Obalon Therapeutics Inc (NASDAQ:OBLN) was one of the biggest gainers on Tuesday. Will the rally continue?
Market Action
On Tuesday, OBLN stock soared over 22% or $0.52 to end the session at $2.88. Total volume was 3.65 million shares, above its average volume of 2.27 million shares.
OBLN Recent Developments
Obalon Announces First Quarter 2021 Financial Results
- Revenue for the first quarter of 2021 was none, compared to $0.8 million for the first quarter of 2020, with the decrease primarily due to the suspension of operations in the second quarter of 2020.
- Net loss for the first quarter of 2021 was $4.2 million, compared to $5.3 million for the first quarter of 2020. Net loss per share for the first quarter of 2021 was $0.44, compared to $0.68 for the first quarter of 2020.
- Cost of revenue was none for the first quarter of 2021, down from $0.5 million for the first quarter of 2020.
- Gross profit for the first quarter of 2021 was none compared to a gross profit of $0.2 million for the first quarter of 2020.
- Operating loss for the first quarter of 2021 was $4.2 million, down from a loss of $4.9 million for the first quarter of 2020.
- As of March 31, 2021, the Company had cash and cash equivalents of $9.0 million and $0.4 million of debt related to its Payroll Protection Program loan.
- Research and Development expense for the first quarter of 2021 totaled $0.1 million, down from $1.3 million for the first quarter of 2020.
- Selling, General and Administrative expense increased to $4.1 million for the first quarter of 2021, compared to $3.9 million for the first quarter of 2020.
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