By Dean Seal
Shares of Zentalis Pharmaceuticals fell to an all-time low after its co-founder said he would step down as chief scientific officer and the company logged a wider loss in the third quarter.
The stock dropped 28% to a low of $12.80. Shares have fallen by more than a third year-to-date.
The biopharmaceutical company said Monday that Kevin Bunker is stepping down as chief scientific officer at the end of the year. He will be succeeded by Mark Lackner, who is chief translational officer.
For the third quarter, Zentalis posted a loss of $55.5 million, compared with a loss of $54.4 million in the same quarter a year ago. The quarterly loss was 79 cents a share, compared with 96 cents a share last year on a smaller base of outstanding shares.
Overhead costs were $4 million higher at $16 million, largely from increased personnel expenses and greater costs related to facilities and outside services.
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