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CTI BioPharma Beheer

Beheer criteriumcontroles 3/4

De CEO CTI BioPharma is Adam Craig, benoemd in Mar2017, heeft een ambtstermijn van 6.25 jaar. De totale jaarlijkse vergoeding van { bedraagt $ 4.59M, bestaande uit 14.3% salaris en 85.7% bonussen, inclusief aandelen en opties van het bedrijf. bezit rechtstreeks 0.022% van de aandelen van het bedrijf, ter waarde $ 267.56K. De gemiddelde ambtstermijn van het managementteam en de raad van bestuur bedraagt respectievelijk 6 jaar en 6.3 jaar.

Belangrijke informatie

Adam Craig

Algemeen directeur

US$4.6m

Totale compensatie

Percentage CEO-salaris	14.30%
Dienstverband CEO	6.3yrs
Eigendom CEO	0.02%
Management gemiddelde ambtstermijn	6yrs
Gemiddelde ambtstermijn bestuur	6.3yrs

Recente managementupdates

Geen updates

Recent updates

Seeking Alpha • Aug 17

CTI BioPharma: Reiterating Target Price Of $17 After Successful VONJO Launch

CTIC announced its 2Q 2022 results on 8 August. With booked revenues coming in at $12.3 million for the quarter, revenues were above Street expectations. In my view, the 26% share price decline since the results is a reaction to BVF Partners (a major equity holder of the company) selling shares. I view this decline as a major buying opportunity. I believe the market totally ignored the $8.2 million in accounts receivables reported by the company. The CFO’s repeated statements that CTIC has sufficient cash to meet its financial obligations through 2023 is a major clue that further dilution is not likely. I am maintaining my target price of $17. I will continue to hold CTIC until a buyout or my target is achieved in the next 1.5 to 3.5 years. Background As an update to my previous article on CTI BioPharma (CTIC), where I recommended this stock as a "Strong Buy" and a $17 price target, CTIC’s first complete quarter of sales in its history was greeted with enthusiasm by Wall Street analysts. Most analysts reiterated their “Buy” ratings and maintained or revised their price targets higher. While the launch of VONJO (CTIC's only approved drug for the treatment of adults with intermediate or high-risk post-polycythemia vera or post-essential thrombocythemia) was viewed as being successful by the street (and management), the $12.3 million in net sales reported by the company was only in line with Inrebic (BMY) sales in the first quarter after its launch in 4Q 2019. To a certain extent, traders were taking profits and viewed the $12.3 million revenue figure with disappointment, punishing the stock by -22.9% at one point on Tuesday, 9th April 2022, before the stock recovered to close -11.8% on that day. Since then, however, CTIC has lost about 26% of its value from its highs of $7.56 prior to the earnings release, coming back to about the level where I recommended the stock back on May 04, 2022. Another factor impacting the price dynamic was the fact that BVF Partners sold 8.5 million shares in the company on August 9, 2022 (according to BVF Partners' Form 4 filing). The market took this as a major equity holder selling stock and perhaps losing some faith in the growth prospects of the company. Why I am maintaining my DCF Valuation In my view, the market completely ignored the $8.2 million in Accounts Receivables reported by the company in 2Q.2022 (see pp. 4 of CTIC's 2Q.2022 10Q Filing). If we add this to the top line reported revenue figure, VONJO sales for the quarter would have been $20.5 million – or 70% higher than Inrebic sales at the same stage of Inrebic’s commercial launch. VONJO is off to a great start and confirms for me that VONJO is highly differentiated from Incyte Corporation's (INCY) JAKAFI. As I stated in my previous article, my own interviews with hematologists indicated that they have been waiting for VONJO to come to market for the 7,000 patients in the United States that suffer from severe thrombocytopenia (i.e., blood platelet counts under 50 x10^9 /L). Management’s repeated comments that there is a 60 / 40 split in hospital / community prescribers is also very bullish, as cancer drugs normally get acceptance in the hospital setting before a slow ramp up into the community setting. That is not the case for VONJO. While we may never know how many patient lives are impacted by CTIC (unless the company reveals it – which their CEO has refused to do in the past), we can model and benchmark this additional sales information to inform our unit economics going forward. At a wholesale price of $19,500, the $20.5 million in sales represents 350 prescriptions per month ($20.5 million / $19,500 / 3) in the quarter. It will be useful for us to track this number in order to understand CTIC’s market share gain over time. At 350 prescriptions (assuming 1 prescription per patient), CTIC’s market share of the 7,000 patients in the United States that suffer from severe thrombocytopenia now stands at 5%. Again, that is an excellent start. My expectation in my previous DCF model was a quick ramp-up to 1,750 patients, or a 25% market share by the end of 2022 (due to the unmet medical need). That is likely not going to happen. At a run rate of 350 patients per quarter, we are looking at 1,050 patients by the end of 2022 (a 15% market share). I do, however, think that in 2023, and beyond, VONJO is more than capable of taking a 30% market share in 2023, and a 50% market share in 2024, as CTIC continues to educate specialists on further positive trial data. See my slightly revised unit economics figures below: Table 1: CTIC’s Unit Economics Unit Economics 2022 2023 2024 2025 2026 2027 Old Model (May 2022) 1,750 2,333 3,500 3605 3,713 3,825 Old Model Revs ($ million) $209.6 $387.5 $604.6 $647.6 $693.7 $743.1 New Model(August 2022) 1,050 2,333 3,500 3,605 3,713 3,825 New Model Revs ($ million) $125.8 same same same same same Maintaining my Cost Forecast for CTIC While CTIC missed the street expectations on the bottom line by a penny, I was actually quite encouraged by management’s cost control. Total operating and non-operating expenses came in at $34.983 million, much lower than my run rate calculations of $53 million in my DCF model that you can see in my previous article. The $18 million difference was due partially to the fact that CTIC has not yet paid the $10.3 million owed to Takeda, opting instead to drag out this payment until March 15, 2023; and the $25 million payment to SBIO + low single-digit royalties to SBIO that continues to show in CTIC’s books under Intangible Assets, but will at some point move to the income statement. I am, therefore, maintaining my conservative cost forecasts for CTIC. BVF Sale was 18.8% of their overall holdings and likely motivated by fund dynamics The elephant in the room, of course, is the stock sale by BVF on August 9. While the retail comment boards were full of criticism about the BVF Partners’ stock sale, according to BVF’ Form 13F and Form 13D filings and CTIC's Form 8K filing, it looks like BVF sold 8.5 million shares out of its total holdings of 45.3 million shares of CTIC, or 18.8% of its holdings.

Seeking Alpha • Aug 08

CTI BioPharma GAAP EPS of -$0.21 misses by $0.01, revenue of $12.33M beats by $3.23M

CTI BioPharma press release (NASDAQ:CTIC): Q2 GAAP EPS of -$0.21 misses by $0.01. Revenue of $12.33M beats by $3.23M.

Seeking Alpha • Jul 19

CTI BioPharma: Approval Is Great, Now There's The Follow Through

CTI BioPharma's Pacritinib has been conditionally approved. It has critical differentiations with Incyte's Jakafi. While the potential is huge, cash and some data points are worrying signs. CTI BioPharma Corp. (CTIC) was granted accelerated approval of VONJO or pacritinib for the treatment of adults with myelofibrosis ("MF") with a platelet count below 50 times 10 to 9 per liter. This approval was based on the Phase III PERSIST-2 trial, a study that enrolled myelofibrosis patients with platelet counts less than or equal to 100 times 10 to 9 per liter, making it the only randomized controlled study specifically designed to recruit the cytopenic myelofibrosis population, that is patients with thrombocytopenia and anemia. Announcing the approval, the company CEO said: In the U.S., there are approximately 21,000 patients with myelofibrosis, two-thirds of which have cytopenias (thrombocytopenia or anemia), commonly resulting from the toxicity of other approved therapies. Severe thrombocytopenia, defined as a blood platelet count below 50 × 109/L, occurs in one-third of the overall myelofibrosis population, and has a particularly poor prognosis. With the approval of VONJO, we are excited to now be able to offer a new therapy that is specifically approved for patients with cytopenic myelofibrosis. We are fully funded for commercial launch, following our debt and royalty transactions with DRI, and we look forward to providing VONJO, the potential best-in-class therapy for cytopenic myelofibrosis patients, to patients within 10 days. Incyte's (INCY) Jakafi is also approved for MF patients, though it is approved for patients with a higher platelet count compared to VONJO. Jakafi earned $2.4bn last year, and while exact figures for the MF indication are not known to me, I am guessing that VONJO is looking at a huge market, running into billions of dollars. There are 21,000 MF patients in the U.S., and about a third of them have low platelets where no other therapy is approved. VONJO is priced at $19,500 per month, or $240,000 per year. That is an effective market of nearly $2bn in the U.S. alone. Jakafi's activity against both JAK1 and JAK2 versus pacritinib's focus on JAK2 only, mostly avoiding the problematic JAK1 pathway, gives it an edge. Like I discussed earlier, high-dose Jakafi at 20mg is effective but toxic, which is where VONJO has its advantage. As company management recently said: The physician -- the frustration of physicians, as we've said previously, is the dissatisfaction with low-dose rux. It's very common, particularly in the community practice because dose -- the dose has to be altered based on the toxicities seen, and it's -- it can be a complicated management scenario. What the feedback -- some of the feedback we've got from physicians has been the attractiveness of VONJO is that the drug can be given at full dose without the need for large numbers of dose modifications. CTIC was also lucky to be able to get VONJO included in NCCN guidelines, which is the largest network of comprehensive cancer treatment centers in the US. Inclusion here means wider propagation and a guarantee of higher sales because most oncologists in the U.S. - even elsewhere - look to the NCCN guidelines for latest updates on standard practices. Although the company still has to complete the PACIFICA trial (topline in 2025) for full approval, things are going well for VONJO so far. Last month, the company presented PERSIST 1 and 2 data at the European Hematology Association ((EHA)) 2022 Congress. According to Seeking Alpha: The analysis indicated a similar incidence of bleeding events as well as overall and fatal adverse events for pacritinib and ruxolitinib. Notably, the cardiac events were more common in patients who received pacritinib, CTIC said, attributing the difference mainly to higher rates of grade 1 peripheral edema on the therapy.

Seeking Alpha • Jul 07

CTI BioPharma initiated at outperform at Cowen on potential for Vonjo for myelofibrosis

Cowen has initiated CTI Biopharma (NASDAQ:CTIC) with an outperform rating citing the growth potential of Vonjo (pacritinib), which was approved in February for thrombocytopenic myelofibrosis. Shares are up 14% in Thursday afternoon trading. The firm has a $10 price target (~67% upside based on Wednesday's close). Analyst Boris Peaker said that one of the advantages of Vonjo over current treatments is that as a JAK2/IRAK1 inhibitor, it appears to be missing JAK inhibitor treatment-emergent thrombocytopenia and is also effective no matter the baseline platelet count. He added that Vonjo is approved for patients with very low platelet counts and the National Comprehensive Cancer Network guidelines call for the therapy's use in a second-line setting, both developments that support broader use. Incyte's (INCY) Jakafi (ruxolitinib) is a competitor to Vonjo, though it is approved for patients with a higher platelet count compared to Vonjo. Peaker is estimating $1B in peak sales, though the amount could be higher due to off-label use. Vonjo can achieve a 55% market share of U.S. patients by 2027, according to Seeking Alpha contributor Nizar Assanie.

Seeking Alpha • May 04

Analyse CEO-vergoeding

Hoe is Adam Craig's beloning veranderd ten opzichte van CTI BioPharma's winst?
Datum	Totale vergoeding	Salaris	Bedrijfswinsten
Mar 31 2023	n/a	n/a	-US$69m
Dec 31 2022	US$5m	US$657k	-US$93m
Sep 30 2022	n/a	n/a	-US$112m
Jun 30 2022	n/a	n/a	-US$121m
Mar 31 2022	n/a	n/a	-US$118m
Dec 31 2021	US$2m	US$633k	-US$98m
Sep 30 2021	n/a	n/a	-US$76m
Jun 30 2021	n/a	n/a	-US$63m
Mar 31 2021	n/a	n/a	-US$58m
Dec 31 2020	US$3m	US$615k	-US$52m
Sep 30 2020	n/a	n/a	-US$46m
Jun 30 2020	n/a	n/a	-US$44m
Mar 31 2020	n/a	n/a	-US$41m
Dec 31 2019	US$2m	US$595k	-US$40m
Sep 30 2019	n/a	n/a	-US$31m
Jun 30 2019	n/a	n/a	-US$36m
Mar 31 2019	n/a	n/a	-US$36m
Dec 31 2018	US$3m	US$564k	-US$29m
Sep 30 2018	n/a	n/a	-US$45m
Jun 30 2018	n/a	n/a	-US$42m
Mar 31 2018	n/a	n/a	-US$29m
Dec 31 2017	US$6m	US$434k	-US$45m

Compensatie versus markt: De totale vergoeding ($USD 4.59M ) Adam } is ongeveer het gemiddelde voor bedrijven van vergelijkbare omvang in de US markt ($USD 3.64M ).

Compensatie versus inkomsten: De vergoeding van Adam is gestegen terwijl het bedrijf verliesgevend is.

CEO

Adam Craig (57 yo)

6.3yrs

Tenure

US$4,592,646

Compensatie

Dr. Adam R. Craig, M.D., Ph D., M.B.A., has been the Chief Executive Officer, President and Director of CTI BioPharma Corp. since March 20, 2017 and serves its Interim Chief Medical Officer. Dr. Craig serv...

Leiderschapsteam

Naam	Positie	Tenure	Compensatie	Eigendom
Adam Craig	President	6.3yrs	US$4.59m	0.022% $ 267.6k
David Kirske	Executive VP	5.8yrs	US$1.47m	0.013% $ 155.7k
James Fong	Executive VP & Chief Commercial Officer	no data	US$597.30k	0.0027% $ 32.4k
Ed Bell	Senior Director of Investor Relations	15yrs	geen gegevens	geen gegevens
Bruce Bennett	Senior Vice President Global Pharmaceutical Operations	no data	geen gegevens	geen gegevens
John Volpone	Executive VP & Chief of Staff	no data	geen gegevens	geen gegevens
Jennifer Smith	Senior Vice President of Biometrics	4.6yrs	geen gegevens	geen gegevens

6.0yrs

Gemiddelde duur

65yo

Gemiddelde leeftijd

Ervaren management: Het managementteam van CTIC is doorgewinterd en ervaren (gemiddelde ambtstermijn van 6 jaar).

Bestuursleden

Naam	Positie	Tenure	Compensatie	Eigendom
Adam Craig	President	6.3yrs	US$4.59m	0.022% $ 267.6k
Diane Parks	Independent Director	1.8yrs	US$301.12k	0% $ 0
Daniel Von Hoff	Chairman of Scientific Advisory Board	9.9yrs	geen gegevens	geen gegevens
Laurent Fischer	Independent Chairman of the Board	5.9yrs	US$352.12k	0% $ 0
David Parkinson	Independent Director	6yrs	US$317.62k	0% $ 0
Matthew Perry	Independent Director	7.4yrs	US$303.62k	0.033% $ 392.1k
Reed Tuckson	Independent Director	11.8yrs	US$319.12k	0.037% $ 442.1k
Michael Metzger	Independent Director	6.4yrs	US$330.62k	0% $ 0

6.3yrs

Gemiddelde duur

65yo

Gemiddelde leeftijd

Ervaren bestuur: De raad van bestuur van CTIC wordt beschouwd als ervaren (gemiddelde ambtstermijn 6.3 jaar).

Bedrijfsanalyse en status van financiële gegevens

Gegevens	Laatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse	2023/06/28 17:44
Aandelenkoers aan het einde van de dag	2023/06/23 00:00
Inkomsten	2023/03/31
Jaarlijkse inkomsten	2022/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

Pakket	Gegevens	Tijdframe	Voorbeeld Amerikaanse bron ^*
Financiële gegevens bedrijf	10 jaar	Resultatenrekening Kasstroomoverzicht Balans	SEC-formulier 10-K SEC-formulier 10-Q
Consensus schattingen analisten	+3 jaar	Financiële prognoses Koersdoelen analisten	Onderzoeksrapporten van analisten Blue Matrix
Marktprijzen	30 jaar	Aandelenprijzen Dividenden, splitsingen en acties	ICE Marktgegevens SEC-formulier S-1
Eigendom	10 jaar	Top aandeelhouders Handel met voorkennis	SEC-formulier 4 SEC-formulier 13D
Beheer	10 jaar	Leiderschapsteam Raad van bestuur	SEC-formulier 10-K SEC-formulier DEF 14A
Belangrijkste ontwikkelingen	10 jaar	Bedrijfsaankondigingen	SEC-formulier 8-K

^* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysemodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina. We hebben ook handleidingen over hoe je onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

CTI BioPharma Corp. wordt gevolgd door 16 analisten. 6 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

Analist	Instelling
Kimberly Lee	Brean Capital Historical (Janney Montgomery)
Leah Rush Cann	Brookline Capital Markets
null null	BTIG