NeuroBo Pharmaceuticals, Inc. (NRBO), a clinical-stage biotechnology company, has seen an increase of 8.73% in the premarket trading session. As a result, NRBO stock was trading at $4.11 when last checked. There appears to be no certain reason for this increase in NRBO stock. On Monday, NRBO stock closed the day at $3.78 after declining 1.05% in regular hours. Let’s have a look at some recent developments of NRBO stock.
Q2 2021 financial results
On the 16th of August, NRBO released the quarterly results for the second quarter of the fiscal year 2021, which ended on 30th June 2021. According to the details, the company had cash and cash equivalents of $9.51 million on the 30th of June. The total assets stood at $10.71 million. The total liabilities at the end of the quarter were $1.24 million. The operating expenses bore by the company during the quarter stood at $3.92 million. Compared to that, the operating expenses during the second quarter of 2020 stood at $2.39 million. The company suffered a net loss of $3.92 million during the quarter. During the equivalent period of 2020, the net loss bore by the company stood at $2.38 million. The net loss per basic and diluted share for the period stood at $0.18. For an equivalent period of 2020, the net loss per basic and diluted share stood at $0.15. Commenting on the results, Richard J. Kang, PhD, President and Chief Executive Officer of NeuroBo said that the company is looking forward to achieving numerous milestones in near future.
Election for NRBO BoD
On 12th July, NRBO announced that during the elections conducted in its annual shareholder’s meeting, Hyung Heon Kim and Andrew I. Koven were elected to the Company’s Board of Directors. Hyung Heon Kim was the General Counsel and a Vice President of Dong-A ST and Dong-A Socio Group, a Korean-based group of companies. He had served as the general counsel of Dong-A ST since January 2018. He was vice president of Dong-A ST since December 2020. Andrew I. Koven was the Independent director of Kala Pharmaceuticals, Inc., a public biopharmaceutical company. He had been in that role since December 2018. Before that, he served as the President and Chief Business Officer of Aralez Pharmaceuticals Inc. Richard J. Kang expressed his pleasure and said that the industry-leading capability of both of them would greatly aid the company in its future endeavours.
What’s next for NRBO stock?
According to the analysts, in short term, NRBO may prove advantageous, but it could prove lethal for long term investments. They suggest that an improvement in financial indicators is key to success for NRBO stock future. Recent past performance has also not been up to the mark for NRBO stock, with a decline of 3% during the last one week. So, potential investors should keep a close eye on NRBO stock.
