Author: Iqra Jamal

FedNat Holding Company (FNHC) stock surged 7.60% in the pre-market trading session at the price of $1.95 despite no fundamental reason. The last published news was its financial results for the three and nine months ended on 30th September 2021.

FNHC is a local insurance holding enterprise. It manages all insurance distribution, underwriting, and claims processes through the subsidiaries and contractual relations with individual and general agents.  

FNHC Third Quarter 2021 Financial Results 

On 8th November 2021, FNHC published its financial results for the three and nine months ended on 30th September 2021 and presented corporate updates. The company has also published its intention to exit non-Florida markets and refocus its operations on the Florida-based market. 

FNHC Financial Highlights 

FNHC reported total revenue of $66.7 million for the three months ended 30th September 2021. It represents a decline of 31.4%, or $30.6 million, from $97.3 million for the same three months ended 30th September 2020. For the third quarter of 2021, the company reported a net loss of $24.8 million, or per diluted share of $(1.42). Net loss was $20.7 million, or per diluted share of $(1.51), for the three months ended 30th September 2020.       

For the third quarter of 2021, FNHC reported a loss before income taxes of $24.8 million. It represents a drop of 26.1% from $33.5 million for the same three months ended 30th September 2020. The company reported an adjusted operating loss of $26.0 million, or per diluted share of $(1.49), for the third quarter of 2021. Adjusted operating loss was $21.5 million, or per diluted share of $(1.57), for the third quarter of 2020. On 30th September 2021, the company reported liquidity of roughly $60 million. 

Loss adjustment expenses declined 39.8%, or $39.4 million, to $59.6 million for the third quarter of 2021. Loss adjustment expenses were $99.0 million for three months ended 30th September 2020. For the three months ended 30th September 2021, gross premiums earned dropped 2.8%, or $5.1 million, to $178.4 million. Gross premiums written reduced 12.8%, or $23.2 million, to $157.0 million in the third quarter of 2021. 

iSpecimen Inc. (ISPC) stock surged 18.63% in the after-market trading session at the price of $12.10 despite no fundamental reason. iSpecimen provides a virtual marketplace for human bio-specimens that connects scientists with the healthcare officials that have access to both patients and specimens required for medical discovery. 

ISPC Supplied Human Bio-specimens for COVID-19 Research 

On 22nd November 2021, ISPC published that it had chosen by U.S. Government to support advanced research on Covid-19. The research aims to seek insights on variants, transmissibility, testing validity, and outcomes of Covid-19 among different population segments. The company has also contracted with various research and health care organizations on diverse projects requiring Covid-19 samples.

ISPC has started working on Covid-19 last year by sending serum samples to the U.S. Centers for Disease Control and Prevention to support researchers to monitor antibodies. iSpecimen delivered near 100 negative serum samples and 600 SARS-CoV-2-positive serum samples to the Centers for Disease Control and Prevention.  

Management Comments 

Founder and chief executive officer of ISPC, Christopher Ianelli, remarked that COVID-19 had killed above 5 million people. There is a dire need for advanced research to control the pandemic and raise society’s capacity to fight future outbreaks. They are honored that researchers are contacting and asking them for the particular bio-specimens they need.  

ISPC Third Quarter 2021 Financial Results 

On 4th November 2021, ISPC announced its financial results for the three and nine-month ended 30th September 2021. 

Financial Highlights  

ISPC reported revenue of $2.7 million for the third quarter ended 30th September 2021. It represents a gain of 21% from $2.3 million for the same quarter of 2020. For the first nine months ended on 30th September 2021, revenue totaled $8.6 million. It represents a gain of 57% from $5.5 million for the nine months ended on 30th September 2020.  

For the third quarter of 2021, net loss totaled $1.1 million. The company reported $1.2 million in net loss for the same three months of 2020. As of 30th September 2021, ISPC generated $9.8 million in cash. For the three months ended on 30th September 2021, the cost of revenue totaled $0.9 million.  

Ocuphire Pharma, Inc. (OCUP) stock surged 59.20% in the pre-market trading session at the price of $5.54 after it published the enrollment of the first patients in MIRA-3 Phase-III pivotal trial for Nyxol. Ocuphire is a clinical-stage ophthalmic biopharmaceutical firm that develops and commercializes therapeutics to treat eye disorders.

Enrollment of Patients in MIRA-3 Pivotal Trial for Nyxol 

On 23rd November 2021, OCUP published enrollment of first patients in Phase-III pivotal trial of MIRA-3 for Nyxol Eye Drops. Nyxol is an ophthalmic formulation of phentolamine mesylate. It reduces pupil size by relaxing the iris dilator muscle.  

MIRA-3 is a randomized, multi-center, and placebo-controlled study of Nyxol. MIRA-3 had designed to enroll over 330 patients of age 12 and older. The company has expected to release top-line results from the clinical trial of MIRA-3 in early 2022.  

OCUP Third Quarter 2021 Financial Results 

On 12th November 2021, OCUP published its financial results for the third quarter of 2021 and presented business updates. 

Third Quarter 2021 Financial Summary 

As of 30th September 2021, OCUP reported cash and cash equivalents of $22.2 million.  The company reported collaborations revenue of $0.5 million for the three months ended 30th September 2021. The loss from operations was $4.2 million for the third quarter of 2021, compared to $1.9 million in the third quarter of 2020. For the third quarter of 2021, general and administrative expenses were $1.6 million. Research and development costs were $3.1 million for the three months ended on 30th September 2021. Research and development expenses were $1.4 million for the third quarter of 2020. 

OCUP Nine Months Financial Highlights  

For the nine months ended 30th September 2021, net cash used in operating activities totaled $13.7 million. OCUP reported collaborations revenue of $0.6 million for nine months ended 30th September 2021. The loss from operations was $16.6 million for the nine months ended on 30th September 2021. General and administrative expenses were $6.7 million for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2021, research and development costs totaled $10.4 million. Research and development expenses were $2.3 million for the comparable periods of 2020.  

Golden Ocean Group Limited (GOGL) stock surged 9.39% in the pre-market trading session at the price of $8.74 after it announced an earnings report for the third quarter that ended on 30th September 2021.  

GOGL Third Quarter 2021 Financial Results

On 24th November 2021, GOGL announced its financial results for the third quarter ended on 30th September 2021. The company has also reported its business updates.  

GOGL Financial Highlights 

GOGL reported a net income of roughly $195.3 million for the third quarter ended on 30th September 2021. For the second quarter of 2021, net income totaled $104.5 million. The company reported earnings per share of $0.97 for the third quarter of 2021. For the second quarter of 2021, earnings per share were $0.52. The company generated $229.7 million in adjusted EBITDA during the third quarter of 2021. Adjusted EBITDA totaled $130.5 million in the previous quarter of 2021. As of 30th September 2021, the company reported $0.85 per share in cash dividend.  

Management Comments  

Chief executive officer of GOGL, Ulrik Andersen, remarked that the company had sustained strong freight rate conditions that resulted in significant cash flow generation. He believes that the company is in a position to return value to its stockholders through dividend payments. The company has already refunded over $321 million to its stockholders so far in 2021.  The modest fleet growth, global demand growth, and inefficiencies will persist in the upcoming years, which will create a strong dynamic for GOGL. The long-term business outlook and successful execution of its renewal program had positioned the company as an industry leader. The company expects to produce higher operating results for the interest of all stakeholders, he added.  

Agreement to Build Four Kamsarmax Vessels 

On 11th October 2021, GOGL announced an agreement to build four Kamsarmax vessels. It has also reported the sale of two Panamax vessels, Golden Endurer and Golden Opportunity. The aggregate sale price of the Panamax vessels is roughly $37.2 million. The company expects to receive $22.2 million in net cash proceed during the fourth quarter of 2021. It expects a gain of $5.0 million from sales during the fourth quarter of 2021.

Inspira Technologies Oxy B.H.N. Ltd. (IINN) stock surged 39.16% in the pre-market trading session at the price of $3.98 after it published financial results for the third quarter ended on 30th September 2021.

Inspira Technologies is an advanced medical technology firm that provides respiratory treatments. It has designed an Augmented Respiration Technology (ART) to rebalance oxygen saturation levels in patients.  

IINN Third Quarter 2021 Financial Results 

On 23rd November 2021, IINN published its financial results for the third quarter ended on 30th September 2021 and presented corporate updates. 

IINN Nine Months Financial Results   

For the nine months ended 30th September 2021, IINN reported research and development expenses of $1.7 million. Research and development expenses totaled $2.6 million for the same period of 2020. General and administrative costs were $3.4 million for the nine months ended on 30th September 2021. For the same nine months of 2020, general and administrative expenses were $1.3 million. The company reported a net loss of $6 million for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2020, the net loss was $4 million. 

Third Quarter 2021 Financial Highlights 

IINN reported research and development expenses of $581,000 for the three months ended on 30th September 2021. Research and development expenses totaled $1.1 million for the same quarter of 2020. General and administrative expenses were $2.2 million for the third quarter of 2021. For the three months ended on 30th September 2021, finance income totaled $5.1 million. The company reported a finance income of $2 million for the third quarter of 2020. Net profit totaled $2.2 million for the three months ended on 30th September 2021. For the three months ended on 30th September 2020, the net profit totaled $348,000.

Management Comments  

Chief Executive Officer of IINN, Dagi Ben-Noon, remarked that the deal signed with WAAS Group led their investors to support them by exercising most warrants at an exercise price of $5.50 per share. Their outstanding ordinary shares have risen due to the exercise of a large number of warrants. This additional capital granted the company more financial resources to sponsor its research and development, administrative approval, and go-to-market pathway. 

Outlook Therapeutics, Inc. (OTLK) stock plunged 21.15% in the pre-market trading session at the price of $1.23 following the announcement of a $50 million bought deal offering of common stock. Outlook Therapeutics is a leading biopharmaceutical firm. It has developed and launched ONS-5010/ LYTENAVA as the first FDA-approved ophthalmic formulation of bevacizumab to treat retinal indications.  

OTLK Published $10 Million Bought Deal Offering  

On 23rd November 2021, OTLK published that it had entered into an underwriting deal with H.C. Wainwright & Co., LLC. As per the agreement, the underwriter will purchase 8,000,000 common stock shares of the company at a public price of $1.25 per share. Outlook Therapeutics has also offered the underwriter a 30-day option to purchase an additional 1,200,000 shares at the public offering price.

OTLK has earlier offered its common stock shares under a shelf registration statement on Form S-3 filed on 26th March 2021 that became effective from 1st April 2021. Later, the underwriter has raised the previously announced public offering to 40,000,000 shares at a public price of $1.25 per share. The company will use the net proceeds from the offering for its general corporate purposes. The offering is expected to close on 29th November 2021 and is subject to customary closing conditions.

OTLK Presented NORSE TWO Phase-III Data for ONS-5010 / LYTENAVA

On 13th November 2021, OTLK published safety and efficacy data from the NORSE TWO trial for ONS-5010 at AAO 2021 Annual Conference. ONS-5010 is an investigational ophthalmic formulation of bevacizumab that treats retinal indications. The pivotal trial had enrolled about 228 wet AMD patients at 39 different clinical sites in the United States. 

Management Comments  

Chief executive officer of OTLK, C. Russell Trenary, remarked that ONS-5010 had the potential to emerge as a valuable tool to treat wet AMD. ONS-5010, the first ophthalmic formulation of bevacizumab, will facilitate patients by providing an alternative for the anti-VEGF treatment. They are moving forward with their plans to submit BLA for wet AMD in the first quarter of 2022. The company is working with other administrative authorities to bring this valuable therapy to the store, he added.