On Monday, Sio Gene Therapies Inc. (SIOX) gained 18.25% to $2.98 in after-market trading. During the last trading session, shares of Sio Gene stock rose by 1.20% to close at $2.52. During the normal session, SIOX stock saw price of its shares ranging between $2.50 and $2.64.
Recent developments:
Sio Gene Therapies develops genetic medicines to help patients live longer, healthier lives. Among SIOX’s clinical-stage candidates are its potential curing AAV-based gene therapies for childhood diseases, including GM1 gangliosidosis and Tay-Sachs/Sandhoff, which are rare and uniformly fatal because of single gene defects. Also, SIOX is bringing gene therapy to treatments for Parkinson’s, which affects millions of people worldwide.
Last week, Sio Gene reported its financial results for its fiscal year ended March 31, 2021.
Financial Highlights:
- As compared to the fiscal year ended March 31, 2020, research and development expenses of SIOX were $24.9 million in fiscal year 2021, a decrease of $22.2 million.
- General and administrative expenses decreased by $4.8 million in comparison to the fiscal year ended March 31, 2020, and were $17.3 million in fiscal year 2021.
- As of March 31, 2021, SIOX’s net loss was $32.4 million, which equates to $0.62 per share, compared to a loss of $72.6 million, or $2.93 per share, from March 31, 2020.
- Net cash used by SIOX in operating activities for the fiscal year ended March 31, 2021 was $46.6 million.
- The sale of long-term investment in Arvelle contributed $11.6 million to SIOX’s net cash provided by investing activities.
SIOX’s strength:
Sio Gene (SIOX) had cash and cash equivalents of $119.0 million as of March 31, 2021. There are no short- or long-term debts on the company’s balance sheet. SIOX estimated that it will be able to sustain operations up until the end of Q4 2022, beyond the anticipated dates for its AXO-AAV-GM1 gene therapy program to treat GM1 gangliosidosis.
