Eyegate Pharmaceuticals Inc. (EYEG) stock prices surged 0.27% to USD$3.75 shortly after market trading commenced on September 7th 2021.
EYEG Stock’s R&D Expenses
Research and development expenses came out to USD$1.44 million for the second quarter of fiscal 2021. This is comparable to the USD$0.631 million reported for the prior year quarter. the year over year increase of USD$0.809 million was largely driven by the recent acquisition of Panoptes. Further contributing to the increased R&D costs were development costs for PP-001, as well as personnel related costs. EYEG stock’s increase in R&D expenses was partially offset by a decrease in costs related to OBG.
G&A Costs and Net Income
General and Administrative costs were reported at USD$1.306 million for the second quarter of fiscal 2021. This is comparable to the USD$1.09 million reported for the prior year quarter. The year over year increase of USD$0.216 million was largely attributable to increases in professional and personnel related costs. Other net income came in at USD$0.276 million for the second quarter of fiscal 2021, up significant from the USD$0.004 million reported for the prior year quarter. Q2 2021 saw EYEG stock report a gain of USD$0.278 million because of the full forgiveness of loan funds received under the Paycheck Protection Program.
Solid Liquidity Position
EYEG stock reported a solid liquidity position for the second quarter of fiscal 2021. As of June 30th 2021, the company had cash and cash equivalents in the amount of USD$3.663. This is a significant increase from the USD$1.186 million in cash and cash equivalents as of December 31st 2020. The year over year increase in cash and cash equivalents was largely driven by the completion of the company’s private placement in January of 2021. The year over year increase was partially offset by cash outflows that were allocated towards funding the company’s operations.
Future Outlook for EYEG Stock
EYEG stock reported a strong quarter, as evidenced by the strength of its financial reports for the second quarter of fiscal 2021. The company is poised to capitalize on the momentum generated over the course of the first half of fiscal 2021. Current and potential investors are hopeful that management will be able to facilitate a continued trajectory of success over the long term.
