Acasti Pharma Inc (NASDAQ:ACST) is one of the biggest gainers in the pre-market session on Tuesday after the company announced the year-end business update.
Major Trigger:
Acasti Pharma Provides Fiscal 2021 Year-End Business Update
Key Highlights:
- Loss from operating activities for the year ended March 31, 2021, was $16.4 million, compared to a loss from operating activities of $24.4 million for the year ended March 31, 2020. The change was due mainly to a reduction in R&D, general and administrative expenses, and sales and marketing expenses.
- Net loss for the year ended March 31, 2021, was $19.7 million or $0.17 per share, a decrease of $5.8 million from the net loss of $25.5 million or $0.30 per share for the year ended March 31, 2020. The reduction in net loss resulted in part from a decrease in research and development expenses as the TRILOGY Phase 3 clinical program for CaPre was winding down.
- R&D expenses before depreciation, amortization and stock-based compensation expenses for the year ended March 31, 2021, totaled $2.9 million compared to $13.2 million for the year ended March 31, 2020.
- Cash flows Cash and cash equivalents totaled $50.9 million as of March 31, 2021, compared to $14.2 million at March 31, 2020.
- Sales and Marketing expenses before stock-based compensation expenses were $1.1 million for the year ended March 31, 2021, compared to $2.4 million for the year ended March 31, 2020.
Market Reaction
As of 6:20, ACST is soared 35% to $0.73. So far more than 8.44 million shares have exchanged hands.
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