eFFECTOR Therapeutics, Inc. (EFTRW) stock surged 23.45% in the premarket-hours trading session at the price of $1.79 despite no fundamental reason. The last reported news was its financial results for the third quarter ended 30th September 2021.

EFTRW is a clinical-stage biopharmaceutical corporation. It develops a new class of oncology medicines related to STRIs. Its product candidate, STRI, harness the eIF4F complex and its activating kinase, MNK.  

EFTRW Released Third Quarter 2021 Earnings Report 

On 8th November 2021, EFTRW published its financial results for the third quarter ended 30th September 2021, and presented business updates. 

EFTRW Financial Highlights 

EFTRW reported $54.8 million in its cash and cash equivalents on 30th September 2021. On 31st December 2020, cash and cash equivalents totaled $15.2 million. For the third quarter ended 30th September 2021, revenue totaled $0.4 million. Revenue was $0.6 million for the third quarter ended 30th September 2020. For the quarter ended 30th September 2021, the company reported $17.6 million in other income.  

For the three months ended on 30th September 2021, EFTRW reported a net income of $8.9 million. Net income per basic share was $0.53 and per diluted share was $0.42 during the quarter. Net loss totaled $7.6 million, or per basic and diluted share of $5.29, for the third quarter of last year. Net income attributable to stockholders was approximately $0.4 million for the quarter ended 30th September 2021.  

For the quarter ended 30th September 2021, EFTRW reported research and development expenses of $5.0 million. R&D expenses were $6.8 million for the third quarter of the previous year. This decrease resulted from lower external development costs from the tomivosertib and zotatifin programs, partially balanced by higher non-cash stock compensation costs.

General and administrative expenses were approximately $4.1 million for the third quarter of 2021. For the third quarter of 2020, EFTRW reported G&A expenses of $1.1 million. This increase resulted from higher personnel-related costs, company-related costs, and non-cash stock compensation costs. The company reported $0.3 million in other expenses for the quarter ended 30th September 2021. 

Management Comments  

Chief executive officer of EFTRW, Steve Worland, remarked that they had accomplished significant milestones as they continue to advance the clinical progress of STRIs. The company looks ahead to expand the clinical findings as it advances towards the commercialization of STRI’s to treat cancer.