Timber Pharmaceuticals Inc. (TMBR) stock had a good Wednesday (May 26, 2021). In the morning session, TMBR stock gained 3.42% and close the session at $1.21 per share. It continued its momentum in the after-hours session and further jumped 12.4% and close the day at $1.36 per share. TMBR shares have fallen 56.94% over the last 12 months, and they have lost 6.20% in the past week. Over the past three months, the TMBR stock has declined 37.63%, while over the past six months, it has added 14.15%.
Recent News and Developments
Completion of patient enrollment in phase 2b of TMB-001.
On May 26, 2021, Timber Pharmaceuticals, Inc completed the patient enrollment in the Phase 2b CONTROL study assessing TMB-001, a topical pharmaceutical composition of isotretinoin, in patients with moderate to severe subtypes of congenital ichthyosis (CI) on May 31, 2021, to move forward with Phase 3 trial planning.
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Recent financial results
On May 11, 2021, Timber Pharmaceuticals, Inc reported its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- Total operating expenses were $1.9 million in Q1 2021 compared to $2.64 million in Q1 2020.
- In Q1 2021, net loss attributable to common stockholders was $1.91 million compared to $3.6 million in Q1 2020.
- Basic and diluted net loss per share attributable to common stockholders was $0.05 per share in Q1 2021 compared to $0.56 in Q1 2020.
- As of March 31, 2021, Timber had $8.5 million cash and common shares outstanding of 36.7 million.
Japanese Patent for Lead Asset TMB-001 granted
On April 28, 2021, Timber Pharmaceuticals reported that it has received a patent for its lead asset, TMB-001 from the Japanese Patent Office. TMB-001is currently being evaluated for the treatment of moderate to severe subtypes of congenital ichthyosis (CI).
New management appointments
On April 23, 2021, Timber Pharmaceuticals appointed John Koconisas Chairman of the Board of Directors. The Company also appointed Edward J. Sitar as Lead Independent Director of the Board and David Cohen, M.D., will serve as Chair of the Company’s new Science and Technology Committee.
Upcoming Annual Meeting of Shareholders
On April 02, 2021, Timber Pharmaceuticals Inc. announced the date for its Annual Meeting of Shareholders.
The meeting is scheduled for 1:00 pm EDT on Thursday, June 3, 2021.
The company also filed its audited consolidated financial statements for the fiscal year ended December 31, 2020, on Form 10-K with an audit report from its independent accounting firm.
On March 23, 2021, Timber Pharmaceuticals Inc reported its financial results for the fiscal year ended December 31, 2020.
- Timber’s revenue for the year consisted of $0.5 million of grant revenue which represented the second tranche of the $1.5 million grant awarded by the UFDA for the development of lead asset TMB-001.
- On December 31, 2020, Timber had $10.4 million in cash.
- Timber Pharmaceuticals ended the year with 27.1 million shares outstanding.
The recent news about the patient enrollment in phase2b trial of TMB-001 could be the reason behind its good performance on Wednesday. Still, the company is far away from getting approval for TMB-001 so it is not easy to predict TMBR future stock performance.