On Friday, May 10, 2024, Clene Inc. (CLNN:NASDAQ), a late clinical-stage biopharmaceutical company, is set to unveil its quarterly earnings before the market opens. Analysts on Wall Street are predicting an earnings per share (EPS) of -$0.09 for the quarter, with expected revenue figures reaching $120,000. This anticipation sets a critical stage for CLNN, especially considering its recent financial performance and operational highlights.
In its latest financial disclosure, CLNN reported a quarterly loss of $0.09 per share, exactly in line with the Zacks Consensus Estimate, showcasing an improvement from the previous year’s loss of $0.15 per share. However, the company faced a revenue shortfall, posting only $0.07 million for the quarter ended March 2024, which fell short of the Zacks Consensus Estimate by a significant 54.38%. This revenue figure also marked a decrease from the previous year’s revenue of $0.11 million. Despite these challenges, it’s noteworthy that Clene has surpassed consensus EPS estimates in three out of the past four quarters, indicating a potential for resilience and recovery in its financial performance.
Clene’s focus on developing treatments for neurodegenerative diseases, such as amyotrophic lateral sclerosis (ALS) and multiple sclerosis (MS), remains a cornerstone of its operational strategy. The company highlighted progress in its CNM-Au8 clinical program for MS, sharing key findings from the long-term extension of the Phase 2 VISIONARY-MS clinical trial. These findings demonstrated significant evidence of repair and remyelination, with statistically significant changes from the original baseline. Such advancements not only underscore Clene’s commitment to its research and development efforts but also bolster its potential to make meaningful contributions to the treatment of neurodegenerative diseases.
Financially, Clene has bolstered its position through a substantial sub-award of $7.3 million from a National Institutes of Health (NIH) grant for an ALS Expanded Access Program. As of March 31, 2024, the company reported having cash, cash equivalents, and marketable securities totaling $27.9 million. This financial cushion could play a pivotal role in sustaining its research and development activities, especially in light of its recent revenue shortfalls.
The stock performance of CLNN has also seen fluctuations, with its price moving to $0.396, marking an increase of approximately 1.56%. Despite the volatility, with prices ranging from a low of $0.25 to a high of $1.09 over the past year, Clene’s market capitalization of roughly $50.86 million, alongside a trading volume of 132,718 shares, reflects a level of investor interest and market engagement. As Clene Inc. prepares to release its quarterly earnings, stakeholders and investors will be keenly watching for signs of financial stability and progress in its clinical programs, which could influence the company’s trajectory in the competitive biopharmaceutical landscape.
