Advaxis, Inc. (ADXS) is a leading biopharmaceutical company which primarily focuses on the development and marketing of Listeria monocytogenes (Lm) based antigen delivery products for the treatment of tumors. One of the lead product candidates of the company is ADXS-PSA which is a Phase 2 clinical trial treatment for metastatic prostate cancer. Other products are also under development for lung cancer and human papilloma virus-associated cancers.
The price of ADXS stock during the regular trading on December 22, 2021, was $0.24 with a drop of 18.45%. At last check in the aftermarket, the price of stock further declined by 29.12%.
ADXS: Events and Happenings
On December 22, 2021, ADXS reported that the Company had met the requirements for trading of the Company’s stock on the OTCQX and started trading on OTCQX on December 23, 2021, using the symbol ADXS. On December 17, 2021, ADXS reported after its second reconvened special meeting of stockholders on December 16, 2021, that it planned to explore other options to maximize the input of stockholders. ADXS’s second Proposal to approve completing the company’s finalized merger with Biosight was not agreed upon at the meeting.
On November 22, 2021, ADXS reported receiving a letter from the Nasdaq Hearings Panel, providing ADXS an allowance up to December 20, 2021, to complete its finalized merger with Biosight and establish acquiescence with the requirements for preliminary listing on The Nasdaq Capital Market.
On November 18, 2021, ADXS reported that Glass Lewis which is a top autonomous proxy advisory company, recommended the company’s stockholders vote “FOR” the stockholder proposals related to the business combination with Biosight. On November 03, 2021, ADXS reported that top proxy advisory firm Institutional Shareholder Services Inc. (“ISS”) recommended the company’s stockholders vote “FOR” the business combination of the Company with Biosight on November 16, 2021.
ADXS: Key Financials
On September 10, 2021, ADXS reported its financial results for the third quarter ended July 31, 2021. Some of the main highlights are as follows
Total Current Assets
Total current assets reported by the company for Q3 2021 were $47.4 million.
Net Loss per Share
Net loss per basic and diluted share was reported to be $3.3 million or $0.02 per share for Q3 2021 as compared to the same period prior year when it was $5.8 million or $0.09 per share. The net loss considerably decreased over the year.
Conclusion
The stock price dropped significantly from the past month without any clear reasons, although the company has recently announced acceptance for trading on OTCQX. The company needs to do more in terms of the clinical trials of its products. The analysts are still optimistic about the company to attract potential investors in the future.
