CohBar, Inc. (CWBR) stock surged 10% in the after-market trading session at the price of $0.50 despite no fundamental reason. The last published news was its financial results for the third quarter of 2021.
CohBar is a clinical-stage biotech company. It develops mitochondria-based therapeutics, a new class of drugs to treat chronic and age-related conditions. The company is working on therapeutics that address diseases related to mitochondrial dysfunction.
CWBR Third Quarter 2021 Financial Results
On 15th November 2021, CWBR published its earnings report for three months ended 30th September 2021 and presented business highlights.
Chief Executive Officer of CWBR, Dr. Joseph Sarret, remarked that they were delighted to publish positive topline data from their first clinical study. This data highlights the potential of their CB4211 program. It also values the company’s approach of producing novel therapeutics from the mitochondrial genome. The company is well-positioned to advance its pipeline with a strengthened balance sheet from its financing.
As of 30th September 2021, CWBR had $15 million in cash and investments. The company reported total cash and investment of $21 million on 31st December 2020. For the third quarter of 2021, net loss totaled $3.4 million, or per basic and diluted share of $0.05. Net loss was $3.2 million, or per basic and diluted share of $0.06, for last year same quarter.
CWBR calculated research and development costs of $1.6 million for the third quarter of 2021. Research and development expenses were $1.2 million in the same quarter the prior year. For the third quarter of 2021, general and administrative costs totaled $1.8 million. General and administrative expenses were $1.4 million for the third quarter of 2020.
CWBR Announced Public Offering of Common Stock
On 28th October 2021, CWBR announced the public offering of 20,833,334 shares of its common stock and accompanying warrants. Each offered common stock share has a price of $0.72 per share. The gross proceeds from this offering are roughly $15.0 million. Each Warrant will be exercisable for five years from the closing date of the offering. The offering has closed on 1st November 2021 and is subject to customary closing conditions.