The Immuron (ASX:IMC) share price closed lower today following the company’s recently released earnings report. Here’s the run down.
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The Immuron Ltd (ASX: IMC) share price closed over 4.4% lower today at 22 cents a share.
The slide follows the release of the biotechnology company’s half-year (1H21) results for the period ended 31 December 2020.
Let’s take a closer look at how Immuron has been performing recently.
What did Immuron report?
The company reported a 98.7% revenue crash for the period, with 1H21 revenue coming in at $20,000.
Immuron incurred a $5.7 million loss for the period, which was 277.2% greater than the $1.5 million loss of 1H20.
Compared to 30 June 2020, the group’s net assets increased from $5.6 million to $28.5 million as of 31 December 2020. Cash reserves also increased over this period from $3.3 million to $26.4 million.
The business received $358,280 during the period via the government’s research and development (R&D) income tax concession program.
The Immuron share price lost 2.6 cents a share for the 1H21 period, versus a loss of 9 cents a share for 1H20.
Clinical progress and updates
Immuron’s focus is the development and sale of oral immunotherapeutics to prevent and treat unmet medical needs. The company’s orally active polyclonal antibodies provide a targeted delivery inside the gastrointestinal tract so they do not cross into the bloodstream
The company advised that it continued to progress a number of clinical developments during the 1H21 period.
Some milestones reached include receiving written guidance from the US Food and Drug Administration (FDA) in relation to a new drug the company is developing, completing a successful vaccination campaign, and executing a research agreement with Monash University.
Immuron also recommenced its Travelan US registration strategy. Travelan is an over-the-counter supplement that can be taken to reduce the risk of travellers’ diarrhoea. The company notes that the coronavirus has significantly disrupted international travel throughout the world. According to Immuron, COVID continues to impact every Travelan market.
Immuron share price snapshot
The Immuron share price has gained 60.7% over the previous year, however, it’s fallen 29.7% over the past 6 month period.
The company’s market capitalisation is approximately $51.1 million and there are 227.2 million shares outstanding.
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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.