Allarity Therapeutics, Inc. - ALLR STOCK NEWS

Allarity Therapeutics (NASDAQ: ALLR) reported Q3 2024 financial results with cash position of $18.5 million, extending runway into 2026. The company highlighted encouraging Phase 2 trial results for stenoparib in ovarian cancer, with two patients exceeding one year of treatment. Key developments include securing a European patent for stenoparib DRP®, regaining NASDAQ compliance, and strengthening leadership with new appointments. Q3 financials show R&D expenses of $1.0 million (down from $1.9M YoY), G&A expenses of $1.6 million (down from $2.5M YoY), and a net loss of $12.2 million, primarily due to a $9.7 million non-cash impairment charge.

Allarity Therapeutics (NASDAQ: ALLR) has announced that the European Patent Office (EPO) intends to grant a patent for its Drug Response Predictor (DRP®) companion diagnostic specific to stenoparib, the company's dual-targeted PARP/Tankyrase inhibitor. This patent is a significant step in securing Allarity's market position for stenoparib and its companion diagnostic, which identifies patients most likely to benefit from stenoparib treatment.

The company is also pursuing patent applications for the Stenoparib DRP in other key markets, including the United States, Japan, China, Australia, and India. Allarity has previously been granted 17 patents for drug-specific DRPs, including eight in the United States. CEO Thomas Jensen emphasized the importance of securing patents in key markets to pave the way for potential future commercialization, particularly as they advance their clinical program for stenoparib.

Allarity Therapeutics (NASDAQ: ALLR) has regained compliance with Nasdaq's minimum bid price requirement. The company received formal notice on October 9, 2024, confirming that its stock has maintained a closing bid price of $1.00 or more for 20 consecutive trading days since September 11, 2024. This resolves the compliance issue with Nasdaq's Listing Rule 5550(a)(2).

CEO Thomas Jensen expressed satisfaction with the resolution, stating that the company can now focus on advancing its stenoparib program. The ongoing Phase 2 trial in advanced ovarian cancer has been delivering encouraging data. Allarity Therapeutics aims to develop this novel therapy to address the urgent need for new treatment options in advanced ovarian cancer, where patients currently face alternatives.

Allarity Therapeutics (NASDAQ: ALLR) has announced key leadership appointments to accelerate its clinical and strategic development. Jeremy R. Graff, Ph.D., has been appointed as President and Chief Development Officer, bringing over 25 years of experience in biotech and pharmaceuticals. Jose Iglesias, M.D., joins as Consultant Chief Medical Officer to drive the stenoparib program towards regulatory approval. Jesper Høiland, former President of Novo Nordisk's U.S. operations, has been appointed as Strategic Advisor.

These appointments aim to advance Allarity's clinical development efforts, particularly for its dual PARP and Tankyrase inhibitor, stenoparib, alongside the company's Drug Response Predictor (DRP®) companion diagnostic. The new leadership team brings extensive experience in oncology drug development, clinical trials, and global pharmaceutical leadership, which will be important in accelerating stenoparib's path toward regulatory approval for advanced ovarian cancer treatment.

Allarity Therapeutics (NASDAQ: ALLR) has announced a significant milestone in its Phase 2 clinical trial of stenoparib for advanced, recurrent ovarian cancer. Two patients, pre-screened using Allarity's Drug Response Predictor (DRP®) companion diagnostic, have exceeded one year of treatment. This achievement highlights stenoparib's potential to provide durable clinical benefit in heavily pre-treated patients with options.

The trial continues to show promising results, including a confirmed complete response and long-term disease stability in multiple patients. Stenoparib's unique mechanism as a dual PARP/Tankyrase inhibitor sets it apart from other treatments. The company is now planning to accelerate the program's path toward regulatory approval.

Allarity Therapeutics (NASDAQ: ALLR) has appointed Alex Epshinsky as its new Chief Financial Officer. Epshinsky, a CPA with nearly a decade of financial leadership experience in biotech and pharma, joins from Avenue Therapeutics. His expertise will support Allarity's advancement of stenoparib, a novel PARP inhibitor for advanced recurrent ovarian cancer.

As part of his employment package, Allarity granted Epshinsky 55,555 restricted stock units (RSUs) on September 12, 2024. These RSUs will vest in equal one-third installments over three years, subject to continuous employment. The inducement awards were approved by Allarity's Board in accordance with Nasdaq Listing Rule 5635(c)(4).

Allarity Therapeutics (NASDAQ: ALLR) has taken a decisive step towards regaining Nasdaq compliance by implementing a 1-for-30 reverse stock split, effective September 11, 2024. This action follows shareholder approval at the Annual Meeting on September 3, 2024, meeting the Nasdaq Hearings Panel's requirements. The split aims to mitigate delisting risks and support the company's focus on developing personalized cancer treatments, particularly stenoparib for advanced ovarian cancer.

Key points:

• New CUSIP number: 016744500
• Total outstanding shares reduced to approximately one-thirtieth
• Fractional shares rounded up to nearest whole number
• Computershare appointed as exchange agent
• Adjustments made to equity awards and authorized shares under 2021 equity incentive plan

Allarity Therapeutics (NASDAQ: ALLR), a Phase 2 clinical-stage pharmaceutical company focused on personalized cancer treatments, has announced the postponement of its Annual Meeting of Stockholders. The meeting was originally scheduled for July 26, 2024, at 10:00 AM Eastern Time. The company's Board of Directors made the decision to delay the meeting on July 25, 2024, exercising its authority under the company's bylaws.

Allarity Therapeutics will determine and announce a new date for the Annual Meeting in the future. The company has committed to providing updated information about the new meeting date and, if necessary, a new record date as soon as it becomes available.

Allarity Therapeutics (NASDAQ: ALLR) is urging shareholders to vote FOR a reverse stock split and decrease in authorized shares at the upcoming annual meeting on July 26, 2024. The Board emphasizes these measures are crucial for maintaining Nasdaq listing compliance and avoiding potential delisting, which could negatively impact stock tradability and price.

Key points:

• Reverse stock split aims to regain and sustain Nasdaq compliance
• Decrease in authorized shares to reduce negative effects on earnings per share and voting power
• Failure to approve may hinder management's strategy execution and business development
• Voting deadline: 11:59 p.m. ET on July 25, 2024
• Stockholders can vote or change their vote using proxy materials or contacting their brokerage firm