Heat Biologics Inc. (NASDAQ:HTBX)
Heat Biologics Inc. (NASDAQ:HTBX) traded higher after the U.S. Food and Drug Administration (FDA) agreed to a type C meeting to discuss the registration pathway of its non-small cell lung cancer trial with HS-110. The stock was up by 6.54% in Tuesday’s trading session to end the day at $0.57 a share.
HTBX Stock Performance
Tuesday’s rally did little to reverse the selling pressure that has engulfed the stock since the start of the year. Heat Biologics Inc. (NASDAQ:HTBX) is currently trading in a downtrend in a tight $0.53 – $0.71 trading range. The stock faces immediate resistance at the $0.60 mark, above which it could rise to $0.90.
A meeting with the FDA marks yet another important achievement on the development of HS-110 in combination with Bristol-Myers Squibb Co (NYSE:BMY) Opdivo as a treatment for non-small cell lung cancer. The candidate drug is currently supported by maturing Phase 2 data.
“We are encouraged by the positive safety and efficacy signals that have been previously reported, which support the hypothesis that tumor-specific T-cell activation enhances the clinical activity of checkpoint inhibitor therapy,” said CEO, Jeff Wolf.
Heat Biologics Inc. (NASDAQ:HTBX) is a biopharmaceutical company focused on the development of immuno-oncology therapies that activate patient’s immune systems against cancer. During the second quarter ended June 30, 2017, the company completed the acquisition of Pelican Therapeutics. The acquisition expands the company’s footprint into the business of developing monoclonal antibody and fusion-based therapies for activating the immune system.
Heat Biologics Q2 Earnings Report
Heat Biologics Inc. (NASDAQ:HTBX) generated a net loss of (-$3.2) million or (-$0.90) a share in Q2 2017, up from a net loss of (-$2.9) million or (-$0.70) reported in Q2 2016. General and Administrative expenses increased by 46% in the quarter to $1.6 million compared to $1.1 million reported a year earlier. The company attributes the increase to additional professional services in the quarter as well as third party expenses in relation to the Pelican acquisition.
Research and development expenses were also up by $0.7 million in the quarter due to Chemistry Manufacturing and Control activities. Heat Biologics Inc. (NASDAQ:HTBX) also incurred additional costs in relation to the Zika Program and Pelican Therapeutics programs.
The company exited the quarter with cash and cash equivalents of about $8.3 Million. In the wake of the Pelican Therapeutics acquisition, Heat Biologics has started to access its $15.2 million grant to advance the development of multiple programs.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.