Zynerba (ZYNE) Meets Earnings Estimates in Q2, Revenues Nil

Devon, PA-based Zynerba Pharmaceuticals, Inc. ZYNE is a drug discovery and development company that focuses on the development transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. The company is currently developing Zygel, a cannabidiol, targeting multiple neuropsychiatric indications including Fragile X syndrome, autism spectrum disorder, and developmental and epileptic encephalopathies.

Zynerba’s earnings track record has been mixed so far. Over the four trailing quarters, the company posted an average positive earnings surprise of 13.18%, beating estimates in three quarters and missing the same once.

Currently, Zynerba has a Zacks Rank #3 (Hold) but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Zynerba reported a loss of 50 cents in-line with the Zacks Consensus Estimate of loss of 50 cents.

Revenues: Zynerba did not generate any revenues during quarter. The company has no approved product in its marketed portfolio.

Key Stats: Research and development expenses amounted to $7.5 million, down 2.7% year over year. General and administrative expenses increased almost 1% year over year to $2.5 million. The company ended the second quarter with cash and cash equivalents of $88.7 million, compared to $68.3 million as of Mar 31, 2019. During the second quarter, the company raised $27 million in net proceeds from the sale of its shares.

Share Market Activity: Share price are up 2.2% in pre-market trading.

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