Kiromic BioPharma Inc. (NASDAQ: KRBP) stock declined by 6.42% at the last close whereas the KRBP stock price rises by 5.71% in the after-hours trading session. Kiromic BioPharma is a preclinical stage pharmaceutical business focusing on finding, producing, and commercializing novel immuno-oncology applications through its extensive product pipeline, which is now in the pre-IND validation stages of the FDA clinical trial process.
KRBP stock’ Financial Highlights
Kiromic BioPharma has recently released its second-quarter 2021 financial results. Given below is the summary:
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- As of June 30, 2021, cash and cash equivalents were $3,070,400, compared to $10,150,500 as of December 31, 2020. Cash outflows of $6,344,100, $590,600, and $145,400 for operating operations, investment activities, and financing activities, respectively, account for the discrepancy.
- For the three months ended June 30, 2021, the research and development costs grew by $1,385,800, or 108.92 percent, to $2,658,100, up from $1,272,300 for the three months ended June 30, 2020. Increased personnel, production, and experimental expenses for our ALEXIS-ISO-1 product candidate contributed to the rise.
- For the three months ended June 30, 2021, the general and administrative expenditures dropped by $7,780,500, or 77.08 percent, to $2,314,100, down from $10,094,600 for the same period in 2020. The reduction was largely attributable to lower stock compensation costs.
- The net loss for the six months ended June 30, 2021 was $8,928,800, relative to $13,219,600 for the six months ended June 30, 2020.
Dr. Maurizio Chiriva-Internati, PhD, CEO and President of Kiromic BioPharma stated,
During the first half of the year, Kiromic accomplished significant scientific and operational milestones, putting them in a good position to prepare their team and facilities for the first in-human dose in the first quarter of 2022. They filed two investigational new medication applications to the US Food and Drug Administration in May 2021 as a result of their work.
The strategy and objective is to create immunotherapies by enhancing target identification and validation in order to beat cancer. They believe that their treatments will be more successful than the existing variety of immunotherapies that use older targets considering the fact that they have newer targets.