OXIS International, Inc. (OTCMKTS:OXIS) Crashes In Spite Of News
OXIS International, Inc. (OTCMKTS:OXIS) lost its footing once more yesterday, in spite of publishing an optimistic PR just the day before. What is up with that?
By all accounts, the news that the company had teamed up with the University of Minnesota to develop and commercialize cancer therapies using Trispecific Killer Engager should have afforded OXIS some more leeway. Obviously, that didn’t happen – in fact, quite the opposite is true, which is somewhat confusing.
Or, to be precise, it would be confusing, if you didn’t take into account some of the other circumstances surrounding the company.
As we have mentioned on occasion in the past, the company’s latest financial report wasn’t inspiring at all:
- Cash and cash equivalents – $30 thousand
- Total Current Assets – $32 thousand
- Total Current Liabilities – $19 MILLION
- Net cash used in operating activities during the last reported quarter – $167 thousand
It doesn’t take a financial expert to see the discrepancy here. OXIS claims to be involved in serious cancer research. How is it managing that while at the same time spending less than $170 thousand per quarter?
The company’s assets don’t inspire confidence, either. True enough, OXIS did acquire $585 thousand worth of funding by selling 1.7 million shares of its common stock a while back – but how long will that last?
One silver lining to be found here is that after the last two steps down, said shares can no longer be sold at a profit. However, make no mistake – even though it has gone inert for now, the threat they represent for investor value is not to be underestimated. What’s more, and it’s not like this is the only red flag that researching OXIS‘s flings can reveal.
With this in mind, it should be quite obvious why the ticker is falling.