PainReform Ltd. (PRFX) stock prices were up 7.14% as of the market closing on August 26th, 2021. This brought the price per share up to USD$2.85 at the end of the trading day. Subsequent premarket fluctuations saw the stock surge by 8.07%, bringing it up to USD$3.08.
PRFX Stock’s PRF-110
The second quarter of fiscal 2021 saw PRFX stock report maintaining its steady progress towards the initiation of its Phase 3 clinical trials of PRF-110. The company is shifting manufacturing and scaling up its operations of PRF-110 in North America as a response to a previous manufacturing delay. This move will see the company better able to address its market and enhance manufacturing quality and efficiency. The first clinical trial in bunionectomy is expected to commence by the end of the first quarter of fiscal 2022.
Solid Liquidity Position
PRFX stock reported a solid liquidity position as of the end of the second quarter of fiscal 2021. The company reported a strong balance sheet with USD$17.8 million in cash on hand. Further consolidating its financial position was an additional USD$1.9 million was generated from the exercising of previously issued warrants. This increased the company’s cash reserves to more than USD$19 million as of August 16th, 2021.
Additional Finances
Research and development costs for the six-month period ended June 30th, 2021 were up to USD$1.7 million. This is comparable to the USD$65,000 reported in the prior-year quarter. This USD$1.6 million year-over-year increase was largely driven by an increase in CMC activities and preparation for the initiation of clinical trials. The first half of fiscal 2021 saw PRFX stock report a net loss of USD$3.7 million, as compared to the USD$2 million reported in the first half of the prior year.
PRFX Stock’s G&A Costs
General and administrative costs were up to USD$2 million for the first half of fiscal 2021. This is a USD$1.8 million increase from the USD$215,000 reported in the prior-year quarter. This increase was largely facilitated by costs related to PRFX stock’s transition into a publicly-traded company as of September 2020. An increase in headcount and related costs also drove the year-over-year difference in G&A costs, as did an increase in certain professional services costs.
Future Outlook for PRFX Stock
The company reports a strong second-quarter earlier in the month, the momentum of which PRFX stock is keen to maintain. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate organic increases in shareholder value over the long term.
