The Starpharma (ASX: SPL) share price has dipped today after the company reported a $10 million loss. Here are the details.
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The Starpharma Holdings Limited (ASX: SPL) share price is in the red today, slipping 0.47% at the time of writing to $2.13.
The biotechnology company develops new pharmaceutical and medical products based on proprietary polymers called dendrimers, with programs for COVID-19, DEP drug delivery, VivaGel and Viraleze.
Stapharma reported its half-year results earlier today. This is what we found out.
Starpharma posts half-year losses
Starpharma reported that its total revenue for the first half of FY21 (1H21) was $638,000, down 89% on the previous corresponding period.
The company also incurred a loss after tax of $10.4 million in 1H21, which was 78% greater than that incurred in 1H20. It attributed the loss to lower revenue generated during the period.
Basic loss per share was $2.69 in 1H21 compared to a loss per share of $1.58 in 1H20.
However, Starpharma’s net assets more than doubled during the period and it finished off the half with a value of $69.9 million. In contrast to $31.3 million net assets in 1H20.
The cash balance as of 31 December 2021 was $70.3 million, a significant leap from $35.9 million at the end of 1HY20.
Starpharma CEO Dr Jackie Fairley said the company “achieved multiple significant milestones in the recent period”. These included the rapid development of its Viraleze antiviral nasal spray and signing two new partnerships:
These new partnerships illustrate the broad applicability of the DEP® platform and its use for multiple therapeutic areas.
We also progressed our other partnered DEP® programs and recently announced AstraZeneca’s global expansion of its phase 1 trial for DEP® AZD0466 which is designed to expedite the development of this exciting novel drug.
Dr Fairley also advised that additional clinical trial programs were progressing as the company continued to focus on expanding the availability of its products.
Starpharma share price snapshot
The Starpharma share price has gained 89.09% over the past year.
There are currently 406 million shares outstanding. The Starpharma market capitalisation presently stands at $897.3 million.
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Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.