Idera Pharmaceuticals Inc. (IDRA) stock lost a further 12.76% in the after-hours, while it was down by 1.14% in regular trading. On December 14, the company provided updates for its tilsotolimod, which did not impress the investors.
In the regular session, the stock traded between $0.8405 and $0.9490, at a volume of 3.02 million shares. After closing at $0.8700, the stock plunged down to $0.7578 in the following aftermarket session.
IDRA and its movement
The clinical-stage biopharmaceutical company Idera Pharmaceuticals Inc. has a market capitalization of $46.46 million. Currently, the company has 52.8 million shares outstanding in the market.
In the past five days, the stock has gained 4.82% and 14.96% in the last month. Moreover, IDRA has subtracted 15.53% in the past three months and 76.29% year to date.
Currently, the stock is trading in the red as the investors were not happy with the updates of tilsotolimod.
Tilsotolimod Updates
As per Tuesday’s updates, ILLUMINATE-206 study’s one patient experienced Stable Disease (SD) and the rest seven Progressive Disease (PD). Moreover, one patient experienced pseudo-progression. This means that a decrease followed the initial increase from baseline in overall tumor burden. Further, the safety profile in this safety cohort was consistent with the previous cohort and studies.
IDRA’s ILLUMINATE-206 is a phase 2, open-label, multi-cohort study of tilsotolimod for the treatment of solid tumors. It studies the efficacy and safety of tilsotolimod in combination with ipilimumab and nivolumab.
Currently, no further enrollment is planned for the ILLUMINATE-206 study.
Supply of tilsotomod to AbbVie
IDRA is working in collaboration with AbbVie Inc. for the provision of tilsotolimod. AbVie is using the tilsotolimod with its own ABBV-368 and other combinations for the treatment of head and neck squamous cell carcinoma. For this purpose, AbVie is conducting a Phase 1b study, under which patient treatment and follow-up are ongoing.
IDRA’s Financial Highlights
On November 08, IDRA announced its financial results for the third quarter of 2021. As per the Q3 of 2021, the R&D expenses and G&A expenses were $3.5 million and $2.3 million respectively. This compares to $4.8 million and $2.7 million in the third quarter of 2020.
Moreover, the net loss was $6.0 million in the third quarter of 2021, against $20.6 million in the year-ago quarter. Consequently, the net loss per basic and diluted share was $0.11 in the Q3 of 2021. This compares to $0.59 in the third quarter of 2020.
