Inspira Technologies Oxy B.H.N. Ltd. (IINN) stock surged 39.16% in the pre-market trading session at the price of $3.98 after it published financial results for the third quarter ended on 30th September 2021.
Inspira Technologies is an advanced medical technology firm that provides respiratory treatments. It has designed an Augmented Respiration Technology (ART) to rebalance oxygen saturation levels in patients.
IINN Third Quarter 2021 Financial Results
On 23rd November 2021, IINN published its financial results for the third quarter ended on 30th September 2021 and presented corporate updates.
IINN Nine Months Financial Results
For the nine months ended 30th September 2021, IINN reported research and development expenses of $1.7 million. Research and development expenses totaled $2.6 million for the same period of 2020. General and administrative costs were $3.4 million for the nine months ended on 30th September 2021. For the same nine months of 2020, general and administrative expenses were $1.3 million. The company reported a net loss of $6 million for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2020, the net loss was $4 million.
Third Quarter 2021 Financial Highlights
IINN reported research and development expenses of $581,000 for the three months ended on 30th September 2021. Research and development expenses totaled $1.1 million for the same quarter of 2020. General and administrative expenses were $2.2 million for the third quarter of 2021. For the three months ended on 30th September 2021, finance income totaled $5.1 million. The company reported a finance income of $2 million for the third quarter of 2020. Net profit totaled $2.2 million for the three months ended on 30th September 2021. For the three months ended on 30th September 2020, the net profit totaled $348,000.
Management Comments
Chief Executive Officer of IINN, Dagi Ben-Noon, remarked that the deal signed with WAAS Group led their investors to support them by exercising most warrants at an exercise price of $5.50 per share. Their outstanding ordinary shares have risen due to the exercise of a large number of warrants. This additional capital granted the company more financial resources to sponsor its research and development, administrative approval, and go-to-market pathway.
