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ARCA biopharma, Inc. (ABIO) Stock Plunged 27.83% After-Market, Here’s Why

ARCA biopharma, Inc. (ABIO) stock plummeted 27.83% in the after-market trading session at the price of $1.66 after announcing its topline data for the ASPEN-Covid-19 Phase-2b trial. ARCA biopharma develops and commercializes genetic-based treatments against cardiovascular diseases using its precision therapy approach.

ASPEN Covid-19 Trial Results

On 31st March 2022, ABIO published topline results for the ASPEN Covid-19 Phase-2b trial to evaluate rNAPc2. The drug is a potential therapy for patients with the Covid-19 virus. Both doses of rNAPc2 revealed significant benefits for patients during the clinical trial. However, none of them gained statistical significance for the primary endpoint compared to the heparin standard.

This Phase 2b clinical study had devised to test the safety and efficacy of the doses relative to the standard of care. The study will provide data to support further study in a Phase-III program. The clinical trial employed a 1:1:2 randomization among higher dose rNAPc2, lower dose rNAPc2, and care heparin delivered in preventive doses. The patients acquired three subcutaneous doses on days 1, 3, and 5 and then dosed with heparin on the 8th day.

ABIO Q4 2021 Financial Results

Earlier on 14th March 2022, ABIO reported its financial results for the year 2021 and delivered business updates. R&D expenses totaled US$13.8M for the year 2021, compared to US$5.0M the prior year. For 2021, the company has G&A costs of US$5.5M. It represents a gain of US$0.7M from US$4.8M for the year ended 31st December 2020.

As of 31st December 2021, ABIO calculated total cash of US$53.4M. Cash and cash equivalents totaled US$49.1M on 31st December 2020. Operating costs were US$19.3M for the year 2021, compared to US$9.8M last year. For 2021, the company had US$19.3M in net loss, compared to US$9.7M in 2020. Net loss per share was US$1.39 for 2021. ABIO calculated a loss per share of US$2.07 for 2020.

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