Catabasis Pharmaceuticals Inc. (CATB) shares soared 29.9% in after-market on Tuesday, June 15, 2021, and closed the session at $2.65 per share. Earlier in the morning session, CATB’s stock lost 3.32% to close Tuesday’s session at $2.04 per share. CATB shares have fallen 69.82% over the last 12 months, and they have moved down 5.56% in the past week. Over the past three months, the stock has lost 42.70%, while over the past six months, it has declined 7.69%.

Let’s see is there any recent news or development about CATB?

            Participation in the investor conferences

• Catabasis Pharmaceuticals Inc recently participated in the Jefferies Virtual Healthcare Conference which held on June 3, 2021.
• The company also took part in Oppenheimer Rare and Orphan Disease Summit which held on May 21, 2021.
• At both conferences, the company was presented by Chief Executive Officer Jill C. Milne.

Recent financial results

On May 14, 2021, Catabasis Pharmaceuticalsreported financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• For Q1 2021, research and development expenses were $2.6 million compared to $5.3 million for the three months ended March 31, 2020.
• General and administrative expenses were $2.9 million for Q1 2021 compared to $2.8 million for Q1 2020.
• Operating loss for Q1 2021 was $170.1 million compared to $8.0 million for Q1 2020.
• The company suffered a net loss of $170.1 million, or $7.60 per share, for the three months ended March 31, 2021, compared to a net loss of $8.0 million, or $0.50 per share, for the three months ended March 31, 2020.
• Catabasis had cash, cash equivalents, and short-term investments of $146.9 million on March 31, 2021, compared to $44.9 million as of December 31, 2020.

Q4&FY2020 financial results

On March 12, 2021, Catabasis Pharmaceuticals released its financial results for the fourth quarter and full-year ended December 31, 2020. 

Q4 2020 financial highlights

• Catabasis had cash, cash equivalents, and short-term investments of $44.9 million on December 31, 2021, compared to $52.9 million as of September 30, 2020.
• For Q4 2020, Research and development expenses were $5.7 million compared to $4.3 million for Q4 2019.
• General and administrative expenses were $3.2 million for Q4 2020 compared to $2.5 million for the three months ended December 31, 2019
• Operating loss was $9.0 million for Q4 2020 compared to $6.7 million for Q4 2019.
• Catabasis suffered a net loss of $9.0 million, or $0.45 per share in Q4 2020 compared to a net loss of $6.6 million, or $0.55 per share, for the three months ended December 31, 2019.

FY-2020 financial highlights

• Research and development expenses were $25.6 million for the full year 2020, compared to $18.3 million for the full year 2019.
• For the full year 2020, general and administrative expenses were $11.9 million compared to $8.8 million for the full year 2019.
• For FY 2020, operating loss was $37.4 million compared to $27.1 million for the full year 2019.
• Catabasis suffered a net loss of$37.3 million, or $2.03 per share, for the full year 2020, compared to $26.3 million, or $2.35 per share, for the full year 2019.

Conclusion

Well, as of this writing there is no recent news or development so the CATB stock surge is a bit strange.