The CLNS stock sinks 5.36% in Friday’s after-market session following the financial results were released. Despite beating the revenue estimates, Celsion stock faced negativity. Let’s have a look at their financial figures.
Financial Highlights for the full-year 2020
- CLSN reported a net loss of $21.5 million or $0.67 per share for the reported year, compared to a net loss of $16.8 million or $0.77 per share in 2019.
- General and administrative expenses were $7.6 million in 2020, compared with $8.0 million in 2019
- Celsion Corporation spent $11.3 million in Research and development expenses in 2020 compared to $13.1 million in 2019.
- As of December 31, 2020, Cash, cash equivalents and were $17.2 million.
The CLSN provided an update on its GEN-1, DNA-based immunotherapy in Phase I/II development for the localized treatment of ovarian cancer. The OVATION 2 Study combines GEN-1 with standard-of-care neoadjuvant chemotherapy (NACT). After three cycles of chemotherapy, NACT is designed to shrink cancer as much as possible for optimal surgical removal. The GEN-1 also received Fast Track designation from the FDA. Fast Track designation is intended to facilitate the development and accelerate the regulatory review of drugs to treat serious conditions and fill an unmet medical need.
The CLSN also filed a provisional U.S. patent application on January 28, 2021, for a novel DNA-based, investigational vaccine for preventing or treating infections from a broad range of infectious agents, including coronaviruses, using its PLACCINE DNA vaccine technology platform.
Celsion Corporation is a fully integrated biopharmaceutical company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies. Celsion’s lead product candidate is ThermoDox, and 2nd one is in the pipeline known as GEN-1.
Michael H. Tardugno is the company’s Chairman, President and Chief Executive Officer. He began his career in 1977 with Abbott Laboratories and has 30 years of experience in the pharmaceutical and medical device industries. He holds a B.S. in Biology from St. Bonaventure University and completed the Harvard Business School executive program.
Conclusion:Despite the recent uncompellingresults, CLSN can attract investors based on its improved clinical trial results of GEN-1.