MTCR - MTCR STOCK NEWS

Metacrine, Inc. (NASDAQ:MTCR) reported its third-quarter 2022 financial results, showing significant advancements towards its merger with Equillium. The company believes Equillium has robust clinical data and a promising pipeline, which could enhance stockholder value. As of September 30, 2022, Metacrine's cash balance stood at $52.8 million, sufficient to support operations through 2023. R&D expenses decreased to $1.3 million from $14.1 million year-over-year, while general and administrative expenses slightly declined to $3.8 million. The net loss narrowed to $5.5 million compared to $18.3 million in the previous year.

Equillium will acquire Metacrine in an all-stock merger, strengthening its financial position with an additional $33 million in cash upon closing, expected to extend its operational runway into 2024. The acquisition includes the novel drug MET642, a Phase 2-ready FXR agonist for ulcerative colitis. Preston Klassen, CEO of Metacrine, will join Equillium's Board of Directors. The transaction is approved by both companies' boards and aims to enhance Equillium's clinical development efforts and market reach.

On August 9, 2022, Metacrine reported its second-quarter 2022 financial results, showing a significant reduction in expenses. Cash and equivalents reached $55.5 million, expected to fund operations through 2023. R&D expenses decreased to $2.3 million from $11.4 million year-over-year, while G&A expenses dropped to $3.4 million. The net loss narrowed to $6.3 million from $15.6 million. The company is exploring strategic alternatives, including potential mergers or partnerships, aiming to enhance shareholder value.

Metacrine, Inc. (NASDAQ:MTCR) reported its first-quarter 2022 financial results and is exploring strategic alternatives to maximize shareholder value. Key points include a cash balance of $62.7 million, sufficient to fund operations through 2023. R&D expenses decreased to $6.7 million from $10.9 million year-over-year, while G&A expenses rose to $5.5 million. The net loss narrowed to $12.9 million compared to $14.8 million in the previous year. Clinical development for MET642 for Ulcerative Colitis is delayed as the company considers various strategic options including mergers and partnerships.

Metacrine, Inc. (NASDAQ:MTCR) reports Q4 2021 financial results, focusing on developing therapies for ulcerative colitis. The company plans to initiate a Phase 2 trial for MET642, pending FDA authorization. Metacrine has streamlined operations, reducing staff by 50% to extend its cash runway, which stands at $76.4 million, sufficient to fund activities through 2023. Q4 R&D expenses rose to $9.2 million, while the net loss increased to $13.5 million, up from $10.8 million in the prior year.

Metacrine (NASDAQ: MTCR) announced the resignation of chief financial officer Trisha Millican, effective March 31, 2022, after serving since the company's founding in 2015. Michael York, previously senior vice president of business development and commercial strategy, has been promoted to chief business officer, where he will oversee corporate development and financial operations. CEO Preston Klassen praised Millican's contributions and expressed confidence in York's leadership to enhance Metacrine’s strategic direction in 2022.

Metacrine has received FDA clearance to begin a Phase 2 clinical trial for MET642, targeting ulcerative colitis. This trial is set to start in the first half of 2022. To finance ongoing development, Metacrine is restructuring, reducing its workforce by approximately 50% and discontinuing its HSD program. As of December 31, 2021, the company reported $76.4 million in cash, sufficient to support operations through 2023. The company aims to develop FXR-based therapies, which could offer non-immunosuppressive treatment options for inflammatory bowel disease.

Metacrine, Inc. (NASDAQ:MTCR) announced the resignation of Chief Medical Officer Hubert C. Chen, M.D., effective December 31, 2021, as he pursues a new opportunity. Preston Klassen, M.D., MHS, CEO, will oversee ongoing clinical trials and future operations. The company recognizes Dr. Chen's contributions over the past three years, emphasizing the strength of the R&D team he has built to advance their inflammatory bowel disease (IBD) program into clinical phases. Metacrine continues to focus on developing therapies for gastrointestinal and liver diseases.

Metacrine, Inc. (NASDAQ:MTCR), a clinical-stage biopharmaceutical firm, released its Q3 2021 financial results on November 11, 2021. The company has decided to halt the FXR program in non-alcoholic steatohepatitis (NASH) due to high capital demands, redirecting focus to advancing MET642 into Phase 2 trials for ulcerative colitis. While MET642 showed promising interim results in reducing liver fat, the net loss for Q3 was $18.3 million, up from $9.1 million year-over-year. Cash reserves stand at $61.7 million, sufficient for upcoming clinical developments.