OncoSec Medical Inc (NASDAQ:ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced financial results for the fourth quarter and fiscal year ended July 31, 2015.
“We made significant progress in fiscal year 2015, including the addition of several key employees, meeting important clinical milestones, and continued strengthening of our balance sheet,” said Punit Dhillon, President and CEO of OncoSec. “Immuno-oncology continues to give rise to groundbreaking new treatments and is shifting the cancer treatment paradigm. I am very excited about the prospects for OncoSec as we develop therapies that aim to harness the immune system to fight cancer and address a great unmet medical need in oncology: anti-PD-1 non-responders. OncoSec’s talented and professional team has the experience, insight, and resources to advance our R&D and clinical efforts to capture the value in this opportunity.”
For the fourth quarter of fiscal 2015 and the fiscal year ended July 31, 2015, OncoSec reported a net loss of $6.5 million and $21.2 million, or $0.48 per share and $1.67 per share, respectively, compared to a net loss of $3.6 million and $12.0 million, or $0.30 per share and $1.26 per share, respectively, for the same period last year. The increase in net loss for the year ended July 31, 2015, compared with the same period in 2014, resulted primarily from (i) an increase in headcount as OncoSec continues to grow its discovery research and clinical teams, (ii) additional outside services costs to support its device development and clinical activities and (iii) corporate communication, financing and other administrative investments to expand investor awareness and list the Company on The Nasdaq Stock Market. There were no revenues for the fiscal years ended July 31, 2015 or July 31, 2014.
Research and development expenses were $3.8 million and $13.1 million for the fourth quarter of fiscal 2015 and the fiscal year ended July 31, 2015, respectively, compared to $1.9 million and $5.8 million for the same periods in 2014. General and administrative expenses were $2.7 million and $8.1 million for the fourth quarter of fiscal 2015 and the fiscal year ended July 31, 2015, compared to $1.7 million and $6.2 million for the same period in 2014.
At July 31, 2015, OncoSec had $32.0 million in cash and cash equivalents, as compared to $37.9 million of cash and cash equivalents at July 31, 2014. OncoSec expects these funds to be sufficient to allow it to continue to operate its business for at least the next 12 months. (Original Source)
Shares of OncoSec closed today at $4.15, up $0.01 or 0.24%. ONCS has a 1-year high of $8.40 and a 1-year low of $0.22. The stock’s 50-day moving average is $5.51 and its 200-day moving average is $5.99.
On the ratings front, OncoSec has been the subject of a number of recent research reports. In a report issued on September 28, Maxim Group analyst Jason Kolbert reiterated a Buy rating on ONCS, with a price target of $17, which implies an upside of 309.6% from current levels. Separately, on August 19, H.C. Wainwright’s Mark Breidenbach initiated coverage with a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Mark Breidenbach have a total average return of -15.5% and 5.7% respectively. Kolbert has a success rate of 27.2% and is ranked #3771 out of 3773 analysts, while Breidenbach has a success rate of 30.0% and is ranked #1727.
OncoSec Medical Inc is a hybrid device and gene therapy biotechnology company. It is engaged in designing, developing and commercializing medical approaches for treatment of cancer.