RVL Pharmaceuticals plc (Nasdaq: RVLP)
(“RVL” or the “Company”), a specialty pharmaceutical company
focused on the commercialization of UPNEEQ® (oxymetazoline
hydrochloride ophthalmic solution), 0.1%, for the treatment of
acquired blepharoptosis, or low-lying eyelid, in adults, today
announced financial results for the three months ended June 30,
2023, and provided an update on its business review.
“During the past several months, we have focused
on expense reduction to extend runway, optimize marketing mix, and
support business development efforts. While this streamlining
had a modest unfavorable impact on sales during the quarter, we
have gained greater conviction that driving consumer awareness is
the next lever that may unlock meaningful growth for UPNEEQ.
Importantly, we have also compiled encouraging data around our
large total addressable market, or TAM, and the exceptionally low
level of consumer awareness for UPNEEQ,” stated Brian Markison,
Chief Executive Officer of RVL.
“In addition, we have continued our strategic
business review, and are in advanced discussions with certain
companies that we could potentially partner with or acquire to
support growth and integrate into our infrastructure with
meaningful synergies,” continued Markison.
“We have been working closely with our lender,
Athyrium, and have recently executed an amendment to our note
purchase agreement in order to support our growth and business
development strategy,” continued Markison.
“Looking ahead, we believe that UPNEEQ is a
significant potential value driver. We expect that our future
marketing mix will shift to the consumer to complement our personal
selling efforts across the board. Conversions to Elevate, our new
e-commerce platform, which is designed to enable us to offer
subscription options to all of our customers and a
Business-to-Business-to-Consumer (B-B-C) program for direct
purchasing locations, are off to an encouraging start,” concluded
Markison.
Second Quarter 2023 Financial
Highlights
-
UPNEEQ net product sales were $8.3 million, a decrease of $0.1
million, or 2%, from the second quarter of 2022.
-
5,400 cumulative unique medical aesthetics practices had placed
orders for UPNEEQ at quarter end, an increase of 13% from the end
of the first quarter of 2023.
-
21,000 cumulative unique prescribers had written a paid
prescription for UPNEEQ at quarter end, an increase of 6% compared
to the end of the first quarter of 2023.
-
Total operating expenses were $28.3 million, inclusive of a $13.9
million impairment charge. Absent the impairment charge, total
operating expenses were $14.4 million, a decrease of $6.9 million,
or 32%, from the second quarter of 2022.
-
Net loss was $(23.9) million, compared to a net loss of $(12.1)
million in the prior year period. Adjusted EBITDA1 loss was $(7.4)
million, compared to an Adjusted EBITDA loss of $(11.8) million in
the second quarter of 2022.
-
At June 30, 2023, the Company had cash and cash equivalents of
$19.2 million and senior secured indebtedness with aggregate
principal maturities of $70.7 million.
Second Quarter 2023 Financial Results
Net product sales, relating entirely to sales of
UPNEEQ, decreased by $0.1 million to $8.3 million in the three
months ended June 30, 2023, as compared to $8.4 million in the
three months ended June 30, 2022. The year-over-year decrease was
primarily due to a decrease in sales volume partially offset by
nominally higher pricing, partly attributable to a price increase
implemented during April 2022.
Total cost of goods sold, which relate
exclusively to net product sales, decreased by $0.3 million to $1.9
million in the three months ended June 30, 2023, as compared to
$2.2 million in the three months ended June 30, 2022. The
year-over-year decrease was primarily driven by lower sales volumes
and royalty expense, inclusive of contingent earn out obligations
particular to the 2022 period.
Gross profit percentage from net product sales
was 76% and 74% in the 2023 and 2022 periods, respectively,
primarily reflecting lower royalty expense, inclusive of contingent
earn out obligations.
Selling, general and administrative expenses
decreased by $6.3 million to $13.9 million in the three months
ended June 30, 2023, as compared to $20.2 million in the three
months ended June 30, 2022. The year-over-year decrease was
primarily driven by (i) $4.2 million in lower net compensation and
training costs primarily relating to the absence of an eye care
salesforce in the 2023 period, (ii) $0.9 million in lower
insurance, rent, legal and other professional fees, (iii) $0.8
million in lower share-based compensation, and (iv) $0.2 million in
lower marketing expenses for UPNEEQ.
Research and development expenses decreased by
$0.7 million to $0.5 million in the three months ended June 30,
2023, as compared to $1.2 million in the three months ended June
30, 2022. The year-over-year decrease primarily reflects $0.3
million in lower project spending and $0.2 million in lower
share-based compensation expense.
During the three months ended June 30, 2023, and
following our discontinuance of marketing efforts associated with
arbaclofen extended release, an In-Process Research and Development
project-based intangible asset, we recognized impairment charges of
$13.9 million. No such impairments were recognized in the three
months ended June 30, 2022.
Total operating expenses were $28.3 million,
inclusive of a $13.9 million impairment, in the three months ended
June 30, 2023. Excluding the impairment, total operating expenses
were $14.4 million, a decrease of $6.9 million, or 32%, compared to
the three months ended June 30, 2022.
Total other non-operating activities represented
$2.0 million of net expense and $3.3 million of net income in the
three months ended June 30, 2023, and 2022, respectively. Net
non-operating income or expense in the 2023 and 2022 periods was
primarily influenced by fair value re-measurements required under
our debt and warrants.
Net loss was $(23.9) million in the three months
ended June 30, 2023, as compared to a $(12.1) million loss in the
three months ended June 30, 2022. Adjusted EBITDA loss decreased by
$4.4 million, or 38%, to a $(7.4) million loss in the three months
ended June 30, 2023, as compared to an $(11.8) million loss in the
three months ended June 30, 2022.
Liquidity
At June 30, 2023, the Company had cash and cash
equivalents of $19.2 million and senior secured indebtedness with
aggregate principal maturities of $70.7 million, which are
reflected on its balance sheet at fair value of $57.3 million.
Presentation of Non-GAAP Financial Measures
In addition to our results determined in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”) throughout this press release, we
also present Adjusted EBITDA loss, which is a non-GAAP financial
measurement. Adjusted EBITDA loss represents earnings before
interest, taxes, depreciation and amortization (or “EBITDA”)
adjusted for (i) non-operating income or expense and (ii) the
impact of certain non-cash, non-recurring or other items that are
included in net loss and EBITDA that we do not consider indicative
of our ongoing operating performance. In particular, our
measurement of Adjusted EBITDA loss excludes the following from
EBITDA: licensing-related revenues, net of transaction costs;
divestiture-related contingent milestone payments, net of fees;
changes in the fair value of our debt and interest expense and
warrant liability recognized through earnings; gains or losses on
the sale of product rights; impairments of intangible assets; asset
disposal charges; debt financing costs; share-based compensation
expense; severance expenses; foreign currency translation; legal
settlements and expenses and other expenses.
We use Adjusted EBITDA loss for business
planning purposes, in assessing our performance and in measuring
our performance relative to that of our competitors. We also
believe that Adjusted EBITDA loss provides investors with useful
information to understand our operating results and analyze
financial and business trends on a period-to-period basis. Adjusted
EBITDA loss has important limitations as an analytical tool,
however, and you should not consider it in isolation or as a
substitute for analysis of our results as reported under GAAP.
Adjusted EBITDA loss is not intended to replace, and should not be
considered superior to, the presentation of our financial results
in accordance with GAAP. Our definition of Adjusted EBITDA loss may
differ from similar measures reported by other companies and may
not be comparable to other similarly titled measures. Adjusted
EBITDA loss is reconciled from net loss, the most comparable GAAP
financial measure, in the attached table “RVL Pharmaceuticals plc -
GAAP to Non-GAAP Reconciliations” at the end of this press
release.
Forward-Looking Statements
This press release includes statements that
express the Company’s opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results and therefore are, or may be deemed to be,
“forward-looking statements.” The Company’s actual results may vary
significantly from the results anticipated in these forward-looking
statements, which can generally be identified by the use of
forward-looking terminology, including the terms “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “projects,”
“approximately,” “intends,” “plans,” “targets,” “estimates” or
“anticipates,” or, in each case, their negatives or other
variations or comparable terminology. These forward-looking
statements include all matters that are not historical facts. They
include statements regarding the Company’s intentions, beliefs or
current expectations concerning, among other things, its results of
operations, financial condition, liquidity, prospects, financial
guidance, growth plan, strategies, trends and other events,
particularly relating to sales of UPNEEQ, the rollout of Elevate,
our next generation e-commerce portal, and our future marketing mix
shift to consumers, expectations regarding our total addressable
market and consumer awareness, plans to potentially partner with or
acquire companies to support growth and integrate into our
infrastructure and the potential synergies resulting from such
partnership or acquisition, the continuation of historical trends,
our ability to manage costs and service our debt and the
sufficiency of our cash balances and cash generated from operating
and financing activities for future liquidity and capital resource
needs. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We may not
achieve the plans, intentions or expectations disclosed in our
forward-looking statements, and you should not place significant
reliance on our forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements we make.
Important factors that could cause actual results and events to
differ materially from those indicated in the forward-looking
statements include the following: UPNEEQ’s ability to reach market
acceptance by clinicians and patients; our ability to successfully
commercialize UPNEEQ; our customers’ willingness to pay the price
we charge for UPNEEQ; the results of our marketing and sales
expenditures; our dependence on third-party suppliers and
distributors for UPNEEQ; UPNEEQ’s ability to produce its intended
effects; the impact of legal proceedings; and other risks and
uncertainties more fully described in the “Risk Factors” section of
our Annual Report on Form 10-K filed on March 20, 2023, and our
Quarterly Report on Form 10-Q filed on May 11, 2023, and other
filings that the Company makes with the Securities and Exchange
Commission. These forward-looking statements speak only as of the
time of this press release and we do not undertake to publicly
update or revise them, whether as a result of new information,
future events or otherwise, except as required by law.
Conference Call
As previously announced, RVL management will
host its second quarter 2023 financial results conference call as
follows:
Date |
|
Monday, August 14,
2023 |
Time |
|
8:30 a.m. ET |
Register* (audio only) |
|
Click here |
Webcast (live and replay) |
|
https://ir.rvlpharma.com/ under the “Investors & News”
section |
|
|
|
* Conference call participants should register
to obtain their dial-in and passcode details. Please be sure to
register using a valid email address.
IMPORTANT SAFETY INFORMATION
INDICATION
UPNEEQ® (oxymetazoline hydrochloride ophthalmic
solution), 0.1% is indicated for the treatment of acquired
blepharoptosis in adults.
WARNINGS AND PRECAUTIONS
-
Ptosis may be associated with neurologic or orbital diseases such
as stroke and/or cerebral aneurysm, Horner syndrome, myasthenia
gravis, external ophthalmoplegia, orbital infection and orbital
masses. Consideration should be given to these conditions in the
presence of ptosis with decreased levator muscle function and/or
other neurologic signs.
-
Alpha-adrenergic agonists as a class may impact blood pressure.
Advise UPNEEQ patients with cardiovascular disease, orthostatic
hypotension, and/or uncontrolled hypertension or hypotension to
seek medical care if their condition worsens.
-
Use UPNEEQ with caution in patients with cerebral or coronary
insufficiency or Sjögren’s syndrome. Advise patients to seek
medical care if signs and symptoms of potentiation of vascular
insufficiency develop.
-
UPNEEQ may increase the risk of angle closure glaucoma in patients
with untreated narrow-angle glaucoma. Advise patients to seek
immediate medical care if signs and symptoms of acute narrow-angle
glaucoma develop.
-
Patients should not touch the tip of the single patient-use
container to their eye or to any surface, in order to avoid eye
injury or contamination of the solution.
ADVERSE REACTIONS
Adverse reactions that occurred in 1-5% of
subjects treated with UPNEEQ were punctate keratitis, conjunctival
hyperemia, dry eye, blurred vision, instillation site pain, eye
irritation and headache.
DRUG INTERACTIONS
-
Alpha-adrenergic agonists, as a class, may impact blood pressure.
Caution in using drugs such as betablockers, anti-hypertensives,
and/or cardiac glycosides is advised. Caution should also be
exercised in patients receiving alpha adrenergic receptor
antagonists such as in the treatment of cardiovascular disease, or
benign prostatic hypertrophy.
-
Caution is advised in patients taking monoamine oxidase inhibitors
which can affect the metabolism and uptake of circulating
amines.
About RVL Pharmaceuticals
plc
RVL Pharmaceuticals plc is a specialty
pharmaceutical company focused on the commercialization of UPNEEQ®
(oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the
treatment of acquired blepharoptosis, or low-lying eyelid, in
adults. UPNEEQ is the first non-surgical treatment option approved
by the FDA for acquired blepharoptosis.
Investor and Media Relations for RVL Pharmaceuticals
plc
Lisa M. WilsonIn-Site Communications, Inc.T:
212-452-2793E: lwilson@insitecony.com
-Financial Tables Follow-
RVL
Pharmaceuticals plc |
|
|
|
|
|
|
Unaudited Condensed Consolidated Balance
Sheets |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,159 |
|
|
$ |
44,543 |
|
Accounts receivable and other receivables |
|
|
1,932 |
|
|
|
3,031 |
|
Inventories, net |
|
|
1,356 |
|
|
|
784 |
|
Prepaid expenses and other current assets |
|
|
3,305 |
|
|
|
8,617 |
|
Total current assets |
|
|
25,752 |
|
|
|
56,975 |
|
Property,
plant and equipment, net |
|
|
3,440 |
|
|
|
1,276 |
|
Operating
lease assets |
|
|
365 |
|
|
|
512 |
|
Indefinite-lived intangible assets |
|
|
- |
|
|
|
13,900 |
|
Goodwill |
|
|
55,847 |
|
|
|
55,847 |
|
Total assets |
|
$ |
85,404 |
|
|
$ |
128,510 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
2,530 |
|
|
$ |
2,407 |
|
Accrued liabilities |
|
|
7,857 |
|
|
|
15,395 |
|
Current portion of debt ($57,300 measured at fair value
and representing $70,666 of aggregate unpaid principal at June 30,
2023) |
|
|
57,748 |
|
|
|
1,432 |
|
Current portion of obligations under finance
leases |
|
|
10 |
|
|
|
10 |
|
Current portion of lease liability |
|
|
197 |
|
|
|
435 |
|
Income taxes payable - current portion |
|
|
50 |
|
|
|
44 |
|
Total current liabilities |
|
|
68,392 |
|
|
|
19,723 |
|
Long-term
debt (measured at fair value and representing $75,000 of aggregate
unpaid principal at December 31, 2022) |
|
|
— |
|
|
|
55,500 |
|
Warrant
liability |
|
|
469 |
|
|
|
1,951 |
|
Long-term
portion of obligation under finance leases |
|
|
12 |
|
|
|
18 |
|
Long-term
portion of lease liability |
|
|
180 |
|
|
|
94 |
|
Income taxes
payable - long term portion |
|
|
— |
|
|
|
70 |
|
Deferred
taxes |
|
|
25 |
|
|
|
61 |
|
Total liabilities |
|
|
69,078 |
|
|
|
77,417 |
|
Shareholders' equity: |
|
|
|
|
|
|
Ordinary shares |
|
|
994 |
|
|
|
992 |
|
Additional paid in capital |
|
|
620,055 |
|
|
|
619,323 |
|
Accumulated deficit |
|
|
(604,723 |
) |
|
|
(569,222 |
) |
Total shareholders' equity |
|
|
16,326 |
|
|
|
51,093 |
|
Total liabilities and shareholders'
equity |
|
$ |
85,404 |
|
|
$ |
128,510 |
|
|
|
|
|
|
|
|
RVL
Pharmaceuticals plc |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Operations and Comprehensive
Loss |
|
|
|
|
|
(in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product
sales |
|
$ |
8,258 |
|
|
$ |
8,448 |
|
|
$ |
17,090 |
|
|
$ |
14,392 |
|
|
Royalty and
licensing revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,500 |
|
|
Total revenues |
|
|
8,258 |
|
|
|
8,448 |
|
|
|
17,090 |
|
|
|
29,892 |
|
|
Cost of
goods sold |
|
|
1,946 |
|
|
|
2,227 |
|
|
|
4,245 |
|
|
|
4,371 |
|
|
Gross profit |
|
|
6,312 |
|
|
|
6,221 |
|
|
|
12,845 |
|
|
|
25,521 |
|
|
Selling,
general and administrative expenses |
|
|
13,886 |
|
|
|
20,169 |
|
|
|
30,084 |
|
|
|
44,003 |
|
|
Research and
development expenses |
|
|
547 |
|
|
|
1,176 |
|
|
|
1,173 |
|
|
|
2,038 |
|
|
Impairment
of intangible assets |
|
|
13,900 |
|
|
|
— |
|
|
|
13,900 |
|
|
|
— |
|
|
Total operating expenses |
|
|
28,333 |
|
|
|
21,345 |
|
|
|
45,157 |
|
|
|
46,041 |
|
|
Operating loss |
|
|
(22,021 |
) |
|
|
(15,124 |
) |
|
|
(32,312 |
) |
|
|
(20,520 |
) |
|
Interest
expense and amortization of debt discount |
|
|
13 |
|
|
|
978 |
|
|
|
39 |
|
|
|
1,963 |
|
|
Change in
fair value of debt and interest expense |
|
|
3,144 |
|
|
|
(740 |
) |
|
|
10,493 |
|
|
|
304 |
|
|
Change in
fair value of warrants |
|
|
(805 |
) |
|
|
(3,455 |
) |
|
|
(1,482 |
) |
|
|
1,053 |
|
|
Other
non-operating income, net |
|
|
(371 |
) |
|
|
(78 |
) |
|
|
(5,806 |
) |
|
|
(5,115 |
) |
|
Total other non-operating expense
(income) |
|
1,981 |
|
|
|
(3,295 |
) |
|
|
3,244 |
|
|
|
(1,795 |
) |
|
Loss before
income taxes |
|
|
(24,002 |
) |
|
|
(11,829 |
) |
|
|
(35,556 |
) |
|
|
(18,725 |
) |
|
Income tax
(benefit) expense |
|
|
(113 |
) |
|
|
277 |
|
|
|
(55 |
) |
|
|
202 |
|
|
Net
loss |
|
$ |
(23,889 |
) |
|
$ |
(12,106 |
) |
|
$ |
(35,501 |
) |
|
$ |
(18,927 |
) |
|
Change in
fair value of debt due to change in credit risk, net of tax |
|
|
— |
|
|
|
- |
|
|
|
- |
|
|
|
(1,700 |
) |
|
Comprehensive loss |
|
$ |
(23,889 |
) |
|
$ |
(12,106 |
) |
|
$ |
(35,501 |
) |
|
$ |
(20,627 |
) |
|
Loss per
ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.24 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.36 |
) |
$ |
|
(0.23 |
) |
|
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
99,370,291 |
|
|
|
83,580,906 |
|
|
|
99,345,933 |
|
|
|
83,535,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RVL
Pharmaceuticals plc |
|
|
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
Cash
Flows from Operating Activities: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(35,501 |
) |
|
$ |
(18,927 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
187 |
|
|
|
180 |
|
|
Share compensation |
|
|
731 |
|
|
|
2,418 |
|
|
Change in fair value of debt |
|
|
6,134 |
|
|
|
(2,600 |
) |
|
Change in fair value of warrants |
|
|
(1,482 |
) |
|
|
1,053 |
|
|
Impairment of intangible assets |
|
|
13,900 |
|
|
|
— |
|
|
Deferred income tax (benefit) expense |
|
|
(37 |
) |
|
|
23 |
|
|
Gain on sale of fixed and leased assets |
|
|
(166 |
) |
|
|
(94 |
) |
|
Amortization of deferred financing and loan origination
fees |
|
— |
|
|
|
1,935 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable and other receivables |
|
|
1,099 |
|
|
|
300 |
|
|
Inventories, net |
|
|
(572 |
) |
|
|
310 |
|
|
Prepaid expenses and other current and non-current
assets |
|
|
5,313 |
|
|
|
3,614 |
|
|
Trade accounts payable |
|
|
124 |
|
|
|
1,659 |
|
|
Accrued and other current liabilities |
|
|
(7,610 |
) |
|
|
(1,151 |
) |
|
Net cash used in operating
activities |
|
|
(17,880 |
) |
|
|
(11,280 |
) |
|
Cash
Flows from Investing Activities: |
|
|
|
|
|
|
|
Proceeds from sale of fixed and leased assets |
|
|
166 |
|
|
|
94 |
|
|
Purchases of property, plant and equipment |
|
|
(2,350 |
) |
|
|
(27 |
) |
|
Net cash (used in) provided by
investing activities |
|
|
(2,184 |
) |
|
|
67 |
|
|
Cash
Flows from Financing Activities: |
|
|
|
|
|
|
|
Payments on finance lease obligations |
|
|
(5 |
) |
|
|
(4 |
) |
|
Payments on insurance financing loan |
|
|
(984 |
) |
|
|
(1,802 |
) |
|
Payments for taxes related to net share settlement of
share-based awards |
|
|
(89 |
) |
|
|
(131 |
) |
|
Proceeds from issuance of ordinary shares under the ESP
Plan |
|
92 |
|
|
|
119 |
|
|
Debt repayments |
|
|
(4,334 |
) |
|
|
— |
|
|
Net cash used in financing
activities |
|
|
(5,320 |
) |
|
|
(1,818 |
) |
|
Net change
in cash and cash equivalents |
|
|
(25,384 |
) |
|
|
(13,031 |
) |
|
Cash and
cash equivalents, beginning of period |
|
|
44,543 |
|
|
|
40,444 |
|
|
Cash and
cash equivalents, end of period |
|
$ |
19,159 |
|
|
$ |
27,413 |
|
|
|
|
|
|
|
|
|
|
RVL Pharmaceuticals plc |
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
|
|
$ |
(23,889 |
) |
|
$ |
(12,106 |
) |
|
$ |
(35,501 |
) |
|
$ |
(18,927 |
) |
|
Interest expense and amortization of debt discount |
|
13 |
|
|
|
978 |
|
|
|
39 |
|
|
|
1,963 |
|
|
Income tax (benefit) expense |
|
|
|
(113 |
) |
|
|
277 |
|
|
|
(55 |
) |
|
|
202 |
|
|
Depreciation and amortization expense |
|
|
94 |
|
|
|
91 |
|
|
|
187 |
|
|
|
180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
(23,895 |
) |
|
|
(10,760 |
) |
|
|
(35,330 |
) |
|
|
(16,582 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licensing-related revenues, net of transaction costs(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,000 |
) |
|
Divestiture-related contingent milestone payments, excluding
fees(2) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
(5,000 |
) |
|
|
(5,000 |
) |
|
Debt financing costs(3) |
|
|
|
— |
|
|
|
— |
|
|
|
575 |
|
|
|
150 |
|
|
Change in fair value of debt and interest expense(4) |
|
3,144 |
|
|
|
(740 |
) |
|
|
10,493 |
|
|
|
304 |
|
|
Change in fair value of warrants(4) |
|
|
(805 |
) |
|
|
(3,455 |
) |
|
|
(1,482 |
) |
|
|
1,053 |
|
|
Impairment of intangible assets(5) |
|
|
13,900 |
|
|
|
— |
|
|
|
13,900 |
|
|
|
— |
|
|
Share-based compensation expense |
|
|
232 |
|
|
|
1,209 |
|
|
|
731 |
|
|
|
2,418 |
|
|
Severance expense |
|
|
|
|
— |
|
|
|
1,859 |
|
|
|
- |
|
|
|
1,859 |
|
|
Foreign currency translation |
|
|
|
33 |
|
|
|
48 |
|
|
|
67 |
|
|
|
62 |
|
|
Other |
|
|
|
|
|
— |
|
|
|
85 |
|
|
|
- |
|
|
|
86 |
|
|
Adjusted EBITDA Loss |
|
|
$ |
(7,391 |
) |
|
$ |
(11,754 |
) |
|
$ |
(16,046 |
) |
|
$ |
(30,650 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - 2022 includes
$15,500 in licensing revenue recognized in connection with an
amendment of our License Agreement with Santen, effective March 31,
2022, net of a $500 transaction fee expense classified in selling,
general and administrative expenses. |
|
(2) - Relates to
contingent gains related to milestone payments earned subsequent to
the sale of our legacy business to Alora Pharmaceuticals. |
|
(3) - 2023 relates to
$575 in mandatory debt repayment fees, classified in selling,
general and administrative expenses, incurred as a result of our
receipt of a contingent milestone payment. 2022 relates to $150 in
consent fees, classified in selling, general and administrative
expenses, incurred with our lendor upon the issuance of waivers of
mandatory repayments of debt following receipt of a contingent
milestone payment. |
|
(4) - Our senior
secured notes issued under our Note Purchase Agreement, a material
component of long-term debt, and our warrant liabilities, a
material component of total liabilities have each been measured and
carried at fair value since their issuance in October 2021. Changes
in the fair value of debt and warrants are accounted for at fair
value, inclusive of related accrued interest expense in respect of
debt, and are presented as periodic gains or losses in our
consolidated statements of operations and comprehensive loss. |
|
(5) - Relates to
non-cash impairment charges associated with arbaclofen extended
release, an In-Process Research and Development project-based
intangible asset. |
|
1 Adjusted EBITDA is a non-GAAP financial
measurement, see “Presentation of Non-GAAP Financial Measures.”
RVL Pharmaceuticals (NASDAQ:RVLP)
過去 株価チャート
から 5 2024 まで 6 2024
RVL Pharmaceuticals (NASDAQ:RVLP)
過去 株価チャート
から 6 2023 まで 6 2024