On 12 May 2020, Solid Biosciences Inc. (NASDAQ: SLDB) changed 1.53% to recent value of $2.65. The stock transacted 766485 shares during most recent day however it has an average volume of 316.35K shares. It spotted trading -80.49% off 52-week high price. On the other end, the stock has been noted 35.20% away from the low price over the last 52-weeks.
Solid Biosciences Inc. (SLDB) recently stated financial results for the fourth quarter and full year ending December 31, 2019 and provided a business update. “We are working to advance our lead program, SGT-001, a gene therapy candidate for Duchenne muscular dystrophy. We are happy that biomarker data from all three patients dosed in the 2E14 vg/kg cohort of IGNITE DMD showed SGT-001 microdystrophin protein expression and associated neuronal nitric oxide synthase (nNOS) function, providing further evidence of the therapeutic potential of SGT-001. Our priority is to address the IGNITE DMD clinical hold so we can continue to evaluate the ability of SGT-001 to help patients with Duchenne,” stated Ilan Ganot, Chief Executive Officer, President and Co-Founder of Solid Biosciences.
Research and development expenses for the fourth quarter of 2019 were $27.1M, contrast to $17.8M for the fourth quarter of 2018. Research and development expenses for the year ended December 31, 2019 were $94.7M, contrast to $58.0M for the year ended December 31, 2018. The increase was primarily attributable to compensation and other costs associated with additional headcount, as well as facility costs and increased expenses related to the clinical development and manufacturing activities for SGT-001.
General and administrative expenses for the fourth quarter of 2019 were $5.3M, contrast to $4.6M for the fourth quarter of 2018. General and administrative expenses for the year ended December 31, 2019 were $24.6M, contrast to $17.7M for the year ended December 31, 2018. The increase was primarily attributable to increased personnel costs.
Net loss for the fourth quarter of 2019 was $31.9M, contrast to $21.9M for the fourth quarter of 2018. Net loss for the year ended December 31, 2019 was $117.2M, contrast to $74.8M for the year ended December 31, 2018.
Solid had $83.5M in cash, cash equivalents and available-for-sale securities as of December 31, 2019. Solid expects that it has sufficient capital to fund its operations into 2021.
In January 2020, Solid reported a reduction in workforce of about one third was implemented as part of a planned plan designed to create a leaner company focused on advancing SGT-001. In connection with that, Solid curtailed its research and development activities supporting the company’s complementary disease modifying and assistive device programs.
The price moved ahead of 6.61% from the mean of 20 days, 1.09% from mean of 50 days SMA and performed -53.31% from mean of 200 days price. Company’s performance for the week was -2.21%, 9.05% for month and YTD performance remained -40.45%.