Check-Cap (NASDAQ:CHEK) stock rose ~24% on Wednesday after the company's Q3 results.
Net finance income rose to $291K, compared to $22K in Q3 2021.
Q3 net loss widened to -$4.75M, compared to -$4.24M in the same period a year ago.
Research and development expenses were $3.64M, compared to $3.04M in Q3 2021, mainly due to an increase in salary and related expenses, and clinical activities related expenses. The company said it expects clinical expenses to increase in the upcoming quarters as it progresses in its ongoing U.S. pivotal study.
The company develops X-ray scanning capsules called C-Scan Cap for detecting suspected polyps which may turn into colorectal cancer.
"During the third quarter, we have significantly accelerated the pace of patient enrollment in Israel, following an extensive patient outreach campaign which brought high interest and response from average risk patients," said Check-Cap CEO Alex Ovadia.
Cash and cash equivalents, restricted cash and short-term bank deposits as of Sept. 30 were $46M, compared to $50.2M as of June 30.