NeuroBo Pharmaceuticals Inc. (NASDAQ: NRBO) stock gained by 2.46% at last close whereas the NRBO stock price declines by 7.91% in the after-market trading session even though the company has not provided any recent update. NeuroBo Pharmaceuticals a clinical-stage biotechnology company dedicated to the development and commercialization of multi-modal disease-modifying medicines for viral, neuropathic, and neurodegenerative illnesses, currently has four therapeutic candidates in its pipeline.
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NRBO stock’ Financial Highlights
NRBO has reported its second-quarter 2021 financial outcomes on Aug 16, 2021. The highlights are stated below:
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- For the three months ended June 30, 2021, research and development (R&D) costs were $2.0 million, compared to $0.7 million for the same period in 2020. The $1.3 million rise in the second quarter of 2021 was mostly due to a net gain in research and development activity in 2021 relative to the previous year’s similar quarter.
- For the three months ended June 30, 2021, general and administrative expenses were $1.9 million, opposed to $1.7 million for the same period in 2020.
- The total loss for the quarter ended June 30, 2021, was $3.9 million, or $0.18 per basic and diluted share, relying on 22,200,074 weighted average common shares outstanding, compared to a net loss of $2.4 million, or $0.15 per basic and diluted share, for the quarter ended June 30, 2020, depending on 16,303,681 weighted average common shares outstanding.
- As of June 30, 2021, cash and cash equivalents were $9.5 million, compared to $10.1 million as of December 31, 2020. NeuroBo estimates its cash position to be sufficient to fund activities into the first quarter of 2022 if it continues to operate at its present level of trial activities.
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Richard J. Kang, President and Chief Executive Officer of NeuroBo stated,
ANA001, a patented oral niclosamide formulation in research as a therapy for patients with mild to severe COVID-19, continues to progress in the Phase 2/3 clinical study during the second quarter. While registration in the Phase 2 section of the trial in the United States had been slow at first, the dissemination of the Delta variation has changed that pattern, and enrollment has recently increased. As a result, the Phase 2 phase of the trial is expected to be completed in the fourth quarter. In the following months, they expect a number of value-creating breakthroughs with their COVID-19 programmes.
