Progenity, Inc. (PROG), a biotechnology company, has declined 9.94% in aftermarket trading session and consequently is trading at $3.17 at the time of the writing. The decline could be attributed to the announcement of quarterly results by the company. On Wednesday, PROG closed the day at $3.52 after increasing 3.23% during regular trading hours.
PROG Q3 2021 Financial Results
In the late hours of Wednesday, PROG released the financial results for the third quarter of the fiscal year 2021. The company generated revenues of $182,000 during the quarter against $463,000 during the second quarter of fiscal 2021. The total operating expenses for the period were $30.74 million against $36.11 million for the second quarter of 2021. The company suffered a net loss of $43.74 million (or $0.46 per basic and diluted share) during the quarter against $78.53 million (or $1.23 per basic and diluted share) for the second quarter of 2021. On 30th September 2021, the company had $54.13 million in terms of cash and cash equivalents.
Corporate Highlights
Alongside financial results, PROG also reported the corporate highlights of the quarter. The company added four patents that were related to its ingestible technologies for delivery of therapeutics via the Gastro-Intestinal Tract. It also entered into an additional partnership with a large pharmaceutical company to evaluate its therapeutic with Progenity’s Oral Biotherapeutics Delivery System (OBDS). Besides, the company continued to make progress with device and manufacturing improvements for both OBDS and Drug Delivery System (DDS) programs. It appointed Adi Mohanty as the new CEO and member of the Board of Directors.
Executive Commentary
Adi Mohanty, Chief Executive Officer of PROG, while commenting on the results said that the company is taking great strides in its transformation into a biotherapeutics company. He stressed that he is looking forward to accelerating this process, and helping the company efficiently advance its innovation pipeline.
Future Outlook for PROG
During the last three months, the PROG stock has surged more than 100%, primarily due to the positive developments associated with the stock. Analysts are hopeful that the company is in a good position to build upon its recent successful performance and further improve its performance in upcoming times.
