Acasti Pharma Inc. (NASDAQ: ACST) stock closed up 22.45% to $1.2000 on February 11, 2021. As of the start of the latest trading session, Acasti Pharma Inc. (NASDAQ: ACST) shares have gained 201.54% in the year to date (YTD). Stock performance over the past year has been nearly 71.7% higher. If we look at the shorter duration, its week performance is up 44.08% and 71.93% over the month.
The specialty drug company Acasti Pharma Inc. (NASDAQ: ACST) is a biopharmaceutical innovator with a long history of creating and developing prescription drugs, based upon OM3 fatty acids delivered both free and as bound-to-phospholipid esters from krill oil.
What’s the latest about the Stock?
February 10, 2021, The ACST reported its third-quarter operating and financial results for its fiscal year 2020 ended December 31, 2020.
Based on accepted accounting principles in the United States of America, the consolidated financial statements have been prepared.
The company’s loss for the three months ended December 31, 2020, was $2.0 million, compared to a loss of $6.1 million for the same period last year. It resulted from lower sales and marketing expenses, lower R&D expenses, and lower general and administrative costs.
The net loss for the three-month period ended December 31, 2020, was $3.2 million or $0.03 per share, compared with a $12.1 million loss or $0.14 per share. A decline of $4.7 million in net financial expenses resulted in the three-month reduction to a loss of $1.3 million, whereas net financial expenses of $6.0 million were for the three-month period ended December 31, 2019.
Prior to depreciation, amortization, and stock-based compensation expense, R&D expenses reached $620 thousand for the three months ending December 31, 2020, which was lower than $3.2 million during the same period in 2019. A decline in R&D activities along with a reduction in research contracts and a reduction of the department’s headcount was the major reason for the net decrease.
Before the stock-based compensation charges, General and Administrative expenses came in at $931 thousand for the three-month period ended December 31, 2020, and were reduced by $262 thousand when compared to $1.2 million for the period ended December 31, 2019. The primary cause of this decrease is a drop of $251 thousand largely attributed to the legal and professional fees.
For the three-month period ended December 31, 2020, sales and marketing expenses were $488 thousand, compared to $562 thousand for the three-month period ended December 31, 2019.
The cash and cash equivalents at December 31, 2020, was $26.5 million, compared to $14.2 million on March 31, 2020. At this point, Acasti believes existing cash will fully fund the Company’s operations through at least the next 12 months or at the conclusion of the Company’s strategic evaluation. It is vital to the Company’s continued existence that it creates a successful strategic alternative and generates the cash flows to meet its obligations.
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