Timber Pharmaceuticals LLC (TMBR), a clinical-stage biopharmaceutical dermatology company, has plummeted 21.25% in aftermarket trading session and consequently, was trading at $0.63 when last checked. The decrease could be attributed to the announcement of the proposed public offering by the company. On Tuesday, TMBR closed the day at $0.80 after declining 2.03% during the mid-day session.
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Why TMBR declining?
In the late hours of Tuesday, TMBR announced that it intends to offer and sell in an underwritten public offering, subject to the market and other conditions, shares of its common stock. The company said that each share of the common stock would be sold with a warrant to purchase one share of common stock. The company said that it expects to grant the underwriters with a 30-day option to purchase additional shares of its common stock and/or warrants to purchase shares of its common stock at the public offering price, minus the underwriting discounts and commissions.
Q2 2021 financial results
On 10th August, TMBR reported the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June. The company had cash and cash equivalents of $6.12 million on 30th June. The company generated total revenue of $0.38 million during the quarter. The total operating expenses bore by the company during the period were $3.35 million against $14.27 million for the same period of 2020. The company suffered a loss of $2.96 million from operations against $14.27 million for the same period of 2020. The net loss bore by the company during the three months was $2.96 million ($0.08 per share) against $15.24 million ($1.36 per share) for the same period of 2020.
Executive commentary
John Koconis, Chairman and Chief Executive Officer of TMBR, while commenting on the results said that during the second quarter, the company’s core programs continued toward progress. He hoped that looking forward; the company expects to show continuous improvement in its performance parameters.
The future outlook for TMBR
During the last six months, TMBR stock has declined more than 40%. Various factors are perceived to have caused this decline. However, estimates suggest that the company is in a position to remarkably improve its performance in quarters to come.
