Zosano Pharma Corp. (ZSAN), a clinical-stage biopharmaceutical company, has declined 3.36% in the premarket trading session. Consequently, the stock was trading at $0.19 when last checked. During Thursday’s regular trading session, the stock rose by 6.79% to close the day at $0.20. The decline in aftermarket followed the announcement of financial results.
Q4 & FY 2021 Results
On Thursday, after the closure of the market, ZSAN announced the financial results for the fourth quarter and full-year 2021. The company reported a net loss of $7 million (or $0.06 per share) during the fourth quarter compared to the net loss of $8.1 million it suffered (or $0.08 per share) during the same quarter of the preceding year. The net loss suffered by the company during the full year 2021 was $29.9 million (or $0.27 per share) versus $33.4 million in terms of net loss (or $.49 per share) it suffered during the fiscal year 2021.
ZSAN also reported the select business highlights of the period under discussion. The company raised $15.4 million in terms of gross proceeds during financing which took place in February 2022. There was a significant reduction in the workforce. Alongside that, the company renegotiated the terms of the lease with Trinity Capital. It also communicated with FDA for the evaluation of the next steps after a letter from FDA pointed out that NDA was not a complete response to the deficiencies identified by FDA in M207.
Comments from ZSAN CEO
Steven Lo, president and chief executive officer of ZSAN, commented on the development that the company is actively looking towards the opportunities for evaluation of strategic initiatives via collaborating with external advisors. This is meant to maximize the value of the company.
What’s in Store for ZSAN?
Looking ahead, analysts believe that ZSAN stock holds several negative signals at the moment. Hence, the stock is expected to perform weakly in the next couple of weeks. Therefore investors should take careful decisions regarding investment in ZSAN stock.