Infinity Pharmaceuticals, Inc. (INFI - Free Report) incurred a loss of 20 cents per share in the third quarter of 2019, wider than the Zacks Consensus Estimate of a loss of 18 cents. Moreover, the figure came against the year-ago reported earnings of 23 cents.
Also, the company’s recognized royalty revenues of $0.34 million lagged the Zacks Consensus Estimate of $1 million. Meanwhile, the company did not record any revenues in the year-ago quarter.
Shares of Infinity have lost 11.1% year to date versus the industry’s increase of 3.1%.
Quarter in Detail
Research and development expenses escalated 31.5% year over year to $7.1 million in the reported quarter, mainly due to an increase in clinical and development activities for IPI-549.
General and administrative expenses rose 5.9% to $3.6 million in the reported quarter.
As of Sep 30, 2019, Infinity had total cash and cash equivalents of $52 million compared with $63 million at the end of Jun 30, 2019. The company expects its existing cash, cash equivalents and available-for-sale securities to be adequate for meeting its capital needs at least through the next 12 months.
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 is also conducting a phase I/Ib MARIO-1 study evaluating IPI-549 as a monotherapy and in combination with Bristol Myers’ (BMY - Free Report) PD-1 immune checkpoint inhibitor Opdivo for addressing patients with advanced solid tumors. Infinity plans to complete enrollment by this year-end and present the study data next year.
Infinity is also conducting a phase II MARIO-275 study investigating the combo of IPI-549 plus Opdivo in platinum-refractory, I/O naïve patients with advanced urothelial cancer.
Meanwhile, in September 2019, Arcus Biosciences (RCUS - Free Report) initiated a phase I study in collaboration with Infinity evaluating IPI-549 in combination with AB298, Arcus' dual adenosine receptor antagonist, and Doxil, a chemotherapy, for treating patients with advanced triple negative breast cancer (TNBC).
The company expects net loss for 2019 in the range of $40-$50 million, unchanged from the previous quarter’s guidance.
Infinity Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
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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