The Botanix Pharmaceuticals Ltd (ASX: BOT) share price is dipping after the company released its latest quarterly report.
The cannabinoid-focused pharmaceutical dermatology company's quarter seemed to be a good one, but the market has reacted poorly.
Right now, the Botanix share price is 7.8 cents – 3.7% lower than its previous close.
Let's take a closer look at today's news from Botanix.
Image source: Getty Images
The news driving the Botanix share price
The Botanix share price is sliding despite the company's productive quarter that ended on 30 June. Let's take a look at what it was up to over the period.
Financial update
Botanix provided a brief financial update on its performance this quarter.
The company stated it had $21.6 million in cash at the end of the quarter. That's enough to fund an estimated 12.8 future quarters.
During the quarter, it had net cash outflows of around $1.7 million and it invested roughly $1.2 million in research and development activities.
New drugs
The Botanix share price is dipping despite plenty of productivity over the 3 months ended 30 June.
Botanix launched the Phase 1B rosacea clinical study trial for its BTX 1702 product in June.
The trial is investigating the safety and tolerability of different concentrations of BTX 1702 over an 8-week period.
It's currently being hampered by COVID-19 restrictions. The company's looking at adding more trial sites to minimise the impact of potential future lockdowns.
Additionally, Botanix announced positive results from its BTX 1204A pilot study in canines with atopic dermatitis during the quarter.
The company said atopic dermatitis in canines is similar to that in humans and that the study's results are a good indication the treatment could be transferable.
Also, during the quarter Botanix launched the next phase of its BTX 1801 development program.
The program is aiming to help the nasal decolonisation of Staphylococcus aureus in haemodialysis patients.
It hopes BTX 1801 will help to prevent bloodstream infections in those undergoing haemodialysis, of which the company says there's an "urgent need and significant market opportunity".
Botanix Pharmaceuticals share price snapshot
The Botanix share price hasn't been having a great year so far on the ASX.
It is currently 39% lower than it was at the start of 2021. However, it has gained 58% since this time last year.
The company has a market capitalisation of around $78 million, with approximately 973 million shares outstanding.
