Novan Inc. (NOVN) shares fell 5.91% in after-hours on Thursday, August 12, 2021, and closed the daily trading at $9.08 per share. However, in the regular trading session of Thursday, NOVN’s stock gained 15.43%. NOVN shares have risen 66.41% over the last 12 months, and they have moved up 15.02% in the past week. Over the past three months, the stock has lost 15.35%, while over the past six months, it has declined 55.12%.
Let’s have a look at its recent news and developments.
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NOVN latest financial results announcement
On August 12, 2021, Novan, Inc (NOVN) released its financial results for the quarter ended June 30, 2021.
Q2 2021 financial highlights
- NOVN reported total revenue of $0.75 million in Q2 2021 compared to $1.1 million in Q2 2020
- General and administrative expenses were $2.4 million for the three months ended June 30, 2021, compared to $3.2 million for the same period in 2020.
- Total operating expenses were $7.8 million compared to $9.4 million in Q2 2020.
- It suffered a net loss of $6.0 million in Q2 2021 compared to an $8.1 million net loss in Q2 2020.
- Net loss per share, basic and diluted was $0.39 in Q2 2021 compared to a net loss of $1.00 per basic and diluted share in Q2 2020.
- The company had total cash and cash equivalents balance of $65.8 million and positive working capital of $57.2 million, as of June 30, 2021.
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NONV provided Phase 3 Trial update of SB206
On July 28, 2021, Novan, Inc (NOVN) reported that the last patient has completed their planned Week-24 follow-up visit in the B-SIMPLE4 pivotal Phase 3 clinical study of SB206, a topical gel with antiviral properties for the treatment of molluscum contagiosum.
NOVN inauguration at Russell Microcap® Index
As part of the annual reconstitution of the Russell stock indexes, NOVN joined the Russell Microcap® Index, effective after the U.S. market closed on June 25, 2021, according to the list of additions published by FTSE Russell as of June 4, 2021.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
NOVN closed Public Offering of Common Stock
On June 21, 2021, Novan, Inc (NOVN) closed the Company’s previously announced underwritten public offering of 3,636,364 shares of common stock at a public offering price of $11.00 per share. All of the shares of common stock sold in the offering were offered by the Company.
The underwriter can buy additional 545,454 shares of its common stock within a month. The company will get gross proceeds of $40 million and will use it to fund research and development program activities.
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Conclusion
NOVN stock lost its positive momentum on Thursday evening after the company announced its Q2 2021 financial results which did not fulfil the analyst’s expectation. We hope that it may be able to recover its loss on the last trading day of the week.
