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Iterum Therapeutics Inc. (ITRM) stock plunges in the current market trading. Here’s to know why?

Iterum Therapeutics Inc. (ITRM) stock declined by 15.22% at the current market trading whereas there is no recent news available. Iterum Therapeutics plc is a clinical-stage pharmaceutical company focused on creating differentiated anti-infectives to tackle the global epidemic of multi-drug resistant pathogens and to improve the lives of people diagnosed with severe and life-threatening diseases all over the world.

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Recent Developments

On April 6, ITRM announced that the CEO Corey Fishman is going to participate at the 20th Annual Needham Virtual Healthcare Conference where he will present ITRM’s overview and business update. The conference is happening on April 15, 2021.

Also,

Recently on March 12, ITRM released its fourth quarter and full year 2020 financial results. Given below is the summary:

  • ITRM reported its cash and cash equivalents of $14.5 million for the year 2020. Iterum raised $74.3 million in net proceeds from an underwritten public offering and registered direct offering in February 2021. Iterum anticipates that its existing cash and cash equivalents, which include proceeds from these recent financings as well as proceeds from the exercise of some warrants, will be able to pay for its operations through the first half of 2023.
  • For the fourth quarter and full year of 2020, research and development (R&D) expenditures were $2.4 million and $21.1 million, respectively, relative to $20.9 million and $90.8 million for the same periods in 2019. The declines were largely due to the substantial completion of ITRM’s three Phase 3 clinical trials in 2019.
  • Iterum announced a net loss of $11.2 million for the fourth quarter and $52.0 million for the full year 2020, compared with a net loss of $23.6 million and $103.1 million for the same periods in
  • The interest expense was $4.2 million and $15.1 million, respectively, in the fourth quarter and full year 2020, compared to $0.4 million and $0.9 million in the same periods in 2019, mainly due to non-cash interest expense and amortization of debt discounts and deferred financing costs relating to ITRM’s Exchangeable Notes and Royalty-Linked notes given in 2020.
  • In the fourth quarter and full year of 2020, general and administrative (G&A) expenditures were $2.3 million and $11.1 million, respectively, compared to $2.3 million and $11.3 million for the same periods in 2019. Lower consulting spend on pre-commercialization activities and lower headcount contributed to the year-over-year decline, which was partially caused by higher share-based compensation cos

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