Baudax Bio, Inc. (BXRX), a pharmaceutical company, has increased 6.32% in aftermarket trading session. As a result, BXRX is trading at $0.56 at the time of the writing. The increase could be attributable to the upcoming announcement of quarterly results by the company. On Friday, BXRX closed the day at $0.52 after declining 7.74% during regular trading hours.
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Why BXRX increase?
On 28th October, BXRX announced that it would report third-quarter 2021 financial results on November 4th, 2021. It further said that the management of the company would host the conference call as well to discuss the financial results and the recent operational highlights.
Approval of inducement grants
On 1st October, BXRX announced that the compensation committee of its Board of Directors had approved inducement grants of stock options for the purchase of an aggregate of 242,688 shares of the company’s common stock and restricted stock units which covered 79,385 shares of the company’s common stock to 22 newly hired employees. The grant date was 30th September 2021.
Q2 2021 financial results
On 5th August, BXRX reported the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company had cash and cash equivalents of $37.6 million on 30th June. The total revenue generated by the company for the period was $0.2 million as compared to $0.3 million for the same period of 2020. The cost of sales for the three months was $0.6 million against $0.7 million for the same period of 2020. R&D expenses for the three months were $0.9 million against $1.4 million for the same period of 2020. The selling, general and administrative expenses for the period were $10.6 million against $11.2 million for the same period of 2020. The company reported a net loss of $15.3 million (or $0.21 per diluted share) against $30.4 million (or $1.72 per diluted share) for the same period of 2020.
While commenting on the results, Gerri Henwood, President and CEO of BXRX said that the company is pleased to see outstanding results for the quarter. He further said that the company is looking forward to further improving its performance in near future.
What’s ahead for BXRX?
During the previous half-year, BXRX declined more than 50%. The recent quarterly results and business expansion strategies, however, have marked drastic improvements in this regard. Analysts hope that the continuation of current policies would reap numerous dividends for BXRX in near future.