Chimeric (ASX:CHM) share price finishes flat on quarterly update

The Chimeric Therapeutics Ltd (ASX: CHM) share price seesawed today following the release of its quarterly update. Here's the key highlights.

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The Chimeric Therapeutics Ltd (ASX: CHM) share price edged higher in the final hour, before falling flat today. This comes despite the company releasing its quarterly update to the ASX towards the latter part of the afternoon.

At the end of today's market wrap, the biotechnology company's shares finished the day flat at 28.5 cents.

How did Chimeric perform?

Investors led Chimeric shares to close the day unchanged despite the company recapping its achievements and providing a financial update.

In the release, Chimeric reported a number of highlights, signalling why its shares have surged since listing on the ASX.

Chimeric declared $23.6 million in cash at the end of the March quarter. This is a significant increase from the $65,000 achieved at 31 December 2020. The company noted the funds will be used to progress its clinical trials of CLTX CAR T and begin the development of a cell therapy pipeline.

The net cash used in operating activities stood at $5.4 million, predominately due to the one-off fee paid to the City of Hope. This compares to the $1.9 million recorded in the prior quarter. Most of the fees were allocated towards change of control fee, administrative and corporate costs.

Net cash used in investing activities totalled $2.6 million, which was relatively in line with the December quarter. The payment relates to the second instalment to the City of Hope licence agreement.

The company re-touched on its CLTX CAR T clinical trials, with the second patient cohort now commencing a higher dosing level.

In addition, Chimeric reverted back to its significant management appointments in which several distinguished experts joined the board.

Chimeric share price summary

While the company is still relatively new on the ASX boards, the Chimeric share price moved between the 28 cents and 44 cents range. The company's shares hit its all-time in the same week of its listing.

On valuation metrics, Chimeric presides a market capitalisation of roughly $56.3 million, with 196.5 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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