Aeglea BioTherapeutics, Inc. (AGLE) experienced an incline of 8.33% in aftermarket. However, the last trading session concluded at $6 with a decrease of 2.76%.
AGLE to Report Phase 3 Topline Results of Pegzilarginase – When?
AGLE announced on 5th December 2021 that the company will hold an investor conference call and webcast to present the topline results from the PEACE Phase 3 clinical study of pegzilarginase in individuals with Arginase 1 Deficiency. Moreover, the conference will take place on 6th December 2021 at 8 a.m. ET.
New Appointment to Board of Directors – What’s the new update?
On 16th November 2021, AGLE reported that Hunter C. Smith has been appointed to the Board of Directors. Mr. Smith will be responsible to handle certain duties such as senior leadership, corporate strategy, and financial management of commercial operations. Moreover, he has been the company’s chief financial officer since 2017 and served as temporary CEO from March to July 2020.
Prior to joining Rhythm, Mr. Smith served as vice president, finance, and chief financial officer of Celgene Corporation’s inflammation and immunology business segment. Last but not least, he graduated with honors from Northwestern University with a B.A. in history and an M.B.A. in finance from New York University’s Stern School of Business.
Now what?
Smith joins the board of directors and the AGLE family with great enthusiasm. He has extensive biotech leadership expertise, including corporate strategy, global market planning, and product innovations. Not only this, but his participation on the board will provide everyone with tremendous insight and expertise as the team will work to provide human enzyme therapy to those suffering from uncommon metabolic illnesses.
Third Quarter 2021 Results – Latest Updates
AGLE announced the third quarter 2021 results on 4th November 2021. The company reported that it had cash and cash equivalents of $114.3 million. Moreover, AGLE reported development fee revenues of $1.4 million in the third quarter of 2021. The research and development costs for 2021 and 2020 totaled $14.9 million and $12.5 million, respectively. The increase was largely due to the completion of enrolment in our Phase 3 PEACE study of pegzilarginase for the treatment of persons with Arginase 1 Deficiency.
Furthermore, general, and administrative costs were $6.8 million, compared to $5.7 million in the third quarter of 2020. The company’s commercial capabilities and infrastructure were principally responsible for this rise. Lastly, the net loss was $20.3 million and $18.0 million, respectively.
How was AGLE’s quarter?
AGLE thinks that they have made considerable progress in all of the initiatives this year, and they are looking forward to the results of the Phase 3 clinical study of pegzilarginase in Arginase 1 Deficiency.