OncoSec Medical Inc (NASDAQ:ONCS) announced financial results for the fourth quarter and fiscal year ended July 31, 2016.
“During the fourth quarter, we continued to advance the development of our lead clinical program, ImmunoPulse® IL-12, focused on the anti-PD1 non-responsive patient population in melanoma. The development of ImmunoPulse® IL-12 in combination with an anti-PD1 checkpoint inhibitor represents a potential immunotherapy for melanoma patients that are progressing on anti-PD1 therapy,” noted Punit Dhillon, President and Chief Executive Officer. “We have enrolled over 20 patients in our Phase II combination clinical study of ImmunoPulse® IL-12 with Merck’s KEYTRUDA® (pembrolizumab) in melanoma patients that are considered non-responders to anti-PD1, and OncoSec remains on track to announce interim data from approximately 15 of these patients at a three-month follow-up later this quarter. Subject to these interim results and discussions with the U.S. Food and Drug Administration, we expect to submit a registration directed study design for ImmunoPulse® IL-12 by the end of 2016. We have also continued to expand our research pipeline and broaden our engineering efforts relating to new devices that will be launched with our next clinical candidate. We look forward to discussing research and pre-clinical updates and timing data and clinical development milestones relating to our Melanoma program on our conference call and webcast on October 13th.”
For the fourth quarter of fiscal 2016 and the fiscal year ended July 31, 2016, OncoSec reported a net loss of $6.6 million and $26.9 million, or $0.39 per share and $1.63 per share, respectively, compared to a net loss of $6.5 million and $21.2 million, or $0.48 per share and $1.67 per share, respectively, for the same period last year. The increase in net loss for the year ended July 31, 2016, compared with the same period in 2015, resulted primarily from (i) the progression of its clinical trials, (ii) consulting services costs to support its device development and clinical activities, (iii) facility costs related to its new corporate headquarters, and (iv) stock-based compensation expense. There were no revenues for the fiscal years ended July 31, 2016 or July 31, 2015.
Research and development expenses were $3.7 million and $14.8 million for the fourth quarter of fiscal 2016 and the fiscal year ended July 31, 2016, respectively, compared to $3.8 million and $13.1 million for the same periods in 2015. General and administrative expenses were $2.9 million and $12.1 million for the fourth quarter of fiscal 2016 and the fiscal year ended July 31, 2016, compared to $2.7 million and $8.1 million for the same period in 2015.
At July 31, 2016, OncoSec had $28.7 million in cash and cash equivalents, as compared to $32.0 million of cash and cash equivalents at July 31, 2015. 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 Medical closed today at $1.74, up $0.07 or 4.19%. ONCS has a 1-year high of $4.61 and a 1-year low of $1.36. The stock’s 50-day moving average is $1.72 and its 200-day moving average is $1.85.
On the ratings front, H.C. Wainwright analyst Ram Selvaraju initiated coverage with a Buy rating on ONCS and a price target of $6, in a report issued on July 21. The current price target represents a potential upside of 242.9% from where the stock is currently trading. According to TipRanks.com, Selvaraju has a yearly average return of 2.3%, a 45.6% success rate, and is ranked #1059 out of 4182 analysts.
OncoSec Medical, Inc. designs, develops, and commercializes medical products for the treatment of cancer. It engages in the discovery and development of novel immunotherapeutic products to improve treatment options for patients and physicians, which intends to treat oncology indications.