Calithera Biosciences, Inc. (CALA) is a leading biotherapeutics company focused on the development of drugs used to treat cancers. One of the lead product candidates of the company is CB-839 in Phase 2 is used in the treatment of solid tumors. INCB001158 is in Phase1/2 trials for treating hematological and oncological disorders.
The price of CALA stock during the regular trading on January 19, 2022, with a decrease of 3.06% was $0.49. At last check in the premarket on January 20, 2022, the stock skyrocketed by 19.58%.
CALA: Events and Happenings
On January 05, 2022, CALA reported that the company’s Executives presented at the Virtual H.C. Wainwright BioConnect Conference on January 10, 2022. On November 12, 2021, CALA reported that the company’s Executives presented at the Jefferies London Healthcare Conference on November 18, 2021.
CALA: Key Financials
On November 09, 2021, CALA reported its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows.
Revenue and Assets
Revenue in the third quarter of 2021 was $6.8 million compared to no revenue in Q3 2020. Total assets of the company in the third quarter of 2021 were $89.9 million.
Net Loss per Share
Basic and diluted net loss in Q3 2021 was $11.1 million or $0.15 per share. For the same period of 2020 net loss was $22.7 million or $0.32 per share.
On November 05, 2021, CALA reported about its termination decision of the phase II clinical trial of KEAPSAKE. The decision was taken due to the non-availability of clinical benefit in patients using telaglenastat in the interim study. On November 01, 2021, CALA reported the safety and efficacy interim data from Phase 1 trials of CB-280 in cystic fibrosis patients. The results were shared at the North American Cystic Fibrosis Foundation Conference in the form of a poster presentation.
Conclusion
CALA stock is 76% down as compared to the past six months period due to economic recession as a result of the pandemic. The company’s stock jumped in the recent premarket trading due to the interest of shareholders in the sound economic strategies of the company. It is the result of uncertain market conditions. The financial experts are predicting this momentous gain to pave the way for futuristic collaborations.
