Athersys, Inc. (ATHX) Stock Surging Despite no Obvious Cause

Athersys, Inc. (ATHX), a biotechnology company, has urged 8.90% in aftermarket trading session and consequently is trading at $0.95 at the time of the writing. The surge has arrived despite any solid or conclusive reason which could have caused the rise. On Friday, ATHX stock closed the day at $0.87 after declining 0.25% during regular trading hours. Let’s dive deeper and have some discussion about developments related to the company.

Q3 2021 Operational Results

In mid of November, ATHX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenues of $4.79 million during the quarter against $86,000 for the same quarter of 2020. The total costs and expenses for the three months were $21.01 million against $22.4 million for the same three-month period of 2020. The net loss suffered by the company during the period was $16.17 million (or $0.07 per basic and diluted share) against $22.54 million (or $0.11 per basic and diluted share) for the same period of 2020.

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ATHX Financial Results

Alongside the operational results, ATHX also released the financial results for the period ended on 30th September. On 30th September, the company had cash and cash equivalents of $49.67 million. The total assets at the said date were estimated to be $72.08 million. The stockholder’s equity on the said date was calculated to be $29.34 million, while the total liabilities and stockholder’s equity on the 30th of September was $72.08 million.

Executive Commentary

Mr. William (B.J.) Lehmann, Jr., Interim Chief Executive Officer of ATHX, while commenting on the results said that the quarter has brought several important milestones in the development and potential commercialization of MultiStem® cell therapy. Alongside that, the company has demonstrated steady progress in its MASTERS-2 study as well. The company is looking forward to important data readouts.

Future Outlook for ATHX

The last three months have seen ATHX stock decline by more than 30%. The uncertainty associated with the products of the company has proven to be a major cause of this decline. Looking toward the future, the stock looks set to follow a similar trend.

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