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Wednesday, October 5, 2022

Context Therapeutics Inc. (CNTX) Stock Taking Solid Steps Forward, Here’s Why

Context Therapeutics Inc. (CNTX), a clinical-stage biopharmaceutical company, has increased by 3.61% in the premarket trading session. Consequently, CNTX stock is trading at $2.58 at the time of the writing. The increase could be attributed to the new appointments by the company. On Wednesday, CNTX closed the day at $2.49 after plunging 9.12% in the regular trading session.

Why CNTX Rising?

In the late hours of Wednesday, CNTX announced the appointment of Christopher Beck as SVP of Operations. Alongside him, Mark Fletcher, Ph.D. was appointed as VP of R&D. Besides, the company announced the planned retirement of the current head of CMC, Bill Rencher, Ph.D. Bill would move to the role of advisor for the company. Both the appointees have vast leadership experience in the fields of management and pharmaceuticals.

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Q3 2021 Operational Results

On 2nd December, CNTX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The loss from operations for the three months stood at $1.56 million against $0.6 million for the same three-month period of 2020. The net loss for the period was $1.44 million against $0.87 million for the same period of 2020. The net loss per basic and diluted share for the quarter was $4 against $2.52 for the same quarter of 2020.

Executive Commentary

Alongside the operational results, CNTX also released the financial results of the quarter. The company had cash and cash equivalents of $0.41 million on 30t September. The total assets in possession of the company on 30th September were $2.25 million. On the said date, the total liabilities payable by the company were $4.40 million, while the total shareholder’s deficit on the date was $23.21 million.

Future Outlook for CNTX

During the last month, CNTX stock has declined by more than 50%, primarily due to the uncertainty associated with the products of the company. The company believes that the stock tends to attract potential investors in the coming times.

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