Q2 net loss narrowed to -$40.5M, compared to -$78.5M in Q2 2021. The company said the decrease was mainly due to the result of its cost-savings measures and the withdrawal of lymphoma therapy Ukoniq from the market.
During Q2, the U.S. Food and Drug Administration (FDA) pulled the marketing authorization for Ukoniq after the company requested to withdraw the drug approval and waive its opportunity for a hearing.
Q2 total selling, general and administrative (SG&A) expenses declined to $12.6M, compared to $34.0M in Q2 2021, mainly due to decreased personnel, linked with withdrawal of Ukoniq.
“During the first half of the year we implemented a number of cost-saving measures, and we are pleased to report those efforts have resulted in a lower than expected 2Q burn, which we believe puts us in a good financial position as we approach the potential launch of ublituximab,” said Chairman and CEO Michael Weiss.
The company added that it expects its SG&A expenses to increase slightly for the remainder of 2022 as it prepares for the potential launch of ublituximab.
The FDA is expected to make a decision on ublituximab to treat relapsing forms of multiple sclerosis (RMS) by Dec. 28.
“Our primary focus for the remainder of this year is working toward the approval of ublituximab, which has a PDUFA goal date of December 28, 2022, and preparing for its potential launch in early 2023,” noted Weiss.
Total revenue decreased to $0.59M, compared to ~$1.55M in Q2 2021.
As of June 30, cash, cash equivalents and investment securities were $231.8M, which is expected to fund operations into H2 2023, according to the company.