COVID-19 Program: Opaganib (ABC294640)7
Company contact:
Adi Frish
Chief Corporate and Business Development Officer
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com |
Media contacts:
U.S.: Bryan Gibbs, Finn Partners
+1 212 529 2236
bryan.gibbs@finnpartners.com
UK: Amber Fennell, Consilium
+44 (0) 7739 658 783
fennell@consilium-comms.com |
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
U.S. dollars in thousands
| ||||||||||||||||
NET REVENUES
|
21,609
|
20,943
|
63,686
|
42,898
| ||||||||||||
COST OF REVENUES
|
9,229
|
10,337
|
30,072
|
26,240
| ||||||||||||
GROSS PROFIT
|
12,380
|
10,606
|
33,614
|
16,658
| ||||||||||||
RESEARCH AND DEVELOPMENT EXPENSES
|
5,818
|
4,323
|
23,630
|
10,302
| ||||||||||||
SELLING AND MARKETING EXPENSES
|
15,525
|
13,414
|
44,655
|
32,384
| ||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES
|
8,435
|
7,329
|
25,765
|
17,948
| ||||||||||||
OPERATING LOSS
|
17,398
|
14,460
|
60,436
|
43,976
| ||||||||||||
FINANCIAL INCOME
|
17
|
42
|
39
|
339
| ||||||||||||
FINANCIAL EXPENSES
|
4,006
|
4,220
|
12,974
|
8,205
| ||||||||||||
FINANCIAL EXPENSES, net
|
3,989
|
4,178
|
12,935
|
7,866
| ||||||||||||
LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD
|
21,387
|
18,638
|
73,371
|
51,842
| ||||||||||||
LOSS PER ORDINARY SHARE, basic and diluted (U.S. dollars):
|
0.05
|
0.05
|
0.16
|
0.14
| ||||||||||||
WEIGHTED AVERAGE OF ORDINARY SHARES (in thousands)
|
467,908
|
372,893
|
454,995
|
359,428
|
September 30,
|
December 31,
| |||||||
2021
|
2020
| |||||||
U.S. dollars in thousands
| ||||||||
CURRENT ASSETS:
| ||||||||
Cash and cash equivalents
|
23,254
|
29,295
| ||||||
Bank deposits
|
12,028
|
17
| ||||||
Financial assets at fair value through profit or loss
|
-
|
481
| ||||||
Trade receivables
|
30,036
|
28,655
| ||||||
Prepaid expenses and other receivables
|
4,682
|
5,521
| ||||||
Inventory
|
13,115
|
6,526
| ||||||
83,115
|
70,495
| |||||||
NON-CURRENT ASSETS:
| ||||||||
Restricted cash
|
16,163
|
16,164
| ||||||
Fixed assets
|
477
|
511
| ||||||
Right-of-use assets
|
4,193
|
5,192
| ||||||
Intangible assets
|
82,388
|
87,879
| ||||||
103,221
|
109,746
| |||||||
TOTAL ASSETS
|
186,336
|
180,241
| ||||||
CURRENT LIABILITIES:
| ||||||||
Account payable
|
15,245
|
11,553
| ||||||
Lease liabilities
|
1,743
|
1,710
| ||||||
Allowance for deductions from revenue
|
28,356
|
18,343
| ||||||
Accrued expenses and other current liabilities
|
20,587
|
24,082
| ||||||
Payable in respect of intangible assets purchase
|
15,731
|
17,547
| ||||||
81,662
|
73,235
| |||||||
NON-CURRENT LIABILITIES:
| ||||||||
Borrowing
|
83,516
|
81,386
| ||||||
Payable in respect of intangible assets purchase
|
6,010
|
7,199
| ||||||
Lease liabilities
|
2,849
|
3,807
| ||||||
Royalty obligation
|
750
|
750
| ||||||
93,125
|
93,142
| |||||||
TOTAL LIABILITIES
|
174,787
|
166,377
| ||||||
EQUITY:
| ||||||||
Ordinary shares
|
1,316
|
1,054
| ||||||
Additional paid-in capital
|
355,601
|
293,144
| ||||||
Accumulated deficit
|
(345,368
|
)
|
(280,334
|
)
| ||||
TOTAL EQUITY
|
11,549
|
13,864
| ||||||
TOTAL LIABILITIES AND EQUITY
|
186,336
|
180,241
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
U.S. dollars in thousands
| ||||||||||||||||
OPERATING ACTIVITIES:
| ||||||||||||||||
Comprehensive loss
|
(21,387
|
)
|
(18,638
|
)
|
(73,371
|
)
|
(51,842
|
)
| ||||||||
Adjustments in respect of income and expenses not involving cash flow:
| ||||||||||||||||
Share-based compensation to employees and service providers
|
2,191
|
1,695
|
8,337
|
3,120
| ||||||||||||
Depreciation
|
507
|
470
|
1,465
|
1,237
| ||||||||||||
Amortization and impairment of intangible assets
|
1,834
|
2,109
|
5,491
|
4,958
| ||||||||||||
Non-cash interest expenses related to borrowing and payable in respect of intangible assets purchase
|
869
|
2,039
|
4,725
|
3,656
| ||||||||||||
Fair value losses on financial assets at fair value through profit or loss
|
-
|
31
|
6
|
68
| ||||||||||||
Exchange differences and revaluation of bank deposits
|
17
|
5
|
80
|
(160
|
)
| |||||||||||
5,418
|
6,349
|
20,104
|
12,879
| |||||||||||||
Changes in assets and liability items:
| ||||||||||||||||
Decrease (increase) in trade receivables
|
62
|
6,146
|
(1,381
|
)
|
(11,208
|
)
| ||||||||||
Decrease (increase) in prepaid expenses and other receivables
|
(390
|
)
|
235
|
839
|
(2,391
|
)
| ||||||||||
Increase in inventories
|
(4,352
|
)
|
(350
|
)
|
(6,589
|
)
|
(3,218
|
)
| ||||||||
Increase in accounts payable
|
1,939
|
1,261
|
3,692
|
2,385
| ||||||||||||
Increase (decrease) in accrued expenses and other liabilities
|
(2,575
|
)
|
(4,687
|
)
|
(3,495
|
)
|
17,437
| |||||||||
Increase in allowance for deductions from revenue
|
2,260
|
513
|
10,013
|
84
| ||||||||||||
(3,056
|
)
|
3,118
|
3,079
|
3,089
| ||||||||||||
Net cash used in operating activities
|
(19,025
|
)
|
(9,171
|
)
|
(50,188
|
)
|
(35,874
|
)
| ||||||||
INVESTING ACTIVITIES:
| ||||||||||||||||
Purchase of fixed assets
|
(21
|
)
|
(166
|
)
|
(112
|
)
|
(357
|
)
| ||||||||
Purchase of intangible assets
|
-
|
(735
|
)
|
-
|
(53,368
|
)
| ||||||||||
Change in investment in current bank deposits
|
(8,500
|
)
|
-
|
(12,000
|
)
|
4,200
| ||||||||||
Proceeds from sale of financial assets at fair value through profit or loss
|
-
|
2,075
|
475
|
6,025
| ||||||||||||
Net cash provided by (used in) investing activities
|
(8,521
|
)
|
1,174
|
(11,637
|
)
|
(43,500
|
)
| |||||||||
FINANCING ACTIVITIES:
| ||||||||||||||||
Proceeds from long-term borrowings, net of transaction costs
|
-
|
(784
|
)
|
-
|
78,061
| |||||||||||
Proceeds from issuance of ordinary shares, net of issuance costs
|
499
|
9,137
|
58,713
|
15,500
| ||||||||||||
Exercise of options into ordinary shares
|
665
|
53
|
4,006
|
53
| ||||||||||||
Repayment of payable in respect of intangible asset purchase
|
(1,721
|
)
|
-
|
(5,600
|
)
|
-
| ||||||||||
Increase in restricted cash
|
-
|
-
|
-
|
(20,000
|
)
| |||||||||||
Decrease in restricted cash
|
-
|
4,000
|
-
|
4,000
| ||||||||||||
Payment of principal with respect to lease liabilities
|
(442
|
)
|
(450
|
)
|
(1,229
|
)
|
(1,186
|
)
| ||||||||
Net cash provided by (used in) financing activities
|
(999
|
)
|
11,956
|
55,890
|
76,428
| |||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(28,545
|
)
|
3,959
|
(5,936
|
)
|
(2,946
|
)
| |||||||||
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS
|
(17
|
)
|
(33
|
)
|
(105
|
)
|
121
| |||||||||
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
51,816
|
22,272
|
29,295
|
29,023
| ||||||||||||
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
23,254
|
26,198
|
23,254
|
26,198
| ||||||||||||
SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED IN CASH
|
11
|
71
|
36
|
320
| ||||||||||||
SUPPLEMENTARY INFORMATION ON INTEREST PAID IN CASH
|
3,250
|
2,147
|
8,266
|
4,507
| ||||||||||||
SUPPLEMENTARY INFORMATION ON NON-CASH INVESTING AND FINANCING ACTIVITIES:
| ||||||||||||||||
Acquisition of right-of-use assets by means of lease liabilities
|
385
|
533
|
385
|
2,738
| ||||||||||||
Purchase of intangible assets posted as payable
|
-
|
12,511
|
-
|
24,619
| ||||||||||||
Purchase of an intangible asset in consideration for issuance of shares
|
-
|
1,914
|
-
|
1,914
|
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Disclaimer
Redhill Biopharma Ltd. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 12:10:03 UTC.