CohBar, Inc. (CWBR), a clinical-stage biotechnology company, has dipped 31.11% in the pre-market trading session and consequently was trading at $0.62 when last checked. The decline could be attributed to the announcement of the proposed public offering of common stock. On Wednesday, CWBR closed the day at $0.90 after a steady decline of 1.10% during regular trading hours.
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Why CWBR decline?
On Wednesday, CWBR announced a proposed underwritten public offering of shares of common stock and accompanying warrants to purchase the common stock. Each of the warrants would be exercisable for 5 years from the closing date of the offering. All the securities to be sold in the offering are being offered by the company. The offering is subjected to market and other related conditions. Besides, there would be no assurances as to whether or when the offering would be completed, as well as about the actual size of the offering. Cantor Fitzgerald & Co. was serving as the sole book-running manager for the offering.
The clinical study selected for presentation
On 13th October, CWBR announced that data from its CB4211 Phase 1a/1b clinical study had been selected for presentation during the late-breaking poster session at The American Association for the Study of Liver Diseases (AASLD) Annual Meeting. The meeting would be held virtually from November 12th to 15th 2021. The presentation would discuss the details from Phase 1a/1b clinical study of CB4211 in obese subjects with nonalcoholic fatty liver disease (NAFLD).
Q2 2021 financial highlights
On 10th August, CWBR reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The company had cash and investments of $13.8 million on 30th June. The R&D expenses for the period were $2.6 million against $1.5 million for the same period of 2020. The G&A expenses for the period were $2.6 million against $1.4 million for the same period of 2020. The company suffered a net loss of $5.2 million (or $0.08 per share) against $4.1 million (or $0.09 per share) for the same period of 2020.
Commenting on the results, Dr. Joseph Sarret, Chief Executive Officer of CWBR, said that the company works diligently to improve its performance further. For him, that’s an exciting time for the company as it looks forward to continued progress in the development of product candidates designed to address unmet medical needs.
What’s next for CWBR?
While CWBR executives are jubilant over the recent past performance, statistics are not on their side. During the previous half-year, CWBR had declined by more than 30%. However, estimates suggest that the coming quarters could provide the company with a boost in its performance. So, potential investors should keep a close eye on CWBR stock.