In the last trading session, the stock price of Axovant Sciences Ltd (NASDAQ:AXON) declined more than 2% to close the day at $5.30. The decline came at a share volume of 3.27 million compared to average share volume of 1.77 million. Last month, the company issued financial report for its second fiscal quarter closed September 30, 2017.
Axovant reported strong balance sheet with cash of $235.4 million as of the close of September 30, 2017. This cash position supports firm’s prevailing clinical development programs and business development activities. The firm is reevaluating objectives for the Phase IIb HEADWAY study assessing 70mg and 35mg doses of intepirdine in subjects with dementia with Lewy bodies and intends to have a talk with the U.S. FDA to help decide the most expeditious and feasible pathway to prospective registration for this indication, which has obtained Fast Track designation.
Provided this planned U.S. FDA interaction, top-line report is anticipated to be issued in January 2018. Top-line report from the Phase 2 trial of the effects of intepirdine on gait as well as balance in people with Alzheimer’s disease, Parkinson’s disease dementia and DLB are anticipated to be posted in January 2018.
Axovant intends to keep the open-label extension study of MINDSET open while it assesses the feasibility of evaluating higher doses of intepirdine in the open-label extension study population. Top-line report from the Phase II trial assessing nelotanserin for cure of subjects with LBD who suffer frequent visual hallucinations are projected to be reported in next month. In addition, top-line report from the Phase II trial assessing nelotanserin for cure of REM Behavior Disorder in people with LBD are anticipated in the second quarter of 2018.
For the second fiscal quarter closed September 30, 2017, R&D expenses came at $38.6 million while general and administrative expenses stood at $30.1 million. Axovant reported that net loss for the three-months period closed September 30, 2017 came at $69.1 million.