Freeline Therapeutics Holdings plc (FRLN) shares fell 4.55% in after-hours on Thursday, January 06, 2021, and closed the daily trading at $1.89. However, in the regular trading session of Thursday, FRLN’s stock gained 1.02%. FRLN shares have fallen 88.83% over the last 12 months, and they have moved down 0.75% in the past week. Over the past three months, the stock has lost 36.94%, while over the past six months, it has slid down 75.59%.
Let’s have a look at its recent news and developments.
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FRLN received FDA clearance for FLT201
On January 06, 2022, the U.S. Food and Drug Administration (FDA) cleared Freeline Therapeutics Holdings plc (FRLN) Investigational New Drug (IND) application for FLT201 as investigational gene therapy for the treatment of Gaucher disease Type 1.
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Freeline initiated the Phase 1/2 dose-finding trial of FLT201 at the end of 2021 in Europe and expects to dose two patients in the first dose cohort in the first half of 2022.
FRLN inducement grants
On January 06, 2022, Freeline Therapeutics Holdings plc (FRLN) granted four newly hired employees non-statutory options to purchase an aggregate of 89,200 of the Company’s ordinary shares.
Each of the options has an exercise price of $2.00 per share. The options have a maximum 10-year term and vest over a four-year service period, with 25% of the award vesting on the first anniversary of the vesting commencement date, with the balance vesting monthly over the remaining three years.
FRLN participation in the upcoming conferences
Freeline Therapeutics Holdings will participate H.C. Wainwright BioConnect Conference, where an on-demand webcast will be available on January 10, 2022, starting at 7:00 a.m. EST.
FRLN will also participate in the 40th Annual J.P. Morgan Healthcare Conference where a live audio webcast of the presentation will be available on January 13, 2022, at 10:30 a.m. EST.
At both virtual conferences, Chief Executive Officer Michael Parini is scheduled to deliver a corporate presentation.
FRLN 2022 corporate priorities & guidance
On December 13, 2021, Freeline Therapeutics Holdings plc (FRLN) announced its 2022 corporate priorities and provided updated guidance.
Priorities and Program Guidance
In Phase 1/2 dose-finding trial of FLT201, the Company expects to dose two patients in the first dose cohort in the first half of 2022, with initial data expected in Q3 2022.
Freeline Therapeutics expects to complete the dosing of FLT180a, the first dose cohort in the B-LIEVE study, and report data from the first dose cohort in the first half of 2022.
Corporate update
- FRLN is looking to reduce workforce charges between $2.1 and $2.6 million in the fourth quarter of 2021 which is expected to result in $1.3 to $1.6 million of cash expenditures in the first quarter of 2022 and $0.8 to $1.0 million of cash expenditures in the second quarter of 2022.
- The company is going to reduce its workforce which will decrease cash expenditures by between $4.7 and $5.1 million in 2022 and between $7.0 and $7.6 million in 2023.
- By taking the above-mentioned steps, the Company expects its current level of cash and cash equivalents will enable the Company to fund its operating expenses into the second quarter of 2023.
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Conclusion
FRLN stock plummeting in the after-hours on Thursday is a bit strange because it received FDA clearance for FLT201 which is positive news and we hope that it will bounce back on Friday.
