INFI - Infinity Pharma stock gains ~24% on survival analysis data for a phase 2 trial Q2 results

Shares of micro-cap clinical-stage biotech Infinity Pharmaceuticals ( NASDAQ: INFI ) jumped 24.3% to $0.92 in Wednesday mid-day trading, after it announced data from a two-year analysis of an ongoing study and reported Q2 results.

Cambridge, Mass.-based INFI is developing eganelisib, an oral immuno-oncology therapeutic which is designed to address a biologic mechanism of immune suppression in cancer.

INFI in its earning report after hours on Tuesday provided what it deemed to be positive results from a two-year analysis of its phase 2 MARIO-275 study, which is evaluating eganelisib in combination with Bristol-Myers' ( BMY ) Opdivo for the treatment of second line urothelial cancer.

According to the analysis, at the two-year landmark, 45% of patients in the eganelisib combination treatment arm were alive compared to 24% of patients in just the Opdivo arm.

"Based on the positive eganelisib data generated to-date in several indications and settings, we remain in discussions with multiple parties regarding potential partnerships to further advance the development of eganelisib,” INFI CEO Adelene Perkins said.

INFI also posted Q2 GAAP EPS of -$0.13 and revenue of $0.69M, which rose 35.3% Y/Y. The quarterly revenue was entirely composed of revenue from royalties.

INFI updated its FY 2022 guidance and said it now expects net loss for 2022 of $40M to $50M from a previous outlook of $45M to $55M.

The company expects to end 2022 with cash, cash equivalents and available for sale securities balance of $35M to $45M from a prior forecast of $25M to $35M. INFI said the updated cash, cash equivalents guidance provided it with a cash runway into 2024.

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