ArQule, Inc. (NASDAQ: ARQL) is having a great day in the market today, and for good reason. The company announced its financial results for the fourth quarter and full year.
Of course, the results were positive, exciting investors and sending the stock on a run for the top. Today, we’ll talk about:
- The financial results;
- what we’re seeing from ARQL stock; and
- what we’ll be watching for ahead.
ARQL Announces Financial Results
As mentioned above, ArQule is having a strong day in the market today after reporting its financial results. Here’s what we saw from the report:
- Q4 Net Loss – During the fourth quarter, ARQL reported a net loss of approximately $8.49 million. That works out to a loss of $0.08 per share. In the same quarter one year ago, the company reported a loss of $0.09 per share.
- 2018 Net Loss – For the full year, the company reported a net loss of $15.48 million, working out to $0.16 per share. In the full 2017 year, the company reported a net loss of $0.39 per share.
- Cash – Finally, the company said that it had a total of $99.56 million in cash, equivalents and marketable securities at the close of the 2018 year.
In a statement, Paolo Pucci, CEO at ARQL, had the following to offer:
2018 was a watershed year for ArQule. The clinical progress we made across the entire portfolio positions us well for an even more transformational 2019. Specifically in rare disease, we now have the ability to expand the scope of the miransertib registrational trial beyond Proteus syndrome to the PROS family of overgrowth spectrum disorders which represents a particularly exciting opportunity because of their significantly larger prevalence.
The above statement was followed up by Dr. Brian Schwartz, CMO at ARQL. Here’s what he had to say:
We made tremendous progress in 2018, enrolling over 20 patients across 7 cohorts in our dose escalation study with ARQ 531 which is now positioned as the first and best in class drug candidate to address the emerging medical need in BTK mutated malignancies. We are looking forward to advance ARQ 531, miransertib and ARQ 751 respectively into the next phase of development. I want to thank our collaborators such as the Ohio State University, the National Institute of Health and Bambino Gesu’, and others for their continued support in advancing these programs.
What We’re Seeing From The Stock
Earnings reports have the ability to move the market in a big way, and that’s exactly what we’re seeing from Arqule today. Not only did the company show a strong reduction in losses both quarterly and annually, it reminded investors of the incredible progress it has made throughout the 2018 year from a clinical perspective.
So, it’s not surprising to see that excited investors are pushing the stock up in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:06), ARQL is trading at $4.87 per share after a gain of $1.62 per share or 49.58% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will keep a close eye on ARQL. In particular, we’re interested in following the company’s continued clinical progress as it may be nearing regulatory submissions relatively soon. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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