HomeTop MoversWhy Oncorus Inc. (ONCR) stock plunged on Monday?

Why Oncorus Inc. (ONCR) stock plunged on Monday?

Oncorus Inc. (ONCR) shares fell 3.33% in after-hours on Monday, November 22, 2021, and closed the daily trading at $5.51. Even in regular trading, ONCR’s stock lost 2.23%. ONCR shares have fallen 77.98% over the last 12 months, and they have moved down 1.38% in the past week. Over the past three months, the stock has lost 44.98%, while over the past six months, it has declined65.20%.

Let’s have a brief look at its recent news.

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ONCR participation in the recent conference

Oncorus, Inc. recently participated at the Jefferies London Healthcare Conference which was held on November 18, 2021. The company was presented by President and Chief Executive Officer, Theodore (Ted) Ashburn, M.D., Ph.D., during the event.

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Positive clinical data of ONCR-177

Oncorus, Inc. (ONCR) reported initial safety, tolerability and immune activation and clinical response data from its ongoing Phase 1 open-label, multi-centre, dose-escalation and expansion clinical trial of ONCR-177.

The data was presented at the Society for Immunotherapy of Cancer’s (SITC) 36th Annual Meeting, which was held on 12-14th November 2021. the product was well tolerated with no dose-limiting toxicities, in the fully enrolled and completed surface lesion dose-escalation part of the Phase 1 study.

In addition, three of eight evaluable patients at RP2D experienced clinical benefit after two doses of ONCR-177. ONCR-177 is an intratumorally (iTu) administered viral immunotherapy being developed for multiple solid tumour indications.

ONCR agreement with Gaeta Therapeutics

On November 11, 2021, Oncorus, Inc. (ONCR), signed an exclusive licensing agreement with Gaeta Therapeutics Ltd., related to the use of locally delivered Interleukin-12 (IL-12) via oncolytic viral expression in combination with immune checkpoint inhibitors, including CTLA-4, PD-1 or PD-L1 checkpoint blockade.

Gaeta will receive an upfront payment of $0.2M and is eligible to receive up to $7.5M in potential clinical and regulatory milestone payments on a product-by-product and indication-by-indication basis, according to the agreement.

ONCR latest financial results

On November 03, 2021, Oncorus, Inc. (ONCR), released its third-quarter 2021 financial results which ended on September 30, 2021.

Q3 2021 financial highlights

  • ONCR reported nil revenue in Q3 2021 and Q3 2020.
  • Research and development expenses were $11.3 million in Q3 2021 compared to $6.9 million in Q3 2020.
  • General and administrative expenses were $5.4 million in Q3 2021 compared to $2.0 million for the corresponding quarter in 2020.
  • It suffered a net loss of 16.7 million, or $0.65 per share in Q3 2021, compared to a net loss of $22.4 million, or $21.73 per share for the same quarter in 2020.
  • The company ended the quarter with cash and cash equivalents of $145.6 million compared to $130.3 million as of December 31, 2020.

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Well, we have no reason for its poor performance on the first day of the week. Let’s see how it commences trading on Tuesday?

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