Yumanity Therapeutics, Inc. (YMTX) has seen an incline of 14.94% in the aftermarket. However, the last trading session closed at $9.17 with a decrease of 0.76%.
YMTX announces Inducement Grant Under Nasdaq Listing Rule 5635
YMTX announced the inducement grand under Nasdaq listing rule on 9th September 2021. The company also reported the issuance of a non-statutory stock option for the purchase of up to 30,000 shares of YMTX common stock. Moreover, the option will vest over four years, with 25% of the shares vesting on the first anniversary of the employee’s new hiring date. The stock option has a ten-year duration and is subject to the terms and conditions.
The grant will be covered by an inducement plan as well as a stock option agreement. In compliance with Nasdaq Listing Rule, the stock option was provided to the employee as an inducement to join YMTX.
New Appointment in YMTX
YMTX reported a new appointment on 16th August 2021. Michael D. Wyzga is the new Chief Financial Officer of the company. Mr. Wyzga has worked in the healthcare finance field for over a decade. He comes to the Company after serving as Vice President in the Healthcare Investment Banking division at Needham. Mr. Wyzga provided strategic and financial assistance to clients in the life sciences industry while at Needham, as well as executing several initial public offerings, follow-on issues, private placements, mergers and acquisitions, and other transactions.
Second Quarter 2021 Financial Results
YMTX revealed the financial results of its second-quarter 2021 on 12th August. Cash, cash equivalents, and investments were $55.6 million compared to $85.3 million at the end of the previous fiscal year. The drop was attributable to expenditures associated with the Business’s reverse merger with Proteostasis Therapeutics. Research and development costs totaled $7.3 million, up from $3.9 million in the preceding year’s similar period.
General and administrative costs were $4.7 million in the second quarter of 2021, up from $2.6 million in the previous year’s similar period. Increased professional services expenses connected with operating as a public business were largely responsible for the increase. In addition, the business recorded a net loss of $10.5 million compared to a net loss of $7.0 million. Lastly, higher research and development costs, as well as higher general and administrative costs, contributed to the rise.
