Genprex, Inc. (GNPX), a clinical-stage gene therapy company, has surged 18% in aftermarket trading session. As a result, GNPX stock is trading at $4.13 at the time of the writing. On Monday, GNPX stock closed the day at $3.50 after rocketing 167.18% during the regular trading session. The boom in the stock price could be attributed to the receipt of fast track designation from the US FDA.
Why GNPX Soaring?
On Monday, GNPX announced that the US Food and Drug Administration (FDA) has granted Fast Track Designation (FTD) to the lead drug candidate of the company, namely REQORSA™ Immunogene Therapy. The FTD has been granted in patients with histologically-confirmed unresectable stage III or IV non-small cell lung cancer. During Q1 2022, the company expects to begin the Acclaim-2 clinical trial. It would be an open-label, multi-centre Phase 1/2 clinical trial and would evaluate REQORSA in combination with Merck & Co’s Keytruda.
Q3 2021 Operational Results
On 15th November, GNPX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company bore total costs and expenses of $3.43 million during the quarter against $2.77 million for the same period of the fiscal year 2020. The net loss suffered by the company for the quarter was $3.43 million against the net loss of $2.77 million for the same quarter of 2020. The net loss per basic and diluted share for the quarter was $0.07 against the same amount, i.e. $0.07 for the same quarter of 2020.
Q3 2021 Financial Highlights
Alongside the operational results, GNPX also released the financial highlights for the said quarter. The company had cash and cash equivalents of $42.02 million on the 30th of September 2021. The current assets totalled to be $45.64 million, while the total assets were $46.32 million on 30th September. The total current liabilities were $1.61 million on 30th September, while the total stockholders’ equity on the said date was $45.16 million.
Future Outlook for GNPX
During the last three months, GNPX stock has gained an increase of more than 30%, primarily due to the developments associated with the drug candidate of the company. The analysts are of the view that the stock is in a good shape to thrive upon this momentum in upcoming months to its advantage.