Sesen Bio, Inc. (SESN), a late-stage clinical company, has increased 5.71% in the premarket trading session. As a result, SESN stock is changing hands at $1.11 at the time of this writing. On Wednesday, SESN stock closed the day at $1.05 after surging 26.90% during regular trading hours. The last press release from the company, dated 12th October, is regarding expansion in CMC and clinical teams. The news seems to have positively impacted SESN stock mobility.
Expansion in SESN CMS and clinical teams
SESN announced the expansion in its chemistry, manufacturing, and control (CMC) and clinical development teams on Monday. The company announced the hiring of Eun Jang as the senior Director of analytical sciences. Apart from that, Chèrie Kaefring was inducted as Director of clinical operations. The hirings have come as the company is planning the preparation for CMC and clinical Type A meeting with the US FDA for Vicineum™, the company’s lead product candidate for the treatment of NMIBC. In connection with the hirings, the non-statutory stock options were to be granted. Under such grants, some 122,500 shares of Sesen Bio common stock could be purchased on vesting of stock options within the 10-year term of each option. Each stock option vests over a period of four years.
Q2 2021 financial highlights
On 9th August, SESN reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June. The company had cash and cash equivalents of $151.03 million on 30th June. The total assets in possession of the company were $241.04 million while total liabilities were $191.69 million. The total revenue generated by the company during the period was $2.23 million. The operating expenses for the three month period were $27.63 million against $26.36 million. The company suffered a loss of $25.39 million from the operations during the quarter against $26.36 million during the same quarter of 2020. The net loss for the three month period was $25.44 million against the net loss of $26.34 million during the same period of 2020. The net loss per basic and diluted share for the period was $0.15 against $0.24 for the same period of 2020.
What’s ahead for SESN?
Statistics reveal a grim picture for SESN stock. Although it has increased some 13% during last month, mainly on the back of new inductions in the company, during the last three months, SESN stock has declined more than 71%, primarily due to the ongoing investigations against the company over the allegations of misleading or false information provision. Analysts believe that SESN has the potential to expand its business network once it comes out of the current crisis smoothly.