On May 13, 2021 NeuBase Therapeutics, Inc. (Nasdaq: NBSE) ("NeuBase" or the "Company"), a biotechnology company accelerating the genetic revolution using a new class of precision genetic medicines, reported its financial results for the three- and six-month periods ended March 31, 2021 (Press release, NeuBase Therapeutics, MAY 13, 2021, View Source [SID1234580039]).

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"We continue to expand and scale our unique precision genetic medicine platform that we believe can turn genes on, off, or edit them in vivo, and thus address most mechanisms that cause diseases in a single industry-unifying solution," said Dietrich A. Stephan, Ph.D., Founder, CEO and Chairman of NeuBase. "Our recent financing led by top-tier healthcare investors enables us to advance our lead program into the clinic next year and expand our pipeline to address historically undruggable oncogenic driver mutations. We look forward to hosting our R&D day on June 8th, during which we will present an update on our current pipeline programs, as well as introduce an oncology program targeting a genetic driver mutation in a high value indication."

Second Quarter of Fiscal Year 2021 and Recent Operating Highlights

Strengthened the balance sheet with a public equity offering generating $42.6 million in net proceeds, which will enable the Company to advance its lead program into the clinic and expand the pipeline of therapies for rare and common diseases
Expanded platform capabilities and consolidated PNA intellectual property through the acquisition of new scaffold technologies from Vera Therapeutics, formerly known as TruCode Gene Repair, Inc., in late April 2021
Presented positive in vitro and in vivo preclinical data for the Company’s lead drug candidate for the treatment of DM1 at the 2021 Muscular Dystrophy Association (MDA) Virtual Clinical & Scientific Conference
Moved into a newly built state-of-the-art laboratory and office space in Pittsburgh, providing the infrastructure to support accelerating R&D activities
Appointed Gerald McDougall, industry veteran, to the Board of Directors, bringing large-scale partnership and strategy expertise to the Company
Financial Results for the Second Fiscal Quarter Ended March 31, 2021

As of March 31, 2021, the Company had cash and cash equivalents of approximately $24.2 million, compared with cash and cash equivalents of approximately $32.0 million as of September 30, 2020
Subsequent to the end of the fiscal quarter ended March 31, 2021, the Company completed a public equity offering generating net proceeds of approximately $42.6 million
NeuBase estimates its current cash and cash equivalents are sufficient to fund currently planned operating and capital expenditures into the first quarter of CY2023
For the three-month period ended March 31, 2021, the Company reported a net loss of approximately $5.5 million, or a net loss of $0.24 per share, compared with a net loss of approximately $4.4 million, or a net loss of $0.26 per share, for the three-month period ended March 31, 2020
For the three-month period ended March 31, 2021, total operating expenses were approximately $5.9 million, consisting of approximately $2.7 million in general and administrative expenses and $3.2 million of research and development expenses; compared with total operating expenses of $4.4 million for the three-month period ended March 31, 2020, which was comprised of approximately $2.7 million in general and administrative expenses and $1.6 million in research and development expenses
Financial Results for the Six-Month Period Ended March 31, 2021

For the six-month period ended March 31, 2021, the Company reported a net loss of approximately $9.6 million, or a net loss of $0.41 per share, compared with a net loss of approximately $8.9 million, or a net loss of $0.52 per share, for the same period last year
For the six-month period ended March 31, 2021, total operating expenses were approximately $10.6 million, consisting of approximately $5.4 million in general and administrative expenses and $5.2 million of research and development expenses. This compares with total operating expenses of $8.1 million for the same period last year, which was comprised of approximately $5.3 million in general and administrative expenses and $2.8 million in research and development expenses