Calithera Biosciences, Inc. (CALA) shares gained value in the Pre-market. The stock was traded at $1.04 in the Pre-market which is a 13.64% increase from the previously closed value. In the previous trading session, the stock closed at $0.92. The total volume of the shares traded in the last trading session was averaged to be 2.48 million.
Why did the stock of Calithera Biosciences, Inc. (CALA) decline?
Last Friday, the stock was hit severely by the news that the company is terminating its phase 2 KEAPSAKE trial. The trial was stopped due to the lack of evidence of clinical benefit observed in the patients. The main purpose of the study was to find out the safety and anti-tumor activity of telaglenastat plus standard of care chemo-immunotherapy. To find out this as front-line therapy for stage 5 non-squamous non-small cell lung cancer harboring KEAP1 NRF2 mutation. The obtained data showed that the treatment did not show any clinical benefit. The company says that the termination of the program will help them to save the cost of $10-15 million.
CALA: Financial overview of their 3rd quarter:
- As of 30th November 2021, the net revenue for the third quarter was $6.8 million.
- Cash, cash equivalents, and investments all combined were $84.5 million.
- The research and development expenses for the third quarter were reported to be $11.6 million. In the same quarter of the last year, it was $18.2 million.
- The operating expenses were reported to be $6.3 million. In the same quarter of the last year, this expense was $4.7 million.
- The net loss for the third quarter was reported to be $11.2 million.
Operations highlights:
- CALA acquired clinical-stage dual mTORC 1/2 inhibitor sapanisertib and SYK inhibitor mivavotinib from Takeda Pharmaceuticals.
- The company announced the termination of phase 2 telaglenastat KEAPSAKE clinical trial in patients with NSCLC with genetic mutations in KEAP1/NRF2 saying it did not resulted in any clinical benefits.
- The interim data from phase 1b clinical trial of CB-280 in patients with cystic fibrosis was presented at NACFC.
Conclusion
The stock of Calithera Biosciences, Inc. (CALA) is in a declining phase due to the above mentioned reasons. The company says that the cash, cash equivalents, and investments will be sufficient enough to carry out their operating plan the next year.
