Acer Therapeutics Inc. (ACER) stock became bearish after-market, going down to $2.27 from its last close at $2.34 on November 19. The stock went down by 2.99% in the after-hours, against its previous gain of 0.86%. Intraday trading, ACER stock went as high as $2.37 and as low as $2.28, at a volume of 90.16 thousand. While in the 52-week range, the stock varied between $2.26 and $5.39, with an average volume of 288.48K. Over the past five days, the stock lost 5.65% of its value, while losing 10.69% year to date. The current market capital of the stock is $33.49 million, with 14.31 million outstanding shares.
The stock saw a downtrend after Acer Therapeutics Inc. (ACER) announced its third-quarter financial and corporate highlights on November 19.
Acer Therapeutics Inc.
Founded in 1991, Acer Therapeutics Inc. (ACER) focuses on the acquisition, development, and commercialization of therapies for rare life-threatening diseases with significant unmet medical needs. The company’s product candidates are believed to have a comparative de-risked profile.
Q3 Highlights
On November 19, Acer Therapeutics Inc. reported its third-quarter financial and corporate update. As per the third quarter of 2021, R&D expenses were $1.4 million, against $3.2 million for that of 2020. The recognition of $3.5 million of collaboration funding was the main cause of the decrease in R&D expenses.
Furthermore, the general and administrative expenses of ACER for Q3 2021, were $1.8 million, compared to $2.3 million for Q3 of 2020. This decrease was due to $1.0 million in collaboration funding as well.
Moreover, the net loss for the third quarter of 2021, was $3.3 million, while it was $5.9 million for that of 2020. Accordingly, the net loss per basic and diluted share was $0.23 for Q3 2021, against $0.51 for Q3 2020. While the consensus estimate for the net loss per basic and diluted share for the third quarter of 2021, was $0.36.
As of September 30, 2021, ACER had cash and cash equivalents of $14.2 million, while it was $5.8 million as of December 31, 2020.
Restatement
In addition, the company also completed the restatement of its financial statements for the first and second quarters of 2021. A non-cash error was made in the accounting guidance for collaboration agreements, and the revenue recognition associated with it. The correction of non-cash error and restatement of the financial statements had no impact on the current third-quarter financials or future plans.
