Stock News in Focus: NeuroBo Pharmaceuticals (NASDAQ:NRBO)

NeuroBo Pharmaceuticals (NASDAQ:NRBO) stock observed trading -78.57% off 52-week high price. On the other end, the stock has been noted 8.07% away from low price over the last 52-weeks. The stock disclosed a move of -27.66% away from 50 day moving average and -42.15% away from 200 day moving average. Moving closer, we can see that shares have been trading -10.25% off 20-day moving average. It has market cap of $105.84M.

On Aug. 11, 2020, NeuroBo Pharmaceuticals (NASDAQ:NRBO) a clinical-stage biotechnology company focused on developing and commercializing multimodal, disease-modifying therapies for neurodegenerative and cardiometabolic diseases, disclosed financial results for the second quarter ended June 30, 2020.

Second Quarter Financial and Operating Results Highlights

Upon the merger between Gemphire Therapeutics and NeuroBo Pharmaceuticals at year-end 2019, the formerly private NeuroBo was considered the accounting acquirer. In accordance with generally accepted accounting principles, the historical financial statements of private company, NeuroBo, are considered the financial statements of the combined company, with the merger accounted for as an acquisition of the Gemcabene family of related assets on December 30, 2019. The following highlights, therefore, represent the combined operations of both companies for the quarter ended June 30, 2020 and the operations of NeuroBo as a private company for the comparable quarter ended June 30, 2019.

  • Research and Development (R&D) Expenses were approximately $0.7 million for the three months ended June 30, 2020 compared with approximately $0.9 million for the three months ended June 30, 2019. The approximately $0.3 million decrease in the second quarter of 2020 was primarily due to the overall reduction of clinical trial activity given the March 2020 decision to postpone Phase 3 clinical trials of NB-01. R&D expenses during the three months ended June 30, 2020 and 2019 included stock-based compensation of $4,000 and $16,000, respectively.
  • General and Administrative Expenses were $1.7 million for the three months ended June 30, 2020, compared with $0.9 million for the three months ended June 30, 2019. The increase of $0.8 million was primarily due to the ramp up costs associated with operating and reporting as a public company and to post-Merger support costs in the second quarter of 2020. Stock-based compensation costs during the three-month periods ended June 30, 2020 and 2019 were $0.2 million and $63,000, respectively.
  • Net Loss for the second quarter ended June 30, 2020 was approximately $2.4 million, or $0.15 per basic and diluted share, based on 16,303,681 weighted average common shares outstanding, compared with a net loss of approximately $1.9 million, or $0.37 per basic and diluted share, based on 5,166,812 weighted average common shares outstanding for the same period in 2019.
  • Cash and Cash Equivalents were $14.3 million as of June 30, 2020, compared with $13.9 million at December 31, 2019. The Company expects that its cash position, which includes the net proceeds from the April 2020 registered direct common stock offering, will be adequate to fund operations into the second quarter of 2021.

The USA based company NeuroBo Pharmaceuticals moved with change of -8.40% to $6.43 with the total traded volume of 58069 shares in recent session versus to an average volume of 70.93K. The stock was observed in the 5 days activity at -4.88%. The one month performance of stock was -15.17%. NRBO’s shares are at -53.44% for the quarter and driving a -59.81% return over the course of the past year and is now at -26.51% since this point in 2018.  Right now the stock beta is 0.69. The average volatility for the week and month was at 7.16% and 9.19% respectively. There are 15.67M shares outstanding and 2.48M shares are floated in market.

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