Baudax Bio, Inc. (NASDAQ:BXRX) (the “Company”), a pharmaceutical
company focused on commercializing and developing innovative
products for acute care settings, today reported financial results
for the fourth quarter and year ended December 31, 2021, provided
key metrics around the ongoing commercial rollout of ANJESO®
(meloxicam) injection, updated status of its neuromuscular blocking
agent (NMB) portfolio, and provided other recent updates.
“We’re excited about the continued growth we’ve
seen throughout 2021 in both the fourth quarter and annual revenue
and end-user demand for ANJESO, despite the challenging backdrop of
fewer elective surgeries due to the COVID-19 pandemic,” said Gerri
Henwood, President and CEO of Baudax Bio. “In addition, we are
actively progressing our novel neuromuscular blocking agents,
including the advancement of BX1000 into the next clinical study in
surgical patients expected in the first half of 2022, submission of
requested additional information to FDA for BX2000 this quarter and
the initiation of a BX2000 dose-escalation study in healthy
volunteers, and planning for the commencement of clinical work for
BX3000 in late 2022 or early 2023. Collectively, these assets have
the potential to meaningfully reduce both time of ‘onset’ of
neuromuscular blockade and ‘offset’ for procedure recovery time,
resulting in potentially greater certainty and control of desired
duration of neuromuscular blockade, which can produce meaningful
cost savings and time savings for surgical centers.”
Recent Highlights
ANJESO
- ANJESO U.S. Commercialization. ANJESO is
indicated for the management of moderate to severe pain, alone or
in combination with other non-NSAID analgesics. For the fourth
consecutive quarter, demand for ANJESO demonstrated solid growth
and deepening usage patterns, with quarterly vials sold to
end-users increasing by approximately 32% in the fourth quarter of
2021 compared to the third quarter of 2021. The number of vials
sold to ambulatory surgical centers (ASCs) increased approximately
45% during the same time period. ANJESO is now approved on over 200
formularies nationwide. The average quarterly orders per account
increased over 23% in the fourth quarter of 2021 versus the third
quarter of 2021 and the re-order rate grew to nearly 70% with a
deepening usage pattern. In addition, the month of December 2021
was our single largest month of ANJESO units sold launch-to-date
for the product.
Charts accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/c88ec503-7bb2-4b6f-9d41-d274a108c46c
https://www.globenewswire.com/NewsRoom/AttachmentNg/00fcf044-2132-4550-8908-1280dd355dc3
-
COVID-19 Breakthrough. COVID-19 related impacts
continue to periodically and regionally affect the number of
elective surgeries performed, as well as impacting access for field
activities in certain geographies. While there were early signs of
elective surgeries gradually returning to pre-COVID levels late in
the third quarter of 2021, the COVID-19 omicron variant had a
significant impact on institutions cancelling elective surgeries in
November and December due to COVID-19 demand for patient bed space
as well as reduced ASC and hospital staff availability, especially
in the Southern U.S. (e.g., Texas, Florida and Alabama), which
currently accounts for approximately 40% of Baudax Bio’s hospital
business.
NMBs
-
BX1000. Baudax Bio completed the dose-escalation
study that evaluated the product candidate in 58 healthy
volunteers. Overall BX1000 was generally well tolerated through the
dosing range tested. Muscle paralysis was rapidly achieved along
with complete spontaneous recovery. Baudax Bio is preparing the
clinical study report for this dose-escalation study and expects to
submit it to the U.S. Food and Drug Administration (FDA) in 2022.
Additionally, Baudax Bio is preparing for the next BX1000 study in
surgical patients that is expected to commence in the first half of
2022.
-
BX2000. Baudax Bio completed additional
nonclinical testing of BX2000 requested by FDA, which was submitted
in February of 2022, and in March, FDA notified us that we could
proceed with initiation of a dose-escalation study in healthy
volunteers in the first half of 2022.
-
BX3000. Additional work to enhance formulation of
BX3000 is underway and Baudax Bio believes that this data, along
with certain non-clinical data, will be submitted to FDA and allows
for initiation of the clinical program in healthy volunteers in
late 2022 or early 2023.
Corporate and Financial
-
Regains Compliance with NASDAQ Listing
Requirements. In March 2022, Baudax Bio announced that it
received a letter from The Nasdaq Stock Market noting the Company
has regained compliance with the minimum bid price requirement
under Listing Rule 5550(a)(2), which requires the Company to
maintain a minimum closing bid price of $1.00 per share. Nasdaq
staff made this determination of compliance after the Company's bid
price closed above $1.00 per share for 10 consecutive business days
from February 16, 2022 to March 2, 2022, and has now deemed the
matter closed.
-
Implemented Plans to Reduce Expenses. In March
2022, the Company implemented plans to reduce expenses including an
approximately 80% reduction in the Company’s workforce. The
reduction in workforce is intended to reduce the Company’s
operating costs in connection with ANJESO commercialization. The
Company expects to substantially complete the reduction plan by the
end of the second quarter of 2022. Severance and other related
costs are estimated to be approximately $4.0 million, recognized
primarily in the first quarter. In conjunction with the
reduction of the Company’s workforce, Richard S. Casten, Chief
Financial Officer, is leaving, and Jillian Dilmore, CPA and
Corporate Controller, will assume interim responsibilities as the
Principal Financial Officer. For more details regarding this plan
to reduce expenses, please see the Company’s form 10-K, which will
be filed on March 16, 2022.
-
Announced $10.0 Million Public Offering. During
the first quarter 2022, Baudax Bio completed an underwritten public
offering of 3,508,772 shares of common stock (or common stock
equivalents), together with warrants to purchase up to an aggregate
of 3,508,772 shares of common stock (the “Offering”). Each share of
common stock (or common stock equivalent) was sold together with
one warrant to purchase one share of common stock at a combined
public offering price of $2.85 per share of common stock and
accompanying warrant, less the underwriting discounts and
commissions. The warrants have an exercise price of $3.25 per
share, are exercisable immediately, and will expire five years
following the date of issuance. In addition, the underwriter
partially exercised its option to purchase an additional 113,896
warrants.
-
Announced 1-for-35 Reverse Stock Split. During the
first quarter 2022, Baudax Bio announced a 1-for-35 reverse stock
split of its common shares (the “Reverse Stock Split”). The Reverse
Stock Split became effective at 12:01 a.m. Eastern time on February
16, 2022 and the Company’s common stock opened for trading on The
Nasdaq Capital Market on a post-split basis under the Company’s
existing trading symbol “BXRX”. At such time, the Company’s common
stock also commenced trading under a new CUPSIP number, 07160F206.
All issued and outstanding shares of common stock, warrants, common
stock options, and unvested restricted stock units and the related
per share amounts contained in the financial statements have been
retroactively adjusted to reflect this Reverse Stock Split for all
periods presented.
-
Announced $4.2 Million Registered Direct Offering.
In December 2021, Baudax Bio entered into a definitive agreement
with certain institutional investors for the issuance and sale of
42,289.3 shares of Series A preferred stock and warrants to
purchase up to an aggregate of approximately 362,479 shares of
common stock, which resulted in gross proceeds of $4.2 million in a
registered direct offering. The shares of preferred stock have a
stated value of $100 per share and were convertible after the
closing date into an aggregate of approximately 483,306 shares of
common stock at a conversion price of $8.75 per share. All shares
of preferred stock were converted into common stock by the first
quarter of 2022.
Financial Results for the Three Months
Ended December 31, 2021
For the three months ended December 31, 2021,
Baudax Bio saw continued quarterly growth in units sold to end
users of approximately 32% compared to the third quarter of 2021,
totaling approximately 5,000 units sold to end users in the fourth
quarter.
As of December 31, 2021, Baudax Bio had cash and cash
equivalents of $15.9 million.
Net product revenue related to sales of ANJESO
in the U.S., recognized according to U.S. GAAP, for the three
months ended December 31, 2021 was $0.4 million This compares to
$0.1 million for the three months ended December 31, 2020, which
included certain initial stocking of ANJESO to wholesaler
distribution centers in the early part of the COVID-19 launch year.
While utilizing the title model of distribution, product revenue is
recognized as shipments are made to the Company’s third-party
logistics provider. The increase in net product revenue of $0.3
million was attributable to securing additional formulary
approvals, which allowed for more trial usage of ANJESO that lead
to early adoption of ANJESO. Ultimately throughout 2021, this
adoption led to deepening usage and increased end-user demand as
well as increased purchasing through both wholesalers and by direct
customers.
Cost of sales for the three months ended
December 31, 2021 was $0.6 million, compared to $0.5 million for
the three months ended December 31, 2020, an increase of $0.1
million, and consisted of product costs, royalty expense and
certain fixed costs associated with the manufacturing of ANJESO,
including supply chain and quality costs. Certain product costs of
ANJESO units recognized as revenue during the three months ended
December 31, 2021 and 2020 were expensed prior to the FDA approval
of ANJESO in February 2020, and therefore are not included in cost
of sales during the related periods. Baudax Bio expects that over
time, product costs in cost of sales will increase as sales
increase and inventory associated with the units manufactured prior
to FDA approval have been sold.
Research and development expenses for the three
months ended December 31, 2021 were $0.5 million compared to $3.2
million for the three months ended December 31, 2020. Research and
development expenses decreased $2.7 million, which was primarily
due to a decrease in personnel related costs of $1.5 million, a
decrease in project costs associated with increasing manufacturing
capacity at its supplier for ANJESO of $0.7 million, and a decrease
of $0.5 million in clinical costs.
Selling, general and administrative expenses for
the three months ended December 31, 2021 were $11.5 million, of
which $6.5 million was attributable to selling expense and $5.0
million was attributable to general and administrative expense.
This compares to $10.3 million for the same prior year period, of
which $6.3 million was attributable to selling expense and $4.0
million was attributable to general and administrative expense.
Selling expenses remained flat over the comparable period while
general and administrative expenses increased $1.0 million, which
was primarily a result of the prior period including $0.4 million
in reimbursed general and administrative expenses related to the
Transition Services Agreement with Recro, which ended on December
31, 2020, as well as an increase of $0.3 million in both personnel
and public company costs.
Baudax Bio reported net income of $29.4 million,
including a non-cash benefit of $41.3 million, or $10.03 per
diluted share, for the three months ended December 31, 2021.
Adjusted net loss* was $11.9 million.
Financial Results for the Year Ended
December 31, 2021
Net product revenue related to sales of ANJESO
in the U.S., recognized according to U.S. GAAP, for the year ended
December 31, 2021 was $1.1 million. This compares to $0.5 million
for the year ended December 31, 2020, which included certain
initial stocking of ANJESO to wholesaler distribution centers in
the early part of the COVID-19 launch year. While utilizing the
title model of distribution, product revenue is recognized as
shipments are made to the Company’s third party logistics provider.
The increase of $0.6 million was attributable to securing
additional formulary approvals, which allowed for more trial usage
of ANJESO that lead to early adoption of ANJESO. Ultimately
throughout 2021, this adoption led to deepening usage and increased
end-user demand and increased purchasing through both wholesalers
and by direct customers.
Cost of sales for the year ended December 31,
2021 was $2.4 million, compared to $1.7 million for the year ended
December 31, 2020, an increase of $0.7 million, and consisted of
product costs, royalty expense and certain fixed costs associated
with the manufacturing of ANJESO, including supply chain and
quality costs. Certain product costs of ANJESO units recognized as
revenue during the years ended December 31, 2021 and 2020 were
expensed prior to the FDA approval of ANJESO in February 2020, and
therefore are not included in cost of sales during the related
periods. Baudax Bio expects that over time, product costs in cost
of sales will increase as sales increase and inventory associated
with the units manufactured prior to FDA approval have been
sold.
Research and development expenses for the year
ended December 31, 2021 were $3.1 million compared to $9.1 million
for the year ended December 31, 2020. Research and development
expenses decreased $6.0 million, which was primarily due to a
decrease in personnel related costs of $4.0 million and a decrease
in pre-commercial manufacturing and clinical costs of $2.0
million.
Selling, general and administrative expenses for
the year ended December 31, 2021 were $45.3 million, of which $22.4
million was attributable to selling expense and $22.9 million was
attributable to general and administrative expense. This compares
to $43.3 million for the same prior year period, of which $22.8
million was attributable to selling expense and $20.5 million was
attributable to general and administrative expense. Selling
expenses remained flat over the comparable period while general and
administrative expenses increased $2.4 million. The increase was
primarily a result of the prior period of 2020 including $2.0
million in reimbursed general and administrative expenses related
to the Transition Services Agreement with Recro Pharma, which ended
on December 31, 2020.
Baudax Bio reported a net loss of $19.8 million,
including a non-cash benefit of $26.4 million, or $(10.14) per
share, for the year ended December 31, 2021. Adjusted net loss* was
$46.2 million.
*Adjusted net loss is a non-GAAP financial
measure (see reconciliation of non-GAAP financial measures in this
release).
Non-GAAP Financial Measures
To supplement the Company’s financial results
determined by U.S. generally accepted accounting principles
(“GAAP”), the Company is reporting certain non-GAAP information for
its business, including adjusted net loss. Adjusted net loss is net
loss as determined under GAAP, excluding the changes in fair values
of contingent consideration and warrant valuations, gain on
extinguishment of debt, interest, depreciation, amortization, and
stock-based compensation. The Company believes this non-GAAP
financial measure is helpful in understanding its business as it is
useful to investors in allowing for greater transparency of
supplemental information used by management. This measure is used
by investors, as well as management in assessing the Company’s
performance. Non-GAAP financial measures should be considered in
addition to, but not as a substitute for, reported GAAP results.
Further, Non-GAAP financial measures, even if similarly titled, may
not be calculated in the same manner by all companies, and
therefore should not be compared. Please see the section of this
press release titled “Reconciliation of GAAP to Non-GAAP Financial
Measures” for a reconciliation of non-GAAP adjusted net loss to its
most directly comparable GAAP measure.
About
ANJESO®
ANJESO (meloxicam) injection is a proprietary,
long-acting, preferential COX-2 inhibitor that possesses analgesic,
anti-inflammatory and antipyretic activities, which are believed to
be related to the inhibition of cyclooxygenase type 2 pathway
(COX-2) and subsequent reduction in prostaglandin biosynthesis.
ANJESO is indicated for the management of moderate to severe pain,
alone or in combination with other non-NSAID analgesics. Because of
the delayed onset of analgesia, ANJESO alone is not recommended for
use when rapid onset of analgesia is required. ANJESO is supported
by two pivotal Phase III clinical efficacy trials, a large
double-blind, placebo-controlled Phase III safety trial and four
Phase II clinical efficacy trials, as well as other safety studies.
As a non-opioid, Baudax Bio believes ANJESO has the potential to
overcome many of the issues associated with commonly prescribed
opioid therapeutics, including respiratory depression,
constipation, excessive nausea and vomiting, as well as having no
addictive potential, while maintaining meaningful analgesic effects
for relief of pain. ANJESO was designed using the NanoCrystal®
platform, a technology that enables enhanced bioavailability of
poorly water-soluble drug compounds. NanoCrystal® is a registered
trademark of Alkermes Pharma Ireland Limited (APIL).
About Baudax Bio
Baudax Bio is a pharmaceutical company focused
on commercializing and developing innovative products for acute
care settings. ANJESO is the first and only 24-hour, intravenous
(IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for
the management of moderate to severe pain. In addition to ANJESO,
Baudax Bio has a pipeline of other innovative pharmaceutical assets
including two novel neuromuscular blocking agents (NMBs) and a
proprietary chemical reversal agent specific to these NMBs. For
more information, please visit www.baudaxbio.com.
Forward Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties. Such
forward-looking statements reflect Baudax Bio’s expectations about
its future performance and opportunities that involve substantial
risks and uncertainties. When used herein, the words “anticipate,”
“believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,”
“intend,” and “expect,” and similar expressions, as they relate to
Baudax Bio or its management, are intended to identify such
forward-looking statements. These forward-looking statements are
based on information available to Baudax Bio as of the date of
publication on this internet site, including statements relating to
the development of each of BX-1000, BX-2000 and BX-3000, and are
subject to a number of risks, uncertainties, and other factors that
could cause Baudax Bio’s performance to differ materially from
those expressed in, or implied by, these forward-looking
statements. These risks and uncertainties include, among other
things, risks related to the ongoing economic and social
consequences of the COVID-19 pandemic, Baudax Bio’s ability to
advance its current product candidate pipeline through pre-clinical
studies and clinical trials, Baudax Bio’s ability to raise future
financing for continued development of its product candidates such
as BX-1000, BX-2000 and BX-3000, Baudax Bio’s ability to pay its
debt and satisfy conditions necessary to access future tranches of
debt, Baudax Bio’s ability to comply with the financial and other
covenants under its credit facility, Baudax Bio’s ability to manage
costs and execute on its operational and budget plans, Baudax Bio’s
ability to achieve its financial goals; and Baudax Bio’s ability to
obtain, maintain and successfully enforce adequate patent and other
intellectual property protection. These forward-looking statements
should be considered together with the risks and uncertainties that
may affect Baudax Bio’s business and future results included in
Baudax Bio’s filings with the Securities and Exchange Commission at
www.sec.gov. These forward-looking statements are based on
information currently available to Baudax Bio, and Baudax Bio
assumes no obligation to update any forward-looking statements
except as required by applicable law.
CONTACTS:
Investor Relations Contact:
Argot PartnersSam Martin / Kaela Ilami(212)
600-1902baudaxbio@argotpartners.com
Media Contact:
Argot PartnersDavid Rosen(212)
600-1902david.rosen@argotpartners.com
BAUDAX BIO, INC. AND SUBSIDIARIES |
|
|
|
Consolidated Balance Sheets |
|
|
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|
|
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|
|
|
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|
|
|
(amounts in thousands, except share and per share
data) |
|
|
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Assets |
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
15,891 |
|
$ |
30,342 |
|
|
|
Accounts receivable, net |
|
542 |
|
|
51 |
|
|
|
Inventory |
|
|
|
5,002 |
|
|
2,978 |
|
|
|
Prepaid expenses and other current assets |
|
2,059 |
|
|
3,346 |
|
|
|
Total current assets |
|
23,494 |
|
|
36,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
5,015 |
|
|
5,052 |
|
|
|
Intangible assets, net |
|
21,678 |
|
|
24,254 |
|
|
|
Goodwill |
|
|
|
2,127 |
|
|
2,127 |
|
|
|
Other long-term assets |
|
963 |
|
|
583 |
|
|
|
Total assets |
$ |
53,277 |
|
$ |
68,733 |
|
|
Liabilities and Shareholders’ Deficit |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
1,468 |
|
$ |
3,653 |
|
|
|
Accrued expenses and other current liabilities |
|
5,540 |
|
|
5,326 |
|
|
|
Current portion of long-term debt, net |
|
2,222 |
|
|
683 |
|
|
|
Current portion of contingent consideration |
|
6,416 |
|
|
8,467 |
|
|
|
Total current liabilities |
|
15,646 |
|
|
18,129 |
|
|
|
Long-term debt, net |
|
6,309 |
|
|
8,469 |
|
|
|
Long-term portion of contingent consideration |
|
17,446 |
|
|
56,576 |
|
|
|
Other long-term liabilities |
|
650 |
|
|
358 |
|
|
|
Total liabilities |
|
40,051 |
|
|
83,532 |
|
|
Shareholders’ deficit: |
|
|
|
|
|
|
Preferred stock, $0.01 par value. Authorized, 10,000,000 shares;
issued and outstanding, 8,289 shares at December 31, 2021 and
0 shares at December 31, 2020 |
|
— |
|
|
— |
|
|
|
Common stock, $0.01 par value. Authorized, 190,000,000 shares;
issued and outstanding, 2,807,240 shares at December 31, 2021
and 1,391,099 shares at December 31, 2020 |
|
983 |
|
|
487 |
|
|
|
Additional paid in-capital |
|
144,332 |
|
|
97,034 |
|
|
|
Accumulated deficit |
|
(132,089 |
) |
|
(112,320 |
) |
|
|
Total shareholders’ equity (deficit) |
|
13,226 |
|
|
(14,799 |
) |
|
|
Total liabilities and shareholders’ deficit |
$ |
53,277 |
|
$ |
68,733 |
|
|
BAUDAX BIO, INC. AND SUBSIDIARIES |
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Consolidated Statements of Operations and Comprehensive Loss |
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|
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(amounts in thousands, except share and per share data) |
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
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Three Months Ended |
|
|
For the Year Ended |
|
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|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Revenue, net |
|
|
$ |
400 |
|
$ |
76 |
|
$ |
1,080 |
|
$ |
493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding amortization of intangible assets) |
|
|
576 |
|
|
542 |
|
|
2,445 |
|
|
1,732 |
|
|
|
Research and development |
|
|
502 |
|
|
3,198 |
|
|
3,125 |
|
|
9,087 |
|
|
|
Selling, general and administrative |
|
|
11,540 |
|
|
10,309 |
|
|
45,310 |
|
|
43,335 |
|
|
|
Amortization of intangible assets |
|
|
644 |
|
|
644 |
|
|
2,576 |
|
|
2,146 |
|
|
|
Change in warrant valuation |
|
|
(11 |
) |
|
13,871 |
|
|
(58 |
) |
|
16,734 |
|
|
|
Change in contingent consideration valuation |
|
|
(42,863 |
) |
|
(12,007 |
) |
|
(33,312 |
) |
|
2,245 |
|
|
|
|
|
Total operating
expenses |
|
|
(29,612 |
) |
|
16,557 |
|
|
20,086 |
|
|
75,279 |
|
|
|
|
|
Operating income
(loss) |
|
|
30,012 |
|
|
(16,481 |
) |
|
(19,006 |
) |
|
(74,786 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
1 |
|
|
(561 |
) |
|
1,540 |
|
|
45 |
|
|
|
Interest expense |
|
|
(579 |
) |
|
— |
|
|
(2,303 |
) |
|
(1,359 |
) |
|
|
|
Net income (loss) |
|
$ |
29,434 |
|
$ |
(17,042 |
) |
$ |
(19,769 |
) |
$ |
(76,100 |
) |
|
Beneficial conversion feature upon issuance of Series A convertible
preferred stock |
(2,422 |
) |
|
— |
|
|
(2,422 |
) |
|
— |
|
|
|
|
Net income (loss) attributable to common shareholders |
|
$ |
27,012 |
|
$ |
(17,042 |
) |
$ |
(22,191 |
) |
$ |
(76,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share information: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share of common stock, basic |
|
$ |
11.16 |
|
$ |
(20.93 |
) |
$ |
(10.14 |
) |
$ |
(142.87 |
) |
|
Net income (loss) per share of common stock, diluted |
|
$ |
10.03 |
|
$ |
(20.93 |
) |
$ |
(10.14 |
) |
$ |
(142.87 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic |
|
|
2,421,273 |
|
|
814,342 |
|
|
2,189,504 |
|
|
532,639 |
|
|
Weighted average common shares outstanding, diluted |
|
|
2,693,893 |
|
|
814,342 |
|
|
2,189,504 |
|
|
532,639 |
|
|
BAUDAX BIO, INC. AND SUBSIDIARIES |
Reconciliation of GAAP to Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement our financial results determined by U.S. generally
accepted accounting principles (“GAAP”), we have disclosed in the
tables below the following non-GAAP information about adjusted net
loss.Adjusted net loss is net loss as determined under GAAP,
excluding the changes in fair values of contingent consideration
and warrant valuations, gain on extinguishment of debt, interest,
depreciation, amortization, and stock-based compensation.We believe
that non-GAAP financial measures are helpful in understanding our
business as it is useful to investors in allowing for greater
transparency of supplemental information used by management.
Adjusted net loss is used by investors, as well as management in
assessing our performance. Non-GAAP financial measures should be
considered in addition to, but not as a substitute for, reported
GAAP results. Further, Non-GAAP financial measures, even if
similarly titled, may not be calculated in the same manner by all
companies, and therefore should not be compared. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
For the Year Ended December 31, |
(amounts
in thousands) |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net income (loss) (GAAP) |
|
$ |
29,434 |
|
$ |
(17,042 |
) |
$ |
(19,769 |
) |
$ |
(76,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
657 |
|
|
1,910 |
|
|
4,789 |
|
|
9,341 |
|
Non-cash interest expense |
|
|
224 |
|
|
229 |
|
|
897 |
|
|
535 |
|
Gain on extinguishment of debt |
|
|
— |
|
|
— |
|
|
(1,553 |
) |
|
— |
|
Depreciation expense |
|
|
45 |
|
|
93 |
|
|
240 |
|
|
408 |
|
Amortization expense |
|
|
644 |
|
|
644 |
|
|
2,576 |
|
|
2,146 |
|
Change in warrant valuation |
|
|
(11 |
) |
|
13,871 |
|
|
(58 |
) |
|
16,734 |
|
Change in contingent consideration valuation |
|
|
(42,863 |
) |
|
(12,007 |
) |
|
(33,312 |
) |
|
2,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss (non-GAAP) |
|
$ |
(11,870 |
) |
$ |
(12,302 |
) |
$ |
(46,190 |
) |
$ |
(44,691 |
) |
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