ATNX - Athenex implements cost saving measures as liquidity dries up

Buffalo, New York-based biotech Athenex (NASDAQ:ATNX) said on Wednesday that the company is implementing cost-cutting measures and monetization of non-core assets to extend the cash runway this year. Following the announcement, Athenex (ATNX) shares lost ~7% in the post-market. With Q4 2021 financials, Athenex (ATNX) reported $61.9M in cash, cash equivalents, and restricted cash along with short-term investments as of 2021 year-end, indicating a ~73% YoY decline from the prior year. While quarterly revenue added ~8% YoY in Q4 2021 to reach $21.8M, full-year revenue slipped ~12% YoY to $92.3M amid COVID-driven supply chain disruptions and COVID-related non-recurring sales in 2020. Net loss attributable to Athenex (ATNX) more than doubled in Q4 2021 to $104.4M, while annual net loss climbed ~37% YoY to $199.8M driven by $67.7M of goodwill impairment. For 2022, the company projects 15 – 20% YoY growth in product sales compared to ~9% YoY growth in 2021. Wall Street forecasts

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Athenex implements cost saving measures as liquidity dries up