Acer Therapeutics Inc. (NASDAQ: ACER) has shown a hike in its stock price by 4.92% during normal trading while the stock went up by 19.94% in after-hours. There is no recent news or press release available to figure out the reason behind this gain in the stock value of ACER. Whereas on March 1, Acer Therapeutics has announced its financial results for the fourth quarter and full-year 2020. The financial results given by ACERcould might be the cause of the gain in the stock. Acer Therapeutics is a pharmaceutical company that focuses on the acquisition, development, and commercialization of treatments and therapies for chronic and life-threatening diseases.
Financial Results for the fourth quarter and full year 2020
- Cash and cash equivalents recorded on December 31, 2020, were $5.8 million as compared to $ 12.1 million as of December 31, 2019. ACERbelieves that it will be able to gather sufficient cash to fund its operation into the third quarter of 2021 through this recorded value of $5.8 million combined with $3.2 million of net proceeds subsequently received from the sales of common stock and $1.0 million nonrefundable payment and $4.0 million secured loan which ACER has received from Relief Therapeutics followed by the signing of the ACER-001 option agreement.
- For the year 2020, the research and development expenses were $11.8 million compared to $13.9 million for the full year 2019. While the R&D expense was $3.5 million for the fourth quarter of 2020 which is higher than the value recorded in Q4 of 2019 i-e $2.8 million.
- The general and administrative expenses were $2.7 million for the fourth quarter of 2020, compared to $2.4 million for the fourth quarter of 2019. For the full year 2020, the G&A expenses were $11.0 million compared to $16.0 million for the year 2019.
- Lastly, ACERhas recorded its net loss for fourth-quarter 2020 was $6.2 million or $0.50 net loss per share compared to a net loss of $5.2 million or $0.51 net loss per share for the fourth quarter of 2019. For the full year ended of 31 December, the net loss was $22.9 million compared to $ 29.4 million for the full year 2019.
On 9 and 10 of March 2021, ACERhosted and presented a one-on-one investor meeting at the H.C Wainwright Global life sciences virtual conference.
Whereas ACERwill also host and present a one-on-one investor meeting at the 33rd Annual Roth Conference happening virtually on 1th of March 2021.