Vallon Pharmaceuticals Inc. (NASDAQ: VLON) stock gained by 81.59% at the last close whereas the VLON stock price plunged by 23.29% in the after-hours trading session. Vallon Pharmaceuticals, based in Philadelphia, PA, is a clinical-stage pharmaceutical business. The company is concentrating its efforts on the development of novel drugs to aid individuals suffering from CNS illnesses.
VLON stock’ Financial Highlights
Vallon Pharmaceuticals has released its financial earnings for 2021.
- For the third quarter of 2021, the net loss was $1.3 million.
- For the third quarter of 2021 and 2020, research and development expenses were $0.2 million and $0.7 million, respectively.
- General and administrative expenses were $1.0 million and $0.3 million for the third quarter of 2021 and 2020, respectively.
- The Company had about $9.1 million in cash, cash equivalents, and marketable securities as of September 30, 2021, which it intends to fund its continued development and operational activities into the third quarter of 2022.
The company also offered an update on its ADAIR and ADMIR development programs, which use the company’s patented technology to prevent snorting manipulation and provide injectable barriers.
- The ongoing pivotal intranasal abuse study of the lead program, ADAIR, is nearing patient enrollment and treatment completion in Q1 2022.
- ADMIR, the second development program, is moving forward, with the final formulation selected and a prominent global development and manufacturing partner on board.
David Baker, President & CEO of Vallon commented that,
They are satisfied with the results achieved during the third quarter. They have gained critical scientific leadership and direction with the creation of their SAB, which they believe will be useful as they progress their pipeline of CNS-focused assets. They’ve also learned a lot about how prescription stimulants are misused and abused, which supports the necessity for abuse-deterrent formulations. They have laid a solid basis for the Company on which they can create momentum and increase shareholder value in the short and long term.