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VBL Therapeutics (Nasdaq: VBLT) reported its third-quarter financial results for 2022, highlighting a net loss of $9.2 million or ($0.12) per share, compared to $6.1 million or ($0.09) in Q3 2021. Revenues increased to $0.5 million from $0.2 million year-over-year. The company is pursuing strategic options to maximize shareholder value, including a regulatory submission for a Phase 1 trial of its lead candidate VB-601 and plans to initiate this trial in Q1 2023. Cash reserves are projected to cover operational expenses for at least twelve months.
VBL Therapeutics (Nasdaq: VBLT) received a Notification Letter from Nasdaq on August 31, 2022, indicating it is not in compliance with the minimum bid price requirement. The company failed to maintain a closing bid price of $1.00 per share for 30 consecutive business days, from July 20 to August 30, 2022. VBL has until February 27, 2023, to regain compliance or may face delisting. The company is exploring options, including a possible reverse share split, but its business operations remain unaffected. VBL's lead product, VB-601, is set to enter Phase 1 trials this year.
VBL Therapeutics (Nasdaq: VBLT) has initiated a strategic review following the failure of its Phase 3 OVAL trial for ofra-vec, which did not meet its primary endpoints. The company has taken measures to conserve capital, including workforce reductions and halting further development of ofra-vec. VBL has retained Chardan as a financial advisor to explore strategic options, which may include acquisitions or mergers. As of June 30, 2022, VBL reported $34.5 million in cash and a net loss of $9.4 million for Q2 2022.
VBL Therapeutics (Nasdaq: VBLT) announced a significant organizational streamlining on August 2, 2022, to reduce operating expenses and preserve capital. The company will cut its workforce by approximately 35% and has seen resignations from key board members. CEO Prof. Dror Harats emphasized the necessity of these actions to secure the company’s financial position and enhance operational efficiency. VBL Therapeutics claims to have adequate cash reserves to fund operations for at least the next 12 months as it advances its cancer and immune-inflammatory drug development.
VBL Therapeutics announced disappointing results from the OVAL Phase 3 clinical trial of ofra-vec in platinum-resistant ovarian cancer. The trial failed to achieve statistically significant improvements in progression-free survival (PFS) or overall survival (OS). Patients receiving ofra-vec and paclitaxel showed a median PFS of 5.29 months, compared to 5.36 months for the control group. Additionally, the interim OS analysis revealed no significant differences. As a result, the company plans to discontinue the OVAL trial and evaluate ongoing Phase 2 trials for future directions.
VBL Therapeutics (Nasdaq: VBLT), a clinical-stage biotech firm focused on innovative treatments for challenging cancers and inflammatory conditions, will showcase its corporate overview at the Jefferies Healthcare Conference in New York on June 8-10, 2022. Dror Harats, M.D., CEO of VBL, will present on June 8 at 3:00 p.m. ET. Investors can access a replay of the webcast for 90 days on VBL's website after the event. VBL is advancing its lead oncology candidate, ofra-vec, currently in a Phase 3 trial for platinum-resistant ovarian cancer.
VBL Therapeutics announced its Q1 2022 financial results and a corporate update. Cash and equivalents totaled $44.8 million, expected to fund operations for over a year. The company completed enrollment in the Phase 3 OVAL trial for recurrent platinum-resistant ovarian cancer, with data expected in 2H 2022. VBL also plans to initiate a first-in-human trial for VB-601, targeting inflammation, in 2H 2022. However, the company reported a net loss of $10.4 million for the quarter, up from $6.3 million year-over-year.
VBL Therapeutics (Nasdaq: VBLT) will announce its first-quarter financial results for the period ending March 31, 2022, on May 17, 2022, before market opening. A conference call is scheduled for 8:30 AM ET, led by CEO Professor Dror Harats and CFO Sam Backenroth, to review results and provide corporate updates. VBL is focused on developing innovative therapies for challenging malignant tumors and inflammatory conditions, with its lead candidate, ofra-vec, in a Phase 3 trial for platinum-resistant ovarian cancer.
VBL Therapeutics (Nasdaq: VBLT) announced new data presentations for its innovative Monocyte Targeting Technology and lead candidate, VB-601, at multiple upcoming conferences. On May 8, 2022, at IMMUNOLOGY2022, VBLT will present on leukocyte migration, followed by a program overview at the LifeSci Immunology & Inflammation Symposium on May 11, 2022. CEO Dror Harats will also keynote at the Biomed Israel 2022 Conference on May 12, 2022, and provide a corporate overview at the H.C. Wainwright Global Investment Conference from May 23-26, 2022. More information is available on VBL's website.
VBL Therapeutics (Nasdaq: VBLT) has announced the grant of a non-qualified stock option for 75,000 ordinary shares as part of a new employee's hiring incentive, effective April 24, 2022. The exercise price is set at $1.57 per share, reflecting fair market value. The options will vest over three years, with an initial 33% vesting after one year. VBL is focused on developing first-in-class therapies for challenging solid tumors and immune indications, with its lead candidate, ofra-vec (VB-111), in Phase 3 clinical trials targeting platinum-resistant ovarian cancer.