PainReform Ltd. (PRFX) stock after gaining a good 13.93% during market hours, lost 1.75% in the after-market on November 19. At the market close, the stock had gone up to $2.29, which began a decline in the after-hours and reached $2.25. The regular hours’ volume was 1.44 million (541% of average), compared to the after-hours’ volume of 12.9K. The stock saw a high of $2.76 and a low of $2.00 during regular trading hours. The 52-week range for PRFX stock is $1.18 to $7.84. Currently, PRFX has a market capital of $24 million and 10.48 million outstanding shares. The recent downtrend in the stock seems to be a result of profit booking after the almost 14% gain on November 19.
More about PainReform Ltd. (PRFX)
Founded in 2007, PainReform Ltd. (PRFX) is a pharmaceutical company that develops and markets pharmaceuticals. The company focuses on developing reformulation of pain therapeutics such as opioids and NSAIDs. Moreover, the company’s proprietary drug-delivery system provides extended post-surgical pain relief, reducing the use of opiates and re-administration. PRFX’s lead product is PFR-110, which is based on local anesthetic ropivacaine. The PFR-110 targets the post-operative pain relief market.
PainReform Ltd. (PRFX) is headquartered in Herzliya, Israel.
PRFX’’s Financials
On November 16, 2021, PainReform Ltd. (PRFX) announced its financial results for the three and nine months ended September 30, 2021. As per the first nine months of 2021, the company had $2.3 million in R&D expenses, against $92,000 for the first nine months of 2020. The R&D expenses show an increase of $2.2 million for the comparative periods.
Furthermore, the general and administrative expenses for the same nine months, were $3.2 million, against $888,000 for the first nine months of 2020. Which shows an increase of $2.3 million from the comparable period of 2020.
While the financial expense net of PRFX for the first nine months of 2021, was $46,000 against $2.1 million for the first nine months of 2020. This shows a decrease of $2.0 million from the nine months of 2020.
In addition, the company incurred a net loss of $5.5 million for the first nine months of 2021, against $3.1 million for the same period in 2020. Which shows an increase of $2.4 million. Accordingly, the net loss per share was $0.18 for the third quarter of 2021, which beat the consensus estimate of $0.43 per share.
The cash and cash equivalents totaled $18.4 million on September 30, 2021. According to PRFX, this is enough cash runway for more than twelve months.
