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.
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.
NM-002 Program
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.
