Why PainReform Ltd. (PRFX) stock turn around in the after-hours on Wednesday and faced negativity?

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PainReform Ltd. (PRFX) shares gained 7.45% in after-hours on Wednesday, June 30, 2021, and closed at $3.03 per share. Earlier, PRFX’s stock lost 3.42% in the morning session to close Wednesday’s session at $2.82 per share. PRFX shares have moved down 6.62% in the past week. Over the past three months, the stock has lost 36.20%, while over the past six months, it has declined 37.33%.

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Recent business update

On May 13, 2021, PainReform Ltd provided a business update and financial results for the first quarter ended March 31, 2021. The Company also announces it has finalized the protocol for its Phase 3 clinical trials of PRF-110 for the treatment of patients undergoing bunionectomy surgery for submission to the regulatory authorities.


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Q1 2021 financial highlights

For Q1 2021, the company spent $1,029,000 in research and development expenses compared to $24,000 for Q1 2020.

General and administrative expenses for Q1 2021 were $1,010,000compared to $108,000 for the three months ended March 31, 2020.

Net financial expenses were $2,000 for Q1 2021 compared to $1,164,000 for the three months ended March 31, 2020.

The company suffered a net loss of $2,041,000 for Q1 2021 compared to a net loss of $1,296,000 for the three months ended March 31, 2020.

The Company had cash and cash equivalents of $19,424,000 on March 31, 2021.

FY 2020 financial results announcement

On March 18, 2021, PainReform Ltd announced its financial results for the fourth quarter and the fiscal year ended on December 31, 2020.

FY 2020 financial highlights

  • Research and development expenses were $354,000 for FY 2020 compared to $136,000 for the prior year.
  • General and administrative expenses were $1.3 million for FY 2020 compared to 553,000 for FY 2019.
  • The company had an operating loss of $1.7 million in FY 2020, compared to $689,000 for the year ended December 31, 2019.
  • Net financial expenses were $2.2 million for FY 2020 compared to $590,000 for the year ended December 31, 2019.
  • The company suffered a net loss of $4.1 million in FY 2020, compared to $1.3 million for FY 2019.
  • As of December 31, 2020, the company had $15.7 million in cash and cash equivalents.

$6.0 Million Private Placement

On March 08, 2021, PainReform Ltd entered into securities purchase agreements with certain institutional investors to raise approximately $6.0 million through the private placement of 1,304,346 ordinary shares and accompanying warrants to purchase an aggregate of up to 652,173 ordinary shares at a combined purchase price of $4.60 per share and accompanying warrant. The warrants will be exercisable immediately at an exercise price of $4.60 per share and will expire five and a half years from the date of issuance.

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Conclusion

Well, we have no recent news or development which could justify its mixed performance on Wednesday. We are unable to predict how PRFX will perform in the coming days.

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