Today, the Company Inspira Technologies Oxy B.H.N. Ltd. (IINN), which is engaging in research, development, production, and marketing of patented breathing support technology, published the long-awaited financial results for the third quarter. Therefore, its stock price has skyrocketed from its previous close of $2.8600 to its peak of $3.9300 by 39%. Although the price has plunged gradually during the week, and its market cap is 22 million dollars. The Company says that due to investors exercising warrants, the Company’s cash balance increased by $9.4 million in October 2021. While as of November 1, the Company had $26 million in cash.
In July, the Company’s initial public offering increased to $16 million at a price of $5.51. So, according to its financial outcomes for the three months ending September 30, 2021, research and development expenses equaled $581,000, while last year was $1.1 million. Such a decrease in income from a reduction in equity-based compensation costs is due to a grant from the Israel Innovation Authority. Besides, the finance income was $5.1 million, up from $2 million the previous year. The increase in finance income was attributable to the Company’s financial equity liabilities to pre-IPO and IPO investors being measured at fair value.