Shares of micro-cap specialty pharmaceutical company AcelRx Pharmaceuticals ( NASDAQ: ACRX ) have lost 16.8% to $0.26 in Friday premarket trading, despite reporting a Q2 profit versus a loss a year ago and a beat on revenue.
It is worth noting that ACRX stock had gained a whopping 33% yesterday ahead of the earnings report after hours.
Hayward, Calif.-based ACRX offers sublingual medicines for the treatment of pain such as the FDA-approved drug Dsuvia and the EU-approved drug Zalviso. It also has other products in development for the treatment of hypotension and other multiple conditions.
ACRX after hours on Thursday posted Q2 GAAP EPS of $0.48 compared to a loss of $0.08 a year ago. Its Q2 revenue of $0.57M rose 29.5% Y/Y and beat estimates by $0.02M .
"Dsuvia continues to demonstrate solid sales growth in the procedural suite setting, with adoption beginning across national accounts. Our European partner, Aguettant, also is gearing up for the launch of Dzuveo," said ACRX CEO Vince Angotti in the earnings report .
The company's total Dsuvia units sold in Q2, including the fluctuating DoD volumes, were 10.6K compared to 10.53K units in Q1 2022.
Cash, cash equivalents, restricted cash and investments as of quarter-end were $27.9M vs. $51.6M as of Dec. 31, 2021.
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AcelRx Pharma stock falls ~17% premarket after Q2 results, large runup in shares