Egalet today announced financial results for the third quarter ended September 30, 2017.
-- Company to host conference call today at 8:30 a.m. ET -- |
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WAYNE, Pa., Nov. 8, 2017 /PRNewswire/ -- Egalet (Nasdaq: EGLT) (Egalet), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions, today announced financial results for the third quarter ended September 30, 2017. "With 124% prescription growth and 41% revenue growth for our marketed products over last year's third quarter, we continue to grow our business," said Bob Radie, president and chief executive officer of Egalet. "With a cash position of $102.1 million and the increased focus on non-narcotic and innovative treatments to alleviate pain, we believe that we are positioned to play an important role in what must be a multifaceted solution to address the prescription abuse crisis." Third quarter and recent highlights include:
Third Quarter 2017 Financial Results:
Conference Call Information About Egalet Safe Harbor Investor and Media Contact:
Egalet Corporation and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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2016 2017 2016 2017
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Revenues
Net product sales $4,711 $6,651 $10,724 $18,333
Collaboration revenues - - 100 -
--- --- --- ---
Total revenue 4,711 6,651 10,824 18,333
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Cost and Expenses
Cost of sales (excluding amortization of product rights) 914 1,249 2,580 3,646
Amortization of product rights 502 528 1,506 1,554
General and administrative 7,950 6,849 22,802 27,811
Sales and marketing 6,973 8,803 19,455 27,402
Research and development 12,070 2,073 26,886 13,187
Restructuring charges - 2,983 - 2,983
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Total costs and expenses 28,409 22,485 73,229 76,583
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Loss from operations (23,698) (15,834) (62,405) (58,250)
Other (income) expense:
Change in fair value of warrant and derivative liability 11 (1,500) (642) (1,513)
Interest expense, net 3,601 4,675 8,225 13,958
Other (gain) loss (12) (60) 54 106
Gain on foreign currency exchange (3) (1) - (1)
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3,597 3,114 7,637 12,550
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Loss before provision (benefit) for income taxes (27,295) (18,948) (70,042) (70,800)
Provision (benefit) for income taxes (358) - (780) -
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Net loss $(26,937) $(18,948) $(69,262) $(70,800)
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Per share information:
Net loss per share of common stock, basic and diluted $(1.10) $(0.46) $(2.83) $(2.32)
Weighted-average shares outstanding, basic and diluted 24,565,554 41,149,838 24,480,494 30,525,158
Egalet Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2016 September 30, 2017
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(unaudited)
Assets
Current assets:
Cash and cash equivalents $44,355 $37,750
Marketable securities, available for sale 42,471 64,308
Accounts receivable 1,108 5,607
Inventory 1,700 1,835
Prepaid expenses and other current assets 2,537 1,399
Other receivables 1,001 1,153
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Total current assets 93,172 112,052
Intangible assets, net 8,350 7,076
Restricted cash - 400
Property and equipment, net 12,709 10,607
Deposits and other assets 627 1,052
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Total assets $114,858 $131,187
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Liabilities and stockholders' equity
(deficit)
Current liabilities:
Accounts payable 2,392 5,626
Accrued expenses 18,147 17,972
Deferred revenue 3,975 8,759
Debt - current 381 547
Warrant liability - 8,166
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Total current liabilities 24,895 41,070
Debt - non-current portion, net 83,711 126,161
Deferred income tax liability 23 25
Derivative liability 12 -
Other liabilities 891 770
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Total liabilities 109,532 168,026
Commitments and contingencies
Stockholders' equity (deficit)
Common stock--$0.001 par value;
75,000,000 shares authorized at December
31, 2016 and September 30, 2017;
25,189,125 and 43,029,615 shares issued
and outstanding at December 31, 2016 and
September 30, 2017, respectively 25 43
Additional paid-in capital 230,379 258,989
Accumulated other comprehensive income 100 868
Accumulated deficit (225,178) (296,739)
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Total stockholders' equity (deficit) 5,326 (36,839)
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Total liabilities and stockholders' equity
(deficit) $114,858 $131,187
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Company Codes: NASDAQ-NMS:EGLT |
