Aridis Pharmaceuticals Inc (OTC:ARDS) Stock Trend Lower After Earnings Update
This past Friday, Aridis Pharmaceuticals Inc. (OTC:ARDS) was one of the companies that had come into focus among investors after it announced its corporate and financial results for the third fiscal quarter that ended on September 30, 2023. The company announced that at the end of the quarter it had cash, restricted cash, and cash equivalents to the tune of $0.5 million.
The company reported grant revenue of $0.4 million for the quarter that ended on September 30, 2023, and that had mainly been a function of a grant from the Cystic Fibrosis Foundation. Aridis Pharmaceuticals reported that research and development expenses for the quarter came in at $0.2 million, which reflected a decline from the $6.1 million in the prior year period of as much as $5.9 million. The considerable drop had been brought about by the drop in spending owing to the pausing of the clinical trials for AR 320 and AR 301. Additionally, the AR 401 and COVID-19 programs had also seen considerably reduced trial-related activities.
The company’s general and administrative expenses in the quarter stood at $1.1 million, and that worked out to a decline from the $1.7 million that had been clocked under the same overhead in 2022. The interest income for Aridis Pharmaceuticals in the period stood at around $1000 as compared to $27000 in the prior year quarter. The company went on to add that, owing to the fair value options in its notes payable, no interest expense had been incurred during the third fiscal quarter.
In the three-month period, the company issued a total of 8496489 shares, and that led to the total of outstanding stock growing to 44.6 million. The net loss that had been available to shareholders in the quarter stood at around $83000, and that worked out to $0 net loss per share. In the prior-year period, the net loss available to shareholders had been $8.2 million, which translated to $0.47 per share.
There was another significant development with regards to the company on October 9, when it was revealed that Aridis Pharmaceuticals had been provided approval for trading on the OTCQB Venture Market. The announcement had been made by the OTC Markets Group, the entity in charge of 12,000 United States and global securities. In the news release, the antecedents of the company were noted. It was noted that Aridis Pharmaceuticals was a biopharmaceutical company that was involved in the development of differentiated, unique therapies meant for the treatment of infectious diseases.
The company had disruptive platform technology that complemented its clinical-stage product pipeline. The platform technology helped the company with the discovery of potent, rare human monoclonal antibodies from the patients. Additionally, the company’s management team and scientists also boasted of having a proven track record in the fields of successful drug development and innovation. The company is involved in every stage of the drug development process, from discovery through commercial implementation.
