- Revenue of $16.3 million, Net
Loss of $0.6 million and Adjusted
EBITDA of $11.0 million, which were
all in line with expectations
- Debt refinancing co-led by JPMorgan Chase Bank, N.A. and
Silicon Valley Bank; interest savings estimated at $10.0 million per year
- Establishment of a dividend policy providing for payment of
quarterly dividends of CDN$0.05 per
common share and declaration of initial quarterly dividend of
CDN$0.05 per common share
TORONTO, Aug. 15, 2018 /CNW/ - HLS Therapeutics Inc.
("HLS" or the "Company") (TSX-V: HLS), a specialty pharmaceutical
company specializing in Central Nervous System ("CNS") and
Cardiovascular markets, announces its financial results for the
three- and six-month periods ended June 30,
2018. Unless otherwise noted, all dollar amounts are
expressed in United States
("U.S.") dollars.
Q2 2018 and Subsequent to Quarter-End Highlights
- Revenue of $16.3 million, Net
Loss of $0.6 million (loss of
$0.02 per common share) and Adjusted
EBITDA of $11.0 million, which were
all in line with expectations
- Established a Normal Course Issuer Bid ("NCIB"), to purchase
for cancellation up to 5% of the issued and outstanding common
shares over a 12-month period
- Subsequent to quarter-end, refinanced outstanding senior
secured debt. Interest rate on the new senior secured term loan is
LIBOR plus a range of 2.75% to 3.25% compared to LIBOR plus 9% on
the previous credit facility
- Subsequent to quarter-end, established a dividend policy and
declared first quarterly dividend of CDN$0.05 per common share
"Q2 was another period of solid performance from our
foundational products, Clozaril® and
Absorica®, which again resulted in strong Adjusted
EBITDA and positive cash from operations, all in line with our
expectations," said Greg Gubitz, CEO
of HLS. "We expect top-line results from the Reduce-IT trial by the
end of September which could significantly expand the market size
and organic growth opportunity for Vascepa in Canada. Vascepa is one of our two
pre-registration Cardiovascular products that we believe have
transformative potential for HLS. Trinomia, the second product, has
already been approved in more than 30 countries. After discussion
with Health Canada, we will perform a bridging study between
Trinomia and the reference listed drugs in Canada as the next step in the approval
process."
"Due to HLS' strong operating performance and cash generation
since inception we have paid down $47.1
million, or 25%, of our original debt since 2015. This
strong performance and our excellent growth prospects have allowed
us to refinance our debt at a reduced principal amount that
together with the lower interest rate, will generate substantial
interest savings estimated at $10.0
million per year. The HLS Board has chosen to use part of
these savings to establish a dividend policy for shareholders
declaring an initial quarterly dividend of CDN$0.05 per common share. This highlights the
Board's confidence in our current business and future
prospects."
"The new debt facilities consist of a senior secured term loan
of $100.0 million with an interest
rate in the range of LIBOR plus 2.75% to 3.25%, depending on our
leverage ratio, and a $25.0 million
revolving facility. We also have the ability to request an
additional term loan amount of up to $100.0
million to support acquisitions and growth
opportunities."
"The refinancing transaction was co-led by JPMorgan Chase Bank,
N.A. and Silicon Valley Bank with the participation of National
Bank of Canada, Royal Bank of
Canada and ICICI Bank Canada. This
outstanding syndicate of banks provides an extremely strong base
for our future development of the Company."
"Our business development deal flow remains strong for potential
in-licensing, product acquisition and M&A transactions. Our
main focus is existing revenue streams in compatible therapeutic
areas and organic growth opportunities which means in-licensing
products that we can grow and promote in either Canada or the U.S. While we are working
diligently to close deals, it is not possible to predict the exact
timing of any transaction. We will only deploy capital when an
opportunity meets our strict investment and operational
criteria."
FINANCIAL REVIEW
Revenue
The following table provides revenue segmentation by revenue
type and geography for the three- and six-month periods ended
June 30, 2018:
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Product
sales
|
|
|
|
|
|
Canada
|
7,772
|
7,428
|
14,531
|
13,763
|
|
United
States
|
4,732
|
4,600
|
9,604
|
8,889
|
|
12,504
|
12,028
|
24,135
|
22,652
|
Royalty
revenue
|
3,801
|
6,833
|
5,336
|
11,762
|
Total
revenue
|
16,305
|
18,861
|
29,471
|
34,414
|
Total revenue was lower year-over-year as royalty revenue
declined in 2018 compared to 2017. Royalty revenue in 2017
benefited from competitive disruptions and the positive impact of a
promotional campaign undertaken by the marketer of Absorica in the
U.S. which provided windfall royalties in that year estimated at
$10.0-11.0 million.
Product sales in Canada
increased 5% in Q2 2018, and 6% year-to-date, benefiting from the
Company's active promotion and support of Clozaril. Excluding the
impact of currency fluctuations Product sales in Canada for both the Q2 2018 and year-to-date
periods would have increased 1%. Product sales in the U.S. market
increased 3% in Q2 2018, and 8% year-to-date, due to sales under an
authorized generic supply agreement that was not in place in Q1 and
Q2 2017, and lower Clozaril sales in Q1 2017.
Royalty revenues for Q2 2018 were $3.8
million, up from $1.5 million
in Q1 2018, indicative of a return to levels more consistent with
the period prior to the start of the 2017 promotional campaign.
This also reflects normal softer summertime seasonal impact on
Absorica demand.
Operating Expenses
Operating expenses, which consist of cost of product sales,
selling and marketing expense, medical, regulatory and patient
support expense, and general and administrative expense, were
$5.3 million in Q2 2018, compared to
$4.3 million in Q2 2017. For the
six-month period ended June 30, 2018,
operating expenses were $9.8 million,
compared to $8.3 million in the same
period last year.
Cost of product sales increased in 2018 due to the additional
product supplies made in the first quarter of 2018 under an
authorized generic supply agreement.
The year-over-year increase in operating expenses was driven
primarily by the addition of public company costs, the development
of the HLS team to support the Company's growth plans, a return to
more typical patient support and regulatory compliance costs in the
U.S. after lower costs last year, and the costs associated with
initial work to develop commercial plans for potential new
cardiovascular product launches.
Adjusted EBITDA
The year-over-year change in Adjusted EBITDA is due to lower
royalty revenue from Absorica and additional operating costs
related to the expansion of the business partially offset by the
increase in Clozaril product sales described above. Adjusted EBITDA
is a non-IFRS measure and is defined below.
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Net loss for the
period
|
(563)
|
(734)
|
(5,439)
|
(3,766)
|
Stock-based
compensation
|
123
|
101
|
217
|
177
|
Amortization and
depreciation
|
8,134
|
7,884
|
16,275
|
15,815
|
Acquisition and
transaction costs
|
98
|
18
|
533
|
18
|
Finance and related
costs
|
3,557
|
6,247
|
9,124
|
11,952
|
Provision for
(recovery of) income taxes
|
(310)
|
1,085
|
(1,079)
|
1,953
|
Adjusted
EBITDA
|
11,039
|
14,601
|
19,631
|
26,149
|
Interest Expense and Debt
Interest on the senior secured term loan was $4.0 million in Q2 2018, compared to $4.1 million in Q2 2017. For the six-month period
ended June 30, 2018, interest on the
senior secured term loan was $8.1
million, compared to $8.3
million in the same period last year. The decrease in
interest expense is primarily due to the Company's debt reduction,
off-set in part by increases in the LIBOR rate.
A total of $6.3 million of debt
was repaid in Q2 2018 bringing the total amount of debt repaid up
to June 30, 2018, to $47.1 million. As at June
30, 2018, the total outstanding principal on the senior
secured term loan stood at $137.9
million, down from $185.0
million at the Company's inception.
Cash from Operations and Financial Position
Cash generated from operations was $1.7
million in Q2 2018, compared to $5.6
million in Q2 2017. Cash generated from operations for the
six-month period ended June 30, 2018
was $15.2 million, compared to
$8.9 million in the same period last
year. The increase for the year-to-date period is due primarily to
the timing of collection of royalty revenue generated from Absorica
in Q4 2017 as well as stable cash generation from the Clozaril
business.
As at June 30, 2018, the Company
had cash and cash equivalents of $45.2
million, up from $36.2 million
at December 31, 2017.
SUBSEQUENT EVENT – DEBT REFINANCING
On August 15, 2018, the Company
entered into a new senior secured term loan with a syndicate of
bank lenders co-led by JPMorgan Chase Bank, N.A. and Silicon Valley
Bank. The principal amount of the new senior secured term loan is
$100.0 million. In addition, there is
a $25.0 million revolving facility
that is undrawn on closing. The Company may also request to be
provided with incremental loans, for a maximum additional loan
amount of $100.0 million to support
acquisitions and growth opportunities. The maturity date is
August 15, 2023. Interest on the new
senior secured term loan accrues at a rate per annum equal to the
sum of LIBOR plus a range of 2.75% to 3.25% depending on the
leverage ratio of the Company at the time.
Under the terms of the new senior secured term loan, the lenders
have security over substantially all the assets of the Company. The
Company will be required to repay principal starting at 5% of the
principal amount in the first year and increasing to 10% in the
fifth year of the term. The Company may also be required to make
additional payments from surplus cash-flow, or the Company could
choose to repay some or all of the amount outstanding at any time
during the term.
Under the terms of the senior secured term loan, the Company is
required to comply with financial covenants related to the
maintenance of liquidity and coverage ratios.
On closing, the proceeds from the new senior secured term loan
and available cash balances were used to repay the Company's
existing senior secured term loan in full. The existing senior
secured term loan was scheduled to expire on August 11, 2021 and carried interest at a rate
per annum equal to the sum of (i) 9.0% plus (ii) the higher of (a)
the LIBOR rate for the applicable interest period and (b) 1.0%.
Repayment of the existing senior secured term loan ahead of
expiration resulted in a repayment premium of $4.1 million.
Concurrent with the refinancing transaction HLS also repurchased
for $6.0 million an existing royalty
obligation on its future sales from one of the Company's initial
lenders.
SUBSEQUENT EVENT – DIVIDEND
On August 15, 2018, the Company's
Board of Directors established a dividend policy providing for
payment of quarterly dividends of CDN$0.05 per common share.
The Company's Board of Directors declared an initial dividend of
CDN$0.05 per outstanding common share
to be paid on December 14, 2018, to
shareholders of record as of October 24,
2018.
Q2 2018 CONFERENCE CALL
HLS will hold a conference call Wednesday, August 15, 2018 at 8:30 am Eastern Time hosted by Mr. Greg Gubitz, Chief Executive Officer, Mr.
Gilbert Godin, President and Chief
Operating Officer and Mr. Tim
Hendrickson, VP Finance and Administration. A question and
answer session will follow the corporate update.
DATE: Wednesday, August 15,
2018
TIME: 8:30 am ET
DIAL-IN NUMBER: (888) 231-8191 or (647) 427-7450
TAPED REPLAY: (855) 859-2056 or (416) 849-0833
REPLAY PASSCODE: 7083287
WEBCAST LINK:
https://event.on24.com/wcc/r/1798005/94248FE18719FC5D278D06A5D5B86451
A link to the live audio webcast of the conference call will
also be available on the events page of the investors section of
HLS Therapeutics' website at www.hlstherapeutics.com. Please
connect at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be required to
hear the webcast. The taped replay will be available for 14 days
and the archived webcast will be available for 90 days.
ABOUT HLS THERAPEUTICS INC.
Formed in 2015, HLS is a specialty pharmaceutical company
focused on the acquisition and commercialization of late stage
development, commercial stage promoted and established branded
pharmaceutical products in the North American markets. HLS's focus
is on products targeting the central nervous system and
cardiovascular therapeutic areas. HLS's management team is composed
of seasoned pharmaceutical executives with a strong track record of
success in these therapeutic areas and at managing products in each
of these lifecycle stages.
CAUTIONARY NOTE REGARDING NON-IFRS MEASURES
This press release refers to certain non-IFRS measures. These
measures are not recognized measures under IFRS, do not have a
standardized meaning prescribed by IFRS and are therefore unlikely
to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of HLS's results of operations from management's perspective.
Accordingly, they should not be considered in isolation nor as a
substitute for analysis of HLS's financial information reported
under IFRS. HLS uses non-IFRS measures to provide investors with
supplemental measures of its operating performance and thus
highlight trends in its core business that may not otherwise be
apparent when relying solely on IFRS financial measures. HLS also
believes that securities analysts, investors and other interested
parties frequently use non-IFRS measures in the evaluation of
issuers. HLS's management also uses non-IFRS measures in order to
facilitate operating performance comparisons from period to period,
prepare annual operating budgets and assess HLS's ability to meet
its future debt service, capital expenditure and working capital
requirements.
In particular, management uses Adjusted EBITDA as a
measure of HLS's performance. To reconcile net loss for the
year with Adjusted EBITDA, each of (i) "stock-based compensation",
(ii) "amortization and depreciation", (iii) "acquisition costs",
(iv) "finance and related costs", and (v) "provision for (recovery
of) income taxes" appearing in the Consolidated Statement of Net
Loss are added to net loss for the year to determine Adjusted
EBITDA. Adjusted EBITDA does not have any standardized meaning
prescribed by IFRS and is not necessarily comparable to similar
measures presented by other companies. Adjusted EBITDA should not
be considered in isolation or as a substitute for net income (loss)
prepared in accordance with IFRS as issued by the
IASB.
FORWARD LOOKING INFORMATION
This release includes forward-looking statements regarding
HLS and its business. Such statements are based on the current
expectations and views of future events of HLS's management. In
some cases the forward-looking statements can be identified by
words or phrases such as "may", "will", "expect", "plan",
"anticipate", "intend", "potential", "estimate", "believe" or the
negative of these terms, or other similar expressions intended to
identify forward-looking statements, including, among others,
statements with respect to HLS's pursuit of additional product and
pipeline opportunities in certain therapeutic markets, statements
regarding growth opportunities and expectations regarding financial
performance. The forward-looking events and circumstances discussed
in this release may not occur and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting HLS, including risks relating to the specialty
pharmaceutical industry, risks related to the regulatory approval
process, economic factors and many other factors beyond the control
of HLS. Forward-looking statements and information by their nature
are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause HLS's actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. A
discussion of the material risks and assumptions associated with
this release can be found in the joint information circular of HLS
and Automodular Corporation dated February
5, 2018 in respect of the merger of the two companies by way
of a plan of arrangement, effective March
12, 2018, which has been filed on SEDAR and can be accessed
at www.sedar.com. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. Except
as required by applicable securities laws, forward-looking
statements speak only as of the date on which they are made and HLS
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
HLS THERAPEUTICS
INC.
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
|
|
As
at
|
As
at
|
|
|
June 30,
2018
|
December 31,
2017
|
|
|
|
|
ASSETS
|
|
|
|
Current
|
|
|
|
Cash and cash
equivalents
|
|
45,237
|
36,219
|
Accounts
receivable
|
|
17,711
|
25,846
|
Inventories
|
|
1,895
|
1,354
|
Foreign currency
forward contract
|
|
419
|
—
|
Prepaid expenses and
other current assets
|
|
1,343
|
1,617
|
Total current
assets
|
|
66,605
|
65,036
|
Property, plant and
equipment
|
|
429
|
441
|
Intangible
assets
|
|
289,463
|
312,659
|
Foreign currency
forward contract
|
|
100
|
—
|
Restricted
assets
|
|
10,573
|
5,555
|
Deferred tax
asset
|
|
888
|
955
|
Total
assets
|
|
368,058
|
384,646
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
|
|
|
|
Accounts payable and
accrued liabilities
|
|
10,911
|
12,596
|
Provisions
|
|
6,264
|
6,976
|
Other financial
liabilities
|
|
11,421
|
14,160
|
Income taxes
payable
|
|
380
|
870
|
Total current
liabilities
|
|
28,976
|
34,602
|
Other financial
liabilities
|
|
145,536
|
158,114
|
Deferred tax
liability
|
|
9,016
|
11,548
|
Total
liabilities
|
|
183,528
|
204,264
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Share
capital
|
|
211,148
|
192,743
|
Contributed
surplus
|
|
11,690
|
12,330
|
Accumulated other
comprehensive income (loss)
|
|
(2,247)
|
5,941
|
Deficit
|
|
(36,061)
|
(30,632)
|
Total shareholders'
equity
|
|
184,530
|
180,382
|
Total liabilities and
shareholders' equity
|
368,058
|
384,646
|
HLS THERAPEUTICS
INC.
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF LOSS
|
Unaudited
|
[in thousands of U.S.
dollars, except per share amounts]
|
|
|
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
|
Revenues
|
|
16,305
|
18,861
|
29,471
|
34,414
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
Cost of product
sales
|
|
536
|
527
|
1,116
|
952
|
Selling and
marketing
|
|
1,046
|
880
|
2,010
|
1,666
|
Medical, regulatory
and patient support
|
|
1,176
|
828
|
2,153
|
1,734
|
General and
administrative
|
|
2,508
|
2,025
|
4,561
|
3,913
|
Stock-based
compensation
|
|
123
|
101
|
217
|
177
|
Amortization and
depreciation
|
|
8,134
|
7,884
|
16,275
|
15,815
|
Operating
income
|
|
2,782
|
6,616
|
3,139
|
10,157
|
Acquisition and
transaction costs
|
|
98
|
18
|
533
|
18
|
Finance and related
costs, net
|
|
3,557
|
6,247
|
9,124
|
11,952
|
Income (loss) before
income taxes
|
|
(873)
|
351
|
(6,518)
|
(1,813)
|
Income tax expense
(recovery)
|
|
(310)
|
1,085
|
(1,079)
|
1,953
|
Net loss for the
period
|
|
(563)
|
(734)
|
(5,439)
|
(3,766)
|
|
|
|
|
Net loss per
share:
|
|
|
|
Basic and
diluted
|
|
$(0.02)
|
$(0.03)
|
$(0.20)
|
$(0.15)
|
HLS THERAPEUTICS
INC.
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
Net loss for the
period
|
(563)
|
(734)
|
(5,439)
|
(3,766)
|
|
|
|
|
|
Item that may be
reclassified subsequently to net loss
|
|
|
|
|
|
Unrealized foreign
currency translation adjustment
|
(3,568)
|
3,091
|
(8,188)
|
4,453
|
Comprehensive
income (loss) for the period
|
(4,131)
|
2,357
|
(13,627)
|
687
|
HLS THERAPEUTICS
INC.
|
CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
|
|
Share
capital
|
Contributed
surplus
|
Accumulated
other
comprehensive
income
(loss)
|
Deficit
|
Total
|
|
|
|
|
|
|
Balance, December
31, 2017
|
192,743
|
12,330
|
5,941
|
(30,632)
|
180,382
|
Common shares
issued
|
19,905
|
—
|
—
|
—
|
19,905
|
Share issuance
costs
|
(1,252)
|
—
|
—
|
—
|
(1,252)
|
Shares
repurchased
|
(248)
|
—
|
—
|
10
|
238
|
Share purchase
obligation
|
—
|
(857)
|
—
|
—
|
(857)
|
Stock-based
compensation
|
—
|
217
|
—
|
—
|
217
|
Net loss for the
period
|
—
|
—
|
—
|
(5,439)
|
(5,439)
|
Unrealized foreign
currency
|
|
|
|
|
|
|
translation
adjustment
|
—
|
—
|
(8,188)
|
—
|
(8,188)
|
Balance, June 30,
2018
|
211,148
|
11,690
|
(2,247)
|
(36,061)
|
184,530
|
|
|
|
|
|
|
Balance, December
31, 2016
|
192,743
|
11,967
|
(4,611)
|
(24,535)
|
175,564
|
Stock-based
compensation
|
—
|
177
|
—
|
—
|
177
|
Net loss for the
period
|
—
|
—
|
—
|
(3,766)
|
(3,766)
|
Unrealized foreign
currency
|
|
|
|
|
|
|
translation
adjustment
|
—
|
—
|
4,453
|
—
|
4,453
|
Balance, June 30,
2017
|
192,743
|
12,144
|
(158)
|
(28,301)
|
176,428
|
HLS THERAPEUTICS
INC.
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
Three months ended
June 30
|
Six months ended
June 30,
|
|
2018
|
2017
|
2018
|
2017
|
|
|
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net loss for the
period
|
(563)
|
(734)
|
(5,439)
|
(3,766)
|
Add (deduct) items
not involving cash
|
|
|
|
|
|
Stock-based
compensation
|
123
|
101
|
217
|
177
|
|
Amortization and
depreciation
|
8,134
|
7,884
|
16,275
|
15,815
|
|
Accreted
interest
|
1,603
|
1,704
|
3,232
|
3,432
|
|
Fair value adjustment
on financial assets and liabilities
|
(2,225)
|
888
|
(2,675)
|
898
|
|
Listing
expense
|
—
|
—
|
435
|
—
|
|
Deferred income
taxes
|
(779)
|
504
|
(1,668)
|
506
|
Net change in
non-cash working capital balances
|
(4,606)
|
(4,758)
|
4,810
|
(8,137)
|
Cash provided by
operating activities
|
1,687
|
5,589
|
15,187
|
8,925
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Additions to
property, plant and equipment
|
(66)
|
(36)
|
(90)
|
(36)
|
Additions to
intangibles
|
(212)
|
—
|
(212)
|
—
|
Acquisitions
|
(2,325)
|
(1,825)
|
(6,650)
|
(3,650)
|
Cash used in
investing activities
|
(2,603)
|
(1,861)
|
(6,952)
|
(3,686)
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Common shares
issued
|
—
|
—
|
19,470
|
—
|
Share issuance
costs
|
(123)
|
—
|
(1,699)
|
—
|
Shares
repurchased
|
(238)
|
—
|
(238)
|
—
|
Repayment of senior
secured term loan
|
(6,277)
|
(1,531)
|
(13,381)
|
(5,401)
|
Increase in
restricted cash
|
(500)
|
(1,002)
|
(2,500)
|
(1,702)
|
Lender royalty
payment
|
(125)
|
(121)
|
(237)
|
(226)
|
Cash provided by
(used in) financing activities
|
(7,263)
|
(2,654)
|
1,415
|
(7,329)
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
|
|
|
during the
period
|
(8,179)
|
1,074
|
9,650
|
(2,090)
|
Foreign
exchange
|
(409)
|
(263)
|
(632)
|
(335)
|
Cash and cash
equivalents, beginning of period
|
53,825
|
34,527
|
36,219
|
37,763
|
Cash and cash
equivalents, end of period
|
45,237
|
35,338
|
45,237
|
35,338
|
SOURCE HLS Therapeutics Inc.