The study included 46 fully treated patients, with 37% of those with progressive disease still alive after two years.
CAN-2409 could become a “best-in-class therapy” for borderline resectable pancreatic ductal adenocarcinoma, according to the analyst.
Most losses were non-cash expenses totaling $91 million, making up 79% of the quarter's total loss.
The stock has lost over 99% of its value in the past year, with the upcoming earnings report on Feb. 17 seen as a key test for the company’s growth narrative.
The analyst noted that CAN-2409's early data in prostate cancer suggests the potential for a meaningful breakthrough, given the lack of significant advancements in available treatments.