CNS Pharmaceuticals, Inc. (CNSP), a clinical pharmaceutical company, has slid 6.88% in the premarket trading session. Consequently, the stock was trading at $0.34 when last checked. During Thursday’s regular trading session, the stock soared by 10.14% and as a result, closed the day at $0.36. The stock is slumping in the premarket owing to the announcement of FY 2021 results.
FY 2021 Results
On Thursday, CNSP announced the financial results for FY 2021. The period ended on 31st December 2021. The company suffered a net loss of $14 million during the year against $9.5 million it suffered during the fiscal year 2020. The R&D expenses during the FY 2021 were $9.3 million compared to $5.1 million for FY 2020. G&A expenses during FY 2021 were $4.7 million against $4.4 million for FY 2020.
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Key Highlights of 2021
Alongside the results, CNSP also reported the key highlights of 2021. The company initiated enrollment of the patients in the CNS-201 study during May 2021. In June 2021, the FDA granted Fast Track Designation to CNS with regards to the Berubicin. September 2021 saw the first group of patients dosed with Berubicin. In January 2022, the company announced an $11.5 million private placement.
Comments from CEO of CNSP
John Climaco, CEO of CNSP, commented that 2021 has proven to be a terrific year in operational terms as the company established the clinical study of berubicin meant to treat GBM. The company prioritized advancement in berubicin for meaningfully treating the patients. Currently, the company is looking to expand its operations into additional oncology indications. Looking forward, the management has an optimistic view regarding what lays ahead for it in the upcoming period.
What’s in Store for CNSP?
Looking towards what’s coming ahead, the analysts are holding a negative evaluation of CNSP stock, as the technical indicators are not pointing toward a great direction. Hence, the stock is expected to perform weakly in the next couple of months. Investors should take a careful decision regarding investment in CNSP stock.