Clinical stage biotech firm Infinity Pharmaceuticals Inc (NASDAQ:INFI) has been on the sights of investors over the course of the past week and during that period, the company’s stock has managed to clock gains of as much as 7%.
However, at the same time, investors need to also remember that there has been no news about the company in the past week and the rally could also be speculative in nature. The last major news about the company emerged on July 27 when Infinity announced its financial results for the second fiscal quarter.
In the quarter that ended on June 30, 2021, the company had cash, cash equivalents and securities that could be sold to the tune of $97.3 million in its books. However, it should be noted that at the end of the previous quarter on March 31, 2021, Infinity had total cash balance of $106.8 million.
On the other hand, the expenses towards research and development efforts went up to $8 million in the second quarter. That reflected a considerable jump from the $6.1 million under the same heading back in the prior year period. The rise in those expenses was related to the company’s current work related to eganelisib.