OCDX Stock
OCDX Stock

Gemini Therapeutics, Inc. (GMTX) stock surged 29.22% in the current-market trading session at the price of $3.14 despite no fundamental updates. The last reported news was its financial results for the third quarter of 2021. 

Gemini Therapeutics, Inc. (GMTX) is a clinical-stage precision medicine firm. The company develops and commercializes novel therapeutics to treat age-related macular degeneration (AMD).  

GMTX Third Quarter 2021 Financial Results  

On 15th November 2021, GMTX reported its earnings report for the third quarter ended 30th September 2021 and published its business updates.  

Financial Summary  

GMTX reported research and development costs of $13.5 million for Q3 ended 30th September 2021. General and administrative expenses totaled $5.0 million for the third quarter of 2021. For Q3 ended 30th September 2021, the company calculated $18.6 million in net loss. Net loss per share was $0.43 for the third quarter of 2021. On 30th September 2021, the company had cash of $150.1 million and shares outstanding of 43.1 million.  

Management Comment  

Chief executive officer of GMTX, Jason Meyenburg, remarked that the safety results from Phase 2a ReGAtta study of GEM103 indicate that it is well-tolerated with lower risks of CNV. The company looks forward to publishing a six-month update of this study by the end of 2021. The management team is collaborating with the FDA this quarter. They expect to start a late-stage study of GEM103 for geographic atrophy (GA) by the first quarter of 2022.   

Inducement Grants under NASDAQ 

On 14th October 2021, GMTX published to grant an inducement awards to two new employees under its 2021 Inducement Plan. Gemini has given an options to purchase a total of 217,000 common stock shares. GMTX’s Compensation Committee had approved the awards under NASDAQ Listing Rule 5635(c)(4). The contracts covering these awards are compatible with the company’s standard inducement award agreement. 

Corporate Restructuring for Clinical Development of GEM103 

Early on 5th October 2021, GMTX reported transitions of executive officer and corporate restructuring. It aims to prioritize the execution of GEM103’s pivotal trial in geographic atrophy (GA). Mr. Meyenburg remarked that this transition directly impacts those team members who played a vital role in advancing GEM103 into the clinic. He thanked the whole research team for their substantial contributions and dedication to GMTX’s shared goals. 

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