NRBO Stock
NRBO Stock

NeuroBo Pharmaceuticals, Inc. (NRBO) stock soared 44.99% in the pre-market trading session at the price of $1.94 despite no recent developments. The last reported news was its financial results for the Q3 ended 30th September 2021.

NRBO is a clinical-stage biotechnology firm that develops and commercializes therapies to treat neuropathic, viral, and neurodegenerative diseases. Its ANA001 drug candidate is an oral niclosamide formulation that treats patients with mild to severe COVID-19.

NRBO Third Quarter 2021 Earnings Report

On 15th November 2021, NRBO published its financial results for the Q3 ended 30th September 2021. R&D expenses totaled $1.4M for the Q3 of 2021. G&A expenses were $2.1M during the quarter. The company has a net loss of $3.5M, or per share of $0.16, for the third quarter of 2021. For the Q3 of 2020, net loss was $3.1M, or per share of $0.19. The cash and cash equivalents totaled $7.0M on 30th September 2021, compared to $10.1M on 31st December 2020.

Management Comments

Chief Executive Officer of NRBO, Richard J. Kang, stated that they are advancing the clinical trial of ANA001 following positive feedback from the data safety monitoring board in October. Currently, they are extending the trial to clinical zones in Poland and Ukraine.

The company hopes to conduct 60-subject phase-II of the clinical trial by Q1 of 2022. Besides this, they have completed a registered direct offering that has raised $14.0M in cash. This offering has strengthened their balance sheet and extended cash runway into Q4 of 2022, Kang continued.

Appointment of Gil Price as CEO

On 4th November 2021, NRBO reported the appointment of Gil Price as the company’s new Chief Executive Officer. Dr. Price has replaced the former CEO, Dr. Richard J. Kang. He has also agreed to serve as the Interim Chief Medical Officer of NeuroBo. Since 2017, Dr. Price has been working at ProPharma Group as Chief Medical Officer of the pharmacovigilance team. Previously, he served at Drug Safety Solutions as its Chief Medical Officer and Chief Executive Officer.

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