Aerovate Therapeutics, Inc. (AVTE) saw an increase of 5.17% in the aftermarket. However, the last trading session concluded at $14.13 with a decline of 18.65%.
AVTE Announces Its Addition to the Russell 2000 Index
On 17th September 2021, AVTE reported that it has been added to Russell 2000 Index. The Russell 2000 Index tracks the performance of small-cap stocks in the US stock market. Moreover, the Russell 3000 Index accounts for around 10% of the total market capitalization. The company tends to use Russell indexes as index funds and as benchmarks for active investment strategies by investment managers and institutional investors. Last but not least, Russell indexes are produced by FTSE Russell, one of the world’s top index providers.
Second Quarter 2021 Financial Results
AVTE announced second-quarter 2021 financial results on 16th August 2021. The cash and cash equivalents totaled $59.2 million, up from $4.6 million at the end of the previous fiscal year. Moreover, research and development (R&D) expenses were $4.3 million, up from $1.5 million in the second quarter of 2020. In the second quarter of 2021, compared to the second quarter of 2020, the increase in R&D spending was largely attributable to higher clinical trial and manufacturing costs.
The general and administrative (G&A) expenses of AVTE were $1.4 million, compared to $0.2 million in the second quarter of 2020. The increase in G&A expenditures in the second quarter of 2021 compared to the second quarter of 2020 was largely attributable to higher legal, accounting, and consulting fees. Lastly, the net loss was $5.8 million, compared to $2.2 million in the same period in 2020. In the second quarter of 2021, stock-based compensation expenditure was $0.3 million, whereas, in the second quarter of 2020, it was $6,100.
New Appointment to Board of Directors
AVTE reported about the new appointment of Allison Dorval to the Board of Directors on 19th July 2021. Ms. Dorval is the finance director and primary finance and accounting officer of Voyager Therapeutics. Furthermore, she has over 20 years of experience in corporate finance, accounting, and operations, with 14 years in life sciences executive finance. Ms. Dorval formerly worked at Juniper Pharmaceuticals, Inc. as vice president of the controller. Lastly, she also worked at Insulet Corporation as a chief financial officer, where she oversaw personal finance, accounting, and auditing.
