- Clovis Oncology Inc CLVS posted a third quarter EPS loss of $(0.39) versus $(0.56) a year earlier on revenue of $30.66 million versus $37.92 million.
- Shares plummeted after the company noted bankruptcy concerns in its paper Q3 SEC filing.
- Based on Rubraca’s current cash and cash equivalents of $58.30 million and revenue estimates, the Company will not have sufficient liquidity to continue operations beyond January 2023.
- Last quarter, Clovis touted the need for additional capital to continue beyond February 2023.
- Related: Clovis Oncology’s Rubraca Meets Primary Target in Prostate Cancer.
- Operating losses and negative cash flows are expected to continue for the foreseeable future, even as Rubraca generates revenue.
- Rubraca sales have not been consistent in prior quarters and have trended downward over the past two years, initially due to the COVID-19 pandemic in patient visits and diagnostics, but more recently due to competition from other products in the market.
- The company is in active discussions about a potential Rubraca sublicense agreement outside the US, but regulatory uncertainty has made it more difficult to reach an agreement on the financial terms.
- Clovis is also in active discussions to sell license rights to FAP-2286.
- Price promotion: CLVS shares are down 75.60% to $0.24 on the last check Wednesday.
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