GW Pharmaceuticals plc Reports Fiscal Fourth Quarter 2017 and Year-End Financial Results and Operational Progress
December 04 2017 - 7:00AM
-
Epidiolex®
(cannabidiol) NDA Submitted to FDA --
Conference call today at 7:30 a.m. EST -
GW Pharmaceuticals plc (Nasdaq:GWPH) (GW, the Company or the
Group), a biopharmaceutical company focused on discovering,
developing and commercializing novel therapeutics from its
proprietary cannabinoid product platform, announces financial
results for the fourth quarter and year-ended 30 September
2017.
“With the Epidiolex NDA for Dravet syndrome and Lennox-Gastaut
syndrome submitted, we have entered a very exciting period for GW
and look forward to working with the FDA to support its review
process. With a decision on the NDA anticipated in mid 2018, we
believe we are making excellent progress with preparations to
ensure a highly successful US launch if Epidiolex is approved,”
stated Justin Gover, GW’s Chief Executive Officer. “We also expect
to submit a European regulatory application for Epidiolex for these
indications in late 2017 and are now building a European commercial
presence to prepare for a potential future launch. During 2017, a
substantial body of positive clinical data on Epidiolex was
published and presented, including a landmark publication in The
New England Journal of Medicine, as well as a wide range of
important data presentations and posters at the American Academy of
Neurology and American Epilepsy Society annual meetings. Beyond
Epidiolex, as a world leader in the field of cannabinoid science,
we continue to advance a number of additional exciting pipeline
clinical programs.”
OPERATIONAL HIGHLIGHTS
• Epidiolex (cannabidiol or CBD) orphan epilepsy program in
Dravet syndrome, Lennox-Gastaut Syndrome (LGS), Tuberous Sclerosis
Complex (TSC) and Infantile Spasms (IS)
- Regulatory:- New Drug Application (NDA) submitted to the FDA
for both Dravet syndrome and LGS indications- NDA acceptance
decision anticipated at end of December 2017- If priority review
status granted, PDUFA date expected mid 2018- European regulatory
submission expected in late 2017
- Clinical data:- Phase 3 Dravet syndrome trial published in The
New England Journal of Medicine- Phase 3 LGS trial accepted by a
top tier journal and publication expected in early 2018- Over 25
posters presented at American Epilepsy Society Annual Meeting
relating to Epidiolex
- Clinical trials- Phase 3 trial in TSC ongoing with data
expected H2 2018- Second Phase 3 trial in Dravet syndrome
enrollment complete with data expected H2 2018- Part A of two-part
Phase 2/3 trial in IS underway. Data expected in Q1 2018
- Manufacturing- Recently expanded UK manufacturing
facility included in NDA submission- Preparations on track for FDA
GMP pre-approval inspection
- Expanded access program and open label extension:- Overall,
greater than 1,700 patients now exposed to Epidiolex treatment-
Over 97 percent of patients who completed Phase 3 trials have
entered the company-sponsored long term extension study
- Commercial and medical affairs:- U.S. launch preparations on
track. Full medical affairs team in place, including 15 epilepsy
specialist Medical Science Liaisons (MSLs)- Active discussions
ongoing with a wide variety of payors and insurance programs-
European commercial build-out underway
- Life-cycle management- Several new formulations of CBD in
development including improved liquid formulations, a solid dose
form and an intravenous formulation
- Intellectual property- Portfolio of intellectual property
relating to the use of CBD in epilepsy being prosecuted- We expect
USPTO to reach a determination on whether to allow a number of
pending applications in H1 2018
- CBDV Phase 2 partial-onset epilepsy trial in adults fully
enrolled with data expected Q1 2018
- CBDV in Autism Spectrum Disorders- Expanded access IND granted
by FDA for 10 patients with autism underway- Investigator-led 100
patient placebo-controlled trial in autism due to commence in H1
2018- Open label study in Rett syndrome and Phase 2
placebo-controlled trial expected to be initiated in 2018- Orphan
Drug Designation from FDA for CBDV in the treatment of Rett
syndrome
- Sativex- Late stage negotiations for the return of U.S.
development and commercialization rights
- CBD:THC in Glioblastoma- Plans being developed on a pivotal
clinical development program for CBD:THC in glioblastoma
- Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD
program- Phase 1 trial in healthy volunteers complete- Orphan Drug
Designation from FDA and EMA; Fast Track Designation granted from
FDA
FINANCIAL HIGHLIGHTS
- Revenue for the twelve months ended 30 September 2017 of £8.2
million ($11.0 million) compared to £10.3 million for the twelve
months ended 30 September 2016.
- Loss for the twelve months ended 30 September 2017 of £131.7
million ($175.9 million) compared to £63.7 million for the twelve
months ended 30 September 2016.
- Cash and cash equivalents at 30 September 2017 of £241.2
million ($322.2 million) compared to £374.4 million as at 30
September 2016.
Solely for the convenience of the reader, the
above balances have been translated into U.S. dollars at the rate
on 30 September 2017 of $1.33577 to £1. These translations should
not be considered representations that any such amounts have been,
could have been or could be converted into U.S. dollars at that or
any other exchange rate as at that or any other date.
Conference Call and Webcast
InformationGW Pharmaceuticals will host a conference call
and webcast to discuss the fourth quarter and year end 30 September
2017 financial results today at 7:30 am EST. To participate in the
conference call, please dial 877-407-8133 (toll free from the U.S.
and Canada) or 201-689-8040 (international). Investors may also
access a live audio webcast of the call via the investor relations
section of the Company’s website at http://www.gwpharm.com. A
replay of the call will also be available through the GW website
shortly after the call and will remain available for 90 days.
Replay Numbers: (toll free):1-877-481-4010 or 919-882-2331
(international). For both dial-in numbers please use conference ID
# 13674049.
About GW Pharmaceuticals
plc
Founded in 1998, GW is a biopharmaceutical
company focused on discovering, developing and commercializing
novel therapeutics from its proprietary cannabinoid product
platform in a broad range of disease areas. GW is advancing an
orphan drug program in the field of childhood epilepsy with a focus
on Epidiolex (cannabidiol or CBD), for which GW has completed a
rolling NDA submission with the FDA for the adjunctive treatment of
LGS and Dravet syndrome. The Company continues to evaluate
Epidiolex in additional epilepsy conditions and currently has
ongoing Phase 3 clinical trials in Tuberous Sclerosis Complex and
Infantile Spasms. GW commercialized the world’s first plant-derived
cannabinoid prescription drug, Sativex®, which is approved for the
treatment of spasticity due to multiple sclerosis in numerous
countries outside the United States. The Company has a deep
pipeline of additional cannabinoid product candidates which
includes compounds in Phase 1 and 2 trials for glioblastoma,
schizophrenia and epilepsy. For further information, please visit
www.gwpharm.com.
Forward-looking statements
This news release contains forward-looking
statements that reflect GW's current expectations regarding future
events, including statements regarding financial performance, the
timing of clinical trials, the timing and outcomes of regulatory or
intellectual property decisions, the relevance of GW products
commercially available and in development, the clinical benefits of
Sativex and Epidiolex and the safety profile and commercial
potential of Sativex and Epidiolex. Forward-looking statements
involve risks and uncertainties. Actual events could differ
materially from those projected herein and depend on a number of
factors, including (inter alia), the success of GW’s research
strategies, the applicability of the discoveries made therein, the
successful and timely completion of uncertainties related to the
regulatory process, and the acceptance of Sativex, Epidiolex and
other products by consumer and medical professionals. A further
list and description of risks and uncertainties associated with an
investment in GW can be found in GW’s filings with the U.S.
Securities and Exchange Commission including the most recent Form
20-F filed on 4 December 2017. Existing and prospective investors
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. GW undertakes
no obligation to update or revise the information contained in this
press release, whether as a result of new information, future
events or circumstances or otherwise.
Enquiries: |
|
GW Pharmaceuticals plc |
|
Stephen Schultz, VP Investor Relations |
401
500 6570 |
FTI (UK Media Enquiries) |
|
Ben
Atwell |
+44 (0) 203 727
1030 |
Sam Brown (U.S. Media Enquiries) |
|
Mike
Beyer |
312 961 2502 |
Solely for the convenience of the reader, unless
otherwise indicated, all pound sterling amounts stated in the
Condensed Consolidated Balance Sheet as at 30 September 2017, the
Condensed Consolidated Income Statement, Condensed Consolidated
Statement of Comprehensive Loss, Condensed Consolidated Statement
of Changes in Equity and the Condensed Consolidated Cash Flow
Statement for the three months and for the year ended 30 September
2017 have been translated into U.S. dollars at the rate on 30
September 2017 of $1.33577 to £1.00. These translations should not
be considered representations that any such amounts have been,
could have been or could be converted into U.S. dollars at that or
any other exchange rate as at that or any other date.
|
GW
Pharmaceuticals plc |
Condensed
consolidated income statement |
Three
months ended 30 September 2017 |
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
Three
months ended |
|
|
30 September |
|
|
30 September |
|
|
30
September |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
$000’s |
|
|
£000’s |
|
|
£000’s |
|
Revenue |
2,863 |
|
|
2,143 |
|
|
1,670 |
|
Cost of sales |
(1,375 |
) |
|
(1,029 |
) |
|
(779 |
) |
Research and
development expenditure |
(41,705 |
) |
|
(31,221 |
) |
|
(24,318 |
) |
Sales, general and
administrative expenses |
(18,666 |
) |
|
(13,974 |
) |
|
(7,469 |
) |
Net foreign exchange
(loss)/gain |
(5,960 |
) |
|
(4,462 |
) |
|
6,272 |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
(64,843 |
) |
|
(48,543 |
) |
|
(24,624 |
) |
Interest expense |
(315 |
) |
|
(236 |
) |
|
(120 |
) |
Interest and other
income |
767 |
|
|
574 |
|
|
316 |
|
|
|
|
|
|
|
|
|
|
Loss before
tax |
(64,391 |
) |
|
(48,205 |
) |
|
(24,428 |
) |
Tax benefit |
9,134 |
|
|
6,838 |
|
|
7,520 |
|
|
|
|
|
|
|
|
|
|
Loss for the
period |
(55,257 |
) |
|
(41,367 |
) |
|
(16,908 |
) |
|
|
|
|
|
|
|
|
|
Loss per share
– basic and diluted |
(18.2c |
) |
|
(13.6p |
) |
|
(5.7p |
) |
|
|
|
|
|
|
|
|
All activities relate to continuing
operations.
|
|
|
|
|
Condensed consolidated
statement of comprehensive loss |
|
|
|
|
For the three months
ended 30 September 2017 |
|
|
|
|
|
|
|
|
|
|
Three months ended 30
September2017
£000’s |
|
Three months ended 30
September2016
£000’s |
|
Loss for the
period |
(41,367 |
) |
(16,908 |
) |
Items that may be reclassified subsequently to profit or
loss |
|
|
Exchange differences on
translation of foreign operations |
(449 |
) |
183 |
|
Other comprehensive (loss)/gain for the
period |
(449 |
) |
183 |
|
Total comprehensive loss for the period |
(41,816 |
) |
(16,725 |
) |
|
|
|
|
|
|
GW
Pharmaceuticals plc |
Condensed
consolidated income statement |
Year ended
30 September 2017 |
|
|
Year ended |
|
|
Year ended |
|
|
Year
ended |
|
|
30 September |
|
|
30 September |
|
|
30
September |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
$000’s |
|
|
£000’s |
|
|
£000’s |
|
Revenue |
11,004 |
|
|
8,238 |
|
|
10,315 |
|
Cost of sales |
(4,730 |
) |
|
(3,541 |
) |
|
(2,719 |
) |
Research and
development expenditure |
(148,576 |
) |
|
(111,229 |
) |
|
(99,815 |
) |
Sales, general and
administrative expenses |
(55,700 |
) |
|
(41,699 |
) |
|
(19,939 |
) |
Net foreign exchange
(loss)/gain |
(6,739 |
) |
|
(5,045 |
) |
|
25,551 |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
(204,741 |
) |
|
(153,276 |
) |
|
(86,607 |
) |
Interest expense |
(995 |
) |
|
(745 |
) |
|
(173 |
) |
Interest and other
income |
2,159 |
|
|
1,616 |
|
|
608 |
|
|
|
|
|
|
|
|
|
|
Loss before
tax |
(203,577 |
) |
|
(152,405 |
) |
|
(86,172 |
) |
Tax benefit |
27,673 |
|
|
20,717 |
|
|
22,515 |
|
|
|
|
|
|
|
|
|
|
Loss for the
year |
(175,904 |
) |
|
(131,688 |
) |
|
(63,657 |
) |
|
|
|
|
|
|
|
|
|
Loss per share
– basic and diluted |
(57.9c |
) |
|
(43.4p |
) |
|
(23.5p |
) |
|
|
|
|
|
|
|
|
|
All activities relate to continuing
operations.
|
Condensed
consolidated statement of comprehensive loss |
For the
year ended 30 September 2017 |
|
|
Year ended 30
September2017
£000’s |
|
Year ended 30
September2016
£000’s |
|
Loss for the
year |
(131,688 |
) |
(63,657 |
) |
Items that may be reclassified subsequently to profit or
loss |
|
|
Exchange differences on
translation of foreign operations |
(716 |
) |
349 |
|
Other comprehensive (loss)/gain for the year |
(716 |
) |
349 |
|
Total comprehensive loss for the year |
(132,404 |
) |
(63,308 |
) |
|
|
|
|
|
|
GW
Pharmaceuticals plc |
Condensed
consolidated statement of changes in equity |
Year ended
30 September 2017 |
|
|
|
|
|
|
|
|
|
|
|
Called-up |
Share |
|
|
|
|
|
|
|
|
share |
premium |
|
Other |
|
Accumulated |
|
Total |
|
|
capital |
account |
|
reserves |
|
deficit |
|
equity |
|
|
£000’s |
£000’s |
|
£000’s |
|
£000’s |
|
£000’s |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1
October 2015 |
261 |
|
349,275 |
|
|
19,189 |
|
|
(123,455 |
) |
|
245,270 |
|
Issue of share
capital |
39 |
|
206,512 |
|
|
– |
|
|
– |
|
|
206,551 |
|
Expense of new equity
issue |
– |
|
(472 |
) |
|
– |
|
|
– |
|
|
(472 |
) |
Underwriters’
contribution towards expenses of new equity issue |
– |
|
472 |
|
|
– |
|
|
– |
|
|
472 |
|
Exercise of share
options |
2 |
|
690 |
|
|
– |
|
|
– |
|
|
692 |
|
Share-based payment
transactions |
– |
|
– |
|
|
– |
|
|
8,152 |
|
|
8,152 |
|
Loss for the year |
– |
|
– |
|
|
– |
|
|
(63,657 |
) |
|
(63,657 |
) |
Deferred tax
attributable to unrealized share option gains |
– |
|
– |
|
|
– |
|
|
1,133 |
|
|
1,133 |
|
Other comprehensive
gain |
– |
|
– |
|
|
349 |
|
|
– |
|
|
349 |
|
Balance at 30
September 2016 |
302 |
|
556,477 |
|
|
19,538 |
|
|
(177,827 |
) |
|
398,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1
October 2016 |
302 |
|
556,477 |
|
|
19,538 |
|
|
(177,827 |
) |
|
398,490 |
|
Exercise of share
options |
2 |
|
93 |
|
|
– |
|
|
– |
|
|
95 |
|
Share-based payment
transactions |
– |
|
– |
|
|
– |
|
|
11,860 |
|
|
11,860 |
|
Loss for the year |
– |
|
– |
|
|
– |
|
|
(131,688 |
) |
|
(131,688 |
) |
Deferred tax
attributable to unrealized share option gains |
– |
|
– |
|
|
– |
|
|
134 |
|
|
134 |
|
Other comprehensive
loss |
– |
|
– |
|
|
(716 |
) |
|
– |
|
|
(716 |
) |
Balance at 30
September 2017 |
304 |
|
556,570 |
|
|
18,822 |
|
|
(297,521 |
) |
|
278,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GW
Pharmaceuticals plc |
Condensed
consolidated statement of changes in equity |
Year ended
30 September 2017 |
|
|
As at 30 September |
|
|
As at 30 September |
|
|
As at
30 September |
|
|
2017 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
$000’s |
|
|
£000’s |
|
|
£000’s |
|
Intangible assets -
goodwill |
6,959 |
|
|
5,210 |
|
|
5,210 |
|
Other intangible
assets |
1,401 |
|
|
1,049 |
|
|
629 |
|
Property, plant and
equipment |
58,328 |
|
|
43,666 |
|
|
38,947 |
|
Deferred tax asset |
8,391 |
|
|
6,282 |
|
|
3,873 |
|
|
75,079 |
|
|
56,207 |
|
|
48,659 |
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Inventories |
5,669 |
|
|
4,244 |
|
|
4,248 |
|
Taxation
recoverable |
26,812 |
|
|
20,072 |
|
|
21,322 |
|
Trade receivables and
other assets |
14,983 |
|
|
11,217 |
|
|
4,556 |
|
Cash and cash
equivalents |
322,154 |
|
|
241,175 |
|
|
374,392 |
|
|
369,618 |
|
|
276,708 |
|
|
404,518 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
444,697 |
|
|
332,915 |
|
|
453,177 |
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Trade and other
payables |
(44,238 |
) |
|
(33,119 |
) |
|
(31,170 |
) |
Current tax
liabilities |
(1,119 |
) |
|
(838 |
) |
|
(883 |
) |
Obligations under
finance leases |
(274 |
) |
|
(205 |
) |
|
(211 |
) |
Deferred revenue |
(3,082 |
) |
|
(2,307 |
) |
|
(2,686 |
) |
|
(48,713 |
) |
|
(36,469 |
) |
|
(34,950 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
Trade and other
payables |
(12,364 |
) |
|
(9,256 |
) |
|
(9,423 |
) |
Obligations under
finance leases |
(6,352 |
) |
|
(4,755 |
) |
|
(4,959 |
) |
Deferred revenue |
(5,690 |
) |
|
(4,260 |
) |
|
(5,355 |
) |
|
|
|
|
|
|
|
|
|
Total
liabilities |
(73,119 |
) |
|
(54,740 |
) |
|
(54,687 |
) |
|
|
|
|
|
|
|
|
|
Net
assets |
371,578 |
|
|
278,175 |
|
|
398,490 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Share capital |
406 |
|
|
304 |
|
|
302 |
|
Share premium
account |
743,450 |
|
|
556,570 |
|
|
556,477 |
|
Other reserves |
25,145 |
|
|
18,822 |
|
|
19,538 |
|
Accumulated
deficit |
(397,423 |
) |
|
(297,521 |
) |
|
(177,827 |
) |
|
|
|
|
|
|
|
|
|
Total
equity |
371,578 |
|
|
278,175 |
|
|
398,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GW
Pharmaceuticals plc |
Condensed
consolidated cash flow statement |
As at 30
September 2017 |
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
Year ended |
|
|
Year
ended |
|
|
30 September 2017 |
|
|
30 September 2017 |
|
|
30
September 2016 |
|
|
$000’s |
|
|
£000’s |
|
|
£000’s |
|
Loss for the
year |
(175,904 |
) |
|
(131,688 |
) |
|
(63,657 |
) |
Adjustments for: |
|
|
|
|
|
|
|
|
Interest and other
income |
(2,159 |
) |
|
(1,616 |
) |
|
(608 |
) |
Interest expense |
995 |
|
|
745 |
|
|
173 |
|
Tax benefit |
(27,672 |
) |
|
(20,717 |
) |
|
(22,515 |
) |
Depreciation of
property, plant and equipment |
7,048 |
|
|
5,276 |
|
|
3,605 |
|
Impairment of property,
plant and equipment |
848 |
|
|
635 |
|
|
– |
|
Reversal of impairment
of property, plant and equipment |
(289 |
) |
|
(216 |
) |
|
– |
|
Amortization of
intangible assets |
328 |
|
|
245 |
|
|
62 |
|
Net foreign exchange
losses/(gains) |
6,739 |
|
|
5,045 |
|
|
(25,551 |
) |
Increase in provision
for inventories |
134 |
|
|
100 |
|
|
72 |
|
Decrease in deferred
signature fees |
(1,830 |
) |
|
(1,370 |
) |
|
(1,170 |
) |
Share-based payment
charge |
15,842 |
|
|
11,860 |
|
|
8,152 |
|
Loss on disposal of
property, plant and equipment |
779 |
|
|
582 |
|
|
1 |
|
|
(175,142 |
) |
|
(131,119 |
) |
|
(101,436 |
) |
(Increase)/decrease in
inventories |
(128 |
) |
|
(96 |
) |
|
436 |
|
Increase in trade
receivables and other assets |
(3,643 |
) |
|
(2,728 |
) |
|
(753 |
) |
Increase in trade and
other payables and deferred revenue |
5,760 |
|
|
4,312 |
|
|
4,761 |
|
|
|
|
|
|
|
|
|
|
Cash used in
operations |
(173,153 |
) |
|
(129,631 |
) |
|
(96,992 |
) |
Income taxes paid |
(3,064 |
) |
|
(2,293 |
) |
|
(883 |
) |
Research and
development tax credits received |
28,958 |
|
|
21,679 |
|
|
13,281 |
|
|
|
|
|
|
|
|
|
|
Net cash
outflow from operating activities |
(147,259 |
) |
|
(110,245 |
) |
|
(84,594 |
) |
|
|
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
|
|
|
Interest received |
1,914 |
|
|
1,433 |
|
|
434 |
|
Purchases of property,
plant and equipment |
(21,451 |
) |
|
(16,059 |
) |
|
(8,678 |
) |
Purchase of intangible
assets |
(850 |
) |
|
(636 |
) |
|
(512 |
) |
|
|
|
|
|
|
|
|
|
Net cash
outflow from investing activities |
(20,387 |
) |
|
(15,262 |
) |
|
(8,756 |
) |
|
|
|
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
|
|
|
Proceeds on exercise of
share options |
128 |
|
|
96 |
|
|
540 |
|
Proceeds of new equity
issue |
– |
|
|
– |
|
|
206,550 |
|
Expenses of new equity
issue |
(179 |
) |
|
(134 |
) |
|
(319 |
) |
Underwriters’
contribution towards expenses of new equity issue |
– |
|
|
– |
|
|
472 |
|
Interest paid |
(1,289 |
) |
|
(965 |
) |
|
(69 |
) |
Repayments of fit out
funding |
(1,123 |
) |
|
(841 |
) |
|
(240 |
) |
Repayments of
obligations under finance leases |
(279 |
) |
|
(209 |
) |
|
(127 |
) |
|
|
|
|
|
|
|
|
|
Net cash
(outflow)/inflow from financing activities |
(2,742 |
) |
|
(2,053 |
) |
|
206,807 |
|
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents |
(7,560 |
) |
|
(5,657 |
) |
|
26,063 |
|
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents |
(177,948 |
) |
|
(133,217 |
) |
|
139,520 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of the year |
500,102 |
|
|
374,392 |
|
|
234,872 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of the year |
322,154 |
|
|
241,175 |
|
|
374,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GW Pharmaceuticals (NASDAQ:GWPH)
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