Home Equities Score PolarityTE, Inc. (PTE) Stock Trending Down Shortly After Disclosure of Promising Q1...

PolarityTE, Inc. (PTE) Stock Trending Down Shortly After Disclosure of Promising Q1 2021 Financials

PolarityTE, Inc. (PTE) stock prices were down by 6.62% as of the market closing on May 17th, 2021, bringing the price per share down to USD$0.912 at the end of the trading day.

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Promising Trajectory

The company consolidated its prior guidance in the first quarter of the fiscal year 2021 in regard to the submission of an Investigational New Drug application, scheduled for the second half of 2021. In conjunction with confidence in their ability to manage their cash effectively, PTE anticipates significant spending cuts due to the end of their commercial operations.

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SkinTE DFU RCT Success

PTE also reported positive top-line data from a complete 100 patient dataset of SkinTE treatment in patients with diabetic foot ulcer (DFU) in a randomized controlled trial (RCT). Concurrently, the company also announced the publication of complete interim analysis data from the SkinTE DFU RCT in the prestigious International Would Journal.

Revenue Breakdown

Total revenues indicated promising growth with a 31% year-over-year increase from USD$3.59 million in the fourth quarter of the fiscal year 2020 to USD$4.71 in the first fiscal quarter of 2021. Contract Services revenues came in at USD$2.98 million in the first quarter of 2021, exhibiting a 25% quarter-over-quarter increase from the USD$2.39 million reported in Q4 2020. The figure for Q1 2021 includes USD$1.69 million from covid-19 related testing, and the revenue is not expected to recur on account of the loss of a significant customer that has not and may not be replaced.

Operating Expenses

Operational cash burn for the first quarter of the fiscal year 2021 reported USD$6.61 million, representing a 52% reduction from the numbers reported in the first quarter of the year prior. Of the total for Q1 2021, USD$0.82 million comprised of offering expenses associated with capital generation earlier in January 2021.

Solid Liquidity Position

PTE reported USD$37.2 million in cash and cash equivalents and USD$34.5 million in working capital as of March 31st, 2021. The company expects its solid liquidity position to see it through to the end of the upcoming 12 month period, assuming there are no drastic changes to the company’s forecasts and trajectories.

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Future Outlook for PTE

Armed with a solid liquidity position and promising operational development, PTE is poised to capitalize on the resources at its disposal to facilitate further growth. Current and potential investors are hopeful that the management will continue to push for significant and sustained increases in shareholder value while avoiding unnecessary dilution of existing company stock.

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