Bluebird, Chimerix, Clovis have under 6 months of cash left - Truist

Genocea Biosciences

02/06/2022 11:12

** Bluebird Bio  BLUE.O , Clovis Oncology Inc  CLVS.O  and
Chimerix Inc  CMRX.O  have under six months of cash left,
according to Truist Securities' analysis of 118 cancer cos 
    ** Analysis based on reported cash in Q1 and historical
monthly cash burn rate, and does not account for changes to
future cash consumption 
    ** Truist analyst Asthika Goonewardene says cash burn/runway
concerns are likely a key element helping drive part of the YTD
valuation rout in biotech, along with poor macro and regulatory
environment
    ** Chimerix has five months of cash left, Clovis has four
and BLUE has three months, analysis shows; Overall, 21 companies
have less than 12 months of cash left as of May end
    ** Goonewardene says that Genocea Biosciences  GNCA.O  is
winding down operations and will be delisted from Nasdaq on
Thursday  urn:newsml:reuters.com:*:nL3N2XG2IE
    ** "However, we have seen companies turn to more creative
ways of financing in these tough markets," says Goonewardene,
pointing to recent debt raises, collaborations for upfront cash
and PIPE financing 
    ** Nasdaq biotech index  .NBI  is down 22% YTD vs a 25%
surge in 2020 and flat YTD performance in 2021 

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))