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Arena Pharmaceuticals (Nasdaq: ARNA) provided a corporate update and reported its Q4 and full-year 2021 results. The company is advancing its Phase 3 ELEVATE program for etrasimod in ulcerative colitis, expecting topline data in Q1 2022. In 2021, Arena's research and development expenses increased to $419.5 million, while revenues were minimal at $0.1 million. The net loss for the year was $616.4 million, or $10.14 per share. Cash reserves stood at $0.7 billion at year-end, down from $1.1 billion in 2020, reflecting substantial operational expenditures amid ongoing clinical trials.
Arena Pharmaceuticals (NASDAQ: ARNA) has granted 18,527 inducement restricted stock units (RSUs) to 18 new employees as per Nasdaq Listing Rule 5635(c)(4). This grant, effective February 15, 2022, is intended as an inducement for new hires. The RSUs will vest over four years, with 25% vesting after the first anniversary and the remainder vesting in 12 equal quarterly installments. This move aims to enhance talent acquisition and retention in a competitive market.
Arena Pharmaceuticals (NASDAQ: ARNA) is set to release its fourth quarter and full-year 2021 financial results on February 23, 2022, after the U.S. market closes. This update will include a corporate overview, relevant developments, and future expectations.
Arena aims to provide crucial medicines to patients, focusing on innovative solutions. They emphasize the urgency in addressing stakeholder needs and executing their strategies effectively.
Arena Pharmaceuticals (NASDAQ: ARNA) announced the granting of inducement restricted stock units (RSUs) to new employees, effective January 15, 2022. The Compensation Committee approved the issuance of 15,111 RSUs to Malcolm Crooks, Senior VP, and 20,218 RSUs to 21 new employees, as incentives for employment. The RSUs will vest over four years, with 25% vesting on the one-year anniversary, followed by quarterly vesting. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and is governed by Arena's Long-Term Incentive Plan.
Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) announced the granting of 28,659 inducement restricted stock units (RSUs) to 16 new employees as part of their employment arrangement. The RSUs have a grant and vesting commencement date of December 15, 2021, with a four-year vesting schedule, where 25% will vest on the first quarterly vesting date after one year, followed by 12 quarterly installments. This action aligns with Nasdaq Listing Rule 5635(c)(4) and is part of Arena's 2021 Long-Term Incentive Plan, intending to attract and retain talent.
Pfizer has proposed to acquire Arena Pharmaceuticals for
Arena Pharmaceuticals announced it has reached target enrollment of 70 participants in CULTIVATE Study A, a Phase 2/3 trial assessing etrasimod for moderate to severe Crohn's disease. The study aims to evaluate the safety and efficacy of etrasimod at dosages of 2 mg and 3 mg. Topline data is expected in Q2 2022. Etrasimod is designed as a once-daily oral treatment for immune-mediated inflammatory diseases, although it remains investigational and not approved for any use. The CULTIVATE trial spans approximately 27 countries.
Arena Pharmaceuticals (NASDAQ: ARNA) has granted inducement stock options to 23 new employees, totaling 39,400 shares, along with 18,760 restricted stock units (RSUs). The options have a seven-year term, an exercise price of $58.85, and vest over four years. 25% will vest after one year, with the remainder vesting monthly. The RSUs also vest over four years in a similar manner. This move is in accordance with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to the company.
Arena Pharmaceuticals (Nasdaq: ARNA) provided a corporate update and reported Q3 2021 financial results, highlighting significant advancements in clinical programs. The Phase 3 ELEVATE UC 12 trial reached full enrollment, with topline data expected in Q1 2022. The company also initiated a Phase 2 trial for temanogrel in Raynaud’s phenomenon. However, Q3 net loss increased to $196.3 million, primarily due to a $70 million expense for in-process R&D, leading to a net loss per share of $3.21. As of September 30, 2021, cash and equivalents stood at $800 million.
Arena Pharmaceuticals (NASDAQ: ARNA) announced the grant of inducement stock options and restricted stock units (RSUs) to new employees. The Compensation Committee approved these grants on October 5, 2021, with a grant date of October 15, 2021. Key grants include options for 36,000 shares and 7,000 RSUs to Chief Scientific Officer Lamine Mbow, and options for 14,500 shares and 24,500 RSUs to HR Senior VP Lucas Vitale. The inducement stock options have a seven-year term, with an exercise price of $62.89 per share, vesting over four years.
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