Summary by Futu AI
Allarity Therapeutics reported a net loss of $17.1 million for Q3 2024, compared to $10.2 million in Q3 2023. The company recorded a significant $9.7 million impairment charge on its stenoparib intangible assets after halting enrollment in the ongoing Phase 2 trial. Revenue remained minimal as the company continues to focus on research and development activities.Research and development expenses decreased to $4.2 million for the nine months, down from $4.5 million in the prior year period, while general and administrative expenses declined to $6.0 million from $7.8 million. The company strengthened its cash position to $18.5 million as of September 30, 2024, through ATM offerings that generated net proceeds of $33.1 million during the nine-month period.Looking ahead, management believes current cash reserves are sufficient to fund operations for at least the next 12 months. The company is now focusing on developing a follow-on trial for stenoparib with FDA regulatory intent, while facing ongoing challenges including an SEC investigation and a class action lawsuit related to previous disclosures about its Dovitinib NDA.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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