Shares of the Allena Pharmaceuticals, Inc. (ALNA) stock were rising in the premarket trading following the announcement of a clinical and corporate update. ALNA stock price saw a surge of 24.96% to reach $0.81 a share at the time of this writing. The stock was also green in the previous trade and went up by 9.27% at closing. Let’s deep dive to explore more of it.
ALLN-346 Program
ALLN-346 is the non-absorbed, first in class orally administered enzyme. The company is developing this enzyme to treat hyperuricemia and gout. In November, the U.S Food and Drug Administration approved the Fast Track Designation for ALLN-346. Allena Pharmaceuticals is evaluating ALLN-346 in the two Phase 2a trials. Study 201, a one-week inpatient study, and Study 202, a two-week outpatient study.
According to the data from the first cohort, ALLN-346 demonstrated a statistically significant reduction in the serum uric acid from the baseline. ALLN-346 showed well tolerance and no serious adverse events were observed in the Phase 2a Study 201. The encouraging results from the ALLN-346 program are a positive sign for the shareholders of ALNA stock.
Reloxaliase Program
Reloxaliase is an investigational, non-absorbed, first-in-class orally administered enzyme. Allena is developing this enzyme to treat patients with enteric hyperoxaluria due to high levels of urinary oxalate. Currently, there are no approved therapies for this disease. In order to evaluate the Reloxaliase, the company has conducted Phase 3 URIROX-2 trial. The company is evaluating the efficacy and safety of this product in this trial which comprises approximately 200 patients. The minimum duration for this trial is two years. The company expects to publish the results of the URIROX-1 study in the first half of 2022.
Financial View of ALNA stock
ALNA stock had $30 million in cash and cash equivalents by the end of December 2021. The company has reported outstanding convertible debt of $10 million. The management of the company expects that the company has enough cash to finance its current operations through the first quarter of 2022. The cash and cash equivalents for the ALNA stock were $40.4 million by the end of the third quarter of 2021. The net loss of ALNA stock was $12.7 million in the third quarter of 2021. The company spent $9.0 million in research and development expenses and $3.4 million in general and administrative expenses in the third quarter of 2021.
