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Medical CBD Company Zynerba Rallies On Q4 Report, CEO Says 2020 Outlook 'Promising'

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Medical CBD Company Zynerba Rallies On Q4 Report, CEO Says 2020 Outlook 'Promising'

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) shares were trading higher Tuesday after the cannabinoid devloper posted its financial report for the fourth quarter and full year 2019.

The company reported zero revenue versus $86,000 in the fourth quarter of 2018. 

For the quarter, the company posted a net loss of $10.71 million, or 46 cents per share, higher than the net loss of $7.8 million and 44 cents per share in the same period of 2018.

For the full year, Zynerba's net loss amounted to $32.94 million or $1.50 per share versus a loss of $39.91 million and $2.61 per share in 2018.

At the end of 2019, Zynerba had cash and cash equivalents of $70.1 million, up from $59.8 million at the end of 2018.

What's Next For Zynerba 

“The fourth quarter of 2019 capped off a year of strong execution by Zynerba,” Armando Anido, Zynerba's chairman and CEO, said in a statement.

“With a number of shots-on-goal in our clinical pipeline, each with near term milestones, our outlook is promising for the remainder of 2020 and beyond. We are positioned for major news events throughout this year and next, including the topline results from our pivotal CONNECT-FX trial of Zygel in patients with Fragile X syndrome which are expected late next quarter.”

Among the important clinical milestones Zynerba has achieved of late include the completion of enrollment complete in a Pivotal FXS Trial examining the safety and effectiveness of Zygel in helping with usual behavioral symptoms of FSX. The company said it expects to reveal topline results in the second quarter.  

Zynerba said it has also reached a Phase 2 BRIGHT trial researching Zygel's safety and efficacy in treating pediatric and adolescent patients with autism spectrum disorder.

Zynerba Price Action

The stock was trading 6.07% higher at $3.67 at the time of publication Tuesday.

 

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