Tracon Pharmaceuticals, Inc. (TCON) is a leading clinical stage company engaged in the development and commercialization of oncology related therapies. The company also develops treatment for macular degeneration and fibrotic diseases. The lead product candidates is Envafolimab, an antibody injected subcutaneously for treatment of ENVASARC trial for sarcoma. TRC102 is another product in Phase 2 trial for the treatment of lung cancer. TJ004309 is in Phase 1 clinical trials for the treatment of progressive solid tumors.
The price of TCON stock, at last check during the regular trading on December 27, 2021, was $3.00. the showed a notable decline of 13.86%.
TCON: Events and Happenings
On December 27, 2021, TCON reported that the Independent Data Monitoring Committee recommended continued accretion in both the units of envafolimab. Toleration level of Envafolimab was good, with only a minor adversity reported in some patients. On November 29, 2021, TCON announced that its collaborators Alphamab Oncology and 3D Medicines reported that envafolimab received marketing certification from the Chinese Administration.
On November 11, 2021, TCON reported that the top management of the company presented at the Virtual Jefferies London Healthcare Conference. The conference held on November 18-19, 2021.
TCON: Key Financials
On November 03, 2021, TCON reported financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows
Net loss per Share
Basic and diluted net loss for the third quarter of 2021 was $7.0 million or $0.38 per share, as compared to $4.0 million or $0.38 for the same quarter of 2020.
Total Current Assets
Total current assets reported by the company for Q3 2021 were $31.1 million as compared to the same period prior year when they were $27.4 million.
On October 11, 2021, TCON and Eucure Biopharma entered into a partnership for the research and development of YH001. It is used in treatment of soft tissue sarcoma. On September 13, 2021, TCON reported that the top management of the company presented at Oppenheimer Fall Healthcare Life Sciences and MedTech Summit. The summit held on September 20, 2021.
On September 07, 2021, reported that the top management of the company presented at the H.C. Wainwright 23rd Annual Global Investment Conference. It held on September 13-15, 2021. On September 02, 2021, TCON reported that the top management of the company presented at the Wells Fargo Healthcare Conference. The conference virtually held on September 9, 2021.
Conclusion
The price of TCON stock s 15% up in comparison to the past month but it remarkably declined in the regular trading. The decline is the result of uncertain market environment. Earlier the company reported positive outcomes from IDMC for Envasarc trials. The analysts believe the company’s strategies are strong to attract potential investment in the future.
