OXIS International, Inc. (OTCMKTS:OXIS)‘s discussion on its immunotherapeutic did it little good. After surging for continuous trade sessions, OXIS International, Inc. (OTCMKTS:OXIS) dropped heavily over its disappointing annual report. The company’s Chairman and CEO Tony Cataldo spoke about a lot of positive aspects around the company and its business, but annual report reflected the true picture of the company.
Disastrous annual report
As per the filed report, the company’s cash and cash equivalents stood at $855,000. Its total current assets were worth $882,000, but the current liabilities were as huge as $19.8 million. With revenues as little as $61,000, the company’s net loss stood at a shocking level of $23.4 million. There was merely any explanation to support the company on its newly embraced strategies. Though the company tried to brush the devastating impact of its annual report by arranging a discussion on its immunotherapeutic focus, but all failed in front of horrifying results.
Unrealistic goals and strategies
During the conference call, OXIS International, Inc. (OTCMKTS:OXIS) assured the stakeholders that it is progressing on the development of immunotherapies for the treatment of breast cancer and multiple myeloma as well as osteolytic lesions. It briefed about the progress made with its partner MultiCell Immunotherapeutics, but all in vain. A day earlier, CEO Cataldo also discussed the company’s intentions of up listing on NASDAQ, which gave temporary wings to its share price.
The company had announced the suspension of trading on the Euronext market in order to evaluate its potential to list on a bigger exchange. The annual report clearly erases those hopes as OXIS International, Inc. (OTCMKTS:OXIS) is nowhere near to meet the listing standards of a platform like NASDAQ. It seems that OXIS International, Inc. (OTCMKTS:OXIS) has a very long way to go in order to meet its objectives.
The stock lost 13% in the previous day’s session to close at $0.0471 and recorded average volume of 4.22 million shares.