PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the
“Company”), is a commercial-stage drug delivery platform technology
company focused on its clinically-validated and patent-protected
PLxGuard™ that has the potential to improve the absorption of many
drugs currently on the market and to reduce the risk of stomach
injury associated with certain drugs. The Company, with its lead
products VAZALORE™ 325 mg and VAZALORE™ 81 mg liquid-filled aspirin
capsules (referred to together as “VAZALORE”), announced today
certain financial and operational results for the three and nine
months ended September 30, 2021.
Highlights of, and certain events during and
subsequent to, the third quarter of 2021 include:
- Extensive VAZALORE commercial launch activities under way:
- Successfully supplied three stock keeping units (“SKUs”) of
VAZALORE into more than 30,000 retail drugstores, supermarkets,
mass merchandisers and e-commerce sites nationwide;
- Deployed a cardiovascular specialty field force to engage with
healthcare professionals at leading heart/stroke hospitals and
affiliated clinical practices;
- Launched a national media television campaign to raise
awareness among providers and consumers;
- Implemented a nationwide pharmacist outreach campaign including
email alerts and education kits with information and coupon
incentives;
- Continue to receive very positive feedback from consumers and
healthcare providers about the benefits of VAZALORE;
- Reported third quarter 2021 revenue
of $6.6 million and a net loss of ($0.80) per basic and diluted
share; adjusted non-GAAP net loss was ($0.37) per basic and diluted
share;
- Preliminary results of study
titled, Pharmacokinetic and Pharmacodynamic Profile of PL-ASA, a
Novel Phospholipid-Aspirin Complex Liquid Formulation, Compared to
Enteric-coated Aspirin at an 81 mg Dose – Results from a
Prospective, Randomized Crossover Study (F. Franchi et al.), were
included in a virtual poster presentation during the Transcatheter
Cardiovascular Therapeutics Meeting of the Cardiovascular Research
Foundation (TCT 2021) in Orlando, FL.; and
- Cardiovascular thought leaders held
a virtual town hall meeting on October 29, 2021 titled “Should You
Stop (or Start) Aspirin? Ask Your Doctor” as a public health
service for patients to help clarify the continued critical role of
aspirin in secondary prevention.
“We remain focused on executing our VAZALORE commercial strategy
with retailers, professionals and consumers,” said Natasha
Giordano, Chief Executive Officer of PLx. “The overwhelmingly
positive feedback we have received strengthens our confidence in
the potential of this brand,” stated Natasha Giordano, Chief
Executive Officer of PLx.
“Key thought leaders in the field have been pro-actively engaged
in clarifying the foundational role of aspirin in secondary
prevention of cardiovascular disease. Also, the availability of new
scientifc data on VAZALORE, which is consistent with previous
studies that supported the approvals of VAZALORE 81 mg and 325 mg,
continues to demonstrate that VAZALORE delivers fast, reliable
absorption that patients depend on to help prevent another heart
attack or clot-related stroke,” concluded Giordano.
Third Quarter 2021 Financial Highlights
Total revenues for the third quarter of 2021
were $6.6 million, compared to no revenue in the third quarter of
2020 and reflected the launch of VAZALORE 81 mg and 325 mg dose
strengths with initial distribution to US retail channels. Net
sales were led by 81 mg dose strength (consisting of two SKUs),
which represented approximately two-thirds of total revenues in the
third quarter of 2021.
Gross margin of 41% reflects outsourced manufacturing and
packaging costs, shipping and warehousing costs, expenses related
to order processing, quality assurance and royalties.
Total operating expenses were $12.6 million during the third
quarter of 2021, compared to operating expenses of $3.2 million for
the prior period, reflected the promotional activities and
associated expenses for the commercial launch of VAZALORE.
Research and development expenses were $1.6 million for the
third quarter of 2021, compared to $1.2 million in the third
quarter of 2020. The increase reflects the rise in pre-commercial
manufacturing-related activities for VAZALORE. Both periods
included spending for VAZALORE clinical trials (81mg dose in 2021
and 325 mg dose in 2020).
Selling, marketing and administrative expenses totaled $11.0
million in the third quarter of 2021 compared to $2.0 million in
the prior period, primarily due to VAZALORE launch expenses and
increased non-cash stock-based compensation. During the third
quarter of 2021, the Company launched a cardiovascular specialty
field force and a national media television campaign to raise
awareness for VAZALORE among healthcare professionals and
consumers.
Other income (expense), net totaled $11.8
million of other expense and $61,847 of other income during the
third quarter of 2021 and 2020, respectively. The variance is
largely attributable to the non-cash change in fair value of
warrant liability primarily due to the fluctuation of the price of
the Company’s common stock offset by lower net interest due to the
payoff of the term loan.
Net loss attributable to common stockholders for the third
quarter of 2021 was $21.6 million, or ($0.80) per basic and diluted
share, compared to $3.6 million, or ($0.40) per basic and diluted
share, for the third quarter of 2020.
Adjusted non-GAAP net loss per basic and diluted per share was
($0.37) in the third quarter of 2021 compared to ($0.36) in the
third quarter of 2020. See table for reconciliation of GAAP to
adjusted non-GAAP net loss per basic and diluted share.
Non-GAAP Measures
PLx Pharma’s management considers adjusted
non-GAAP net loss and adjusted non-GAAP net loss per basic and
diluted earnings per share to be important financial indicators of
operating performance, providing investors and analysts with useful
measures of operating results unaffected by the impact on the
financial statements of the volatility of the change in the fair
value of the warrant liability and non-cash and non-recurring
dividends and beneficial conversion features on our preferred
stock. Management uses adjusted non-GAAP net loss and adjusted
non-GAAP net loss per share when analyzing performance. Adjusted
non-GAAP net loss and adjusted non-GAAP net loss per share should
be considered in addition to, but not in lieu of net loss or net
loss per share reported under GAAP.
Liquidity
As of September 30, 2021, the Company had cash and cash
equivalents of $82.6 million and $3.3 million in accounts
receivable and zero debt on its balance sheet.
Conference Call
As previously announced, PLx management will host its third
quarter 2021 conference call as follows:
Date: |
Friday, November 12, 2021 |
|
|
Time: |
8:30 a.m. ET |
|
|
Toll free (U.S.): |
(866) 394-2901 |
|
|
International: |
(616) 548-5567 |
|
|
Webcast (live and replay): |
www.plxpharma.com under the
‘Investor Relations’ section. |
The archived webcast will be available for 30 days via the
aforementioned URL.About VAZALORE VAZALORE is an
FDA-approved liquid-filled aspirin capsule, available in 81 mg and
325 mg doses. VAZALORE delivers aspirin differently from plain and
enteric coated aspirin products. The special complex inside the
capsule allows for targeted release of aspirin, limiting its direct
contact with the stomach. VAZALORE delivers fast, reliable
absorption for pain relief plus the lifesaving benefits of aspirin.
To learn more about VAZALORE, please visit www.vazalore.com.
About PLx Pharma Inc.
PLx Pharma, Inc. is a commercial-stage drug delivery platform
technology company focused on improving how and where active
pharmaceutical ingredients (APIs) are absorbed in the
gastrointestinal (GI) tract via its clinically validated and patent
protected PLxGuard™ technology. PLx believes this platform has the
potential to improve the absorption of many drugs currently on the
market or in development, and to reduce the risk of stomach injury
associated with certain drugs. To learn more about PLx Pharma Inc.
and its pipeline, please visit www.plxpharma.com.
Forward-Looking Statements Any statements made
in this press release relating to future financial or business
performance, conditions, plans, prospects, trends, or strategies
and other financial and business matters, including without
limitation, the prospects for commercializing or selling any
products or drug candidates, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. In addition, when or if used in this press release, the words
“may,” “could,” “should,” “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “predict” and similar expressions and
their variants, as they relate to PLx may identify forward-looking
statements. PLx cautions that these forward-looking statements are
subject to numerous assumptions, risks, and uncertainties, which
change over time. Important factors that may cause actual results
to differ materially from the results discussed in the
forward-looking statements or historical experience include risks
and uncertainties, including the failure by PLx to secure and
maintain relationships with collaborators; risks relating to
clinical trials; risks relating to the commercialization, if any,
of PLx’s proposed product candidates (such as marketing,
regulatory, product liability, supply, competition, and other
risks); dependence on the efforts of third parties; dependence on
intellectual property, risks that PLx may lack the financial
resources and access to capital to fund proposed operations.
Further information on the factors and risks that could affect
PLx’s business, financial conditions and results of operations are
contained in PLx’s filings with the U.S. Securities and
Exchange Commission (“SEC”), which are available at
www.sec.gov. Other risks and uncertainties are more fully described
in PLx’s Form 10-K for the year ended December 31, 2020 filed with
the SEC on March 12, 2021, and in other filings that PLx has made
or will make going forward. The forward-looking statements
represent PLx’s estimate as of the date hereof only, and PLx
specifically disclaims any duty or obligation to update
forward-looking statements.
Contact Investor Relations:Lisa M. Wilson,
In-Site Communications, Inc.T: 212-452-2793E:
lwilson@insitecony.com
Source: PLx Pharma Inc.
– FINANCIAL TABLES FOLLOW –
PLx Pharma
Inc. |
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
September 30,2021 |
|
December 31,2020 |
|
ASSETS |
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
82,554,297 |
|
|
$ |
22,448,651 |
|
|
Accounts
receivable, net |
|
3,253,312 |
|
|
|
- |
|
|
Inventory |
|
2,190,350 |
|
|
|
143,380 |
|
|
Prepaid
expenses and other current assets |
|
616,249 |
|
|
|
393,470 |
|
|
TOTAL
CURRENT ASSETS |
|
88,614,208 |
|
|
|
22,985,501 |
|
|
NON-CURRENT
ASSETS |
|
|
|
|
Property and
equipment, net |
|
888,658 |
|
|
|
1,225,879 |
|
|
Right of use
assets |
|
255,121 |
|
|
|
327,161 |
|
|
Goodwill |
|
2,061,022 |
|
|
|
2,061,022 |
|
|
Security
deposit |
|
17,036 |
|
|
|
17,036 |
|
|
TOTAL
ASSETS |
$ |
91,836,045 |
|
|
$ |
26,616,599 |
|
|
|
|
|
|
|
LIABILITIES,
SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS'
EQUITY (DEFICIT) |
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
6,452,172 |
|
|
$ |
862,568 |
|
|
Accrued
bonuses |
|
839,701 |
|
|
|
1,184,823 |
|
|
Accrued
interest |
|
- |
|
|
|
597,411 |
|
|
Term loan,
net of discount and fees |
|
- |
|
|
|
622,265 |
|
|
Other
current liabilities |
|
113,509 |
|
|
|
275,247 |
|
|
TOTAL
CURRENT LIABILITIES |
|
7,405,382 |
|
|
|
3,542,314 |
|
|
NON-CURRENT
LIABILITIES |
|
|
|
|
Warrant
liability |
|
37,229,175 |
|
|
|
9,691,271 |
|
|
Accrued
dividends |
|
128,722 |
|
|
|
2,795,795 |
|
|
Other
liabilities |
|
165,494 |
|
|
|
134,184 |
|
|
TOTAL
LIABILITIES |
|
44,928,773 |
|
|
|
16,163,564 |
|
|
|
|
|
|
|
Series A
convertible preferred stock: $0.001 par value; liquidation value of
$12,642,000; 45,000 shares authorized, 12,642 and 15,000 issued and
outstanding, respectively |
|
13,707,935 |
|
|
|
13,661,578 |
|
|
Series B
convertible preferred stock: $0.001 par value; liquidation value of
$2,492,722; 25,000 shares authorized, 2,364 and 8,000 issued and
outstanding, respectively |
|
2,305,667 |
|
|
|
7,723,312 |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
Preferred
stock; $0.001 par value; 930,000 shares authorized; none issued and
outstanding |
|
- |
|
|
|
- |
|
|
Common
stock; $0.001 par value; 100,000,000 shares authorized; 27,477,022
and 13,911,633 shares issued and outstanding, respectively |
|
27,477 |
|
|
|
13,912 |
|
|
Additional
paid-in capital |
|
182,702,379 |
|
|
|
91,203,050 |
|
|
Accumulated
deficit |
|
(151,836,186 |
) |
|
|
(102,148,817 |
) |
|
TOTAL
STOCKHOLDERS' EQUITY (DEFICIT) |
|
30,893,670 |
|
|
|
(10,931,855 |
) |
|
TOTAL
LIABILITIES, SERIES A AND SERIES B CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY (DEFICIT) |
$ |
91,836,045 |
|
|
$ |
26,616,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLx Pharma
Inc. |
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
REVENUES: |
|
|
|
|
|
|
|
Net
sales |
$ |
6,616,100 |
|
|
$ |
- |
|
|
$ |
6,616,100 |
|
|
$ |
- |
|
Federal
grant revenue |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
30,430 |
|
TOTAL
REVENUES |
|
6,616,100 |
|
|
|
- |
|
|
|
6,616,100 |
|
|
|
30,430 |
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
3,912,741 |
|
|
|
- |
|
|
|
3,912,741 |
|
|
|
- |
|
GROSS
PROFIT |
|
2,703,359 |
|
|
|
- |
|
|
|
2,703,359 |
|
|
|
30,430 |
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
Research and
development |
|
1,551,988 |
|
|
|
1,207,302 |
|
|
|
3,494,221 |
|
|
|
3,116,097 |
|
Selling,
marketing and administrative |
|
11,013,221 |
|
|
|
1,981,037 |
|
|
|
19,147,297 |
|
|
|
6,681,452 |
|
TOTAL
OPERATING EXPENSES |
|
12,565,209 |
|
|
|
3,188,339 |
|
|
|
22,641,518 |
|
|
|
9,797,549 |
|
OPERATING
LOSS |
|
(9,861,850 |
) |
|
|
(3,188,339 |
) |
|
|
(19,938,159 |
) |
|
|
(9,767,119 |
) |
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
Interest
income (expense), net |
|
3,663 |
|
|
|
(72,705 |
) |
|
|
(1,843 |
) |
|
|
(267,213 |
) |
Change in
fair value of warrant liability |
|
(11,784,305 |
) |
|
|
134,552 |
|
|
|
(29,747,367 |
) |
|
|
2,804,962 |
|
TOTAL OTHER
INCOME (EXPENSE) |
|
(11,780,642 |
) |
|
|
61,847 |
|
|
|
(29,749,210 |
) |
|
|
2,537,749 |
|
LOSS BEFORE
INCOME TAXES |
|
(21,642,492 |
) |
|
|
(3,126,492 |
) |
|
|
(49,687,369 |
) |
|
|
(7,229,370 |
) |
Income
taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
NET
LOSS |
|
(21,642,492 |
) |
|
|
(3,126,492 |
) |
|
|
(49,687,369 |
) |
|
|
(7,229,370 |
) |
|
|
|
|
|
|
|
|
Preferred
dividends and beneficial conversion feature |
|
- |
|
|
|
(499,797 |
) |
|
|
(2,524,958 |
) |
|
|
(1,227,422 |
) |
NET LOSS
ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
(21,642,492 |
) |
|
$ |
(3,626,289 |
) |
|
$ |
(52,212,327 |
) |
|
$ |
(8,456,792 |
) |
|
|
|
|
|
|
|
|
Net loss per
common share - basic and diluted |
$ |
(0.80 |
) |
|
$ |
(0.40 |
) |
|
$ |
(2.34 |
) |
|
$ |
(0.92 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares of common shares - basic and diluted |
|
26,911,855 |
|
|
|
9,156,260 |
|
|
|
22,342,538 |
|
|
|
9,156,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLx Pharma
Inc. |
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP NET LOSS
ATTRIBUTABLE TO COMMON STOCKHOLDERS AND ADJUSTED NON-GAAP EARNINGS
PER SHARE |
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September
30, |
|
September
30, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net loss
attributable to common stockholders - GAAP |
$ |
(21,642,492 |
) |
|
$ |
(3,626,289 |
) |
|
$ |
(52,212,327 |
) |
|
$ |
(8,456,792 |
) |
Adjustments: |
|
|
|
|
|
|
|
Change in
fair value of warrant liability |
|
11,784,305 |
|
|
|
(134,552 |
) |
|
|
29,747,367 |
|
|
|
(2,804,962 |
) |
Preferred
dividends and beneficial conversion feature |
|
- |
|
|
|
499,797 |
|
|
|
2,524,958 |
|
|
|
1,227,422 |
|
Adjusted
non-GAAP net loss attributable to common stockholders |
$ |
(9,858,187 |
) |
|
$ |
(3,261,044 |
) |
|
$ |
(19,940,002 |
) |
|
$ |
(10,034,332 |
) |
|
|
|
|
|
|
|
|
Adjusted
non-GAAP net loss per common share - basic and diluted |
$ |
(0.37 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.89 |
) |
|
$ |
(1.10 |
) |
|
|
|
|
|
|
|
|
Weighted
average shares of common shares - basic and diluted |
|
26,911,855 |
|
|
|
9,156,260 |
|
|
|
22,342,538 |
|
|
|
9,156,260 |
|
|
|
|
|
|
|
|
|
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