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Brickell Biotech, Inc. (BBI) Stock Surged 1.84% Today, Here’s Why

Brickell Biotech, Inc. (BBI) stock soared 1.84% in the current-market trading session at the price of $0.22 despite no fundamental development. BBI is a clinical pharmaceutical firm aiming to improve patient lives. The company produces novel and innovative therapeutics to treat inflammatory, autoimmune, and other debilitating conditions.

BBI Obtained Global Rights for STING Inhibitors

On 2nd February 2022, BBI reported entering into a licensing deal with Carna Biosciences. Under the contract, Brickell will hold exclusive global rights to produce and market Carna’s portfolio of unique, robust, and orally available STING antagonists. As per the agreement, BBI will pay Carna a one-time cash payment of $2.0M. Additionally, it will pay Carna performance-based regulatory, development, and sales payments of roughly $258.0M. Carna is also qualified to acquire tiered royalty payments on 10 percent of net sales. 

Management Comments

CEO of BBI, Robert Brown, remarked that the purchase of Carna’s STING inhibitors is an excellent opportunity to grow their presence in inflammation and immunology. This portfolio of STING inhibitors is essential for their ongoing pipeline of NCEs, including BBI-02. These investments position BBI with two unique and promising immunology targets. They look onwards to progressing their pipelines further this year, he added

BBI Q3 2021 Financial Results

Earlier on 9th November 2021, BBI published its earnings report for the Q3 ended 30th September 2021 and delivered corporate highlights. The cash and cash equivalents totaled $21.4M on 30th September 2021. BBI reported total cash of $30.1M on 31st December 2020. Revenue totaled $0.1M for the Q3 of 2021, compared to $0.1M for the same quarter of 2020

BBI calculated G&A expenses of $3.3M for the Q3 of 2021. G&A expenses were $3.2M for last year’s third quarter. For the Q3 of 2021, the company has R&D expenses of $10.2M. R&D expenses were $1.3M for the same three months of 2020. Net loss totaled $13.3M for the Q3 of 2021 versus $4.3M for the Q3 of 2020.

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