9 Meters Biopharma, Inc. (NMTR) stock prices were up 7.41% as of market close on April 22nd, 2021, bringing the share price up to USD$1.16. Subsequent pre-market fluctuation has seen the uptrend continue with a 5.09% increase, hiking the price per share up to USD$1.219. As of the start of the trading day on April 23rd, 2021, the stock was up 4.3104% to hit USD$1.21.
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Capital Generation via Public Offering
The company announced the pricing of its public offering on March 30th, 2021, offering 30 million shares of its common stock at a price of USD$1 per share. Additional shares were offered to underwriters in a 30-day option that allowed for an additional 4.5 million shares to be sold. The gross proceeds from the offering came out to USD$31.5 million after the deduction of offering-related expenses.
Additional Funding through 2020
NMTR had closed a private placement led by Orbimed Advisors, LLC in May of 2020, which saw the generation of USD$22.5 million. December of 2020 also saw the announcement of a stock offering, led by Adage Capital Partners GP, LLC, that raised USD$32 million in net proceeds for NMTR.
NMTR Flush with Cash
The financial reports for the year ended December 31st, 2020 indicated cash and cash equivalents that amounted to roughly USD$37.9 million, a massive increase from the USD$4.6 million reported on December 31st, 2019. Over the course of 2021 so far, NMTR has generated USD$6.7 million in proceeds from the exercising of outstanding warrants in Q1 2021.
With many projects in the works, NMTR anticipates an exciting and fruitful year ahead of it. It plans to initiate the Phase 2 study of NM-002, its proprietary long-acting GLP-1 agonist, in Q2 2021. The company also anticipates a USAN/INN name in the same quarter. Topline Phase 2 results are expected in the fourth quarter of 2021, with the initiation of the Third Phase expected to be underway in the same quarter.
Optimistic Outlook for NMTR
With a significant reserve of capital that the company can use to sustain itself, and with so many promising studies and trials underway, investors are optimistic about a prosperous 2021. This confidence is reflected in the momentum of the uptrend in NMTR stock prices.