RAIN - Rain Therapeutics shares rise after Q1 results cash position update

Rain Therapeutics shares rise ([[RAIN]] +13.9%) after the company posted first-quarter results and provided a cash position update.The company expects the full year 2021 net cash used in operating and investing activities to be about $50M to $60M and a projected year end cash balance of ~$137M to $147M in cash and cash equivalents.As of March 31, 2021, Rain had $53.1M in cash and cash equivalents which does not include the net proceeds from the IPO in April 2021 of $121.9M.Rain reported a net loss of $6.8M, or $1.93 per share, for the first quarter ended March 31, 2021, as compared to a net loss of $2.6M, or $0.82 per share, last year.Research and development expenses rose to $5.3M from $1.8M in the prior-year period primarily due to increases in third-party R&D costs for the company's lead product candidate, RAIN-32, as well as personnel costs.The company also highlighted expected near-term milestones: Phase 3 trial for RAIN-32 WD/DD Liposarcoma expected to commence in 2H 2021; Phase

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Rain Therapeutics shares rise after Q1 results, cash position update