Onconova Q4 2021 Earnings Report
Key Takeaways
Onconova Therapeutics reported its full-year 2021 financial results, with cash and cash equivalents at $55.1 million. The company is progressing with its clinical trials, particularly the Phase 1 program for narazaciclib and investigator-sponsored studies for rigosertib.
Cash and cash equivalents were $55.1 million as of December 31, 2021, compared to $19.0 million as of December 31, 2020.
Research and development expenses were $7.3 million for 2021, compared with $16.9 million for 2020.
General and administrative expenses were $9.4 million for 2021, compared with $8.3 million for 2020.
Net loss for 2021 was $16.2 million, or $0.96 per share.
Onconova
Onconova
Forward Guidance
Onconova anticipates sufficient cash to fund clinical trials and business operations for at least two years and is focused on advancing its clinical programs, particularly narazaciclib and rigosertib.
Positive Outlook
- On track to identify a recommended Phase 2 dose for narazaciclib in the second half of the year.
- Narazaciclib shows low nanomolar activity against kinases associated with tumor growth, metastasis, and potentially drug resistance.
- Reported compelling preliminary clinical data from an investigator-sponsored study of rigosertib in RDEB-associated SCC.
- On track to report updated data from the Phase 1/2a study evaluating rigosertib-nivolumab combination therapy in KRAS+ NSCLC this year.
- To open a Phase 2 metastatic melanoma trial of oral rigosertib plus pembrolizumab in the first half.
Challenges Ahead
- Forward-looking statements involve risks and uncertainties.
- Success and timing of clinical trials are subject to uncertainties.
- Regulatory agency and institutional review board approvals of protocols are uncertain.
- Collaborations may face uncertainties.
- Market conditions can impact results.