ChemoCentryx Inc (NASDAQ: CCXI) stock fell 13.91% on September 7^th, 2018 after the company came up with the second quarter 2018 results. During the second quarter of FY 18, the company has reported the net loss of 2018 was $6.9 million, compared to $9.2 million for the same period in 2017. Cash, cash equivalents and investments totaled approximately $201.8 million at June 30, 2018.  In the first six months of 2018, ChemoCentryx has received $91.5 million in cash from milestone and upfront payments and credit facility advances.  Cash utilized for the first six months of the year was $25MM.  For the full year, the Company expects to utilize cash and investments between $60 million and $70 million.

The stock recovered over 2.3% today (on September 10^th, 2018; as of 11:34 AM GMT-4; Source: Google finance). Moreover, the company has delivered the revenue of $15.0 million for the second quarter of 2018, compared to $8.9 million for the same period in 2017. Revenue recognized represents amortization of the upfront license fee commitments, milestone payments and collaboration funding from Vifor pursuant to the Avacopan Agreement, Avacopan Amendment and CCX140 Agreement.  The increase from 2017 to 2018 was primarily due to the Company’s adoption of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers effective January 1, 2018.

Additionally, during the second quarter 2018, ChemoCentryx has completed enrollment of 316 patients in the Phase III ADVOCATE pivotal trial of avacopan for the treatment of ANCA-associated vasculitis. The trial will evaluate the safety and efficacy of avacopan following 52 weeks of treatment. The company had expanded commercial alliance with Vifor Pharma to provide Vifor with commercialization rights in China for avacopan and CCX140, in exchange for upfront cash payments to ChemoCentryx totaling $21.5 million, plus tiered royalties between the teens and mid-twenties on potential net future sales in the Vifor territories. Further, the company has surpassed 45% of the patient enrollment target in the Company’s clinical trial evaluating avacopan for C3G. C3G is a rare disorder that often affects the young, requiring dialysis and often kidney transplant with relapsing disease common. There is no approved effective treatment.

In addition, the company has developed plan to launch clinical trials by the end of 2018 of avacopan in HS, an inflammatory and chronic skin disease characterized by recurrent, painful, boil-like nodules under the skin. The company has also launched clinical development of CCR2 inhibitor CCX140 in two sub-populations of primary FSGS, an orphan kidney disease with no approved treatment option.