Brickell Biotech, Inc. (BBI), a clinical-stage pharmaceutical company specializing to produce innovative and differentiated prescription therapeutics to treat impairing skin diseases, announced financial results for the first quarter completed on March 31, 2021. BBI stock surged adjacent to the news.
At last check in after-market trading, shares of Brickell Biotech Inc. (BBI) were up 8.14% at $0.89. BBI stock closed the last session at $0.82, decreasing by -3.18% or -$0.03. Shares of the company fluctuated between $0.8101 and $0.8699 throughout the day. The shares of Brickell Biotech Inc. have retreated to -12.72% in the last five days; however, they have lost -2.02% over the last month.
First Quarter 2021 Financial Report
Revenue generated was almost $17 thousand for the first quarter of 2021, vs $1.0 million for the same quarter of the previous year. BBI reported cash and cash equivalents of $34.8 million as of March 31, 2021, from $30.1 million generated in the previous quarter.
Research and development expenses were established at $6.1 million for the first quarter of 2021, in comparison to $2.7 million for the same quarter of the prior year. The increment was driven by an increase in clinical costs linked to the Phase 3 Cardigan studies, which were started in the fourth quarter of the previous year.
General and administrative expenses accounted for $3.0 million in the first quarter of 2021, from $2.5 million in the same quarter last year. The increase was driven by a surge in compensation-related expenses and professional fees. Brickell’s net loss was $9.0 million for the first quarter of 2021 in comparison to $4.1 million in the same quarter for the previous year.
BBI’s balance sheet consisted of $34.8 million in cash and cash equivalents at the end of the first quarter of 2021, which was inclusive of total net proceeds worth $10.6 million from warrant exercises and the sale of stock through a prior-filed At-The-Market Equity Offering Program alongQ1 of 2021.
BBI also hosted a KOL event in March which was inclusive of several dermatologists with emphasis on hyperhidrosis through the perspective of the patient and diagnosing physician, as well as the unmet need which effects patients with hyperhidrosis, the present treatment infrastructure, and how the disease negatively impacts both pediatric and adult patients.
Brickell Biotech’s Financial result failed to exceed investor expectations. However complete enrollment in the Phase 3 Cardigan I study combined with safety, tolerability, and efficacy results consistent with previous clinical experience and expected safety findings may potentially induce shareholder interest in the future.