NKGen Biotech (NKGN) shares experienced a significant increase on Monday, with trading volume reaching 19.25 million, significantly higher than its average 100-day volume of 2.85 million, as per data from Benzinga Pro. However, there has been no recent news release to account for the +20% gain in stock price.
NKGen Biotech is scheduled to present at the upcoming 12th Annual Alzheimer’s & Parkinson’s Drug Development Summit. The company will provide updates on its NK cell therapy for neurodegenerative diseases, share preclinical data for Parkinson’s disease, and highlight clinical safety and efficacy data from its recently completed Phase 1 trial of SNK01 for Alzheimer’s disease.
Earlier this month, NKGen Biotech secured $5 million in second-lien convertible loan funding with a 30-month term, adding to the approximately $4.75 million in gross cash proceeds from prior 2024 funding.
Paul Song, Chairman and CEO of NKGen Biotech, commented, “We are intently focused on our upcoming Phase 2 Alzheimer’s clinical trial and recently submitted an IND for Parkinson’s disease while streamlining our resources for maximum efficiency. Accordingly, we have successfully reduced our monthly burn rate for operations and clinical trials by almost 50%. In addition, we have several catalysts expected this year, including data readouts (both safety and cognitive) for the Phase 1 portion of our moderate Alzheimer’s trial and the initiation of Phase 2.”
At the time of writing, NKGN shares were trading at $1.43, marking a 29.30% increase for the day.
