Palisade Bio, Inc. (NASDAQ: PALI) fall sharply early Friday on releasing its year-end results.
The Carlsbad, Calif.-based Palisade is a clinical stage biopharmaceutical company advancing oral therapies to aid patients suffering with acute and chronic gastrointestinal (GI) complications.
Research and development expenses decreased $0.7 million to $2.4 million in 2021, compared to $3.1 million in 2020. This decrease is largely the result of a decline in clinical trial activities due to the onset of the COVID-19 pandemic.
General and administrative expenses increased $3.1 million to $9.3 million in 2021, compared to $6.2 million in 2020. This increase is primarily due to higher professional fees associated with regulatory, compliance and governance fees incurred as a result of becoming a public company through the merger with Seneca.
Cash and cash equivalents as of December 31, 2021, were $10.5 million, while outstanding debt was less than $0.1 million. Cash used in operations was $14.8 million for the year ended December 31, 2021, which included $3.7 million that was used to pay down current liabilities during the year.
The company also completed the merger of Seneca and Leading BioSciences and concurrent $22 million in financing. This was important because it provided the company with financial resources and access to capital to advance its clinical programs, add talent, and mature our operations in advance of late-stage studies.
PALI shares sank four cents, or 3.8%, to 96 cents.
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