Zosano Pharma Inc. (ZSAN) stock rises during premarket trading. Let’s see why?

Zosano Pharma Inc. (NASDAQ: ZSAN) stock declined by 0.27% at the last close whereas the ZSAN stock price gains by 18.22% in the pre-market trading session. Zosano Pharma Corporation is a medical pharmaceutical company that enhances the development of products in markets where patients are disproportionately affected by current therapies and where fast administration of authorized molecules with defined safety and efficacy profiles may provide significant benefit to patients.

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ZSAN stock’ Financial Highlights

Zosano Pharma reported its second-quarter 2021 financial results. Given below are the highlights:

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  • In the second quarter of 2021, Zosano recorded a net loss of $6.1 million, or $0.06 per share on a basic and diluted basis, relative to a net loss of $7.9 million, or $0.14 per share, in the same quarter in 2020. A $1.6 million gain on the cancellation of their Paycheck Protection Loan was reflected in the net loss for the second quarter of 2021.
  • In the second quarter of 2021, research and development costs were $5.0 million, opposed to $4.9 million in the same period of 2020.
  • Cash and cash equivalents were $22.1 million on June 30, 2021, whereas it was $35.3 million on December 31, 2020.
  • In the second quarter of 2021, general and administrative costs were $3.0 million, up from $2.8 million in the same quarter of 2020. Higher employee-related expenditures accounted for the $0.2 million rise.

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Steven Lo, president and CEO of Zosano stated,

They’re excited to have started the healthy volunteer pharmacokinetic research that the FDA required in order to resubmit the M207 New Drug Application (NDA). In around 48 healthy individuals, the research is examining pharmacokinetics and safety. They’re working hard to finish this research in the third quarter. They intend to resubmit the NDA for M207 before the end of the year, pending receipt of favorable results.  Furthermore, they bolstered their patent portfolio this quarter with the granting of a US patent covering M207’s mode of use.

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