Shares of Solid Biosciences Inc. (NASDAQ: SLDB) opened 38% lower on Tuesday after the company said in its first-quarter results that its lead investigational drug, SGT-001, spurred serious adverse event in a patient.
The drug has been in development to treat a rare muscle disorder known as Duchenne. However, in its latest patient, the drug caused certain liver problems, besides gastrointestinal infection.
Solid Biosciences added that the patient is currently doing well and has resumed normal activities.
The company, which does not have any revenues as of now, said its research and development expenses doubled during the quarter to $23.3 million, all attributable to SGT-001.
Net loss almost doubled to $29.6 million, or 85 cents per share, hurt by the higher expenses.
The company, which started trading in January last year, has since declined 62% and is currently trading at an all-time low.
CEO Ilan Ganot said, “We have continued to advance our programs for Duchenne muscular dystrophy over the last few months, particularly our lead microdystrophin gene therapy candidate, SGT-001. Building on our findings from the preliminary Phase I/II clinical data that we announced in February, we initiated dosing at 2E14 vg/kg in the second cohort of patients.”