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Wednesday, March 22, 2023

Inhibikase Therapeutics, Inc. (IKT) stock is rising today: Here’s Why

Shares of the Inhibikase Therapeutics, Inc. (IKT) stock were rising in the intraday session following the release of interim three-month results of IKT-148009. IKT stock price saw a push of $1.57% to reach $1.97 a share at the time of this writing. The trading volume as of now was 575,240, higher than the average trading volume. Let’s deep dive to explore more about this stock.

Inhibikase Therapeutics, Inc is the clinical-stage pharmaceutical stock that is developing treatments for Parkinson’s disease and other related disorders in the brain. Its lead product candidate is IKT-148009, intended to treat Parkinson’s disease and other related complications.

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What’s Happening?

The IKT stock today announced the three-month interim results from chronic Toxicology Studies of IKT-148009. Under the study, the study team observed the behavior of IKT-148009 in rats and non-human primates. The purpose of the study is to meet the regulatory requirements for chronic dosing in humans. It includes daily oral administration in non-human primates for nine months and in rats for six months. The recent data shows the improved profile for IkT-148009.

Before this release, the IKT stock did announce the 14-day toxicology data in NHPs and rats in U.S Food and Drug Administration. No Adverse Event Level (NOAEL) which is the measure of the safety of the drug in animals was 31.2 mg in NHPs and undetermined for Rats for a 14-day study. NOAEL measurements were 50 mg and 75 mg in rats and NHPs in the monthly dosing data.

Financial View of IKT stock:

IKT stock on August 16, 2021, announced second-quarter 2021 financial results according to which

  • Net loss $2.6 million or $0.22 per share in the second quarter of 2021. This compares to the $0.4 million, or $0.05per share in the same tenure of the previous year.
  • Net loss for the six months ended June 30, 2021, reached $3 million or $0.47 per share. The net loss for the previous year’s same tenure was $1.0 million, or $0.12 per share.
  • Inhibikase stock spent $2.4 million in research and development expenses for the second quarter of 2021. Six months of research and development expenses for the stock were $4.8 million.
  • By the end of the second quarter, IKT stock had $46.8 million in cash and cash equivalents.

Wrap Up:

Investors are responding positively to the recent release of data for IKT-148009. The management is looking forward to evaluating IkT-148009 in a planned phase 2a study in order to further observe its behavior in patients with Parkinson’s disease

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