By Muhammad Ali
7:24 AM UTC
Shares of the IMARA Inc. (IMRA) were falling in the current market trading session today on January 25, 2022. IMRA stock price saw a downtrend of 3.18% to drop at $1.52 a share at the time of this writing. The stock was also gloomy in the previous trade and went down by 6.55% at closing.
IMARA Inc., a clinical-stage biopharmaceutical firm mainly working for patients suffering from rare genetic disorders of hemoglobin. Its lead product candidate is IMR-687, which is in the Phase 2b clinical trial to treat thalassemia and sickle cell. IMRA stock has a market cap of $41.25 million and 173,541 average trading volume. Let’s understand the current bearish momentum.
IMARA Inc today announced the clearance of its new drug application for tovinontrine (IMR-687) by the U.S Food and Drug Administration. The company applied to start clinical development to treat heart failure with preserved ejection fraction (HFpEF). The company is anticipating the Phase 2 trial in the second quarter of the ongoing year. IMARA will evaluate the tovinontrine in patients who are older than 45 years with persistent HFpEF symptoms. Though the news is positive but did not change the sentiment among investors in the stock market. IMARA stock reached an all-time low at $1.52 so far.
Back on November 22, 2021, the company announced that it has changed the primary endpoint for the Ardent Phase 2b clinical trial of tovinontrine. The company took this step after getting feedback from the U.S Food and Drug Administration. The fetal hemoglobin (HbF) response was the previous primary endpoint for the Ardent trial. FDA after reviewing the Ardent draft recommended annualized rate of vaso-occlusive crises as the primary endpoint, which was previously the key secondary endpoint.
On November 9, 2021, IMARA announced the financial results for the third quarter ended September 30, 2021, according to which
The company spent $10.4 million in research and development expenses in the third quarter of 2021. These expenses were $9.5 million in the same tenure as the previous year. The general and administrative expenses of the IMRA reached $3.3 million in the last reported quarter. This represents an increase of $0.3 million from the same period of 2020. The company suffered a $13.6 million net loss attributable to common stockholders or $0.55 per share of IMRA stock. By the end of the third quarter, the company had $102.8 million in cash, cash equivalents, and investments.