Benzinga | Aug 26, 2021 12:48PM EDT

Can-Fite Reports Drop In H1 2021 Revenue, Net Loss Down By 38% YoY

Biotechnology company Can-Fite BioPharma Ltd. (NYSE:CANF) (TASE: CFBI) announced its financial results Thursday for the quarter ended June 30, 2021.

The Israel-based company disclosed that it had ended the second quarter with roughly $7.5 million in cash, cash equivalents and short-term deposits, in addition to closing an additional $10 million registered direct offering earlier this month.

"We expect multiple milestones in the coming months, including topline results from our Phase III psoriasis study, in addition to the commencement of our pivotal Phase III in liver cancer and Phase IIb in NASH," Dr. Pnina Fishman, CEO of Can-Fite, commented. "We believe positive topline results may lead to further expansion of our global distribution strategy, which has included significant non-dilutive funding."

Key H1 Financial Highlights

* Revenues totaled $0.39 million compared to revenues of $0.40 million during the six months ended June 30, 2020.

* Research and development expenses were $3.81 million versus $7.05 million for the same period last year.

* General and administrative expenses were $1.89 million, compared to $1.45 million for the same period of 2020.

* Financial income, net for the six months ended June 30 amounted to $0.20 million compared to financial expense, net of $0.12 million for the same period in 2020.

* Net loss totaled $5.09 million compared with a net loss of $8.23 million for the same period of last year.

Price Action

Can-Fite BioPharma's shares traded 1.17% higher at $1.8717 per share at the time of writing Thursday morning.

Photo: Courtesy of CRYSTALWEED cannabis on Unsplash