On March 18, Palisade Bio Inc. (PALI) reported its financial and operations results for fiscal 2021. Consequently, the stock entered a downward spiral in regular trading which continued into the after-hours with a further loss.
PALI suffered a loss of 11.56% during the regular session after fluctuating between $0.88 and $0.98. At the close of the session, the stock had a value of $0.88 per share while the volume was 1.71 million shares. Valuing at $0.76 in the after-hours, the stock lost 13.64% against its previously closed price. Thus, PALI declined by a further $0.12 in the after-hours while the number of shares traded was 347.56K.
The biopharmaceutical company, Palisade Bio Inc. is based in Carlsbad, CA. With a current market capitalization of $11.95 million, the company has 13.57 million outstanding shares. In the past five days, PALI has lost 15.38%, while losing 32.31% year to date. Moreover, the stock subtracted a huge value of 91.06% in the past year.
PALI’s Fiscal 2021 Summary
In fiscal 2021, the company’s R&D expenses declined to $2.4 million against $3.1 million in the previous year. The cause of this decline was the decrease in clinical trial activities due to the pandemic.
Furthermore, the company saw an increase in G&A expenses due to higher professional fees emerging from its title as a public company. The G&A expenses were $9.3 million in fiscal 2021, against $6.2 million in 2020.
PALI ended the year with cash and cash equivalents of $10.5 million and outstanding debt of less than $0.1 million. Additionally, the cash used in operations during the year was $14.8 million.
Milestones for 2022
The company intends to focus on the clinical advancement of its LB1148, a broad-spectrum serine protease inhibitor. The phase 3 study is expected to commence in the first half of 2022 with patient enrolment in the second half. Also, patient enrolment for phase 2 study under an amended protocol is expected in H1 2022.
PALI’s Other Developments
On March 16, the company announced data from a Pooled-Analysis of Studies LBS-IST-POI-101 and LBS-POI-201-CN. The major highlights of the data were: 72% of reduction in adhesions incidence due to LB1148 in patients undergoing bowel resection; and 93% reduction in extent and severity of adhesions.
The data was featured at the Next Big Thing session of the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) Annual Meeting.
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