11/13 Biotech Review
Pulmatrix, Inc. (nasdaq: PULM): announced a merger with Cullgen Inc., a clinical-stage biopharmaceutical company specializing in targeted protein degradation for cancer treatment purposes.
After the merger, Cullgen shareholders will hold 96.4% of the combined company, the company will be renamed Cullgen Inc., and it will be traded on nasdaq.
Pulmatrix shareholders will hold 3.6%, and if the net assets at closing exceed 2.5 million dollars, there is a possibility of receiving a special cash dividend. The stock price rose by 73% and closed at $3.56.
Calidi Biotherapeutics, Inc. (nyse: CLDI): announced a public offering of common stock, and the stock price fell by 15% to $2.89 after closing.
Syros Pharmaceuticals (nasdaq: SYRS): announced that they did not achieve the primary endpoints of the SELECT-MDS-1 Phase 3 trial with tamibarotene and azacitidine combination for HR-MDS patients with overexpression of RARA.
The company will cancel the test and review the data to consider future actions.
Calidi Biotherapeutics Inc. (NYSE: CLDI): Net loss in the third quarter of 2024 was $5.1 million ($0.65 per share), worsening compared to the net loss of $2 million ($1.41 per share) in the same period last year.
The stock price rose 60% and closed at $3.38.
Mersana Therapeutics (nasdaq: MRSN): Reported a quarterly loss of $0.09 per share, exceeding analyst estimates ($0.18).
Quarterly revenue was $12.6 million, surpassing the forecast of $7.53 million by 67.3%, with a 63.65% increase from the same period last year. The stock price rose 20% and closed at $2.63.
Lyra Therapeutics (nasdaq: LYRA): Announced the ENLIGHTEN 1 trial 52-week extension results for LYR-210 in chronic rhinosinusitis patients, confirming safety.
Although the quarterly loss exceeded analyst estimates, revenue fell below expectations, and the stock price fell 28% to close at $0.2.
X4 Pharmaceuticals (nasdaq: XFOR): Net loss in the third quarter was $36.7 million, a significant increase from $2.3 million in the same period last year. The stock price fell 53% to close at $0.28.
Evaxion Biotech A/S (nasdaq: EVAX): The shareholder capital has fallen below $2.5 million, receiving a delisting notification from Nasdaq and is currently applying for a 180-day extension.
The stock price closed at $1.76, down 27%.
Allurion Technologies, Inc. (nyse: ALUR): Third-quarter revenue was $5.4 million, with a $1.2 million decrease due to a product recall in France.
Operating losses decreased to $12.2 million, but the stock price closed at $0.51, down 28%.
Psyence Biomedical Ltd. (nasdaq: PBM): Shareholders approved a 1-for-75 stock consolidation at the November 12 meeting.
The consolidation will take effect on November 22, and trading of the consolidated stock will begin on November 25. The stock price closed at $0.06, down 19%.
After the merger, Cullgen shareholders will hold 96.4% of the combined company, the company will be renamed Cullgen Inc., and it will be traded on nasdaq.
Pulmatrix shareholders will hold 3.6%, and if the net assets at closing exceed 2.5 million dollars, there is a possibility of receiving a special cash dividend. The stock price rose by 73% and closed at $3.56.
Calidi Biotherapeutics, Inc. (nyse: CLDI): announced a public offering of common stock, and the stock price fell by 15% to $2.89 after closing.
Syros Pharmaceuticals (nasdaq: SYRS): announced that they did not achieve the primary endpoints of the SELECT-MDS-1 Phase 3 trial with tamibarotene and azacitidine combination for HR-MDS patients with overexpression of RARA.
The company will cancel the test and review the data to consider future actions.
Calidi Biotherapeutics Inc. (NYSE: CLDI): Net loss in the third quarter of 2024 was $5.1 million ($0.65 per share), worsening compared to the net loss of $2 million ($1.41 per share) in the same period last year.
The stock price rose 60% and closed at $3.38.
Mersana Therapeutics (nasdaq: MRSN): Reported a quarterly loss of $0.09 per share, exceeding analyst estimates ($0.18).
Quarterly revenue was $12.6 million, surpassing the forecast of $7.53 million by 67.3%, with a 63.65% increase from the same period last year. The stock price rose 20% and closed at $2.63.
Lyra Therapeutics (nasdaq: LYRA): Announced the ENLIGHTEN 1 trial 52-week extension results for LYR-210 in chronic rhinosinusitis patients, confirming safety.
Although the quarterly loss exceeded analyst estimates, revenue fell below expectations, and the stock price fell 28% to close at $0.2.
X4 Pharmaceuticals (nasdaq: XFOR): Net loss in the third quarter was $36.7 million, a significant increase from $2.3 million in the same period last year. The stock price fell 53% to close at $0.28.
Evaxion Biotech A/S (nasdaq: EVAX): The shareholder capital has fallen below $2.5 million, receiving a delisting notification from Nasdaq and is currently applying for a 180-day extension.
The stock price closed at $1.76, down 27%.
Allurion Technologies, Inc. (nyse: ALUR): Third-quarter revenue was $5.4 million, with a $1.2 million decrease due to a product recall in France.
Operating losses decreased to $12.2 million, but the stock price closed at $0.51, down 28%.
Psyence Biomedical Ltd. (nasdaq: PBM): Shareholders approved a 1-for-75 stock consolidation at the November 12 meeting.
The consolidation will take effect on November 22, and trading of the consolidated stock will begin on November 25. The stock price closed at $0.06, down 19%.
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