Idera Pharmaceuticals Inc. (IDRA) stock plummeted after melanoma candidate failure

Related Topics

Facebook
Twitter
LinkedIn
WhatsApp

Idera Pharmaceuticals Inc. (IDRA) Stock Plummeted in the after-hours session on Thursday, March 19, 2021, the stock went 62.57% down in the after-hours session. 

On March 18, 2021, IDRA announced that the ILLUMINATE-301 trial of tilsotolimod in combination with ipilimumab did not meet its primary endpoint of objective response rate (ORR). The results showed an ORR of 8.8% for the combination arm and 8.6% for ipilimumab alone. It could only achieve a disease control rate of 34.5% for the combination and 27.2% for ipilimumab alone.

The results took the IDRA stock to rock bottom in the after-hours trading.

Recent Financial Results

On March 1, 2021, IDRAreported its financial results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter Financial highlights

  • IDRA spent $5.1 million in Research and development expenses for the three months ended December 31, 2020, compared to $8.4 million for the same period in 2019
  • General and administrative expenses for the reported quarter totaled $2.9 million compared to $3.4 million for the same period in 2019.
  • IDRA stock suffered a net loss of $76.7 million or $2.11 per basic and diluted share for the reported quarter compared to a net loss of $51.3 million, or $1.76 per basic and diluted share, for the same period in 2019.

The whole Year 2020 highlights

  • Idera Pharmaceuticals spent $24.8 million in Research and development expenses for the year 2020, compared to $34.9 million for the previous year.
  • General and administrative expenses for the year ended December 31, 2020, totaled $11.9 million compared to $12.5 million for the same period in 2019.
  • IDRA stock suffered a net loss of $112.7 million or $3.33 per basic and diluted share for full-year 2020, compared to a net loss of $84.6 million, or $2.96 per basic and diluted share, for the prior year.
  • IDRA had cash, cash equivalents, and short-term investments of $37.7 million as of December 31, 2020.

About IDRA

Idera is a clinical-stage biotechnology company focused on taking the next step in immuno-oncology therapies. IDRA was founded in 1989 and is based in the USA. IDRA stock designed and developed tilsotolimod, an investigational Toll-like receptor nineagonists, to treat advanced solid tumors.

Conclusion:

There is no doubt that IDRA is facing a tough time as their trial results were a disappointment, and its recent financial results were not attractive. Idara stock can go further down today as IDRA stock announced the trial results late yesterday.

Latest Posts