Unicycive Therapeutics reports annual meeting outcomes

Unicycive Therapeutics , Inc. (NASDAQ:UNCY), a $112 million market cap pharmaceutical company based in Los Altos, California, disclosed the results of its Annual Meeting of Stockholders held on Monday. The company, which maintains a healthy balance sheet with more cash than debt according to InvestingPro data, has seen its stock surge nearly 14% in the past week. The company’s stockholders participated in the voting process, which included the election of directors, ratification of the company’s independent registered public accounting firm, and approval of a reverse stock split proposal.

The voting results revealed that all four nominees for director were elected to serve until the 2025 Annual Meeting of Stockholders or until their successors are elected, with a substantial majority of votes cast in favor. The elected directors are Dr. Gaurav Aggarwal, Dr. Shalabh Gupta, Dr. Sandeep Laumas, and Dr. Sarawati Kenkare-Mitra. Analysts maintain a bullish outlook on the company, with price targets ranging from $3 to $12 per share.

Additionally, the appointment of Grassi & Co. CPAs, P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with overwhelming support from the stockholders.

The proposal for a reverse stock split was also approved, though the specific details of the split were not disclosed in the press release.

The meeting saw a significant turnout, with approximately 69.70% of the total voting power of the company’s capital stock represented in person or by proxy. The company’s capital stock entitled to vote consisted of common stock, Series A Preferred Stock, and Series B Preferred Stock, totaling 126,887,067 votes.

The information provided in this article is based on Unicycive Therapeutics’ recent SEC filing and reflects the company’s commitment to transparency with its investors and the public. InvestingPro analysis indicates the company maintains a FAIR overall financial health score, though it faces challenges with cash burn rates. Discover 10+ additional exclusive insights and detailed financial metrics with an InvestingPro subscription.

In other recent news, Unicycive Therapeutics has been the focus of several analyst reports and market updates. Lucid (NASDAQ:LCID) Capital Markets initiated coverage on Unicycive with a Buy rating and a price target of $12, citing the potential launch of oxylanthanum carbonate (OLC) in 2025 as a significant factor. H.C. Wainwright also maintained a Buy rating, raising their price target to $7.50, based on the upcoming milestones for OLC, including a PDUFA date set for June 28, 2025. Benchmark analysts reiterated a Speculative Buy rating with a $3.00 price target, emphasizing the FDA approval process for OLC, which could potentially improve patient compliance due to its reduced pill burden.

Unicycive presented new data at the National Kidney Foundation Spring Clinical Meetings, highlighting OLC’s potential to decrease pill burden and improve adherence among patients with chronic kidney disease. The company’s financial position remains stable, with a cash balance of $19.8 million reported at the end of the recent quarter, expected to support operations until the next development milestone. Unicycive has raised up to $180 million from prominent institutions, including Octagon Capital and RA Capital, reflecting investor confidence in its drug portfolio. The company’s development of UNI-494 for acute kidney injury and chronic kidney disease is also progressing, having completed Phase 1 safety testing in the United Kingdom (TADAWUL:4280).

These developments underscore the potential market performance of Unicycive’s lead product, OLC, which is anticipated to be priced similarly to existing treatments in a market valued at approximately $7 billion. Analysts remain optimistic about Unicycive’s prospects, with the company’s innovative approach to kidney disease treatment offering significant growth potential.

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