Catalyst Biosciences Inc. (NASDAQ: (CBIO) stock declined by 37.53% in the current market trading session after the company has reported its financial earnings. Catalyst is a pharmaceutical business dedicated to the development of protease therapies to treat unmet medical needs in complement system disorders. Proteases are the biological system’s natural regulators.
CBIO stock’ Update
Catalyst Biosciences said today that it has made the strategic move to cease the clinical development of MarzAA, report all results to date, and sell its haemophilia assets. Catalyst intends to concentrate its efforts on complement therapies and protease medications.
Financial Results
Catalyst Biosciences has also reported its financial results for the third quarter of 2021. Given below are the highlights.
- During the third quarter of 2021 and 2020, research and development expenses were $20.4 million and $12.2 million, correspondingly, an increase of roughly $8.1 million, or 66 percent. The rise was primarily attributable to a $5.1 million increase in clinical manufacturing expenses and a $3.5 million increase in preclinical research expenditures, which were partially offset by a $0.5 million drop in people and facilities costs.
- For the third quarter of 2021 and 2020, general and administrative expenses were $4.9 million and $3.8 million, correspondingly, a gain of about $1.0 million, or 27%.
- For the third quarter of 2021 the Interest and other income (expense), net was $0.0 million in and $0.1 million in the third quarter of 2020, a decline of $0.1 million.
- For the third quarter of 2021, the net loss attributable to common stockholders was $25.2 million, or $(0.80) per basic and diluted share, compared to $16.0 million, or $(0.73) per basic and diluted share, in the prior-year period.
- As of September 30, 2021, the company has $64.5 million in cash, cash equivalents, and investments.
- The Company had 31,392,618 shares of common stock outstanding as of September 30, 2021.
