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Cara Therapeutics Inc. (NASDAQ: CARA) Reports Q2 2021 Financial results And KORSUVA Development Update

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Cara Therapeutics Inc. (NASDAQ: CARA) has announced its Q2 2021 financial results and its operational results for the period ending June 30, 2021. 

Cara didn’t recognize any revenue in Q2 compared to Q2 2020

The company didn’t report any revenue during the quarter compared to $5.6 million reported in Q2 202o. However, Cara recognized license and milestone payments revenue of $5.1 million with $4.5 million related to the licensing agreement with VFMCRP and $0.6 million in development and achievement milestone connected to the license deal with Chong Kun Dang Pharmaceutical Corp.  Also, the company realized revenue of $0.5 million of clinical compound sales to Maruishi Pharmaceutical Ltd. 

Derek Chalmers, Cara CEO, said, “Having completed the late-cycle review of our NDA for our lead asset KORSUVA™ Injection with the FDA during the second quarter of the year, we remain on track for an expected Prescription Drug User Fee Act (PDUFA) target action date of August 23, 2021 and continue to be focused, along with our commercial partner, Vifor Pharma, on preparation for the U.S. launch of KORSUVA Injection in the second half of 2021, if approved.”

Care reported KARE Oral KORSUVA study results 

In April, the company released top-line findings from the Phase 2 KARE Oral KORSUVA clinical study in moderate to severe pruritus treatment in patients with mild-to-severe atopic dermatitis. However, the study failed to meet its Worst Itch primary endpoint after 12 weeks and the secondary endpoint of four-point responder analysis. Interestingly, statistically significant improvement was shown in a pre-specified analysis of mild-to-moderate AD patients, which the company expects to be the phase III registration endpoint. 

Chalmers said, “We also continue to make good progress in our Oral KORSUVA programs across a range of patient populations where pruritus treatment remains a significant unmet need and, pending the outcome of our scheduled End-of-Phase 2 meeting with the FDA, aim to initiate our first Oral KORSUVA Phase 3 program in mild-to-moderate atopic dermatitis patients by year-end of 2021.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Lifeloc Technologies Inc. (OTCMKTS: LCTC) Posts 31% YoY Revenue Increase In Q2 2021

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Lifeloc Technologies Inc. (OTCMKTS: LCTC) has released its Q2 2021 financial results in which net revenue was up 31% YoY to $1.73 billion compared to net revenue of $1.32 billion in Q2 2020. 

Lifeloc reported a net loss of $0.04 per share in Q2 2021

In Q2 2021, the company reported a net loss of $110,000 or $0.04 per diluted share compared to a net loss of $350,000 or $0.14 per diluted share a year ago. For the first half of 2021, the company reported a net profit of $294,000 or $0.12 per diluted share in the revenue of $3.539 billion compared to a net loss of $515,000 or $0.12 per share on revenue of $3.338 billion for the first six months of 2020. The net income reported for the first six months of 2021 comprised $465,000 loan forgiveness of the first SBA Paycheck Protection Program round.

Lifeloc qualified for and obtained a second PPP loan of $471 thousand in Q1 of 2021, as previously announced. The SBA will forgive these loans entirely if the proceeds are utilized according to the program’s guidelines. Lifeloc aims to comply with all obligations, as it did with the previous PPP loan, and plans to file for the forgiveness of this second loan in the third quarter of 2021

LX9 and LT7 devices witnessing high demand 

The company is witnessing growing demand for its platform LX9 and LT7 devices, whose performance and features have driven penetration by addressing unmet market needs. As a result, Lifeloc expects L-series sales to be incremental to FC-series sales instead of displacing them. 

CEO Wayne Willkomm said, “We saw a good uptick in sales this quarter versus last year, although we would still hope to see sales recover more as our customers’ budgets open to replace aging equipment. But our real growth driver is the strong pipeline of recent and upcoming product releases. The L-series platform, a premium product already finding broad acceptance, is providing expanded features requested by various international law enforcement agencies.” 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Zynerba Pharmaceutical Inc. (NASDAQ: ZYNE) Reports Q2 2021 Financial Results And Pipeline Update

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Zynerba Pharmaceutical Inc. (NASDAQ: ZYNE) announced its Q2 2021 financial results and highlighted its recent operations and pipeline update. 

Zynerba making progress in FXS

The company’s CEO and Chairman Armando Anido said, “We continue to make progress across our portfolio, particularly in FXS in which our confirmatory pivotal Phase 3 trial, RECONNECT, is expected to start in the third quarter of 2021. Following a positive meeting with the FDA on our development program in autism spectrum disorder (ASD), we are evaluating and prioritizing our development options for ASD, 22q and developmental and epileptic encephalopathies and we expect to provide guidance on the path forward in each of these indications by the end of 2021.”

Zynerba is planning to commence RECONNECT study of ZY002 given as a transdermal gel to adolescents and children with fragile x syndrome in Q3 2021. The Zygel study seeks to confirm positive findings seen in a population of responders of the previously conducted CONNECT-FX study. The RECONNECT study will enroll 200 children and adolescents with 160 patients expected to have complete methylation of the FMR1 gene and around 40% having partial methylation of the FMR1 gene. The company is optimistic that that of RECONNECT results will be positive they will submit a New Drug Application for Zygel for FXS treatment.

Zynerba discussed Zygel’s potential in ASD 

In 1H 2021, the company discussed findings supporting Zygel’s potential in ASD that included rests from Phase 2 BRIGHT study with the US FDA to ascertain the path forward. FDA’s guidance included agreement on using the irritability subscale of the Aberrant Behaviour Checklist to support an indication in irritability treatment in ASD. 

Despite Australia’s constantly changing COVID-19 restrictions landscape, the company commenced patient screen for the 14-week open-label INSPIRE study in adolescents and children with 22q11.2 deletion syndrome. 

The company had  $85.8 million in cash and equivalents at the end of the quarter, which management expects to be adequate to fund operations to 1H 2024.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Akerna Corp (NASDAQ: KERN) Announces 63% YoY Revenue Growth In Q2 2021

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Akerna Corp (NASDAQ: KERN) has announced its unaudited Q2 2021 financial results, with total revenue of 63% YoY. 

Akerna reported 56% YoY growth in software revenue 

The company reported total revenue of $4.9 million, with software revenue up 56% YoY to $4.5 million. Gross profit during the quarter was up 153% YoY to $3 million.  Net loss was flat YoY at $6.1 million, and Akerna reported a negative adjusted EBITDA of $1.6 million, which was a 54% YoY improvement from the $3.6 million reported a year ago. The company ended the quarter with $11.8 million in cash relative to $15.4 million at the end of March 31, 2021. 

Akerna CEO Jessica Billingsley said, “Our second quarter results continued the momentum in 2021, with revenue growth of 63% year over year driven by a mix of organic and inorganic software revenue and a rebound in consulting demand.  As consolidation within the industry continues and emerging markets begin to open, we believe our industry leadership position with multi-state, international and emerging enterprises paves the way for Akerna to be one of the largest cannabis technology winners in the years ahead.”

In Q2 2021 total SaaS ARR was $17.3 million, which is 53% YoY. Average new B2B orders were 27% YoY, while B2B transaction volume was up 104% YoY. The company reported new bookings  ARR of around $900,000. 

Akerna secured a government cannabis contract 

Equally, during the quarter, the company secured the first national government cannabis contract in the world with St. Vincent and the Grenadines. Akerna also closed the Viridian acquisition, finalized MJ retail beta adoption, and added Cannabis and Pharmaceutical Industry expert Barry Fishman to the Board of Directors. 

Akerna is a tech ecosystem for cannabis and offers scalable cannabis ERP solutions that provided taxation, compliance, seed-to-sale, payments, track-and-trace, data, and consulting to governments, brands, and operators through its software family, including Viridian Sciences, Trellis, MJ Platform, Ample Organic, solo sciences, and Last Call Analytics. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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