The BARD1 Life Sciences Ltd (ASX: BD1) share price is slipping after the company released its latest quarterly report.
BARD1’s quarterly activities report for the 3 months ended 30 June details a seemingly good period for the company.
However, the market isn’t responding positively to BARD1’s news. Right now, the BARD1 share price is $1.35 – 7.51% lower than its previous closing price.
Let’s take a closer look at today’s news from BARD1.
The news driving the BARD1 share price today
The BARD1 share price is slipping on the back of its quarterly performance.
Over the quarter ended 30 June, BARD1 used $964,000 in its operating activities. The company spent $63,000 on patent fees, $288,000 on staffing, and $587,000 on admin and corporate costs.
It also spent $867,000 on research and development. However, BARD1 claims it received a $644,000 research and development tax incentive refund.
It also received $184,000 from sales of its hTERT product.
BARD1 ended the financial year with around $4.99 million in the bank. That’s enough to fund its operations for another 5 quarters.
Over the quarter, BARD1 advanced its sales and commercial activities for its 3 major products. Unfortunately, the productive quarter isn’t reflected in the BARD1 share price movements today.
BARD1’s product hTERT performed well over the period, with sales increasing by 30% over the 2021 financial year. An Australian patent was granted for hTERT in March.
The company launched its EXO-NET product in May. BARD1 plans to embed the EXO-NET’s technology into the discovery, research and development phases for multiple diagnostic and therapeutic applications.
Additionally, positive results from a study using BARD1’s autoantibody test to detect early ovarian cancer were published by a peer reviewed journal in late June.
Finally, in April BARD1 announced an options agreement with the University of Liverpool to licence 2 novel protein markers for development and commercialisation of the novel type 3c diabetes (T3cDM) blood test.
BARD1 share price snapshot
Despite today’s dip, the BARD1 share price has been performing well lately. It has gained 108% since the start of 2021. It is also 48% higher than it was this time last year.
The company has a market capitalisation of around $131 million, with approximately 80 million shares outstanding.