Financial Loss Was Less Than Expected. Ayala reported 2Q22 loss of $ 8.2 million or $(0.54) per share, compared with our estimated loss of $10.9 million or $(0.71) per share. The difference was largely due research and development spending of $5.6 million coming in lower than our estimate of $8.2 million. Cash on hand at the end of the quarter was $20.1 million.Phase 2/3 RINGSIDE Trial Data Presentation Planned At ESMO. In July, Ayala announced preliminary findings from the Phase 2/3 RINGSIDE trial testing AL102 in desmoid tumors. As discussed in our note from July 6, the company reported encouraging results although no data was released. It stated that the trial had shown sufficient tumor activity, safety, and reiterated plans to initiate Phase B later in the year. The data presentation is now planned for the meeting of the European Society for Medical Oncology (ESMO) to be held September 9-13 in Paris, France. Read More >>