Home Equities Score Why did Neubase Therapeutics Inc (NBSE) stock slide in after-hours on Wednesday?

Why did Neubase Therapeutics Inc (NBSE) stock slide in after-hours on Wednesday?

Neubase Therapeutics Inc (NBSE) stock started the day with a 3.09% gain on Wednesday, April 21, 2021, but in the after-hours session, it dropped 9.17% to close at $5.45 per share.

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NBSE shares have lost 26.11% over the last 12 months, and they have moved down by -5.21% in the past week. Over the past three months, the stock has lost -15.49%, while over the past six months, it has shed -28.23%.


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Let’s try to figure out the reason behind its loss on Wednesday.

Proposed public offering of common stock

On April 21, 2021, NeuBase Therapeutics, Inc. commenced an underwritten public offering of shares of common stock.

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Underwriters may get a 30-day option to purchase up to an additional 15% of the shares of common stock

The net proceeds from the offer will be used for general corporate purposes and the development of its product candidates and pipeline expansion.

National Securities Corp. is acting as a co-manager for the offering and RBC Capital Markets, Oppenheimer & Co. Inc. and Chardan are acting as the joint book-running managers

Upcoming Virtual R&D Day

On April 08, 2021, Therapeutics said that the company will host a virtual R&D Day for investors and analysts on Tuesday, June 8, 2021, from 12:30 p.m. to 2:30 p.m. EDT.

NeuBase is going to present new data and information about drug candidates – including Huntington’s disease, myotonic dystrophy type 1, and a new oncology program.

The company will also be providing a brief introduction to its expanded management team.

Recent financial results

On February 11, 2021, NeuBase Therapeutics, Inc announced its financial results for the first Fiscal Quarter 2021, Ended December 31, 2020.

Q1 2021 financial highlights

  • NBSE suffered a net loss of approximately $4.1 million or a net loss of $0.18 per share in Q1 2021 compared with a net loss of approximately $4.5 million, or a net loss of $0.26 per share in Q1 2020.
  • For the reported quarter, total operating expenses were approximately $4.7 million compared with total operating expenses of $3.8 million for the three months ended December 31, 2019.
  • General and administrative expenses were $2.6 million in Q1 2021, the same in Q1 2020.
  • Research and development expenses were $2.0 million in Q1 2021 compared to $1.2 million in Q1 2020.
  • NeuBasehad cash and cash equivalents of approximately $28.0 million on December 31, 2020, compared with cash and cash equivalents of approximately $32.0 million on September 30, 2020.

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Conclusion

The only recent development is the public offering of NBSE common stock which could be the reason behind its decline in the after-hours session on Wednesday. Based on its past performance, It is hard to predict how it will perform on Thursday.

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