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Zosano Pharma Corp. (ZSAN) Stock Showing Bullish Signs in Premarket, Here’s Why

Zosano Pharma Corp. (ZSAN), a clinical-stage biopharmaceutical company, slid 1.89% closed Tuesday’s regular trading session after sliding down 1.89% and was trading at $0.21 at the end of the day. In the premarket trading session, ZSAN stock has soared by 3.56% and consequently was trading at $0.22 when last checked. The month of March has seen a significant increase in short interest on the stock. This bullishness in the premarket could be attributed to that general trend.

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Q4 & FY 2021 Financial Results

On the 17th of March, ZSAN announced the results for Q4 and FY 2021. The company reported a net loss of $7 million for Q4 2021 (or $0.06 per share) as compared to $8.1 million for Q4 2020 (or $0.06 per share). R&D expenses for the quarter were $21 million, while G&A expenses were $10.5 million. For the full year of 2021, Zonsano had a net loss of $29.9 million (or $0.27 per share) against $33.4 million of net loss suffered during FY 2020 (or $0.49 per share). The R&D expenses bore during FY 2021 were $21 million, while G&A expenses were $10.5 million.

Select Business Update

Alongside that, ZSAN also reported recent business updates. Zosano raised about $15.4 million in terms of gross proceeds in the financing that took place in February 2022. The company communicated with the FDA regarding the evaluation of the next steps, like FDA, earlier in its letter to the company, said that resubmitted NDA for M207 did not provide a complete response to deficiencies identified in CRL. Also, the company undertook a crucial step to improve its finances by reducing the workforce.

Comments from ZSAN CEO

Steven Lo, president and chief executive officer of ZSAN, stated that in collaboration with external advisors, the company is actively looking out for strategic and financial alternatives. That step is aimed at maximizing the value in the long run. Zosano believes that its proprietary transdermal microneedle patch technology is here to provide patients with numerous benefits.

What’s in Store for ZSAN?

Looking ahead, analysts are of the view that even though ZSAN stock is holding positive signals at the moment, they are not enough for it to be considered a buy candidate. Hence, at the current level, the stock should be considered a hold candidate while waiting for future developments.

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