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Sunday, January 17, 2021

Micro Cap Spotlight on Neuralstem, Inc. (NASDAQ:CUR)

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Neuralstem, Inc. (NASDAQ:CUR) did a 13-1 reverse split coming into 2017 getting shares out of the penny status. Know also the stock was trading $50 two years ago (split adjusted) so the current $4.00 price tag makes them even on the year. All-in-all they have been range trading between $2.50 and $6.00 for more than a year. Often in biotech the dream of the cure drives the science for as long as it takes. It seems someone is always willing to fund you, or own your common shares with a light shining on the future.

Unfortunately many investors don’t review split adjusted prices so they can understand the true value of the company. This is the precise reason a stock will do a reverse split, they figure if I get it around $5.00 per share I will appear legitimate. You need to look at the market capitalization number (in the case of CUR it is $48.82m with the share price @ $3.96) and look what happens when shares split or more shares are added to the float. In Neuralstems case they needed to do it to satisfy Nasdaq.

Lets look at some recent earnings numbers so we can add some fundamental datapoints to the technical picture. Neuralstem, Inc. (NASDAQ:CUR) is a biopharmaceutical company developing next generation treatments for nervous system diseases, and they recently reported financial results for the quarter ended March 31, 2017.

“This is an exciting time for the company as we approach a large clinical milestone of NSI-189 Phase 2 major depressive disorder (MDD) study results, which remain ahead of schedule for the third quarter of this year,” commented Rich Daly, chairman and CEO. “We also continue to strengthen our balance sheet and have extended our cash runway an additional quarter into late 2018.”

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$CUR 10-Day Chart Below:

As mentioned, in January 2017, the Company executed a 1-for-13 reverse stock split of the Company’s common stock. The reverse stock split enabled Neuralstem to regain compliance with the $1.00 minimum bid price condition and thereby fulfill all of the NASDAQ Capital Market continued listing requirements.

In March and April 2017, the company received approximately $2.75M from the exercise of 846,156 common stock purchase warrants (issued in May 2016) offering at an exercise price of $3.25 per share, and expect that existing cash and cash equivalents will be sufficient.

Cash, cash equivalents, and short-term investments on hand was approximately $16.7 million at March 31, 2017, compared to approximately $20.2 million at December 31, 2016.  The decrease resulted from use of cash to fund NSI-189 clinical programs and to meet debt repayment obligations partially offset by cash raised of approximately $2.2 million, net primarily from the exercise of warrants in March 2017. As of March 31, 2017 they had approximately $2.58 million of debt outstanding as compared to $3.8 million at December 31, 2016.

For the quarter ended March 31, 2017, Neuralstem, Inc. (NasdaqMKTS:CUR) reported a net loss of approximately $7.6 million or $0.68 per share, compared to a loss of approximately $6.6 million or $0.93 per share on a split adjusted basis in the quarter ended March 31, 2016. The operating loss in the quarter ended March 31, 2017 was approximately $4.2 million, compared to a loss of approximately $6.2 million in the quarter ended March 31, 2016.

Reverse splits that are required by the exchanges rarely lead to anything good, and CUR has been range trading for awhile now when you take into consideration the recent split. They seem to be doing the right things and pushing the envelope continuing to seek a solution for depression disorders, and the common shareholders stay put while institutional money seems a bit more fickle here. We will keep an eye on CUR because they are working on a solution to an important problem, and some stocks keep investors onboard for the duration.  For continuing coverage on shares of $CUR stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

 

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