Clinical stage biotech company Advaxis Inc (OTCMKTS:ADXS) could be one of the companies that could be in focus among investors today after it announced its financial results for the third quarter that ended on July 31, 2022 yesterday.
Trading Data
On Monday, ADXS stock increased 0.33% to $3.0600 with 1.06K shares, compared to its average volume 4.26K shares. The stock moved within a range of $3.0600 – 3.4700 after opening trade at $3.3000.
Advaxis Reports Third Quarter Ended July 31, 2022 Financial Results and Provides a Business Update
In this situation, it may be a good idea for investors to consider taking a look at some of the highlights from the financial results and then make their minds about the Advaxis stock, one way or another. The company spent as much as $2.2 million in research and development expenses in the third fiscal quarter of the year. That proved to be a higher figure than the $1.7 million that it had spent in the prior year period.
The rise in those costs was primarily due to the manufacturing and patient recruitment costs related to the clinical trial program for the product ADXS 503. The general and administrative expenses for the third quarter stood at around $2.1 million and that proved to be a lower figure than the $2.7 million under the same overhead back in the prior year period. At the end of the quarter, Advaxis reported that it had cash and cash equivalents of $28.2 million.
Key Quote
Kenneth A. Berlin, President and Chief Executive Officer of Advaxis said, “We continue to make progress in our development of ADXS-504. We announced that we have completed the first dose level in our investigator-sponsored trial of ADXS-504 in biochemically recurrent prostate cancer and the data suggest that this novel therapeutic is safe and well-tolerated. In addition, we have initiated enrollment for the second dose cohort and look forward to reporting safety and initial clinical data in the first half of 2023.” Mr. Berlin added, “Given the measures we have undertaken to control expenses, we continue to expect that our cash runway will reach into the third fiscal quarter of 2024.”
Technical Data
ADXS stock is trading below the 20-Day and 50-Day Moving averages of $3.37 and $3.70 respectively. Moreover, the stock is trading below the 200-Day moving average of $8.89.
