NeuroBo Pharmaceuticals Inc. (NRBO) shares surged 41.49% in after-hours on Monday, July 19, 2021, and closed at $3.99 per share. Earlier in the morning session, NRBO’s stock gained 3.30% to close Monday’s session at $2.82 per share. NRBO shares have fallen 67.47% over the last 12 months, and they have moved down 3.75% in the past week. Over the past three months, the stock has lost 9.62%, while over the past six months, it has shed 53.23%.
New Board members elected
On July 12, 2021, NeuroBo Pharmaceuticals, Inc announced the results of the elections conducted at its Annual Meeting of Shareholders, which was held on Friday, July 9, 2021, during which Hyung Heon Kim and Andrew I. Koven were elected to the Company’s Board of Directors.
The NeuroBo Board now consists of seven directors, six of whom are considered independent directors.
Recent financial results announcement
On May 17, 2021, NeuroBo Pharmaceuticals, Inc reported its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial highlights
- In Q1 2021, Research and development expenses were approximately $1.1million compared with approximately $2.2 million in Q1 2020.
- General and administrative expenses were $2.2 million in Q1 2021 compared to $2.6 million in Q1 2020.
- The company suffered a net loss of $3.3 million, or $0.15per basic and diluted share in Q1 2021 compared to a net loss of $4.8 million, or $0.30 per basic and diluted share in Q1 2020.
- As of March 31, 2021, the company had cash and cash equivalents of $13.0 million compared with $10.1 million as of December 31, 2020.
FY 2020 financial results announcement
On April 15, 2021, NeuroBo Pharmaceuticals, Inc announced financial results for the year ended December 31, 2020.
FY2020 financial highlights
- Research and Development expenses were approximately $4.5 million for the year ended December 31, 2020, as compared to approximately $5.3 million for the year ended December 31, 2019.
- In FY 2020, general and administrative expenses were $7.8 million compared to $2.7 million for the year ended December 31, 2019.
- The company reported a net loss of $29.7 million, or $1.83per basic and diluted share in FY 2020 compared to a net loss of $21.3 million, or $4.08 per basic and diluted share in FY 2019.
- As of December 31, 2020, NeuroBo Pharmaceuticals had cash and cash equivalents of $10.1 million compared with $13.9 million as of December 31, 2019.
Conclusion
Well, as of this writing, we have no recent news or development which could be the reason behind its exceptional performance on Monday. In the absence of any current news, it is difficult for us to predict its performance in the coming days.
