Sio Gene Therapies Inc (NASDAQ:SIOX) stock is moving higher in the opening session. The stock has gained about 6% in the past week.
Major Trigger:
Sio Gene Therapies Announces Fiscal Year 2020 Year-End Financial Results and Expected Fiscal Year 2021 Key Milestones
Key Highlights:
- The net loss for the fourth fiscal quarter ended March 31, 2021 was $3.3 million, or $0.05 per share, compared to a net loss of $16.6 million, or $0.54 per share, in the prior year quarter.
- The net loss for the fourth fiscal quarter ended March 31, 2021 was net of $9.1 million of gains on our long-term investment in Arvelle Therapeutics B.V. (“Arvelle”) that was sold in February 2021.
- General and administrative expenses for the fourth fiscal quarter ended March 31, 2021 were $4.0 million, a decrease of $1.1 million compared to the prior year quarter primarily related to reductions in stock-based compensation expense.
- For the fourth fiscal quarter ended March 31, 2021, research and development expenses were $8.2 million, a decrease of $2.7 million compared to the prior year quarter.
- As of March 31, 2021, we had $119.0 million of cash and cash equivalents. We hold no short-term or long-term debt on the balance sheet. We estimate that our current cash and cash equivalents will sustain our operations into Q4 2022, beyond the expected dates of major upcoming milestones for our AXO-AAV-GM1 gene therapy program for the treatment of GM1 gangliosidosis.
Market Reactions
As of 10:28, SIOX stock gained by 2.20% at $2.32. Total volume so far stood at 101K shares, compared to its average volume of 635K shares. The stock moved within a range of $2.2900 – 2.3400 after opening at $2.3063.
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