Silo Pharma Inc

Silo Pharma, Inc. (NASDAQ: SILO) is a developmental stage biopharmaceutical company. The Company is focused on developing novel therapeutics that address underserved conditions including stress-induced psychiatric disorders, chronic pain conditions, and central nervous system (CNS) diseases. It is engaged in acquiring and/or developing intellectual property or technology rights from universities and researchers to treat rare diseases, including the use of psychedelic drugs, such as psilocybin, and the potential benefits they may have in certain cases involving depression, mental health issues and neurological disorders.

Recent Business and Financial Updates

• Silo Pharma Announces USD2.1 million Registered Direct Offering Priced At-The-Market: Silo Pharma, Inc. announced the entry into definitive agreements for a USD2.1 million registered direct offering. The offering includes the sale of 763,638 shares of common stock at USD2.75 per share and the issuance of unregistered warrants for an additional 763,638 shares at the same price, exercisable immediately and expiring in five years. The closing is expected around July 22, 2024, subject to customary conditions, with H.C. Wainwright & Co. acting as the exclusive placement agent. Proceeds will be used for working capital and general corporate purposes.
• Silo Pharma and Resyca BV Partner on Intranasal PTSD Drug SPC-15 Development: Silo Pharma, Inc. has entered into a Device and CMC Development Master Plan with Resyca BV, a joint venture between Bespak Group and Medspray Pharma BV, to develop SPC-15, an intranasal treatment for PTSD. This plan will support IND-enabling studies, leveraging Resyca's microchip-based nasal spray system that facilitates direct nose-to-brain drug delivery, potentially enhancing therapeutic benefits and patient safety by bypassing the blood-brain barrier. Silo holds exclusive rights to this technology for PTSD and other indications and is conducting GLP-compliant pharmacokinetic and pharmacodynamic studies, with plans to submit an IND application to the FDA following a pre-IND briefing.
• Silo Pharma Secures Exclusive Global License for Alzheimer's Therapeutic: Silo Pharma, Inc. (Nasdaq: SILO) has acquired an exclusive global license to develop, manufacture, and commercialize its Alzheimer's drug SPC-14. This agreement, enhancing Silo's intellectual property portfolio, aims to utilize the FDA's 505(b)(2) pathway to expedite clinical timelines and reduce development costs. CEO Eric Weisblum highlighted SPC-14's potential to address a significant unmet medical need, with early pre-clinical studies showing stress reduction and cognitive improvement. This development aligns with Silo's strategy following a similar exclusive license for SPC-15, targeting stress-induced disorders and PTSD, amidst a growing Alzheimer's therapeutics market projected to surpass $30.8 billion by 2033.
• Silo Pharma Secures Exclusive Global License for SPC-15 Targeting PTSD and Anxiety: Silo Pharma, Inc. (Nasdaq: SILO) announced an exclusive global license agreement with Columbia University to develop, manufacture, and commercialize SPC-15, its lead intranasal treatment for PTSD and stress-induced anxiety disorders. This agreement includes extensive issued and pending IP patent applications, and Silo has submitted a pre-IND briefing package to the FDA, intending to use the streamlined 505(b)(2) pathway to expedite clinical timelines and reduce costs. CEO Eric Weisblum emphasized that this strategic move could significantly enhance shareholder value, contingent on FDA approval.
• Silo Pharma Partners with AmplifyBio to Advance SPC-15 for PTSD and Anxiety: Silo Pharma, Inc. (Nasdaq: SILO) announced a partnership with AmplifyBio to conduct an IND-enabling large animal GLP study of SPC-15, an intranasal treatment for PTSD. The 4-week study will involve 28-day repeat dosing with a 14-day recovery period. Previous non-GLP studies showed promising absorption and exposure, supporting a once-per-day dosing regimen. This partnership, ongoing since 2022, aims to advance SPC-15 towards first-in-human clinical trials, with a successful GLP study being a critical step for seeking FDA approval. CEO Eric Weisblum highlighted the significance of this milestone in Silo's development process.

Technical Observation (on the daily chart):

The Relative Strength Index (RSI) over a 14-day period stands at a value of 84.44, upward trending with current price inside overbought levels, with expectations of a consolidation or a short-term correction before upward continuation. Additionally, the stock's current positioning is above both the 50-period SMA and 200-period EMA, which may serve as dynamic short to medium-term support levels.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Watch’ rating has been given to Silo Pharma, Inc. (NASDAQ: SILO) at the closing market price of USD 3.47 as of July 18, 2024. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is July 18, 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.