Lexaria Bioscience Corp. (LEXX), a company operating in the drug delivery platform business, has steadily increased by 2.17% in aftermarket trading session. As a consequence, LEXX stock was trading at $6.58 when last checked. On Tuesday, LEXX stock closed the day at $6.44 after gaining a 2.22% increase in the regular trading session. The increase could be associated with excellent results of oral nicotine study.
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LEXX reported results from the nicotine absorption study
On Tuesday, LEXX reported that its recent oral nicotine absorption study, namely NIC-A21-1, has revealed that DehydraTECHTM-nicotine, which is delivered via the oral pouch product format, requires merely 2-4 minutes to deliver the nicotine levels in the blood plasma as compared to the levels achieved at 45 minutes with concentration-matched control. The DehydraTECH-nicotine also showed statistically significant peak blood plasma levels, up to 10 times higher than the control while still clearing from the blood virtually as quickly as the controls. The company said that it believes the findings would support the world’s fastest-acting nicotine oral mucosal absorption, which ultimately would offer the safer nicotine alternative to the more than 1 billion smokers worldwide. The study was conducted by a leading independent testing laboratory in the United States. It utilized Lexaria’s recently developed, advanced “DehydraTECH 2.0” nicotine formulations.
LEXX Q2 2021 financial results
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On 15th July, LEXX reported the quarterly results for the third quarter of the fiscal year 2021, which ended 31st May 2021. According to the details, the company had cash and cash assets of $8.10 million on 31st May. The total assets in possession of the company remained at $10.54 million, while total liabilities stood at $0.28 million. The company generated revenue of $0.204 million, while during the comparative quarter of 2020, it stood at $36,423. The gross profit for the three months remained at $0.14 million, while for an equivalent period of 2020; the gross profit remained at $16,104. The net loss for continuing operations remained at $2.56 million, while during the equivalent period of 2020, it was $1.41 million. The net loss bore by the company shareholders for three month period remained at $2.55 million, while for an equivalent period of 2020, it was $1.36 million. The basic and diluted loss per share attributable to common shareholders remained at $0.50, while it was the same, i.e. $0.50, for a comparative three months period of 2020.
What lies next for LEXX?
Looking at the stats, LEXXX stock hasn’t shown much fluctuation in recent past times. This shows the stability associated with the stock. Analysts are hopeful that the positive outcomes of the studies, especially the recent one related to nicotine absorption, would leave a marked impact on the business profile of Lexaria.