OncoSec Medical Inc. (NASDAQ:ONCS)
Shares of OncoSec Medical Inc. (NASDAQ:ONCS) traded lower following the posting of better than expected fourth quarter and full year financial results. The stock was down by 3.79% in Monday’s trading session, to end the day at $1.27 a share.
ONCS Stock Performance
OncoSec Medical Inc. (NASDAQ:ONCS) has gained more than 30% in market value over the past month. The impressive run has seen the stock trade above January’s trading levels after erasing a good chunk of losses accrued for the better part of the year. The stock faces immediate resistance at the $1.30 mark, above which it could make a push for the $1.52 mark.
Renewed investor interest in the stock follows the announcement that the company has made significant progress in the development of its lead clinical program ImmunoPulse IL-12. The company is developing the program for the treatment of metastatic melanoma.
During the fourth quarter, the biotechnology company presented positive Phase 2 data of ImmunoPulse IL-12, in combination with pembrolizumab.
“Our organization remains focused on advancing our PISCES/KEYNOTE-695 registration-directed trial to address this significant unmet medical need through an innovative accelerated pathway,” said CEO, Punit Dhillon.
OncoSec Q4 Financial Results
In addition to progress on the clinical development front, OncoSec Medical Inc. (NASDAQ:ONCS) is also working on trimming its net loss as it eyes positive cash flow. For the three months ended July 31, 2017, the company generated a net loss of (-$5.8) million, down from (-$6.6) million reported last year. Net loss for the full year dropped to ($21.4) million from ($26.9) million.
OncoSec Medical Inc. (NASDAQ:ONCS) attributes the decrease in net loss to a $2.2 million decrease in non-cash, stock-based compensation expense and a $1.8 million decrease in Research and Development Expense. The company did not generate any revenue in the fourth quarter and full year.
The biotechnology company exited the fourth quarter with $11.4 million in cash and cash equivalent, down from $28.7 million as of July 31, 2016. The funds should finance the company’s operations through the third quarter of FY2018.
Last Month OncoSec Medical Inc. (NASDAQ:ONCS) closed a $7.1 million direct offering of 5.3 million shares of common stock, priced at $1.34 a share. The company also issued warrants for the purchase of additional shares at an exercise price of $1.25 a share.
OncoSec intends to use net proceeds of about $6.2 million for working capital and general corporate purposes such as the PISCES/KEYNOTE-695 study, among other clinical, research and development activities.
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.