Timber Pharmaceuticals Inc. (TMBR) shares plunged 21.25% in after-hours on Tuesday, November 02, 2021, and closed the daily trading at $0.63. Even in the regular session, TMBR’s stock lost 2.03%. TMBR shares have fallen 20.00% over the last 12 months, and they have moved up 3.92% in the past week. Over the past three months, the stock has lost 19.19%, while over the past six months, it has declined 42.03%.
Let’s see is there any recent news behind its recent poor performance?
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TMBR proposed a public offering
On November 02, 2021, Timber Pharmaceuticals, Inc. (TMBR), announced to offer and sell shares of its common stock in an underwritten public offering. Each share of common stock will be sold with a warrant to purchase one share of common stock. The company will use net proceeds for general and corporate purposes.
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Positive Top-line Results of TMB-001
On October 07, 2021, Timber Pharmaceuticals, Inc (TMBR) released positive top-line data from its Phase 2b CONTROL study evaluating TMB-001, investigational topical isotretinoin formulated using Timber’s patented IPEG™ delivery system, in patients with moderate to severe congenital ichthyosis (CI).
At this important announcement, John Koconis, Chairman and Chief Executive Officer of Timber said that he is extremely pleased with the encouraging data generated by the Phase 2b CONTROL study of TMB-001 which demonstrated clinically meaningful efficacy with a favourable safety profile that supports the continued development of our lead product candidate.
TMBR participation in recent events
Timber Pharmaceuticals, Inc recently participated at the European Academy of Dermatology and Venereology’s (EADV) 30th-anniversary congress which was held virtually on September 29-October 2, 2021.
TMBR also participated at the H.C. Wainwright 23rd Annual Global Investment Conference which was held virtually on September 13th – 15th, 2021.
TMBR recent financial results announcement
On August 10, 2021, Timber Pharmaceuticals, Inc. (TMBR) announced financial results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- TMBR reported total revenue of $388,819 in Q2 2021 compared to zero revenue in Q2 2020.
- Total operating expenses were $3.35 million in Q2 2021 compared to $14.3 million in Q2 2020.
- It suffered a net loss of $2.96 million in Q2 2021 compared to a net loss of $15.3 million in Q2 2020.
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Conclusion
The recent proposed public offering of common stock was the reason behind its decline on Tuesday and we can expect it to further go down in the coming trading session on Wednesday.
