pacritinib toward a possible US approval and commercial launch this year throughout the third quarter. The fact that their NDA proposal for pacritinib in myelofibrosis patients with chronic thrombocytopenia was accepted with priority review by the US Food and Drug Administration highlights the substantial need in this area. They will be well placed for a possible U.S. release later this year, with a PDUFA anticipated action date of November 30, 2021, and commercial preparations already well started. During the FDA’s assessment of their application, they’re working closely with them, and moving forward with their commercial launch plans.

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