Biotechnology companies raised around $11 billion in follow-on stock offerings in first quarter of 2024, which is the highest quarterly total in three years. This is a recovery sign after period of downturns that caused numerous companies to restructure – in 2023, more than 120 public biotechs laid off staff.
Monthly market moves of selected competitors compared to NASDAQ Biotechnology Index (NBI)
|
Area |
Company |
Ticker |
Price range $ |
Δ Price |
MktCap $m |
Δ MktCap $m |
|
|
ADC |
ADC Therapeutics |
ADCT |
3.74 – 5.00 |
-7 |
% |
371 |
-40 |
|
Elevation Oncology |
ELEV |
3.96 – 5.13 |
27 |
% |
163 |
35 |
|
|
Mersana Therapeutics |
MRSN |
4.27 – 5.94 |
-18 |
% |
512 |
-110 |
|
|
Sutro Biopharma |
STRO |
3.27 – 5.65 |
15 |
% |
353 |
54 |
|
|
IL15 / 2 |
ImmunityBio |
IBRX |
4.71 – 6.17 |
14 |
% |
3 619 |
461 |
|
Mural Oncology |
MURA |
4.32 – 5.46 |
-8 |
% |
83 |
-6 |
|
|
Nektar Therapeutics |
NKTR |
0.78 – 0.96 |
31 |
% |
171 |
40 |
|
|
Werewolf Therapeutics |
HOWL |
5.85 – 7.03 |
-6 |
% |
277 |
26 |
|
|
CAR-T |
Allogene Therapeutics |
ALLO |
4.20 – 5.63 |
-9 |
% |
756 |
-70 |
|
Arcellx |
ACLX |
66.82 – 73.49 |
6 |
% |
3 672 |
197 |
|
|
Autolus Therapeutics |
AUTL |
5.39 – 6.55 |
6 |
% |
1 697 |
653 |
|
|
Mustang Bio |
MBIO |
0.93 – 1.39 |
-23 |
% |
11 |
-2 |
|
|
Other |
Arcus Biosciences |
RCUS |
16.43 – 19.36 |
-1 |
% |
1 716 |
-23 |
|
Immutep |
IMMP |
2.30 – 2.89 |
0 |
% |
208 |
-1 |
|
|
MacroGenics |
MGNX |
14.22 – 21.47 |
-18 |
% |
919 |
-194 |
|
ADCT reported in its Q4 financial results that net loss was $85 million, or $1.03 per share, and $240 million, or $2.94 per share for full year 2023. This compares to a net loss of $23 million, or $0.29 per share, for 4Q 2022 and $157 million, or $2.01 per share, for full year 2022. The increase in net loss primarily reflects the reduction in license revenues and royalties, together with higher income tax expenses and lower revenues.
Elevation announced it will present preclinical proof-of-concept data for its HER3-ADC program at AACR Meeting in April. The company also announced its Q4 financial results reporting net loss of $8 million, compared to $19 million for the fourth quarter of 2022.
Mersana announced in its Q4 financial results that its net loss for the quarter was $20 million, or $0.16 per share, compared to a net loss of $45 million, or $0.44 per share, for the same period in 2022.
Sutro reported in its financial results that revenue for the period was $154 million for the year 2023, as compared to $68 million for 2022. The 2023 amount related principally to the Vaxcyte manufacturing rights agreement option exercise, Astellas and Merck collaborations, and the recognition of a contingent payment from Tasly.
ImmunityBio announced data from Phase 1 pilot study showed N-803 combined with natural killer cells could have the potential to reduce viral load in people living with HIV. Researchers at the University of Minnesota Medical School gave six HIV-positive individuals infusions of healthy NK cells from close relatives, along with N-803 to boost NK cell activity. All participants in this Phase 1 study experienced significant reduction in infection levels following treatment with N-803.
Mural reported in its quarterly financial results that its net loss was $60 million for 4Q 2023. This included $15 million non-cash, share-based compensation, of which approximately $12 million was driven by one-time charges related to the separation from Alkermes and conversion of employee equity during the fourth quarter of 2023.
Nektar announced the initiation of its Phase 2b trial evaluating rezpegaldesleukin in patients with severe to very severe alopecia areata. The company also announced a $30 million private placement financing with TCGX. Separately, Nektar reported in its financial results that net loss for 4Q 2023 was $42 million, or $0.22 per share, as compared to net loss of $60 million, or $0.32 per share, in 4Q 2022. Net loss for the full year was $276 million, or $1.45 per share, as compared to net loss of $368 million, or $1.97 per share, in 2022.
Werewolf announced it will prioritize development of wholly owned clinical assets, WTX-124 and WTX-330. Key updates from both INDUKINEM programs anticipated in 2024. The company separately reported in its financial results a net loss of $12 million for 4Q 2023, compared to $12 million for the same period in 2022. Net loss was $37 million for the full year 2023, compared to $54 million for the full year 2022.
Allogene entered a global gene editing licensing agreement with Arbor Biotechnologies to support advancement of next generation allogeneic CAR T platform in autoimmune diseases. Separately, the company announced its quarterly financial results reporting net loss of $86 million, or $0.51 per share. For the full year of 2023, net loss was $327 million, or $2.09 per share.
Autolus received Medicines and Healthcare products Regulatory Agency certification for its Nucleus commercial manufacturing site. In its financial results, Autolus reported net loss of $208 million for the full year 2023, compared to $149 million for 2022.
Arcellx reported net income of $21 million for 4Q 2023, compared to net loss of $39 million for 4Q 2022. Net loss for the full year 2023 and 2022 were $71 million and $189 million, respectively.
Mustang announced it is planning proof-of concept Phase 1 trial evaluating MB-106 CD20-targeted CAR T-cell therapy in autoimmune diseases and expects to initiate in 4Q 2024. The company’s net loss for the full year was $52 million, compared to $78 million in 2022.
Immutep announced first clinical data from 90mg dosing of efti. The data from show the combination of efti with paclitaxel is safe and well tolerated in breast cancer patients.
MacroGenics’ net loss was $9 million for the full year 2023, compared to net loss of $120 million for the full year 2022.
