Acasti Pharma Inc (NASDAQ: ACST) stock fell 2.82% (As on June 22, 11:16:00 AM UTC-4,Source: Google Finance) after the company posted net loss and total comprehensive loss for the year ended March 31, 2022 of $9.8 million, or $0.27 loss per share, compared to a net loss of $19.7 million, or $1.33 loss per share for the year ended March 31, 2021. Loss from operating activities for the year ended March 31, 2022 was $15.6 million compared to a $16.4 million loss for the year ended March 31, 2021. The Company incurred net financial income (expenses) gain for the year ended March 31, 2022 of $5.1 million compared to $(3.3) million for the year ended March 31, 2021. The change is primarily due to change in fair value of derivative warrant liabilities. Cash, cash equivalents and short-term investments totaled $43.7 million as of March 31, 2022 compared to $60.7 million in cash, cash equivalents and short-term investments as of March 31, 2021.
Research and development expenses, net of government assistance for the twelve months ended March 31, 2022 totaled $5.6 million compared to $4.2 million for the twelve months ended March 31, 2021. The research and development during the year ended March 31, 2022 was focused primarily on advancing the clinical development programs for our GTX 104, GTX 102, and GTX 101 drug candidates, which were acquired in the Grace merger completed on August 27, 2021. Research and development expenses during the year ended March 31, 2021 related to the completion of the TRILOGY Phase 3 clinical program for CaPre, and due diligence activities on various strategic options under review prior to the Grace merger announcement.
Meanwhile, Acasti’s 3 lead programs are on schedule to initiate new clinical trials in the second half of calendar 2022 including: GTX-104 – Initiate Phase 3 safety trial (Q4 calendar year), GTX-102 – Initiate PK Bridging Study (Q3 calendar year) and GTX-101 – Initiate Single Dose and Multiple Ascending Dose PK studies (Q3 calendar year). The company achieved positive top line results for the pharmacokinetic (PK) bridging study with IV GTX-104, our lead drug candidate for the treatment of Subarachnoid Hemorrhage (SAH), with the study having met all its planned endpoints. The company preparing the GTX-104 PK bridging study results for submission to the U.S. Food and Drug Administration (FDA), along with the Company’s proposed design for the Phase 3 safety study, which remains on track to start in the second half of calendar 2022.