Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) reported cash/cash equivalents of $77.5 million as of close of March 31, 2017 compared to $31 million as of end of December 31, 2016. R&D expenses for Q1 2017 came at $5.5 million, comprising stock-based compensation of $0.5 million. G&A expenses stood at $2.2 million, comprising stock-based compensation cost of $0.6 million. Net loss for Q1 2017 was $7.3 million with diluted and basic net loss of $0.60 per share.
Zynerba considers that the current cash position is sufficient to advance five Phase III ready programs and, accepting support from the U.S. FDA to move forward, commence at least one Phase III plan and capital requirements and fund operations into 2019.
The company comes in the list of clinical-stage specialty pharma firm focused on commercializing and developing proprietary next-gen synthetic CBD therapeutics prepared for transdermal delivery. Zynerba is advancing therapeutic candidates using its proprietary transdermal technologies that may permit sustained, controlled and consistent delivery of therapeutic levels of 2 cannabinoids: tetrahydrocannabinol and Cannabidiol.
Transdermal delivery has the prospect to mitigate adverse effects related with oral dosing. ZYN002, the firm’s CBD gel, is the first synthetic CBD created as a patent-protected permeation-improved gel. In June 2016, the firm commenced the Phase II STAR 1 clinical study of ‘ZYN002’ cannabinoid gel in refractory epilepsy subjects with focal seizures, the common kind of epilepsy in adults.
Last August, the Phase II STOP clinical study in people with knee pain as osteoarthritis was initiated. Also, in December 2016, Zynerba commenced the exploratory Phase II FAB-C clinical study in kids with Fragile X syndrome. The company is also advancing ZYN001, which uses a synthetically prepared pro-drug of THC. A Phase I clinical trial for ZYN001 is intended to commence in the first half of 2017.
In the last trading session, the stock price of Zynerba declined more than 2% to close the session at $18.52.