CTI BioPharma Corp. (CTIC) a commercial-stage biotherapeutics company engaged in the purchase, manufacture, and marketing of innovative targeted therapeutics for blood cancer. The company’s one of the FDA-approved product is VONJO or pacritinib, used in treating intermediate or high-risk primary or secondary myelofibrosis. The company is also conducting Phase 3 PACIFICA trials for VONJO in patients with severe thrombocytopenia.
The price of CTIC stock during the regular trading on February 28, 2022, was $1.9 with a decrease of 19.8%. At last check in the premarket on March 1, 2022, the stock rocketed by 53.68%.
CTIC: Events and Happenings
On February 28, 2022, CTIC reported the approval of VONJO by the FDA for treating myelofibrosis. It is the primary approved therapy that precisely addresses the requirements of patients with this condition. On February 18, 2022, CTIC updated that its Board of Directors had granted an equity inducement award to the company’s employees. The award was approved on February 16, following the Nasdaq Listing Rules.
On December 13, 2021, CTIC announced its lead candidate’s poster presentations at the Virtual Annual Meeting & Exposition of 63rd American Society of Hematology held on December 11-14, 2021. On December 2, 2021, CTIC updated its management’s presentation at the Virtual JMP Securities Hematology & Oncology Summit on December 6, 2021.
CTIC: Key Financials
On July 29, 2021, CTIC released its financial statement for the second fiscal quarter of 2021 ended June 30, 2021. Some of the key features are discussed below.
Revenue
No revenue was recorded in Q2 2021 and the same quarter of 2020.
EPS
Basic and diluted net loss in Q2 2021 was $19.6 million or $0.21 per share compared to $14 million or $0.19 per share for the same quarter in 2020. The company observed an increase in its net loss over the year.
Conclusion
CTIC stock is at a new low for the past six months as it dipped by 42% due to the pandemic. The recent premarket stock leap is the result of the groundbreaking approval of its lead candidate by the FDA. The company is gearing for its earnings release date and expecting an EPS of -$0.30.
