Seneca Biopharma, Inc. (Nasdaq: SNCA), shares soared 11.5% to $0.89 in the AH trading session as the biopharmaceutical corporation devoted to producing new therapies for conditions of high medical need, recently published its financial results for the quarter ended 30 September 2020.
On September 30, 2020, cash was approximately $12.7 million compared to approximately $15.8 million on June 30, 2020.
Operating loss for the three-month period ended September 30, 2020, was $2.3 million instead of a loss of $2.1 million for the corresponding period in 2019. For the nine-month period ended September 30, 2020, the operating loss was $6.3 million vs. $6.5 million last year.
As the company continues to wind down the clinical trials, the decrease in operating loss for 2020 was primarily because of lower R&D expenses. Compared to the same period in the previous year, this decrease was partially offset by an increase in G&A expenses resulting from the improved management structure.
It posted a net loss of $2.3 million, or $0.13 per share, for the third quarter ended September 30, 2020, compared to a loss of $1.8 million, or $0.59 per share, for the same quarter in 2019.
Over the same period in 2019, the company lost $6.3 million, or $4.80 per share, while in 2020, it lost $11.8 million, or $0.93 per share. This rise in net loss was attributed primarily to the January 2020 warrant inducement transaction, which generated a non-cash expense of $5.6 million.