© Reuters.
Zentalis Pharmaceuticals, a biopharmaceutical company, saw its shares plummet to a record low of $12.80 today, marking a year-to-date drop of over one-third. This sharp decline follows the resignation of Kevin Bunker as the firm’s chief scientific officer, with Mark Lackner stepping in as his replacement.
The company’s financial woes have been further compounded by an increase in Q3 losses, which rose to $55.5 million from $54.4 million in the same period last year. This translates into a loss of 79 cents per share compared to the previous year’s 96 cents, despite a reduced share base.
A significant factor contributing to these increased losses is a surge in overhead costs by $4 million, largely due to heightened staffing expenses and increased expenditure on facilities and external services. The company now faces the challenge of navigating these financial difficulties amidst a change in leadership.
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