Two S&P/ASX All Ordinaries Index (ASX: XJO) ASX healthcare shares are making big moves today following the release of their quarterly performance updates.
One is racing ahead of the 0.2% losses posted by the All Ordinaries Index (ASX: XAO) in early afternoon trade on Thursday, while the other is decidedly lagging.
Which companies are we talking about?
Read on!
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All Ords ASX healthcare share tumbles on cash burn
Turning to the laggard first, the Imugene Ltd (ASX: IMU) share price is down 8.5% at the time of writing, with shares trading for 4.3 cents apiece. That leaves the share price up 8% since this time last year. But shares have now tumbled a painful 61% in 2024.
The All Ords ASX healthcare share could be under added pressure today after reporting cash or equivalents of $54.3 million at the end of the September quarter. That's down from $93.1 million reported at the end of the June quarter.
The company said that net cash used in operating activities for the quarter amounted to $24 million, along with a milestone payment to Precision Biosciences for $14.4 million.
Highlights from the quarter included three complete responses in the company's azer-Cel Allogeneic CD19 CAR T Phase 1b trial in blood cancer (Diffuse Large B-Cell Lymphoma). The trial, conducted across 15 cancer centres in the United States and with plans to expand into Australia, aims to address patients who have relapsed after multiple prior treatments.
The quarter also saw the ASX healthcare share receive US Food and Drug Administration (FDA) Orphan Drug Designation for its VAXINIA product, which treats bile tract cancer.
And the first patient was dosed in a Phase 1 bile tract cancer expansion trial at St. Vincent's Hospital, Melbourne, with 10 patients set to be enrolled.
Which brings us to…
Paradigm share price lifts off on trial progress
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is up 2.5% at the time of writing, having earlier posted gains of 17.5%. Shares are currently changing hands for 20.5 cents apiece. That leaves the All Ords ASX healthcare share down 51% since this time last year.
Investors have been bidding up the Paradigm share price after the company reported on the "substantial progress" it made over the quarter in its Phase 3 clinical trial preparations for the treatment of knee osteoarthritis with its iPPS product.
Commenting on the recent achievements, Paradigm Biopharmaceuticals managing director Paul Rennie said, "The submission of our phase 3 protocol to the FDA is a significant milestone for Paradigm."
Rennie continued:
It represents the culmination of extensive work by our team and close collaboration with the FDA. We are confident that this progress, combined with the anticipated TGA [Therapeutic Goods Administration] response and our ongoing engagement with funding partners, positions us strongly as we move into this pivotal phase.
Our focus remains on delivering outcomes that will benefit patients and create long-term value for our shareholders.
As at 30 September, the ASX healthcare share had cash and equivalents of $13.14 million, down from $17.8 million at 30 June. Paradigm said it allocated "a significant portion" of its expenditure on research and development (R&D), focusing on advancing the Phase 3 clinical trial.
The company expects to receive $5 million to $6 million as part of its R&D incentive rebate.
