Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) incurred a loss of 20 cents per share in the fourth quarter of 2019, wider than the Zacks Consensus Estimate of a loss of 19 cents.
Also, the company did not recognize any revenues during the quarter.
Shares of Infinity have slumped 32.9% in the past year compared with the industry’s decline of 12.3%.
The company has not provided any numbers for the fourth quarter of 2019.
2019 Results
The company posted a loss of 83 cents per share in 2019, wider than a loss of 20 cents in 2018. The loss was, however, wider than the Zacks Consensus Estimate loss of 81 cents.
Research and development expenses escalated 36.9% year over year to $27.1 million in 2019, mainly due to increased clinical and development activities for IPI-549.
General and administrative expenses rose 0.7% to $14.3 million in 2019.
As of Dec 31, 2019, Infinity had total cash and cash equivalents of $42.4 million compared with $58.6 million as of Dec 31, 2018. The company expects its existing cash, cash equivalents and available-for-sale securities, including the $20 million received from BVF in January 2020, to be adequate to satisfy its capital needs till the second half of 2021.
Pipeline Update
During the fourth quarter, the companyinitiated MARIO-275, an ongoing, global, randomized, controlled phase 2 study in collaboration with Bristol-Myers Squibb (NYSE:BMY) , to evaluate IPI-549 in combination with Opdivo in platinum-refractory, I/O-naive patients with advanced urothelial cancer. Completion of enrollment is expected in 2020 and data, by mid-2021.
In September 2019, the company initiated a phase II MARIO-3 study in collaboration with Roche AG (OTC:RHHBY) evaluating IPI-549 in combination with Tecentriq and Abraxane (nab-paclitaxel) for the treatment of front-line triple negative breast cancer (TNBC). The above-mentioned study also includes a cohort evaluating IPI-549 in combination with Tecentriq and Avastin (bevacizumab) for front-line PDL1+ and PDL1- renal cell cancer (RCC) patients. Infinity plans to present data from the study in 2020.
The company completed enrollment in MARIO-1, an ongoing phase I/Ib study of IPI-549 as a monotherapy and in combination with Opdivo in patients with advanced solid tumors. Additional data are expected this year.
Meanwhile, the company in collaboration with Arcus Biosciences (NYSE:RCUS) is conducting a phase I study to evaluate IPI-549 in combination with AB298, Arcus' dual adenosine receptor antagonist, and Doxil, a chemotherapy, for treating patients with advanced TNBC. Enrollment in the expansion cohort of up to 40 patients is ongoing.
2020 Outlook
The company expects 2020 net loss in the range of $40-$50 million.
Zacks Rank
Infinity currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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