Sesen Bio, Inc. (SESN), a late-stage clinical company, has seen an increase of 0.83% in the premarket trading session. As a consequence, SESN stock is changing hands at $0.84 at the time of this writing. There appears to be no obvious reason for this increase, i.e. SEC filing or press release. On Monday, SESN stock closed the day at $0.83 after declining 8.29% in the regular trading session. Let’s have a discussion about some recent developments of SESN stock.
SESN approved retention program
On the 9th of September, SESN Board of Directors and compensation committee approved a retention program. The program was for all of the current employees of the company, except for the CEO. Under the terms of the program, the company intended to provide incentives to the employees designed to retain them. The company said that the program would become effective from the 1st of October 2021. Afterwards the beginning of this retention program, the non-executive employees would receive a combination of a cash bonus and one time restricted stock unit award. Both of them would be vested in full on 30th September 2022, subject to continuous employment throughout the period. Also, the board approved certain severance benefits for non-executives employees of the company. Under the retention program, the company would grant executive employees except for the CEO with a one-time performance-based restricted stock unit award. That would comprise almost 50% of the current base salary. The company said that the award would be vested on 30th September 2023 subject to continued employment and based on achievement of milestones.
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Q2 2021 financial results
On 9th August, SESN reported the unaudited quarterly results for the second quarter of the fiscal year 2021, which ended 30th June. According to the details, the company had cash and cash equivalents of $2.3 million on the 30th of June. The total assets held by the company stood at $241.04 million. The total liabilities were $191.69 million. The company generated revenue of $2.23 million during the quarter. The total operating expenses during the quarter stood at $27.63 million. During the equivalent period of 2020, the total operating expenses were $26.36 million. The loss from operations during the period stood at $25.39 million. During the equivalent period of 2020, it was $26.36 million. The net loss that the company bore during the quarter was $25.44 million. During the equivalent period of 2020, the net loss bore by the company stood at $26.34 million. The net loss per basic and diluted share during the quarter was $0.15. During the equivalent period of 2020, the net loss per basic and diluted share was $0.24.
What lies ahead for SESN?
Past stats show a grim picture for SESN stock. The stock has declined by 80% during the last 4 months, due to ongoing investigations against it by a number of law firms. But analysts believe that the coming time is sanguine for SESN. The EPS of the company is expected to rise by 83% during the current fiscal and 40% during the next year. Based upon these indicators, potential investors should keep a close eye on fluctuations in SESN stock.