G1 Therapeutics (NASDAQ:GTHX) stock is falling hard on Monday after the company provided investors with an update on its Phase 3 clinical trial of trilaciclib as a breast cancer treatment.
G1 Therapeutics notes that this trial failed to meet its primary endpoint. The overall survival rate for those taking its drug prior to chemotherapy was 17.4 months, and for the control arm, it was 17.8 months.
The commercial-stage oncology company does note that the occurrence of severe neutropenia was lower in those taking trilaciclib ahead of chemotherapy. This came in at 8% of patients as compared to 29% in the control group.
G1 Therapeutics CEO Jack Bailey said the following about the Phase 3 clinical trial results:
“The unexpected results from PRESERVE 2 underscore the challenge of developing new therapies for triple negative breast cancer. We are disappointed that this trial did not deliver the benefit that we anticipated to people living with TNBC.”
What’s Next for GTHX Stock?
G1 Therapeutics says it will start winding down operations related to its Phase 3 clinical trial of trilaciclib. This will reduce the company’s headcount and provide it with a cash runway into the second half of 2025.
The firm also provided guidance for fiscal 2024. It expects revenue from COSELA to range between $60 million and $70 million. Wall Street is looking for 2024 revenue to come in at $72.26 million.
GTHX stock is down 55.7% as of Monday morning. The stock was also down 20.3% year-to-date when markets closed on Friday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
