Infinity Pharmaceuticals, Inc. incurred a loss of 20 cents per share in the fourth quarter of 2019, wider than the Zacks Consensus Estimate of a loss of 19 cents.
Also, the company did not recognize any revenues during the quarter.
Shares of Infinity have slumped 32.9% in the past year compared with the industry’s decline of 12.3%.
The company has not provided any numbers for the fourth quarter of 2019.
2019 Results
The company posted a loss of 83 cents per share in 2019, wider than a loss of 20 cents in 2018. The loss was, however, wider than the Zacks Consensus Estimate loss of 81 cents.
Research and development expenses escalated 36.9% year over year to $27.1 million in 2019, mainly due to increased clinical and development activities for IPI-549.
General and administrative expenses rose 0.7% to $14.3 million in 2019.
As of Dec 31, 2019, Infinity had total cash and cash equivalents of $42.4 million compared with $58.6 million as of Dec 31, 2018. The company expects its existing cash, cash equivalents and available-for-sale securities, including the $20 million received from BVF in January 2020, to be adequate to satisfy its capital needs till the second half of 2021.
Pipeline Update
During the fourth quarter, the companyinitiated MARIO-275, an ongoing, global, randomized, controlled phase 2 study in collaboration with Bristol-Myers Squibb (BMY - Free Report) , to evaluate IPI-549 in combination with Opdivo in platinum-refractory, I/O-naive patients with advanced urothelial cancer. Completion of enrollment is expected in 2020 and data, by mid-2021.
In September 2019, the company initiated a phase II MARIO-3 study in collaboration with Roche AG (RHHBY - Free Report) evaluating IPI-549 in combination with Tecentriq and Abraxane (nab-paclitaxel) for the treatment of front-line triple negative breast cancer (TNBC). The above-mentioned study also includes a cohort evaluating IPI-549 in combination with Tecentriq and Avastin (bevacizumab) for front-line PDL1+ and PDL1- renal cell cancer (RCC) patients. Infinity plans to present data from the study in 2020.
The company completed enrollment in MARIO-1, an ongoing phase I/Ib study of IPI-549 as a monotherapy and in combination with Opdivo in patients with advanced solid tumors. Additional data are expected this year.
Meanwhile, the company in collaboration with Arcus Biosciences (RCUS - Free Report) is conducting a phase I study to evaluate IPI-549 in combination with AB298, Arcus' dual adenosine receptor antagonist, and Doxil, a chemotherapy, for treating patients with advanced TNBC. Enrollment in the expansion cohort of up to 40 patients is ongoing.
2020 Outlook
The company expects 2020 net loss in the range of $40-$50 million.
Zacks Rank
Infinity currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Infinity Pharmaceuticals, Inc. incurred a loss of 20 cents per share in the fourth quarter of 2019, wider than the Zacks Consensus Estimate of a loss of 19 cents.
Also, the company did not recognize any revenues during the quarter.
Shares of Infinity have slumped 32.9% in the past year compared with the industry’s decline of 12.3%.
The company has not provided any numbers for the fourth quarter of 2019.
2019 Results
The company posted a loss of 83 cents per share in 2019, wider than a loss of 20 cents in 2018. The loss was, however, wider than the Zacks Consensus Estimate loss of 81 cents.
Research and development expenses escalated 36.9% year over year to $27.1 million in 2019, mainly due to increased clinical and development activities for IPI-549.
General and administrative expenses rose 0.7% to $14.3 million in 2019.
As of Dec 31, 2019, Infinity had total cash and cash equivalents of $42.4 million compared with $58.6 million as of Dec 31, 2018. The company expects its existing cash, cash equivalents and available-for-sale securities, including the $20 million received from BVF in January 2020, to be adequate to satisfy its capital needs till the second half of 2021.
Pipeline Update
During the fourth quarter, the companyinitiated MARIO-275, an ongoing, global, randomized, controlled phase 2 study in collaboration with Bristol-Myers Squibb (BMY - Free Report) , to evaluate IPI-549 in combination with Opdivo in platinum-refractory, I/O-naive patients with advanced urothelial cancer. Completion of enrollment is expected in 2020 and data, by mid-2021.
In September 2019, the company initiated a phase II MARIO-3 study in collaboration with Roche AG (RHHBY - Free Report) evaluating IPI-549 in combination with Tecentriq and Abraxane (nab-paclitaxel) for the treatment of front-line triple negative breast cancer (TNBC). The above-mentioned study also includes a cohort evaluating IPI-549 in combination with Tecentriq and Avastin (bevacizumab) for front-line PDL1+ and PDL1- renal cell cancer (RCC) patients. Infinity plans to present data from the study in 2020.
The company completed enrollment in MARIO-1, an ongoing phase I/Ib study of IPI-549 as a monotherapy and in combination with Opdivo in patients with advanced solid tumors. Additional data are expected this year.
Meanwhile, the company in collaboration with Arcus Biosciences (RCUS - Free Report) is conducting a phase I study to evaluate IPI-549 in combination with AB298, Arcus' dual adenosine receptor antagonist, and Doxil, a chemotherapy, for treating patients with advanced TNBC. Enrollment in the expansion cohort of up to 40 patients is ongoing.
2020 Outlook
The company expects 2020 net loss in the range of $40-$50 million.
Zacks Rank
Infinity currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%. This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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