Home Trending Stocks Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) stock falls during after hours. Why is...

Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) stock falls during after hours. Why is it so?

Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) stock declined by 0.96% at last close while the RCKT stock price plunged by 14.65% in the after-hours trading session. Rocket Pharmaceuticals is developing a comprehensive and long-term pipeline of genetic treatments to treat the underlying causes of complex and rare childhood diseases. Because of RCKT’s platform-agnostic approach, it will devise the right treatment for each indication, possibly changing the lives of patients with rare genetic disorders.

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Financial Results

On May 10, 2021, Rocket Pharmaceuticals has announced its first-quarter 2021 financial results. Given below is the summary:

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  • As of March 31, 2021, RCKT had $466.4 million in cash, cash equivalents, and deposits.
  • Due to a rise in compensation and benefits expense due to increased R&D headcount, an increase in non-cash stock compensation expense, an increase in manufacturing and development costs, and an increase in clinical trials e, research and development expenses were $28.5 million for the three months ended March 31, 2021, compared to $17.0 million for the Q1 2020.
  • Owing to the increase in non-cash stock compensation cost and an increase in compensation and benefits expense due to higher G&A headcount, general and administrative expenditures were $10.7 million for the three months ended March 31, 2021, relative to $7.2 million for the Q1 2020.
  • The net loss for the three months ended March 31, 2021, was $40.2 million, relative to $24.7 million for the three months ended March 31, 2020.

Gaurav Shah, Chief Executive Officer of Rocket commented:

We are pleased to report that RCKT started 2021 with strong clinical, regulatory, and industrial progress, as evidenced by their promising PKD and LAD-I outcomes, pipeline progress toward regulatory submissions, and continuing progress at their GMP manufacturing facility.

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He also said that the promising low dose RP-A501 Phase 1 trial findings in Danon Disease announced today give them hope. Due to FDA calls for risk reduction methods in their protocol, RCKT expects a one-quarter delay in registration. In both the low- and high-dose adult cohorts, RCKT has cured five people. RCKT announced today that recent longer-term low-dose results show durable expression and continued changes in biomarkers, as well as evidence of a favorable risk/benefit profile lasting up to 18 months.

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