Osmotica Pharmaceuticals plc (Nasdaq: OSMT) (“Osmotica” or the
“Company”), a specialty pharmaceutical company, today announced
business highlights and financial results for the three months
ended September 30, 2021.
“With the sale of our legacy business, we have accomplished our
strategic goal of transforming the company into one focused on
eyecare and medical aesthetics centered around Upneeq,
(oxymetazoline hydrochloride ophthalmic solution) 0.1%, the first
and only FDA-approved ophthalmic solution for the treatment of
acquired blepharoptosis, or low-lying lids, in adults,” stated
Brian Markison, Chief Executive Officer.
“It is gratifying to see our efforts to build a new market in
eyecare begin to flourish. On September 13, 2021, we introduced our
Direct Dispense program to eyecare practitioners, and early
responses have been encouraging. This program allows us to directly
partner with our customers to serve their patients.
“Following our capital raise, we are taking steps to streamline
the Company in order to ensure that our resources are driving
growth. We are also on schedule with a build out of our medical
aesthetics business unit with the hiring and training of key
personnel with longstanding aesthetics industry experience. We plan
to pilot our approach to the medical aesthetics market this quarter
with a full launch expected early in the first quarter of next
year.
“Last month we received a response from the FDA to our special
protocol assessment submission for a new Phase III trial of
arbaclofen extended-release tablets. We are encouraged by the
constructive feedback from the agency and look forward to working
with the FDA to come to an agreement on a path forward for the
development program,” Markison concluded.
Third Quarter 2021 Financial Highlights
Financial results for the Company’s legacy assets are reported
as discontinued operations in the Company’s financial
statements.
- Upneeq third quarter highlights:
- Sold over 26,500 thirty-count
equivalent Upneeq units, up 62% over 16,400 in the second quarter
2021;
- Initiated the Direct Dispense
program, enrolling over 400 eyecare practices;
- Over 9,800 cumulative unique
prescribers, up 37% from second quarter 2021.
- Total revenues:
- Third quarter 2021
total revenues were $2.2 million, compared to total revenues of
$25.8 million in the third quarter of 2020, the decrease due to a
regulatory milestone payment received from Santen Pharmaceutical
Co., Ltd. in the prior year period.
- Net loss from
continuing operations:
- Third quarter 2021
net loss from continuing operations was $26.3 million, compared to
a net income from continuing operations of $1.7 million in the
third quarter of 2020;
- Third quarter 2021
net income from discontinued operations, net of tax was $8.5
million.
- Adjusted EBITDA:1
- Third quarter 2021
Adjusted EBITDA loss was $20.3 million, compared to Adjusted EBITDA
of $9.1 million in the third quarter of 2020.
- Cash and cash equivalents were $8.4
million, and debt (net of deferred financing costs) was $29.9
million as of September 30, 2021.
1Adjusted EBITDA is a non-GAAP measure. Adjusted EBITDA is more
fully described and reconciled from net loss from continuing
operations determined under U.S. generally accepted accounting
principles (“GAAP”) in “Presentation of Non-GAAP Measures” and the
attached table “Osmotica Pharmaceuticals plc GAAP to Non-GAAP
Reconciliations.”
Third Quarter 2021 Financial Results
Total revenues for the three months ended September 30, 2021
were $2.2 million, compared to $25.8 million for the three months
ended September 30, 2020, primarily due to a $25.0 million
regulatory milestone payment under the Company’s license agreement
with Santen Pharmaceutical Co., Ltd received in the prior year
period.
Net product sales increased $1.6 million to $2.2 million for the
three months ended September 30, 2021, compared to $0.6 million for
the three months ended September 30, 2020. The increase was
primarily attributable to an increase in sales of Upneeq, which was
commercially launched in September 2020, partially offset by a
decrease in product sales of Osmolex, reflecting the divestiture of
the product in January 2021.
Selling, general and administrative expenses increased $3.4
million to $24.8 million in the third quarter of 2021, compared to
$21.4 million in the third quarter of 2020. The increase in
selling, general and administrative expenses primarily reflects a
salesforce expansion during 2021, higher marketing expenses
associated with the launch of Upneeq and an increase in share
compensation expense triggered by the divestiture of the legacy
business.
Research and development expenses decreased $0.4 million to $1.4
million in the third quarter of 2021, compared to $1.8 million in
the third quarter of 2020, primarily reflecting lower spending on
arbaclofen and lower R&D headcount costs, partially offset by
higher spending on a new formulation of Upneeq and the acceleration
of share compensation expense.
Net loss from continuing operations for the third quarter of
2021 was $26.3 million, compared to net income from continuing
operations of $1.7 million in the third quarter of 2020.
Adjusted EBITDA loss for the third quarter of 2021 was $20.3
million, compared to Adjusted EBITDA of $9.1 million for the third
quarter of 2020.
For a reconciliation of Adjusted EBITDA to net loss from
continuing operations, the most comparable GAAP financial measure,
please see the “Osmotica Pharmaceuticals plc GAAP to Non-GAAP
Reconciliations” table at the end of this press release.
Liquidity
As of September 30, 2021, the Company had cash and cash
equivalents of $8.4 million and debt of $29.9 million (net of
deferred financing costs).
On October 1, 2021, the Company entered into a Note Purchase
Agreement with several parties, which allows for the issuance of
senior secured notes in an aggregate principal amount of up to $100
million payable in three separate tranches. The first tranche of
$55 million was issued on October 12, 2021. At any time prior to
October 12, 2022, upon the satisfaction of certain conditions, the
Company may issue a second tranche of up to $20 million, with the
issuance of a third tranche of up to $25 million any time prior to
October 12, 2023 at the option of both the lender and the
Company.
On October 12, 2021 the Company completed a follow-on offering
of 14 million ordinary shares and warrants to purchase up to 14
million shares, at a public offering price of $2.50 per share and
accompanying warrant. The warrants have an exercise price of $3.10
per share, are immediately exercisable, and will expire three and
one-half years from the date of issuance. The Company granted the
underwriter a 30-day option to purchase up to an additional 2.1
million shares and/or warrants to purchase additional 2.1 ordinary
shares at the public offering price. On October 11, 2021 the
underwriter exercised its option to purchase an additional 2.1
million warrants. The aggregate net proceeds from the follow-on
offering were approximately $32.5 million after deducting
underwriting commissions and offering expenses.
The Company's cash balance was approximately $53 million on
November 12, 2021.
Presentation of Non-GAAP Measures
In addition to the results provided in accordance with GAAP
throughout this press release, the Company has presented Adjusted
EBITDA, which is a non-GAAP measurement. Adjusted EBITDA represents
earnings before interest, taxes, depreciation and amortization
(“EBITDA”) adjusted for (i) non-operating income or expense, and
(ii) the impact of certain non-cash, nonrecurring or other items
that are included in net loss from continuing operations and EBITDA
that we do not consider indicative of our ongoing operating
performance. In particular, Adjusted EBITDA excludes the following
from EBITDA: impairment of intangible assets and fixed assets,
share compensation expense, disposals of fixed assets, foreign
currency translation, severance expenses and legal and contractual
settlements and litigation reserves. We use Adjusted EBITDA for
business planning purposes, in assessing our performance and
determining the compensation of substantially all of our employees,
including our executive officers, and in measuring our performance
relative to that of our competitors. We also believe that Adjusted
EBITDA provides investors with useful information to understand our
operating results and analyze financial and business trends on a
period-to-period basis. Adjusted EBITDA 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 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 may differ from similar measures reported by other
companies and may not be comparable to other similarly titled
measures. Adjusted EBITDA is reconciled from net loss from
continuing operations as determined under GAAP in the attached
table “Osmotica Pharmaceuticals plc GAAP to Non-GAAP
Reconciliations.”
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,” “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, our results of operations, financial condition, liquidity,
prospects, financial guidance, growth plan, strategies, trends and
other events, particularly relating to sales of our product and the
development, approval and introduction of new products, FDA and
other regulatory applications, approvals and actions, the
continuation of historical trends, 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:
our dependence on Upneeq; our ability to successfully launch Upneeq
into the medical aesthetics market; our ability to raise additional
capital to continue our operations; our ability to successfully
market and sell Upneeq; failures of or delays in clinical trials or
other delays in obtaining regulatory approval or commencing product
sales for new products; the impact of legal proceedings; our
ability to service our substantial debt; the impact of competition
from both other manufacturers or compounding pharmacies; any
interruption at our pharmacy or at facilities operated by third
parties that we rely on for our product; our ability to develop and
maintain our sales capabilities; the impact of any litigation
related to allegations of infringement of intellectual property;
the impact of any changes in the extensive governmental regulation
that we face; manufacturing or quality control issues that we may
face; and other risks and uncertainties more fully described in the
“Risk Factors” section of our Current Report on Form 8-K filed on
September 8, 2021 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 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, Osmotica management will host its third
quarter 2021 conference call as follows:
Date |
Monday, November 15, 2021 |
Time |
4:30 p.m. ET |
Toll free (U.S.) |
(866) 672-5029 |
International |
(409) 217-8312 |
Webcast (live and replay) |
www.osmotica.com, “Investor &
News” |
Conference call ID |
6917339 |
The webcast will be archived for 30 days at the aforementioned
URL.
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 Osmotica Pharmaceuticals plc
Osmotica Pharmaceuticals plc (Nasdaq: OSMT) is a specialty
pharmaceutical company focused on the development and
commercialization of products that target markets with underserved
patient populations. RVL Pharmaceuticals, Inc. is the Company’s
ophthalmic subsidiary supporting UPNEEQ®.
Osmotica has operations in the United States and Hungary.
Investor and Media Relations for Osmotica
Pharmaceuticals plc
Lisa M. WilsonIn-Site Communications, Inc.T: 212-452-2793E:
lwilson@insitecony.com
-Financial tables
follow-
Osmotica Pharmaceuticals plc |
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021 |
|
December 31, 2020 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,352 |
|
|
$ |
114,053 |
|
Accounts receivable, net |
|
|
4,190 |
|
|
|
3,149 |
|
Inventories, net |
|
|
824 |
|
|
|
1,831 |
|
Prepaid expenses and other current assets |
|
|
10,019 |
|
|
|
12,592 |
|
Assets held for sale |
|
|
- |
|
|
|
41,529 |
|
Total current assets |
|
|
23,385 |
|
|
|
173,154 |
|
Property, plant and equipment, net |
|
|
851 |
|
|
|
2,391 |
|
Operating lease assets |
|
|
1,651 |
|
|
|
1,953 |
|
Intangibles, net |
|
|
27,210 |
|
|
|
35,090 |
|
Goodwill |
|
|
55,847 |
|
|
|
55,847 |
|
Other non-current assets |
|
|
603 |
|
|
|
373 |
|
Assets held for sale |
|
|
- |
|
|
|
102,141 |
|
Total assets |
|
$ |
109,547 |
|
|
$ |
370,949 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
4,449 |
|
|
$ |
3,128 |
|
Accrued liabilities |
|
|
18,521 |
|
|
|
16,951 |
|
Current portion of debt, net of deferred financing costs |
|
|
29,925 |
|
|
|
- |
|
Current portion of obligation under finance leases |
|
|
6 |
|
|
|
20 |
|
Current portion of lease liability |
|
|
1,029 |
|
|
|
1,199 |
|
Income taxes payable - current portion |
|
|
– |
|
|
|
2 |
|
Liabilities held for sale |
|
|
– |
|
|
|
34,484 |
|
Total current liabilities |
|
|
53,930 |
|
|
|
55,784 |
|
Long-term debt, net of non-current deferred financing costs |
|
|
– |
|
|
|
219,525 |
|
Long-term portion of lease liability |
|
|
701 |
|
|
|
871 |
|
Income taxes payable-long term portion |
|
|
1 |
|
|
|
– |
|
Deferred taxes |
|
|
165 |
|
|
|
345 |
|
Liabilities held for sale |
|
|
– |
|
|
|
568 |
|
Total liabilities |
|
|
54,797 |
|
|
|
277,093 |
|
Commitments and contingencies |
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Ordinary shares |
|
|
631 |
|
|
|
625 |
|
Additional paid in capital |
|
|
554,156 |
|
|
|
548,070 |
|
Accumulated deficit |
|
|
(497,808 |
) |
|
|
(452,610 |
) |
Accumulated other comprehensive loss |
|
|
(2,229 |
) |
|
|
(2,229 |
) |
Total shareholders' equity |
|
|
54,750 |
|
|
|
93,856 |
|
Total liabilities and shareholders' equity |
|
$ |
109,547 |
|
|
$ |
370,949 |
|
Osmotica Pharmaceuticals plc |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
|
Nine Months
Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product
sales |
|
$ |
2,196 |
|
|
$ |
586 |
|
|
$ |
4,451 |
|
|
$ |
998 |
|
Royalty
revenue |
|
|
– |
|
|
|
165 |
|
|
|
190 |
|
|
|
629 |
|
Licensing
revenue |
|
|
– |
|
|
|
25,000 |
|
|
|
10,000 |
|
|
|
25,000 |
|
Total revenues |
|
|
2,196 |
|
|
|
25,751 |
|
|
|
14,641 |
|
|
|
26,627 |
|
Cost of
goods sold |
|
|
1,147 |
|
|
|
1,185 |
|
|
|
2,535 |
|
|
|
1,794 |
|
Gross profit |
|
|
1,049 |
|
|
|
24,566 |
|
|
|
12,106 |
|
|
|
24,833 |
|
Selling,
general and administrative expenses |
|
|
24,841 |
|
|
|
21,360 |
|
|
|
63,769 |
|
|
|
54,028 |
|
Research and
development expenses |
|
|
1,376 |
|
|
|
1,779 |
|
|
|
5,789 |
|
|
|
9,264 |
|
Impairment
of intangibles |
|
|
- |
|
|
|
- |
|
|
|
7,880 |
|
|
|
- |
|
Total operating expenses |
|
|
26,217 |
|
|
|
23,139 |
|
|
|
77,438 |
|
|
|
63,292 |
|
Gain on
sales of product rights, net |
|
|
- |
|
|
|
- |
|
|
|
5,636 |
|
|
|
- |
|
Operating income (loss) |
|
|
(25,168 |
) |
|
|
1,427 |
|
|
|
(59,696 |
) |
|
|
(38,459 |
) |
Interest
expense and amortization of debt discount |
|
|
735 |
|
|
|
1,071 |
|
|
|
1,750 |
|
|
|
3,560 |
|
Other
non-operating (gain) loss |
|
|
120 |
|
|
|
(51 |
) |
|
|
1,312 |
|
|
|
246 |
|
Total other non-operating
expense |
|
|
855 |
|
|
|
1,020 |
|
|
|
3,062 |
|
|
|
3,806 |
|
Income
(loss) before income taxes |
|
|
(26,023 |
) |
|
|
407 |
|
|
|
(62,758 |
) |
|
|
(42,265 |
) |
Income tax
expense (benefit) |
|
|
324 |
|
|
|
(1,308 |
) |
|
|
415 |
|
|
|
(5,042 |
) |
Income
(loss) from continuing operations |
|
|
(26,347 |
) |
|
|
1,715 |
|
|
|
(63,173 |
) |
|
|
(37,223 |
) |
Gain on
sales of discontinued operations, net |
|
|
4,373 |
|
|
|
- |
|
|
|
4,373 |
|
|
|
- |
|
Income (loss) from discontinued operations before income tax
expense |
|
3,983 |
|
|
|
(10,171 |
) |
|
|
14,219 |
|
|
|
17,571 |
|
Income tax
expense (benefit) - discontinued operations |
|
|
(132 |
) |
|
|
177 |
|
|
|
617 |
|
|
|
5,063 |
|
Income
(loss) from discontinued operations, net of tax |
|
|
8,488 |
|
|
|
(10,348 |
) |
|
|
17,975 |
|
|
|
12,508 |
|
Net and
other comprehensive loss |
|
$ |
(17,859 |
) |
|
$ |
(8,633 |
) |
|
$ |
(45,198 |
) |
|
$ |
(24,715 |
) |
(Loss)
income per share attributable to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted - loss from
continuing operations |
|
$ |
(0.42 |
) |
|
$ |
0.03 |
|
|
$ |
(1.01 |
) |
$ |
|
(0.62 |
) |
Basic and Diluted - income from
discontinued operations |
|
$ |
0.13 |
|
|
$ |
(0.16 |
) |
|
$ |
0.29 |
|
$ |
|
0.21 |
|
Basic and Diluted loss per share |
|
$ |
(0.28 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.72 |
) |
$ |
|
(0.41 |
) |
Weighted
average shares basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
63,209,466 |
|
|
|
62,785,866 |
|
|
|
62,798,123 |
|
|
|
59,979,834 |
|
Diluted |
|
|
63,209,466 |
|
|
|
63,285,258 |
|
|
|
62,798,123 |
|
|
|
59,979,834 |
|
Osmotica Pharmaceuticals plc |
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
Net loss
from continuing operations |
|
$ |
(63,173 |
) |
|
$ |
(37,223 |
) |
|
Net income
from discontinued operations |
|
|
17,975 |
|
|
|
12,508 |
|
|
Net
loss |
|
|
(45,198 |
) |
|
|
(24,715 |
) |
|
Adjustments
to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
8,068 |
|
|
|
16,589 |
|
|
Share compensation |
|
|
6,592 |
|
|
|
3,836 |
|
|
Loss on sale of fixed and leased assets |
|
|
1,229 |
|
|
|
281 |
|
|
Impairment of intangibles |
|
|
7,880 |
|
|
|
23,157 |
|
|
Deferred income tax benefit |
|
|
(180 |
) |
|
|
(974 |
) |
|
Gain on sales of product rights, net |
|
|
(5,636 |
) |
|
|
- |
|
|
Gain on sales of discontinued operations, net |
|
|
(4,373 |
) |
|
|
- |
|
|
Bad debt provision |
|
|
– |
|
|
|
6 |
|
|
Amortization of deferred financing and loan origination
fees |
|
|
746 |
|
|
|
985 |
|
|
Write off of deferred financing and loan origination
fees in connection with prepayment |
|
1,387 |
|
|
|
496 |
|
|
Change in
operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
4,643 |
|
|
|
22,339 |
|
|
Inventories, net |
|
|
2,256 |
|
|
|
(398 |
) |
|
Prepaid expenses and other current assets |
|
|
(3,316 |
) |
|
|
4,741 |
|
|
Other non-current assets |
|
|
(603 |
) |
|
|
- |
|
|
Trade accounts payable |
|
|
515 |
|
|
|
(586 |
) |
|
Accrued and other current liabilities |
|
|
(4,347 |
) |
|
|
(19,915 |
) |
|
Net cash provided by (used in)
operating activities |
|
|
(30,337 |
) |
|
|
25,842 |
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
Proceeds from sale of fixed and leased assets |
|
|
40 |
|
|
|
50 |
|
|
Payments on disposal of leased assets |
|
|
- |
|
|
|
(209 |
) |
|
Proceeds from product rights disposal |
|
|
7,300 |
|
|
|
- |
|
|
Proceeds from discontinued operations |
|
|
110,845 |
|
|
|
- |
|
|
Purchase of property, plant and equipment |
|
|
(1,657 |
) |
|
|
(2,213 |
) |
|
Net cash provided by (used in)
investing activities |
|
|
116,528 |
|
|
|
(2,372 |
) |
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
Payments on finance lease obligations |
|
|
(35 |
) |
|
|
(98 |
) |
|
Proceeds from public offering, net of issuance
costs |
|
|
36 |
|
|
|
62,440 |
|
|
Repurchases of ordinary shares |
|
|
- |
|
|
|
(4,835 |
) |
|
Payments for taxes related to net share settlement of
equity awards |
|
|
(767 |
) |
|
|
(749 |
) |
|
Proceeds from purchases of stock under ESPP |
|
|
234 |
|
|
|
- |
|
|
Debt repayment |
|
|
(191,360 |
) |
|
|
(50,000 |
) |
|
Net cash provided by (used in)
financing activities |
|
|
(191,892 |
) |
|
|
6,758 |
|
|
Net change
in cash and cash equivalents |
|
|
(105,701 |
) |
|
|
30,228 |
|
|
Cash and
cash equivalents, beginning of period |
|
|
114,053 |
|
|
|
95,865 |
|
|
Cash and
cash equivalents, end of period |
|
$ |
8,352 |
|
|
$ |
126,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Osmotica Pharmaceuticals plc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
Nine Months
Ended |
|
|
|
|
|
|
|
|
|
September
30, |
|
|
|
|
September
30, |
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
$ |
(26,347 |
) |
|
$ |
1,715 |
|
|
|
|
$ |
(63,173 |
) |
|
$ |
(37,223 |
) |
|
|
|
Interest expense and amortization of debt discount |
|
735 |
|
|
|
1,071 |
|
|
|
|
|
1,750 |
|
|
|
3,560 |
|
|
|
|
Income tax expense (benefit) |
|
|
|
324 |
|
|
|
(1,308 |
) |
|
|
|
|
415 |
|
|
|
(5,042 |
) |
|
|
|
Depreciation and amortization expense |
|
|
154 |
|
|
|
848 |
|
|
|
|
|
1,485 |
|
|
|
2,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
(25,134 |
) |
|
|
2,326 |
|
|
|
|
|
(59,523 |
) |
|
|
(36,041 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of intangibles |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
7,880 |
|
|
|
- |
|
|
|
|
Severance expenses |
|
|
|
769 |
|
|
|
271 |
|
|
|
|
|
4,656 |
|
|
|
2,349 |
|
|
|
|
FX translation |
|
|
|
|
(28 |
) |
|
|
66 |
|
|
|
|
|
(819 |
) |
|
|
188 |
|
|
|
|
Legal expenses |
|
|
|
|
221 |
|
|
|
1,719 |
|
|
|
|
|
612 |
|
|
|
2,265 |
|
|
|
|
Gain on sale of product rights, net |
|
|
- |
|
|
|
- |
|
|
|
|
|
(5,636 |
) |
|
|
- |
|
|
|
|
Share compensation expense |
|
|
|
3,711 |
|
|
|
1,233 |
|
|
|
|
|
5,879 |
|
|
|
3,251 |
|
|
|
|
Asset disposal charge |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
1,245 |
|
|
|
- |
|
|
|
|
License related milestone and transaction costs |
|
- |
|
|
|
3,296 |
|
|
|
|
|
- |
|
|
|
3,296 |
|
|
|
|
Other |
|
|
|
|
|
138 |
|
|
|
161 |
|
|
|
|
|
196 |
|
|
|
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
$ |
(20,323 |
) |
|
$ |
9,072 |
|
|
|
|
$ |
(45,510 |
) |
|
$ |
(24,462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Osmotica Pharmaceuticals (NASDAQ:OSMT)
Historical Stock Chart
From Nov 2024 to Dec 2024
Osmotica Pharmaceuticals (NASDAQ:OSMT)
Historical Stock Chart
From Dec 2023 to Dec 2024