Here's What You Need To Know About Zynerba Pharmaceuticals

Shares of

Zynerba Pharmaceuticals IncZYNE

, a nano-cap specialty pharmaceutical company that specializes in transdermal synthetic

cannabinoid treatments for patients with high unmet needs, reported its

second-quarter results

Tuesday and also provided several key updates to ongoing clinical trials.

Q2 Results

Zynerba

said it lost $0.64 per share in the second quarter on zero revenue, which was six cents worse than analysts were expecting. Net loss for the quarter also rose from $6.23 million in the same quarter a year ago to $8.32 million.

The company ended the quarter with $70.2 million in cash and cash equivalents which does mark a decrease from $77.5 million in the prior quarter. However, the company believes that its cash position is sufficient enough to develop five phase 3-ready programs and initiate at least one phase 3 program and fund operations and capital requirements into 2019.

Clinical Highlights

Zynerba expects to announce top-line data from its STAR 1 trial "soon," which will be followed up with top-line data from the STOP trial "later this month." The company also reiterated it is on track to report top-line results from the FAC-C Fragile X study in September.

Meanwhile, the company completed dosing in Phase 2 STAR 1 clinical trial for ZYN002 Cannabidiol (CBD) Gel for the treatment of adult epilepsy. Also, dosing continues in a Phase 2 STAR 2 open-label extension clinical trial for ZYN002 CBD Gel for the treatment of adult epilepsy.

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