- VBL Therapeutics (Nasdaq: VBLT) stock price rose 13.99% today. That is why.
The share price of VBL Therapeutics (Nasdaq: VBLT) – a late-stage biotechnology company focused on developing first-in-class therapies for hard-to-treat malignancies and solid tumors and immune or inflammatory indications – rose 13.99% today. Investors are reacting positively to VBL Therapeutics’ financial results for the year ended December 31, 2021 and the company update.
Financial results for the full year 2021
As of December 31, 2021, VBL had cash, cash equivalents, short-term bank deposits and restricted bank deposits of $53.5 million. And VBL expects its cash, cash equivalents, short-term bank deposits and restricted bank deposits to be sufficient to fund currently planned operating and capital expenditures for at least 12 months at from the date of reading the main PFS data from the OVAL Phase 3 trial.
For the year ended December 31, 2021, VBL reported a net loss of $29.9 million, or ($0.45) per basic share, compared to a net loss of $24.2 million, or ($0.45) per basic share. $0.55) per basic share, during the comparable period in 2020 .
Revenue for the year ended December 31, 2021 was $0.8 million, compared to $0.9 million for the comparable period of 2020.
For the year ended December 31, 2021, total operating expenses were approximately $30.4 million, consisting of $22.7 million in research and development expenses, net, and $7.7 million in dollars in general and administrative costs. This compares to total operating expenses of $25.1 million for the year ended December 31, 2020, which included $19.7 million in research and development expenses, net, and $5.4 million in dollars in general and administrative costs.
“2021 was a year of excellent progress for VBL as we advanced our development programs, strengthened our leadership team and established a direct presence in the United States. The company is positioned for a potentially transformational year in 2022 as we look forward to reading the primary data from the PFS primary endpoint in the Phase 3 OVAL trial in the second half of 2022. We are also awaiting preliminary data ofra-vec from Phase 2 trials in mCRC and rGBM and plan to enter the clinic in the second half of the year with VB-601, the first candidate in our new monocyte-targeted anti-inflammatory program. We are pleased with VBL’s progress and execution and see multiple opportunities to create value in 2022.”
— Dror Harats, MD, President and CEO of VBL
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