Brickell Biotech Inc. (NASDAQ: BBI) stock gained by 1.32% in the pre-market trading session after they have announced their financial earnings. Brickell Biotech is a clinical-stage pharmaceutical business focused on creating unique and distinct prescription treatments for dermatologic, autoimmune, and other chronic disorders.
BBI stock’ Financial Results
Brickell Biotech announced its financial results for the third quarter of 2021. Given below are the highlights.
- As of September 30, 2021, the Company has $21.4 million in cash and cash equivalents, however, it was $30.1 million as of December 31, 2020.
- For the third quarter of 2021, revenue was $0.1 million, which was made up of royalty revenue from Kaken’s sales of ECCLOCK in Japan. For the third quarter of 2020, revenue was $0.1 million mostly due to revenue generated from known research and development funds provided by Kaken to Brickell in 2018.
- In the third quarter of 2021, research and development costs were $10.2 million whereas it was $1.3 million in the third quarter of 2020.
- In the third quarter of 2021, general and administrative expenses were $3.3 million, compared to $3.2 million in the third quarter of 2020, maintaining broadly similar with the comparable period.
- Brickell’s net loss in the third quarter of 2021 was $13.3 million however it was $4.3 million in the third quarter of 2020.
Robert Brown, Chief Executive Officer of Brickell stated,
They’re excited to go on with their DYRK1A inhibitor initiatives, which aim to re-establish immunological balance via a novel and differentiated small chemical strategy. They hope that it will help patients with autoimmune illnesses live better lives. Moving towards the end the company is planning to enroll BBI-02, their main DYRK1A inhibitor, in Phase 1 clinical trial in the first half of 2022, with topline data expected by the end of the year. In the next months, they hope to provide updates on this planned study.
