Stealth BioTherapeutics Corp. (MITO), a clinical-stage biotechnology company, has surged 7.91% in the pre-market trading session. MITO stock is trading at $1.50 at the time of this writing. The rise seems to result from the presentation of positive SBT-272 preclinical data. On Thursday, MITO closed the day at $1.39 after increasing 1.46% during regular trading hours.
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Presentation of promising data by MITO
In the late hours of Thursday, MITO announced the presentation of new promising data. The data relates to the study evaluating the effects of SBT-272 in a murine model of amyotrophic lateral sclerosis (ALS). The company presented the data in the virtual 2021 annual Northeast Amyotrophic Lateral Sclerosis (NEALS) meeting, which was held on 6-7 October 2021. The dysfunction of mitochondria is one of the earliest pathophysiological events in ALS. SBT-272 is the novel and clinical-stage mitochondrion targeted product candidate and it is known to cross the blood-brain barrier. It has the potential to treat neuronal mitochondrial dysfunction. The preclinical study evaluated the effects of SBT-272 on mitochondrial function and morphology. The systematic administration of SBT-272 resulted in sustained SBT-272 levels in different regions of the brain of the recipient as well as it protected mitochondria against the ischemic stresses.
Q2 2021 financial results
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In early August, MITO reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The operating expenses for the period stood at $10.99 million, against the same quarter in 2020, operation expenses were $11.92 million. The net loss attributable to common shareholders stood at $18.40 million, while for the same period of 2020, it was $12.36 million. The net loss per basic and diluted share, which was attributable to common shareholders, was $0.03, while for the same period of 2020, it remained at $0.02. The company had cash and cash equivalents of $30.76 million on 30th June. The total assets in possession of the company remained at $32.25 million, while the total liabilities were $58.57 million. Commenting on the results, Reenie McCarthy, Chief Executive Officer at Stealth said that the company continues to make important progress on developing innovative products and hopes to expand its business model in the future.
What lies next for MITO?
Statistics reveal that during last month, MITO stock has increased by over 4%. The stock has generally maintained a stable trend throughout the last 12 months. The 52 week high of MITO is $2.58, while the 52-week low is $1.06. Analysts believe that the recent progress with regards to SBT-272 could be a game-changer for the business of MITO.