Palisade Bio, Inc. (PALI) stock is declining in the after-hours market after announcing its fiscal 2021 results. PALI values at $0.76, losing more than 13.64% compared to the previously closed price. The stock closed at $1.00 at the end of the last trading session. The stock volume traded in the previous trading session was around 807.75K shares. The current market cap of the company is about $16.05 million.
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PALI: Fiscal 2021 Highlights
In 2021, Palisade Bio, Inc.’s (PALI) R&D costs dropped from $3.1 million in 2020 to $2.4 million. Due to the outbreak of the COVID-19 pandemic, there was a significant drop in clinical trial activity.
From $3.1 million in 2020 to $9.3 million in 2021, the company’s G&A spending went from $6.2 million to $9.3 million. Professional fees accounted for the majority of the rise in costs. As a consequence of merging with Seneca, the firm had to pay expenses related to regulatory, compliance, and governance obligations.
As of December 31, 2021, the company had $10.5 million in cash and cash equivalents. The company had $0.1 million in outstanding debt. On December 31, 2021, the company had $14.8 million in cash on hand, with $3.7 million of that amount going toward paying down short-term liabilities.
PALI: Business Milestones Achieved
Earlier this year, Seneca Biopharma, Inc. (Seneca) concluded its recently discussed merger agreement with Leading BioSciences, Inc. (LBS), with LBS continuing as a wholly-owned subsidiary of Seneca after the deal was completed. Seneca was renamed “Palisade Bio, Inc.” immediately after the merger.
Yuma Regional Medical Center invested in the company in August 2021 for a total of $5.2 million.
The European Patent Office granted a patent covering LB1148 until 2035, while the United States Patent and Trademark Office granted a new U.S. patent for use in treating adhesions and postoperative ileus.
The company is expecting to put its energies into the development of LB1148. The company is looking forward to excelling with its trials and plans to enroll patients for it in the first half of 2022.