Financial Performance - Trudhesa generated approximately $1.8 million in net product revenue during the three months ended March 31, 2022, following its full launch in October 2021[160]. - The net loss for the three months ended March 31, 2022, was $27.0 million, compared to a net loss of $11.3 million for the same period in 2021, reflecting an increase of $15.7 million[159]. - Other income (expense), net was an expense of $4.3 million for the three months ended March 31, 2022, compared to $1.4 million for the same period in 2021, reflecting a change of $2.9 million[167]. - Cash used in operating activities was $24.2 million for the three months ended March 31, 2022, compared to $9.9 million for the same period in 2021, indicating a significant increase in cash outflow[171]. - The company incurred a loss of $27.0 million for the three months ended March 31, 2022, which contributed to the cash used in operating activities[171]. Expenses - The cost of goods sold for Trudhesa was $1.0 million for the same period, primarily related to conversion and packing costs[161]. - Research and development expenses decreased by $696,000 to $3.65 million for the three months ended March 31, 2022, compared to $4.35 million in the prior year[159]. - Selling, general and administrative expenses increased significantly by $14.3 million to $19.8 million for the three months ended March 31, 2022, compared to $5.5 million in 2021[159]. - Research and development expenses decreased to $3.7 million for the three months ended March 31, 2022, from $4.4 million in the same period of 2021, a reduction of approximately 16%[163]. - Selling, general and administrative expenses increased significantly to $19.8 million for the three months ended March 31, 2022, compared to $6.0 million for the same period in 2021, representing an increase of approximately 230%[166]. - The total research and development expenses for the three months ended March 31, 2022, were $3.65 million, down from $4.35 million in the same period of 2021, a decrease of approximately 16%[165]. Cash Position - The accumulated deficit as of March 31, 2022, was $241.8 million, with a cash balance of $129.8 million[143]. - As of March 31, 2022, the company had available cash and cash equivalents of $129.8 million and an accumulated deficit of $241.8 million[168]. - Cash provided by financing activities was $65.8 million for the three months ended March 31, 2022, compared to $7.3 million for the same period in 2021, showing a substantial increase in financing[174]. Future Plans - The company plans to expand its sales team for Trudhesa from 60 to 120 representatives in early 2023 to support its commercialization efforts[139]. - The company expects to continue incurring significant research and development expenses as it progresses its clinical programs and seeks regulatory approvals[153]. - The company plans to continue incurring research and development expenses for the foreseeable future as it advances clinical trials and product candidate development[176]. - The company expects to finance its cash needs primarily through a combination of equity or debt financings until it can generate substantial product revenue[176]. Prescription Data - Approximately 16,750 prescriptions of Trudhesa were generated since its launch, accounting for about 4.9% of total branded acute migraine prescriptions among prescribers[139]. Financing Activities - The company has entered into a senior secured loan agreement with Oaktree for $50.0 million to support its operations[144].
Impel Pharmaceuticals (IMPL) - 2022 Q1 - Quarterly Report