Stealth BioTherapeutics Corp (MITO) stock plummeted 2.91% in the pre-market trading session at the price of $1.00 after publishing its earnings report for the third quarter of 2021. MITO is a clinical-stage biotechnology firm that discovers, manufactures, and commercializes novel therapeutics to treat mitochondrial dysfunction.
MITO Third Quarter 2021 Financial Results
On 11th November 2021, MITO announced its earnings report for the three months ended 30th September 2021 and presented current business updates.
MITO Financial Highlights
On 30th September 2021, cash and cash equivalents totaled $42.3 million. Cash and cash equivalents were $32.8 million on 31st December 2020. Under its Development Funding Agreement, MITO received roughly $11.0 million of the remaining $27.0 million total due from Morningside in the second half of 2021. The company received additional financing of approximately $5.0 million in October 2021. It anticipates receiving the remaining $11.0 million on 1st December 2021.
For the three months ended 30th September 2021, MITO reported research and development expenses of $6.7 million. R&D expenses totaled $6.2 million for the third quarter of the previous year. For the third quarter ended 30th September 2021, general and administrative costs were $4.7 million, unchanged from the same quarter of 2020.
For the three months ended on 30th September 2021, MITO calculated the other income of $5.1 million. Other expenses were $0.3 million for the three months ended on 30th September 2020. Net loss totaled $6.3 million, or per basic and diluted ordinary share of $0.01, for the three months ended 30th September 2021. For the third quarter of 2020, net loss was $11.2 million, or per basic and diluted common share of $0.02.
Management Comments
Chief Executive Officer of MITO, Reenie McCarthy, remarked that they are delighted to expand their clinical development efforts with various new trial initiations in the upcoming months. They are excited about the potential of elamipretide for the treatment of extrafoveal geographic atrophy. The company is also moving forward with their clinical development efforts in various other rare disease indications. They are excited to bring SBT-272, the foundation of their neurology franchise, back into the clinic. The Phase 1 clinical trial of SBT-272 has expected to start next year, he added.
