The S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain on Wednesday. At the time of writing, the benchmark index is up 1.2% to 8,050.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down a further 5% to 18 cents. Investors have been selling this embattled semiconductor company's shares since it announced its quarterly update and a $25 million capital raising. These funds are being raised at 19.2 cents per new share. In respect to its quarterly update, management revealed another quarter of pitiful cash receipts despite all the bullish sales rhetoric a year ago. Brainchip generated cash receipts of just US$48,000 during the three months. This was despite spending over US$3.9 million on operating activities.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road Resources share price is down 5% to $1.62. This follows the release of the gold miner's quarterly update this morning. Gold Road Resources reported quarterly gold production of 62,535 ounces from the Gruyere operation with an all-in sustaining cost (AISC) of A$2,441 per ounce. This compares unfavourably to the previous quarter, which saw production of 64,323 ounces at an AISC of A$2,194 per ounce. Management blamed the underperformance on the impacts of a regional rain event in the Eastern Goldfields.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down 4.5% to 98 cents. Investors have been selling this biotechnology company's shares following the release of its quarterly update. That update reveals that the company recorded royalty receipts of just US$1.1 million and an operating cash outflow of US$10.2 million for the three months ended 30 June. At the end of the period, Mesoblast had a cash balance of US$63 million. It also notes that it has an additional US$10 million available from an existing facility on U.S. Food and Drug Administration (FDA) approval of its RYONCIL product.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is down almost 4% to $18.60. This morning, this radiopharmaceuticals company revealed that the U.S. FDA has not accepted the Biologics License Application (BLA) submission for TLX250-CDx. This is the company's investigational imaging agent for clear cell renal cell carcinoma. During the 60-day administrative review, the US FDA identified a filing issue in the Chemistry, Manufacturing and Controls (CMC) package. This relates to demonstrating adequate sterility assurance during dispensing in the radiopharmacy production environment. Telix will now make changes and resubmit.
