RVL Pharmaceuticals plc Reports Fourth Quarter and Full Year 2021 Financial Results; Provides Preliminary First Quarter 2022 UPNEEQ® Revenue Estimate and Business Update
RVL Pharmaceuticals reported fourth quarter 2021 UPNEEQ sales of $3.1 million, a 39% increase over Q3. Full year revenues reached $17.5 million, reflecting a 37% decline compared to 2020. The company anticipates Q1 2022 UPNEEQ sales between $5.5 - 6.0 million and reaffirmed Q4 2022 guidance at $20 - 25 million. A recent license agreement amendment is expected to generate $20 million in non-dilutive funding. The net loss narrowed to $19.7 million from $51.8 million in Q4 2020, while adjusted EBITDA loss improved to $15.2 million.
- UPNEEQ sales in Q4 2021 were $3.1 million, up 39% from Q3 2021.
- Net sales for UPNEEQ expected to reach $5.5 - 6.0 million in Q1 2022.
- Reaffirmed revenue guidance of $20 - 25 million for Q4 2022.
- Net loss decreased to $19.7 million in Q4 2021, compared to $51.8 million in Q4 2020.
- Secured $20 million in non-dilutive funding from license agreement amendment.
- Full year revenue decreased by $10.3 million, or 37%, year-over-year.
- Adjusted EBITDA loss increased to $60.7 million for 2021, compared to $42.5 million in 2020.
- Selling, general and administrative expenses grew to $87.5 million in 2021, up from $72.8 million in 2020.
Insights
Analyzing...
Fourth quarter 2021 UPNEEQ product sales of
Fourth quarter and full year 2021 total revenues of
Full national launch of UPNEEQ into medical aesthetics market in February 2022
First quarter 2022 UPNEEQ product sales expected to be in the range of
Fourth quarter 2022 UPNEEQ revenue guidance of
Received
BRIDGEWATER, N.J., March 30, 2022 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company, today announced financial results and business highlights for the three months and full year ended December 31, 2021.
“It’s an exciting time at RVL Pharmaceuticals. In 2021, we executed our strategy to focus on ocular medicine and periocular rejuvenation. We divested our legacy business, fully repaid our term loans, and closed new debt and equity financings, all as we expanded the launch of UPNEEQ. Last year we built the market for UPNEEQ in eyecare, establishing a safety and efficacy foundation for UPNEEQ within the eyecare community,” stated Brian Markison, Chief Executive Officer of RVL Pharmaceuticals plc.
“UPNEEQ is the first and only FDA-approved ophthalmic solution for blepharoptosis, more commonly known as droopy eyelid. We grew UPNEEQ month over month last year, as we continued to add new prescribers. In September we successfully field tested and initiated our Direct Dispense program, which was followed by the roll-out of our virtual inventory model for practitioners in states that do not permit direct physician dispensing.
“All of these steps led to the UPNEEQ launch into medical aesthetics in February of this year. With a strong start to 2022, we expect first quarter UPNEEQ product sales to range between
“I am also pleased to announce that we completed an amendment to our license agreement with Santen Pharmaceutical Co., Ltd., which expands our partnership to additional ex-U.S. territories and allows Santen to buy out upcoming regulatory approval milestone payments. The amendment, together with contingent milestone payments we received from the divestiture of our legacy business, is expected to raise approximately
Fourth Quarter 2021 Financial Highlights
Financial results for the Company’s legacy business are reported as discontinued operations in the Company’s financial statements.
- Fourth quarter 2021 UPNEEQ net sales grew by approximately
39% to$3.1 million compared to the third quarter 2021. - Fourth quarter 2021 UPNEEQ unit volume grew by approximately
49% over third quarter 2021. - Fourth quarter total revenues were
$2.9 million , up30% over the third quarter of 2021. - The number of cumulative unique pharmacy paid prescriptions at year-end 2021 was approximately 10,500, an increase of approximately
30% compared to approximately 8,100 the end of the third quarter of 2021. - At year-end 2021, approximately 1,000 eye care providers were participating in our Direct Dispense program initiated in September 2021.
- At year-end 2021, optometrists accounted for approximately
62% of UPNEEQ’s prescriber base, with ophthalmologists representing approximately38% . - Net loss from continuing operations was
$19.7 million , compared to a net loss from continuing operations of$51.8 million in the fourth quarter of 2020. - Fourth quarter 2021 Adjusted EBITDA1 loss was
$15.2 million , compared to Adjusted EBITDA loss of$18.0 million in the fourth quarter of 2020. - Cash and cash equivalents were
$40.4 million ; total debt and financing obligations were an aggregate principal amount of$57.4 million as of December 31, 2021.
_______________
1 Adjusted 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 “RVL Pharmaceuticals plc GAAP to Non-GAAP Reconciliations.”
Fourth Quarter 2021 Financial Results
Net product sales increased approximately
Total revenues increased approximately
Total cost of goods sold decreased
Selling, general and administrative expenses increased
Research and development expenses decreased
Impairment of intangible assets was
Total other non-operating activities were a source of net income of
Net loss from continuing operations for the fourth quarter of 2021 was
Adjusted EBITDA loss for the fourth quarter of 2021 was
Full-Year 2021 Financial Highlights
- UPNEEQ net product sales were
$7.5 million , an increase of$7.0 million over full year 2020. - Total revenues were
$17.5 million , down$10.3 million , or37.0% , year-over-year. - Net loss from continuing operations was
$82.8 million , compared to a$89.0 million net loss from continuing operations in 2020. Adjusted EBITDA loss was$60.7 million , compared to$42.5 million Adjusted EBITDA loss in the prior year period. See “Presentation of Non-GAAP Financial Measures” below.
Full Year 2021 Financial Results
Net product sales increased by
Total revenues decreased by
Royalty and licensing revenue decreased by
Total cost of goods sold increased
Selling, general and administrative expenses increased
Research and development expenses decreased by
Impairment of intangible assets was
The operating loss in 2021 includes a one-time gain of
Total other non-operating activities were a source of net income of
Net loss from continuing operations in 2021 was
Adjusted EBITDA loss in 2021 was
For a reconciliation of Adjusted EBITDA to net loss from continuing operations, the most comparable GAAP financial measure, please see the “RVL Pharmaceuticals plc GAAP to Non-GAAP Reconciliations” table at the end of this press release.
Liquidity
As of December 31, 2021, the Company had cash and cash equivalents of
During the first quarter of 2022, the Company received an aggregate of
Fourth Quarter 2022 UPNEEQ Net Sales Guidance
The Company expects net sales of UPNEEQ to range between
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, our measurement of Adjusted EBITDA excludes the following from EBITDA: impairment of intangible assets and fixed assets, share based compensation expense, gains and losses on disposals of fixed assets, foreign currency translation, severance expenses gains and losses on the sale of product rights, changes in fair value of the Company’s debt and warrants recognized through earnings, legal and contractual settlements and litigation reserves, and transactional fees and expenses incurred.
We use Adjusted EBITDA 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 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 income or loss from continuing operations, 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,” “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, RVL management will host its fourth quarter 2021 conference call as follows:
| Date | Wednesday, March 30, 2022 |
| Time | 4:30 p.m. ET |
| Toll free (U.S.) | (866) 672-5029 |
| International | (409) 217-8312 |
| Webcast (live and replay) | www.rvlpharma.com, “Investors” |
A replay of the conference call will be available for thirty days by dialing (855) 859-2056 or (404) 537-3406 and entering access code 4273945.
IMPORTANT SAFETY INFORMATION
INDICATION
UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution),
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
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 and development of products that target markets with underserved patient populations in the ocular and medical aesthetics therapeutic areas. The Company is currently commercializing UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution,
Investor and Media Relations for RVL Pharmaceuticals plc
Lisa M. Wilson
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com
-Financial tables follow-
| RVL Pharmaceuticals plc | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| December 31, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 40,444 | $ | 114,053 | ||||
| Accounts receivable, net and other receivables | 2,133 | 3,149 | ||||||
| Inventories, net | 838 | 1,831 | ||||||
| Prepaid expenses and other current assets | 12,901 | 12,592 | ||||||
| Financial commitment asset | 3,063 | - | ||||||
| Assets held for sale | - | 41,529 | ||||||
| Total current assets | 59,379 | 173,154 | ||||||
| Property, plant and equipment, net | 866 | 2,391 | ||||||
| Operating lease assets | 1,368 | 1,953 | ||||||
| Indefinite-lived intangible assets | 27,210 | 35,090 | ||||||
| Goodwill | 55,847 | 55,847 | ||||||
| Other non-current assets | - | 373 | ||||||
| Assets held for sale | - | 102,141 | ||||||
| Total assets | $ | 144,670 | $ | 370,949 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 3,777 | $ | 3,128 | ||||
| Accrued liabilities | 13,077 | 16,951 | ||||||
| Current portion of debt | 2,409 | - | ||||||
| Current portion of obligation under finance leases | 5 | 20 | ||||||
| Current portion of lease liability | 839 | 1,199 | ||||||
| Income taxes payable - current portion | 1 | 2 | ||||||
| Liabilities held for sale | - | 34,484 | ||||||
| Total current liabilities | 20,108 | 55,784 | ||||||
| Long-term debt ( | 43,800 | 219,525 | ||||||
| Warrant liability | 3,220 | - | ||||||
| Long-term portion of lease liability | 592 | 871 | ||||||
| Income taxes payable - long term portion | 66 | - | ||||||
| Deferred taxes | 151 | 345 | ||||||
| Liabilities held for sale | - | 568 | ||||||
| Total liabilities | 67,937 | 277,093 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Ordinary shares | 833 | 625 | ||||||
| Additional paid in capital | 591,730 | 548,070 | ||||||
| Accumulated deficit | (517,530 | ) | (452,610 | ) | ||||
| Accumulated other comprehensive income (loss) | 1,700 | (2,229 | ) | |||||
| Total shareholders' equity | 76,733 | 93,856 | ||||||
| Total liabilities and shareholders' equity | $ | 144,670 | $ | 370,949 | ||||
| RVL Pharmaceuticals plc | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Year Ended December 31, | Three Months Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net product sales | $ | 7,511 | $ | 1,942 | $ | 3,060 | $ | 944 | ||||||||
| Royalty and licensing revenue | 9,990 | 25,820 | (200 | ) | 191 | |||||||||||
| Total revenues | 17,501 | 27,762 | 2,860 | 1,135 | ||||||||||||
| Cost of goods sold | 3,618 | 3,293 | 1,083 | 1,499 | ||||||||||||
| Gross profit | 13,883 | 24,469 | 1,777 | (364 | ) | |||||||||||
| Selling, general and administrative expenses | 87,463 | 72,824 | 23,694 | 18,796 | ||||||||||||
| Research and development expenses | 6,930 | 13,387 | 1,141 | 4,123 | ||||||||||||
| Impairment of intangible assets | 7,880 | 28,910 | - | 28,910 | ||||||||||||
| Total operating expenses | 102,273 | 115,121 | 24,835 | 51,829 | ||||||||||||
| Operating loss before gain on sales of product rights, net | (88,390 | ) | (90,652 | ) | (23,058 | ) | (52,193 | ) | ||||||||
| Gain on sales of product rights, net | 5,636 | - | - | - | ||||||||||||
| Operating loss | (82,754 | ) | (90,652 | ) | (23,058 | ) | (52,193 | ) | ||||||||
| Interest expense and amortization of debt discount | 3,036 | 4,095 | 1,286 | 535 | ||||||||||||
| Change in fair value of debt and interest expense | 982 | - | 982 | - | ||||||||||||
| Change in fair value of warrants | (5,571 | ) | - | (5,571 | ) | - | ||||||||||
| Other non-operating expense (income) | 1,333 | 48 | 21 | (198 | ) | |||||||||||
| Total other non-operating (income) expense | (220 | ) | 4,143 | (3,282 | ) | 337 | ||||||||||
| Loss before income taxes | (82,534 | ) | (94,795 | ) | (19,776 | ) | (52,530 | ) | ||||||||
| Income tax expense (benefit), continuing operations | 315 | (5,782 | ) | (100 | ) | (740 | ) | |||||||||
| Loss from continuing operations | (82,849 | ) | (89,013 | ) | (19,676 | ) | (51,790 | ) | ||||||||
| Gain (loss) on sales of discontinued operations | 4,062 | - | (311 | ) | - | |||||||||||
| Income (loss) from discontinued operations before income tax expense | 13,570 | 10,508 | (649 | ) | (7,063 | ) | ||||||||||
| Income tax expense (benefit), discontinued operations | (297 | ) | 1,084 | (914 | ) | (3,979 | ) | |||||||||
| Income (loss) from discontinued operations, net of tax | 17,929 | 9,424 | (46 | ) | (3,084 | ) | ||||||||||
| Net loss | $ | (64,920 | ) | $ | (79,589 | ) | $ | (19,722 | ) | $ | (54,874 | ) | ||||
| (Loss) earnings per ordinary share: | ||||||||||||||||
| Basic and diluted, continuing operations | $ | (1.23 | ) | $ | (1.47 | ) | $ | (0.24 | ) | $ | (0.83 | ) | ||||
| Basic and diluted, discontinued operations | 0.27 | 0.16 | (0.00 | ) | (0.05 | ) | ||||||||||
| Basic and diluted | $ | (0.96 | ) | $ | (1.31 | ) | $ | (0.24 | ) | $ | (0.88 | ) | ||||
| Weighted average ordinary shares outstanding: | ||||||||||||||||
| Basic and diluted | 67,354,336 | 60,652,999 | 80,874,401 | 62,663,913 | ||||||||||||
| RVL Pharmaceuticals plc | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| Year Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (64,920 | ) | $ | (79,589 | ) | ||
| Adjustments to reconcile net loss to cash provided by operating activities: | ||||||||
| Depreciation and amortization | 8,175 | 21,026 | ||||||
| Share compensation | 7,594 | 4,925 | ||||||
| Reclassification adjustment of cumulative foreign currency translation losses to earnings | 2,229 | - | ||||||
| Change in fair value of debt | (318 | ) | - | |||||
| Change in fair value of warrants | (5,571 | ) | - | |||||
| Impairment of intangible assets | 7,880 | 72,183 | ||||||
| Deferred income tax benefit | (194 | ) | (1,156 | ) | ||||
| Loss on sale of fixed and leased assets | 1,180 | 287 | ||||||
| Gain on sale of product rights, net | (5,636 | ) | - | |||||
| Gain on sales of discontinued operations | (4,062 | ) | - | |||||
| Bad debt provision | - | 6 | ||||||
| Amortization of deferred financing and loan origination fees | 1,606 | 1,269 | ||||||
| Write off of deferred financing and loan origination fees | 1,462 | 496 | ||||||
| Financing fees recognized in earnings associated with debt and warrants | 3,306 | - | ||||||
| Change in operating assets and liabilities: | ||||||||
| Accounts receivable, net and other receivables | 7,108 | 17,496 | ||||||
| Inventories, net | 2,595 | 3,371 | ||||||
| Prepaid expenses and other current assets | (6,198 | ) | (3,209 | ) | ||||
| Trade accounts payable | (134 | ) | (1,723 | ) | ||||
| Accrued and other current liabilities | (10,834 | ) | (17,792 | ) | ||||
| Net cash provided by (used in) operating activities | (54,732 | ) | 17,590 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Proceeds from product rights disposal | 7,300 | - | ||||||
| Proceeds from discontinued operations | 110,845 | - | ||||||
| Proceeds from sale of fixed and leased assets | 90 | 50 | ||||||
| Payments on disposal of leased assets | - | (214 | ) | |||||
| Purchase of property, plant and equipment | (1,782 | ) | (2,920 | ) | ||||
| Net cash provided by (used in) investing activities | 116,453 | (3,084 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payments on finance lease obligations | (37 | ) | (127 | ) | ||||
| Proceeds from insurance financing loan | 3,317 | - | ||||||
| Payments on insurance financing loan | (909 | ) | - | |||||
| Payments for taxes related to net share settlement of share-based awards | (783 | ) | (749 | ) | ||||
| Proceeds from issuance of debt, net of issuance costs | 51,795 | - | ||||||
| Proceeds from issuance of ordinary shares and warrants, net of issuance costs | 32,414 | 62,440 | ||||||
| Proceeds from issuance of ordinary shares under ESPP | 233 | 219 | ||||||
| Debt repayments | (221,360 | ) | (50,000 | ) | ||||
| Repurchases of ordinary shares | - | (8,101 | ) | |||||
| Net cash provided by (used in) financing activities | (135,330 | ) | 3,682 | |||||
| Net change in cash and cash equivalents | (73,609 | ) | 18,188 | |||||
| Cash and cash equivalents, beginning of period | 114,053 | 95,865 | ||||||
| Cash and cash equivalents, end of period | $ | 40,444 | $ | 114,053 | ||||
| RVL Pharmaceuticals plc | |||||||||||||||
| GAAP to Non-GAAP Reconciliations | |||||||||||||||
| Adjusted EBITDA (Unaudited) | |||||||||||||||
| (in thousands) | |||||||||||||||
| Year Ended | Three Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Loss from continuing operations | $ | (82,849 | ) | $ | (89,013 | ) | $ | (19,676 | ) | $ | (51,790 | ) | |||
| Interest expense and amortization of debt discount | 3,036 | 4,095 | 1,286 | 535 | |||||||||||
| Income tax expense (benefit) | 315 | (5,782 | ) | (100 | ) | (740 | ) | ||||||||
| Depreciation and amortization expense | 1,593 | 3,495 | 108 | 831 | |||||||||||
| EBITDA | (77,905 | ) | (87,205 | ) | (18,382 | ) | (51,164 | ) | |||||||
| Impairment of intangible assets | 7,880 | 28,910 | - | 28,910 | |||||||||||
| Share compensation expense | 6,841 | 4,450 | 962 | 1,199 | |||||||||||
| FX Translation | 1,568 | 260 | 2,387 | 72 | |||||||||||
| Severance expenses | 4,902 | 3,026 | 246 | 677 | |||||||||||
| Legal settlements and expenses | 1,372 | 4,200 | 760 | 1,935 | |||||||||||
| Change in fair value of debt and interest expense | 982 | - | 982 | - | |||||||||||
| Change in fair value of warrants | (5,571 | ) | - | (5,571 | ) | - | |||||||||
| Debt financing and extinguishment costs | 3,306 | - | 3,306 | - | |||||||||||
| Gain on sales of product rights, net | (5,636 | ) | - | - | - | ||||||||||
| Asset disposal charge | 1,245 | - | - | - | |||||||||||
| License related milestone and transaction costs | - | 3,296 | - | - | |||||||||||
| Other | 273 | 553 | 77 | 323 | |||||||||||
| Adjusted EBITDA | $ | (60,743 | ) | $ | (42,510 | ) | $ | (15,233 | ) | $ | (18,048 | ) | |||
FAQ
What were RVLP's fourth quarter 2021 sales figures?
What is RVLP's revenue guidance for fourth quarter 2022?
How did RVLP's net loss change in fourth quarter 2021?
What are the projected UPNEEQ sales for Q1 2022?
What amount of non-dilutive funding did RVLP secure recently?
