Thursday, August 15, 2024
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
OLC Data and NDA Dominated 2Q24. Unicycive reported 2Q24 income of $3.0 million or $0.08 per share and a loss of $(0.15) on a fully diluted basis. Loss from operations for 2Q24 was $7.4 million, with a gain of $16.8 million from the change in fair value of warrant conversion. This offsets a charge of $11.8 million in 1Q24, bringing the six-month total for fair value of warrant conversion to $5.0 million. Cash on June 30 was $41.8 million, which we expect to fund operations into 2H25.
Pivotal Study Met Its Endpoints and Showed Patients Reaching Target Levels. As discussed in our Research Note on June 26, Unicycive reported results from its OLC pivotal study met its tolerability and safety endpoints with data that compares favorably with Fosrenol (lanthanum carbonate). Over 90% of the patients were able to lower their serum phosphate to target levels, with 70% reaching target at the lowest dose tested. We believe these results could make OLC highly competitive in the marketplace.
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