RedHill Biopharma(US:RDHL)2022-03-17 12:04Financial Performance - Record annual revenues of $85.8 million for 2021, a 33.2% increase compared to 2020[12] - In 2021, RedHill Biopharma reported net revenues of $85.8 million, a 33.3% increase from $64.4 million in 2020[50] - The company's gross profit for 2021 was $36.4 million, resulting in a gross margin of 42.0%[54] - Comprehensive loss for the year ended December 31, 2021, was $97,744 thousand, compared to $76,173 thousand in 2020, reflecting an increase of 28.5%[55] - The operating loss for 2021 was $81.1 million, an increase from $63.7 million in 2020, attributed to intensified commercial and R&D activities[17] - The operating loss for 2021 was $81.1 million, compared to $63.7 million in 2020, indicating a 27.4% increase in losses[50] Revenue Growth - Fourth quarter revenues reached $22.1 million, up from $21.6 million in Q3 2021[7] - Talicia became the most prescribed branded H. pylori therapy in the U.S., with a 25.5% increase in prescriptions in Q4 compared to Q3[26] - Movantik holds a 73% market share in the PAMORA class, with a 2.4% increase in new prescriptions in Q4 compared to Q3[23] Cash and Financing Activities - Cash balance as of December 31, 2021, was $54.2 million, up from $51.5 million as of September 30, 2021[20] - Net cash provided by financing activities for 2021 was $73.5 million, primarily from equity offerings[18] - Proceeds from the issuance of ordinary shares in 2021 amounted to $78,536 thousand, significantly higher than $23,867 thousand in 2020, marking a 228% increase[55] - The company had a net cash provided by financing activities of $73,462 thousand in 2021, a decrease from $84,370 thousand in 2020, down by 12.6%[55] - The cash balance includes restricted cash of $16 million as of December 31, 2020, which is relevant for liquidity considerations[56] Research and Development - Research and Development expenses for 2021 totaled $29.5 million, compared to $16.5 million in 2020, driven by COVID-19 program advancements[15] - Research and development expenses increased to $29.5 million in 2021, up from $16.5 million in 2020, reflecting a 78.9% rise[50] - The ongoing Phase 3 study for RHB-204 aims to evaluate efficacy and safety in adults with pulmonary NTM disease, with enrollment expected to increase as COVID-19 wanes[42] - Positive late-stage clinical data for COVID-19 therapeutics opaganib and RHB-107, with ongoing regulatory submissions[4] - The Phase 2/3 study for opaganib showed a significant 34% benefit in time to recovery for treated patients compared to placebo[38] - Discussions with regulators regarding next steps for RHB-107 are anticipated in Q2 2022[41] Asset Management - RedHill Biopharma's total assets as of December 31, 2021, were $181.2 million, slightly up from $180.2 million in 2020[52] - The company had a cash and cash equivalents balance of $29.5 million at the end of 2021, compared to $29.3 million in 2020[52] Operational Metrics - Net cash used in operating activities for 2021 was $65,047 thousand, up from $48,579 thousand in 2020, indicating a 34% increase in cash outflow[55] - The total depreciation expense for 2021 was $1,914 thousand, up from $1,710 thousand in 2020, representing an increase of 11.9%[55] - The acquisition of right-of-use assets by means of lease liabilities was $303 thousand in 2021, compared to $2,930 thousand in 2020, a decrease of 89.7%[55] - The company reported a fair value loss on financial assets at fair value through profit or loss of $5 thousand in 2021, compared to a gain of $94 thousand in 2020[55] - The company reported an increase in the allowance for deductions from revenue by $12,368 thousand in 2021, compared to $17,076 thousand in 2020, a decrease of 27.5%[55] Future Outlook - The company expects to achieve non-GAAP commercial operations profitability in 2022, despite anticipated operating losses[47]