PainReform Inc. (NASDAQ: PRFX) stock gained by 13.93% at last close whereas the PRFX stock price declined by -6.99% in the after-market trading session. PainReform is a clinical-stage specialized pharmaceutical firm focusing on the reformulation of well-known drugs. The Company’s primary product, PRF-110, is a post-operative pain reliever based on the local anesthetic ropivacaine.

PRFX stock’ Financial Results

Pain Reform announced their financial results which are stated below:

• For the nine months ended September 30, 2021, research and development expenses were $2.3 million, up from $92,000 for the nine months ended September 30, 2020, a $2.2 million jump. A rise in chemical and manufacturing controls (CMC) operations, as well as preparation for the start of clinical trials, were the main reasons for the increase.
• General and administrative expenses were $3.2 million for the nine months ended September 30, 2021, up from $888,000 for the same period in 2020, a $2.3 million increase.
• For the nine months ended September 30, 2021, the financial expense, the total was $46,000, relative to $2.1 million for the nine months ended September 30, 2020, a $2.0 million drop.
• As a result of the above, they had a net loss of $5.5 million for the nine months ended September 30, 2021, up from $3.1 million for the nine months ended September 30, 2020, a $2.4 million increase.
• The Company had $18.4 million in cash and cash equivalents as of September 30, 2021.

Ilan Hadar, Chief Executive Officer, provided business updates,

They’re getting closer to starting their Phase 3 clinical trials for PRF-110, their lead product, which is built on the local anesthetic ropivacaine and is aimed at the post-operative pain treatment market. For this reason, they’ve partnered with Pharmaceutics International, Inc. to manufacture their clinical batches. PI is a leading contract manufacturing organization with more than 25 years of expertise providing cGMP manufacturing services to the worldwide biopharmaceutical industry. They currently plan to start their first bunionectomy clinical trial in the second part of 2022. They also want to start the Phase 3 hernia repair clinical trial after the bunionectomy experiment is completed.