Moleculin Biotech stock hits 52-week low at $2.11

Moleculin Biotech Inc . (NASDAQ:MBRX) stock has reached a 52-week low, trading at $2.11, down significantly from its 52-week high of $15.75. According to InvestingPro data, this latest price point marks a significant downturn for the company, with a -73.33% decline over the past year. The stock is currently trading below its Fair Value, though volatility remains high with a beta of 1.88. Investors are closely monitoring the stock as it navigates through a challenging period. While the company maintains a healthy current ratio of 2.08 and holds more cash than debt on its balance sheet, InvestingPro analysis reveals the company is quickly burning through cash. The current low presents a critical juncture for Moleculin Biotech as it looks to strategies that could potentially revitalize its market position and investor confidence. For deeper insights, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering this and 1,400+ other US stocks.

In other recent news, Moleculin Biotech, Inc. has made significant advancements in its clinical trials. The pharmaceutical company has announced an amendment to its Phase 3 "MIRACLE" study of Annamycin for treating acute myeloid leukemia (AML). This amendment, agreed upon with the U.S. Food and Drug Administration (FDA), will expedite the unblinding of preliminary primary efficacy data and safety/tolerability for the first 45 subjects in the trial.

The company has also received approval from the Institutional Review Board (IRB) for a pivotal Phase 3 trial of Annamycin. This approval is a key step towards the initiation of the trial, set to begin enrollment in the first quarter of 2025. The MIRACLE trial is assessing the efficacy of Annamycin in combination with Cytarabine for AML patients who have not responded to initial therapy.

In terms of financial developments, Moleculin ended the quarter with $9.4 million in cash, expected to fund operations until Q1 2025. The company also plans a rolling New Drug Application submission by late 2028. During its recent earnings call, Moleculin expressed confidence in Annamycin's market potential and the design of the MIRACLE trial.

These are recent developments in Moleculin Biotech's ongoing efforts to advance Annamycin through the clinical trial process. The company expects crucial data readouts from the MIRACLE trial by mid-2026 and is actively pursuing strategic partnerships for the trial.

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