Over the course of the past month, the Atossa Therapeutics (NASDAQ:ATOS) stock has soared by 120% and the trend continued this morning as the stock jumped by another 13%.
The clinical-stage biopharmaceutical firm announced its financial results for the first quarter of 2021 back on May 14. The company reported that it had no source of sustainable revenues but at the same time it was also pointed out that it did not incur any cost for revenues either.
At the end of the first quarter, which ended on March 31, 2021, Atossa recorded cash and cash equivalents to the tune of $137.7 million. On the other hand, the operating expenses in the quarter shot up to $3,531,000 from $2,937,000 in the year ago period. That reflected a rise of 20% year on year. In addition to that, Atossa’s research and development expenses also shot up by 47% from the prior year period to hit $1379000.
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