G1 Therapeutics, Inc. (Nasdaq: GTHX) a commercial-stage biopharmaceutical company specializing in the discovery, development and delivery of next generation therapies that enhance the lives of patients affected with cancer, announced corporate and financial update for the first quarter completed on March 31, 2021. GTHX stock increased substantially adjacent to the news.
At last check in after-market trading, shares of G1 Therapeutics Inc. (GTHX) were up 6.47% at $21.05. GTHX’s stock closed last session at $19.77, decreasing -2.51% or -$0.51. Shares of the company fluctuated between $19.71 and $20.70 throughout the day. Over the past three months, the stock has lost -28.63%, while over the past six months, it has added 76.36%
First Quarter 2021 Highlights
A new budget Impact data was introduced for COSELA at the Academy of Managed Care Pharmacy Meeting. The data depicted a model that compared ES-SCLC treatment layout with and without COSELA. The increasing cost of COSELA to a third-party payer is anticipated to be fully offset due to diminishing costs of managing unforeseen scenarios linked to myelosuppression. As a result, the use of COSELA is expected to save costs.
GTHX has also entered into a Trial Collaboration for the approaching First Line Locally Advanced or Metastatic Bladder Cancer (mUC) Trial of COSELA. The clinical trial collaboration and alliance was held with Merck KGaA, Darmstadt, Germany and Pfizer, as a result the collaboration will provide clinical supply of the checkpoint inhibitor avelumab to the first-line mUC, financed and sponsored by G-1.
Cash on cash equivalents were accumulated to produce $279.0 million, in comparison to $207.3 million in the previous quarter. Total revenue generated in the first quarter of 2021 was $14.2 million, which was inclusive of almost $0.6 million in initial net product sales of COSELA and license revenue of $13.6 million, mainly linked with development milestone payments from the Company’s license agreement with Simcere and revenue from EQRx.
Expenses related to Research and Development in the first quarter of 2021 were $16.5 million, vs $20.4 million for the same quarter of the previous year. R&D expenses declined mainly due to reduced costs for production of active pharmaceutical ingredients to support clinical trials. A fall in external costs linked with discovery and pre-clinical development was also seen.
Net for the first quarter of 2021 was $26.4 million, in comparison to $31.0 million for the same quarter of the previous year. The basic and diluted net loss per share for the first quarter of 2021 was $(0.65) vs $(0.82) for the first quarter in the prior year.
GTHX entering into a trial collaboration with Pfizer, combined with initiating phase 2 trials of COSELA has induced investor interest for the company, with GTHX stock surging immensely adjacent to the announcement of its corporate and financial update.