Onconova Reported 1Q21 and Updated Its Clinical Trial Progress Onconova reported a net loss of $4.2 million or $(0.27) per share for 2Q21, ended June 30. Cash on hand was $43.7 million, which we project to be sufficient for operations through 2023. The company gave updates on the clinical progress for several clinical trials of its two lead products, ON123300 and rigosertib.The ON123300 Phase 1 solid tumor study has opened enrollment of its second cohort. The first cohort has completed enrollment without dose-limiting toxicities. The ON123300 study in China is enrolling its third cohort in solid tumors, and has also not had dose-limiting toxicities. The company plans to use the data from these two trials to design the Phase 2 trial in 1H22.Rigosertib is currently in a Phase 1/2 study in KRAS mutated non-small cell lung cancer (NSCLC). The study tests the combination of rigosertib and Opdivo (nivolumab, a checkpoint inhibitor) in patients who had failed prior chemotherapy treatment and checkpoint inhibitors. Three cohorts have been treated in the dose escalation phase without reaching the maximum tolerated dose.Preliminary data from the rigosertib trial in non-small cell lung cancer trial is scheduled for presentation at the RAS-Targeted Drug Development annual meeting held September 21 to 23, 2021. A trial testing rigosertib with Keytruda (pembrolizumab, another checkpoint inhibitor) is in the planning stages for melanoma. The Phase 2 study testing rigosertib in a rare disease, RDEB-associated squamous cell carcinoma, has dose its first patient.Conclusion Onconova continues to make progress advancing ON123300 and rigosertib through clinical trials. The company has the resources to acquire another development candidate within its current area of expertise, which we would see as a positive development. We are reiterating our Outperform rating and price target of $11 per share. Read More >>