Q2 Financial Results Send Micro Cap Soaring

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, August 16, 2022

A small biotech company saw its shares trading higher during Tuesday’s session after the company announced its second quarter financial results for 2022. Some financial highlights from the press release were:

- Cash and cash equivalents were $20.1 million as of June 30, 2022
- Collaboration revenue was $38 thousand for the second quarter of 2022, as compared to $761 thousand for the corresponding quarter in 2021
- Both research and development expense and general and administrative expenses were down QoQ

This financial feat led share of Ayala Pharmaceuticals Inc. (Nasdaq:AYLA) to trade significantly higher during Tuesday’s session, reaching up to $1.48/share (+18.40%) at the session high. This move could be viewed as confirmation of the support found toward the end of July.

Ayala Pharmaceuticals Inc clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. The company's current portfolio of product candidates, AL101 and AL102, targets the aberrant activation of the Notch pathway with gamma-secretase inhibitors. Its product candidate, AL101, is being developed as a potent, selective, injectable small molecule gamma-secretase inhibitor, or GSI. It is also developing AL101 for the treatment of T-ALL, an aggressive, rare form of T-cell-specific leukemia.

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