Friday’s Top Gainers; AN2 Therapeutics, Rani Therapeutics, and AirSculpt
AN2 Therapeutics Reports Q2 2022 financial results
AN2 Therapeutics (NASDAQ: ANTX) jumped 64.66% after reporting results for the quarter ending June 30, 2022. With the epetraborole experimental program, the company has advanced significantly, starting the key Phase 2/3 study in patients with treatment-refractory MAC lung disease throughout the US and wrapping up recruitment in a Phase 1 trial in healthy subjects in Japan. It has also recently aligned with the PMDA about the Japanese registration process, which includes the application of a microbiological endpoint as the foundation for eventual approval. Japanese patients will therefore be enrolled in the company’s continuing pivotal Phase 2/3 trial.
At the end of the quarter, the sum of cash, cash equivalents, and investments was $115.8 million. The company anticipates that its present cash, cash equivalents, and investments, along with the net proceeds from the underwriters’ exercise of their IPO over-allotment option in April, will be enough to cover its operational costs through mid-2024.
Rani terminates previously announced public offering
Rani Therapeutics Holdings Inc (NASDAQ: RANI) jumped 37.55% after the clinical stage biotherapeutics firm focusing on oral delivery of drugs and biologics announced the termination of its previously announced underwritten public offering for Class A common shares. The termination follows a determination by the leadership of the firm that the market environment at the time would not be favorable for a public offering under terms that are in the best interest of the firm’s stockholders. As a result, no Class A common shares will be sold in accordance with the offering following this termination. The Company thinks it has enough money and financial leeway to keep funding its current activities through the middle of 2024.
The company was making the offer pursuant to Form S-3 shelf registration statement filed with the Securities and Exchange Commission and declared effective by SEC on August 10, 2020. This release doesn’t constitute a solicitation offer to buy or sell securities.
AirSculpt tops Q2 2022 consensus sales estimates
AirSculpt Technologies (NASDAQ: AIRS) was up 26.13% after announcing its Q2 2022 earnings. The company reported sales of $49.7 million, a 42% YoY increase. The sales surpassed the consensus forecast of $44.4 million. During the quarter, the company reported earnings of $0.583 million or $0.01 per share, lower than the $10 million reported a year ago but better than analysts’ projections of zero earnings. The earnings decline was a result of a negative impact of a $7.2 million increase in stock-based compensation and a cost o $1.9 million related to the company’s public listing. AirSculpt conducted its initial public offering in October 2021.
Additionally, the board of directors authorized a special cash distribution of $0.14 per share. The cash dividend will be paid on September 14, 2022, to stockholders that will be on record as of August 26, 2022.