On March 03, CNS Pharmaceuticals Inc. (CNSP) announced its financial results for Q4 and fiscal 2021 along with corporate updates. In the following after-hours session, the stock plunged down while it added 10.14% during regular trading.
At a volume of 11 million shares, the stock fluctuated between a high of $0.3725 and a low of $0.3100 in the regular session. CNSP closed the session in the green at $0.3650, adding $0.0336 or 10.14%. The session’s volume remained 945% of its average 1.16 million shares. Following the gain, the stock suffered a loss of 6.88% in the after-hours session. Thus, CNSP was trading at $0.3399 apiece at an after-hours volume of 3.7 million on Thursday.
The pre-clinical stage pharmaceutical company, CNS Pharmaceuticals Inc. has a market capitalization of $9.25 million. Currently, the company has 27.92 million shares outstanding in the market. In the past five days, the stock has increased by 14.78% while losing 48.04% year to date. Moreover, CNSP lost a value of 83.78% last year.
CNSP’s 2021 Financials
The company incurred a net loss of $14.0 million in fiscal 2021, against $9.5 million in the previous year.
Furthermore, the R&D expenses were $9.3 million in fiscal 2021, while the same was $5.1 million in fiscal 2020.
CNSP reported G&A expenses of $4.7 million in 2021 against that of $4.4 million in the previous year.
Finally, the company ended the year with cash of $5.0 million and $5.3 million on working capital, on December 31, 2021.
Corporate Updates
Some of the key highlights of 2021 include:
- In May 2021, the company initiated enrollment of patients in the CNS-201 study for Berubicin in recurrent Glioblastoma Multiforme.
- In June 2021, Berubicin was granted Fast Track Designation for rGBM.
- In September 2021, the dosage of patients started in the CNS-201 study.
- In December 2021, approval from “swissethics” was received for Berubicin rGBM study in Switzerland.
- CNSP’s Recent Participation
In January, the company participated in the Virtual Investor 2022 Top Picks Conference. CNSP’s CEO, John Climaco participated in the conference on Wednesday, January 26, 2022.
Private Placement
On January 06, the company announced an at-the-market private placement of 12,105,264 common stock shares and warrants. Further, the purchase price of each share and the associated warrant was $0.95 with gross proceeds of $11.5 million approximately.
Thus, with an exercise price of $0.82 per share, the warrants were exercisable immediately upon issuance.
Therefore, on January 10, CNSP announced the closing of the private placement for gross proceeds of $11.5 million.
