Cannabis-Focused Biotech Company Can-Fite Reports Q3 Financial Results & Clinical Updates

Cannabis-focused biotech company Can-Fite BioPharma Ltd. CANF CFBI reported its financial results Friday for nine months ended September 30, 2021, with revenues of $650,000, compared to $610,000 in the same period of 2020. Based in Petach Tikva, Israel, the company noted that the increase in revenue could be considered immaterial.

Financial Results For The Nine-Month Period Summary

• Research and development expenses were $6.75 million compared with $9.06 million for the same period in 2020;
• Net loss amounted to $8.49 million or $0.02 per basic and diluted share, compared to the net loss of $10.81 million or $0.04 loss per share for the same period year ago;
• General and administrative expenses were $2.71 million, versus $2.14 million for the same period in the previous year;
• At the end of the reporting period on Sep. 30, 2021, Can-Fite had $13.3 million in cash and cash equivalents, compared to $8.16 million it held on Dec. 31, 2020.

Corporate And Clinical Development Highlights

• Completed Patient Enrollment in Phase III Psoriasis Study – The Phase III Comfort™ study completed patient enrollment. Topline results are expected in Q1 2022;
• Can-Fite Ends Phase II COVID-19 Trial to Focus on Core Indications - In 2020, with the aim of developing a much-needed drug to treat manifestations of COVID-19, mainly the Cytokine Release Syndrome, Can-Fite initiated a Phase II COVID-19 study of its lead drug candidate, Piclidenoson, with patient enrollment in Israel and Europe.
• Patents Granted for NASH in Japan, Hong Kong and Mexico;
• Data on A3AR-based Cannabis Compounds in the Treatment of Liver Diseases Presented at AASLD and Published in HEPATOLOGY;
• Positive Phase IIa NASH Data Published in Alimentary Pharmacology & Therapeutics;

“Our NASH program has received a high level of interest at scientific conferences based on our positive Phase IIa results, and we continue to fortify our IP around this indication,” Can-Fite CEO Dr. Pnina Fishman stated. “We expect to commence enrollment in our pivotal Phase III liver cancer and Phase IIb NASH studies, as we look forward to topline results from our Phase III in psoriasis in the first quarter of 2022. Our advanced pipeline with a growing body of safety and efficacy data has significant potential to help patients with unmet needs.”

Price Action

Can-Fite’s shares traded 1.64% higher at $1.2 per share during Friday’s pre-market session.

Photo: Courtesy of National Cancer Institute on Unsplash