CTI BioPharma Corp. (CTIC) stock prices stayed stable over the course of the trading day on June 25th, 2021. After-hours trading saw the stock climb by 6.84%, bringing it up to USD$2.50.
The company recently announced progress in their goal of providing pacritinib to myelofibrosis patients with thrombocytopenia, with current treatments leaving a large unaddressed need. The U.S Food and Drug Administration set a PDUFA action date of November 30th, 2021, following the acceptance of an NDA for the innovative drug.
Ready for Commercialization
Pushing for the commercialization and proliferation of their treatment, CTIC forecasts launching the drug in the US later in fiscal 2021. The most recent quarter has seen the ramping up of essential pre-commercial activities to facilitate a successful launch. These activities include, but are not limited to, coordinating market access, distribution, and supply chain, disease education, and force field planning and deployment.
Operating and Net Loss Reports
Operating loss for the first quarter of the fiscal year 2021 came out to USD$17.1 million, up from the USD$11.9 million reported for the three-month period ended March 31st, 2020. This difference is largely attributable to increases in research and development costs, as well as expenses from general and administrative activities associated with the build to the commercial launch of pacritinib.Net loss for the quarter came out to USD$17.3 million, representing a net loss of USD$0.23 per basic and diluted share. This is up from the USD$12.2 million reported in the prior-year quarter, which represented a net loss of USD$0.20 per basic and diluted share.
Solid Liquidity Position
The company reported a solid liquidity position as of March 31st, 2021, with cash, cash equivalents, and short-term investments coming out to USD$37.2 million. Despite being lower than the USD$52.5 million reported as of December 31st, 2021, the company forecasts being set to see its operations through to the fourth quarter of 2021. Significant contributions to this momentum was the equity financing that culminated on April 6th, 2021, generating net proceeds of USD$53.8 million.
Future Outlook for CTIC
Armed with a solid liquidity position, CTIC is poised to continue its trajectory of success. The company is keen to continue pushing for the eventual commercialization and proliferation of pacritinib. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.