Chiasma Inc. (CHMA) stock gained 20% in the pre-market session on Tuesday, March 23, 2021, after the company posted study data of its CHIASMA OPTIMAL Phase 3 Trial of MYCAPSSA.
Chiasma presented the trial results of MYCAPSSA at the Endocrine Society’s annual meeting, ENDO 2021, being held virtually March 20-23, 2021.
The principal investigator of the trial Susan L. Samson M.D., Ph.D., FRCPC, FACE said that the long-term safety and efficacy data demonstrate that MYCAPSSA maintains insulin-like growth factor 1 (IGF-1) levels in patients with acromegaly who previously required monthly injections for their disease.
Phase 3 clinical trial of CHIASMA OPTIMAL, octreotide capsules duration was nine months and it was conducted under a special agreement with the FDA.
Recent CHMA Financial Announcements
On March 4, 2021, CHMA announced its financial results for the fourth quarter and the year ended December 31, 2020.
Fourth Quarter Financial Highlights
- CHMA spent $13.6 million in Selling, general and administrative expenses in 4Q of 2020 compared to $5.9 million for the fourth quarter of 2019.
- Research and development expenses were $4.5 million for the fourth quarter of 2020 compared to $6.4 million for the fourth quarter of 2019
- The company suffered a net loss of $19.8 million, or $0.32 per basic share in the reported quarter compared to $12.0 million, or $0.29 per basic share for the fourth quarter of 2019.
- CHMA net product revenue from the sales of MYCAPSSA were approximately $1.0 million for the reported quarter.
Full-Year 2020 Financial Highlights
- CHMA net product revenue from the sales of MYCAPSSA were approximately $1.1 million for the year ended December 31, 2020.
- It spent 44.9 million in Selling, general and administrative expenses in 2020 compared to $15.1 million for 2019.
- Research and development expenses for 2020 were $26.8 million compared to $22.5 million for 2019.
- The company suffered a net loss of $74.8 million or $1.43 per basic share, compared to $36.3 million, or $1.06 per basic share, for the prior year.
- As of December 31, 2020, Chiasma had cash, cash equivalents, and marketable securities of $135.4 million
Chiasma is a commercial-stage biopharmaceutical company focused on developing and commercializing oral therapies to improve the lives of patients who face challenges associated with their existing treatments for rare and serious chronic diseases. The company was founded in 2001 and is based in Needham, Massachusetts, United States. CHMA used its Transient Permeability Enhancer (TPE) technology platform to develop oral medications that are currently available only as injections.
The company is lead by Raj Kannan who is the president and CEO of the company.
The recent positive trial 3 results of MYCAPSSA make CHMA stock more attractive to the investors and its price can go up in the coming days.