Heat Biologics, Inc. (NASDAQ:HTBX) has delivered a clinical and business update regarding their progress and the plans they have for 2019. However, can HTBX sustain the recent increase in trading volume ?

Recent milestones

The company reported that they had expanded the second phase evaluation of a combination of HS-110 and a different checkpoint anti-PD-1 for treatment of metastatic disease patients. The company also expects to make a presentation on the interim second phase of Lung cancer during the 2019 ASCO-SITC Clinical Immuno-Oncology Symposium.  The company is equally on track to complete second phase lung cancer in the second quarter of 2019, and they are beginning 2019 with a robust balance sheet.

Presentation of data during the ASCO symposium

Heat Biologic’s CEO, Jeff Wolf, stated that they had postponed the reporting of their interim data so that they could present it in the ASCO symposium. He indicated that the company was delighted that Daniel Morgensztern their lead investigator had been chosen to make a presentation on the interim data during the symposium scheduled for February 28, 2019. 

The CEO indicated further that the company was making progress in the second phase study and that they are on track to complete enrolment in the second quarter of 2019. Mr. Wolf stated that their recent funding enabled them to explore a range of options to allow them to expand the trial for evaluation of the benefits of the combination of HS-110 and the anti-PD-1 checkpoint inhibitor in the treatment of patients in the onsets of metastatic disease. The CEO indicated that Heat Biologics would soon release the details of the trial expansion.

Revenue results

Mr. Wolf stated that the company’s balance sheet was stable heading to 2019. The company completed recently a capital raise of around $13.8 million in addition to the cash balance of $12.0 million they already had at the closing of the Q3 2018.

Heat expects to get additional CPRIT grant funds of $6.9 million later in the year. The robust balance sheet gives the company more flexibility in expanding their lead second phase study as well as help in accelerating their internal programs. It will also help Heat explore equal market opportunities within lung cancer and beyond.

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