Infinity Pharma (INFI) Tops Q2 EPS by 3c

Infinity Pharma (NASDAQ: INFI) reported Q2 EPS of ($0.16), $0.03 better than the analyst estimate of ($0.19).

“We have made important clinical progress this quarter including the generation of early, but encouraging signals of clinical activity in the triple negative breast cancer cohort of MARIO-3,” said Adelene Perkins, Chief Executive Officer and Chair of Infinity Pharmaceuticals. “While these data are preliminary, we are excited by the potential to bring eganelisib to the front-line setting for the deadliest form of breast cancer and plan to present these data later this year.”

Ms. Perkins continued, “We are also pleased that the dose reduction implemented for MARIO-275 from 40mg QD to 30mg QD has enabled the continued treatment of patients previously enrolled in the study. We will conduct an interim efficacy analysis on these patients by the end of the year which will inform next steps.”

2020 Financial Outlook:

• Net Loss: Infinity expects net loss for 2020 to range from $35 million to $45 million.
• Cash and Investments: Infinity expects to end 2020 with a year-end cash, cash equivalents and available-for-sale securities balance ranging from $20 million to $30 million.
• Cash Runway: Based on its current operational plans, Infinity expects that its existing cash, cash equivalents and available-for-sale securities, will be adequate to satisfy the company's capital needs into 2H2021. Infinity's financial guidance does not include potential additional funding or business development activities, a potential $5 million milestone payment from BVF based on PellePharm’s ongoing Phase 3 clinical trial of patidegib topical gel in Gorlin Syndrome, or any milestones from, or the sale of the company’s equity interest in, PellePharm.

For earnings history and earnings-related data on Infinity Pharma (INFI) click here.

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