After submitting its annual report, OXIS International, Inc. (OTCMKTS:OXIS) declined on the charts. The stock price declined more than 12% to close the trading session at $0.047. The volume of 16 million shares was at lower side, but higher compared to average daily volume of 9 million shares. Last trading session was no different as OXIS share price plunged 18.63% to close at $0.0380 per share. The share volume was 11.96 million.
OXIS operates in the market of Biopharma with a website that evidently features some language problems. The website states that the company develops markets and addresses existing clinical shortcomings of associated products. How a biotech form develops clinical shortcomings is something that surprises readers. More importantly, the same text mentions the word “CANNABINOIDS”, in all caps. The market participants well understand what cannabinoids are, thanks to the rising marijuana industry. OXIS International intends to use “cannabinoids” to fight cancer.
Investors should know that the company suspended stock trading on the Euronext exchange. However, it wants to uplist on the NASDAQ. It appears to be a dream for the company as still it is quite distant from fulfilling the requirements needed to list on NASDAQ exchange.
The number game
As per the last financial report, OXIS International, Inc. (OTCMKTS:OXIS) reported current liabilities of $29 million. The cash balance was $855,000. The annual revenue was $61,000 and $23.4 million came as annual net loss. There was a change in value of warrant and derivative liabilities that added $15 million to total annual net loss. Excluding it, the loss from operations was merely $2.6 million. It was a huge disappointment for the company. The company is taking several measures to generate capital to support its operations; however, the efforts may not be in line with the shareholders expectations. The technical picture of OXIS looks worrisome for shorter term.