Checkpoint Therapeutics Inc. (CKPT) stock was up by 6.85% at $3.12 in the after-hours at 20.36K shares on December 10. The stock has been under market corrections since it gained well on the company’s new trial announcement. CKPT had announced the initiation of its product’s trial for lung cancer patients on December 08.
In the previous market session, the stock traded between $2.88 and $3.08, finally closing the session at $2.92 with a 1.02% loss. The stock recovered in the after-hours, as it entered green and increase by $0.20.
Currently, the 76.77 million outstanding shares of CKPT trade at a market capitalization of $244.62 million.
What is Happening with CKPT?
On December 08, the company announced its Conterno study’s phase 3 trial for patients with lung cancer. This announcement led to a good gain in the stock’s price. Hence, it was soon followed by market corrections. The stock entered red, shedding its gains to profit booking. Currently, the stock seems to be recovering, as it entered green in the after-hours on Friday.
CKPT stock has gained 8.96% in the past week while it has lost 26.08% last month. Moreover, the stock has lost 7.89% in the past three months and has gained 10.19% year to date.
Conterno Phase 3 Trial
As per December 08’s announcement, the company initiated its Conterno Phase 3 trial of cosibelimab in combination with pemetrexed and platinum chemotherapy. The trial was initiated for the first-line treatment of non-squamous non-small cell lung cancer (NSCLC) patients. Further, overall survival (OS) was declared as the primary endpoint for the trial. Further, the key secondary endpoints are progression-free survival, objective response rate, and safety.
CKPT’s Financial Analysis
On November 04, the company announced its third-quarter financial results for 2021. As per the Q3 of 2021, CKPT had R&D expenses of $9.4 million, against $2.5 million in the year-ago quarter.
Moreover, $1.9 G&A expenses were reported in the third quarter of 2021, against $2.4 million in the Q3 of 2020.
In addition, the net loss incurred by CKPT was $11.3 million in the third quarter of 2021, against $4.9 million in Q3 of 2020. Consequently, the net loss per share was $0.14 in Q3 of 2021, against $0.09 in Q3 of 2020.
Finally, the company ended the quarter with cash and equivalents of $60.2 million.
