Unity Biotechnology, Inc. (NASDAQ: UBX) is engaged in the research, testing and development of novel therapeutics to slow, halt or reverse aging diseases. Shares of the biotechnology company are rallying 37% through early trading on Wednesday, November 10, 2021. Over the past three months, Unity Biotechnology has seen average daily volume of 424,360 shares. However, volume of 5.37 million shares or dollar volume of $18.31 million, has already exchanged hands through early trading Wednesday.
Shares of Unity Biotechnology are gaining Wednesday, after the company provided an update on its Phase 2 clinical study for its UBX1325 candidate as a disease-modifying treatment for patients fighting age-related macular degeneration (AMD). After successful Phase 1 trials, the company is progressing UBX1325 into Phase 2 studies. The next trials will focus on utilizing UBX1325 as a potential treatment for diabetic macular edema (DME). The twelve-week safety and efficacy data are estimated to be released during the first half of 2022.
During the third quarter for the period ended September 30, 2021, Unity Biotechnology reported total cash and equivalents of $88.5 million, compared to $115.6 million total cash as of the end of 2020. Management believes its existing cash holdings “are sufficient to fund operations through the third quarter of 2022.”
Operating loss for the third quarter 2021 came in at $14.8 million, compared to loss of $24.6 million during the third quarter of 2020. Research and development costs dropped to $9.1 million, which was a decrease from $18.8 million during last year’s third quarter. Unity Biotechnology says the decrease is losses came primarily from a $4.1 million decrease in spending on net direct research and development expenses, as a result of terminating OA studies, delaying manufacturing, personnel cost reduction, lab supplies decrease and more.
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