Home Equities Score ContraFect Inc. (CFRX) stock declines during premarket session. Here’s what you should...

ContraFect Inc. (CFRX) stock declines during premarket session. Here’s what you should know?

ContraFect Inc. (NASDAQ: CFRX) stock gained by 5.38% at last close whereas the CFRX stock price plunged by 7.65% during the pre market session, at last check. ContraFect is a pharmaceutical corporation specializing in the research and production of DLAs, such as lysins and amurin peptides, as novel medicinal treatments for life-threatening, antibiotic-resistant infections. CFRX wants to use their medicinal product candidates from our DLA platform, which includes lysins and amurin peptides, to treat life-threatening infections.

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Financial Results

CFRX released financial reports and market highlights for the first quarter ended March 31, 2021, on May 14, 2021.

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  • In the first quarter of 2021, research and development costs were $8.0 million, up from $5.1 million in the same timeframe in 2020. This growth was largely due to increased investment on research operations such as patient registration and clinical site expansion in Phase 3 DISRUPT trial of exebacase, non-clinical trials of CF-370 and their other preclinical programs, and incremental headcount to help CFRX’s continuing advancement across its pipeline.
  • In the first quarter of 2021, general and administrative expenditures were $2.8 million, down from $3.0 million in the same timeframe in 2020. This reduction was largely due to lower prices for intellectual property and general corporate legal fees.
  • The first quarter of 2021 saw a net loss of $5.2 million, or $0.18 per share, relative to a net loss of $7.6 million, or $0.49 per share, in the same timeframe of 2020. The non-cash benefit for the adjustment in fair valuation of warrant obligations increased by $5.2 million, or $0.18 per share, lowering net loss per share.
  • ContraFect had $87.2 million in cash, cash equivalents, and marketable securities as of March 31, 2021.

Roger J. Pomerantz, President, CEO, and Chairman of ContraFect stated:

CFRX remains focused on patient participation in the Phase 3 DISRUPT supremacy trial of exebacase and the progress of their earlier stage product candidates after an outstanding first quarter of 2021, during which they won a significant contract award from BARDA to finance the ongoing late-stage production of exebacase. CFRX also continues to lay the groundwork for ContraFect’s leadership in developing genuinely new groups of future therapeutics that have the potential to outperform current standard-of-care methods in the management of life-threatening and highly resistant bacterial infections.

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