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Tuesday, May 30, 2023

TRACON Pharmaceuticals, Inc. (TCON) Stock gains in premarket. What’s going on?

TRACON Pharmaceuticals, Inc. (TCON) undergoes an increase of 6.58% in the premarket today. However, the last trading session concluded at $3.80 with a decrease of 0.26%.

Second Quarter 2021 Financial Results

TCON reported second-quarter 2021 financial results on 12th August 2021. At the end of June 2021, cash totaled $25.6 million, down from $36.1 million at the end of December 2020. The second quarter of 2021 saw $3.1 million in research and development costs, up from $2.2 million in the second quarter of 2020. The second quarter of 2021 saw $6.1 million in general and administrative costs, up from $2.1 million in the second quarter of 2020.

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Legal fees spent in connection with Mab’s action in the Delaware Court of Chancery and continuing arbitration on the TJ4309 and bispecific agreements contributed to the rise. This year’s peak for general and administrative costs took place in the second quarter of 2021. The second quarter of 2021 saw a net loss of $8.9 million, up from $4.5 million in the second quarter of 2020. 

Results of Second Independent Data Monitoring Committee Review of Safety Data from ENVASARC Pivotal Trial

TCON announced the results of the second independent data monitoring on 9th August 2021. Upon an assessment of 12-week safety data from more than 20 patients, the Independent Data Monitoring Committee has recommended that the study will proceed as scheduled. More than ten patients were enrolled in cohort A of therapy with envafolimab as a single drug. While more than ten patients were included in cohort B of treatment with envafolimab plus Yervoy (ipilimumab). The Independent Data Monitoring Committee will examine intermediate effectiveness data in the fourth quarter of this year.

TCON Increases Previously Announced Bought Deal Offering

TCON reported on 22 July 2021 that in response to high demand, the underwriter has decided to expand the amount. It will acquire 3,926,702 shares of the Company’s common stock on a firm commitment basis. The Company has granted the underwriter a 30-day option to acquire up to an additional 589,005 shares of common stock. This excludes all the underwriting discounts and fees, at the public offering price.

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