Financial Performance - Net revenue for the three months ended March 31, 2024, was $23,011,000, an increase of 70% compared to $13,546,000 for the same period in 2023[14] - Gross profit for the same period was $19,658,000, up from $11,518,000, reflecting a gross margin improvement[14] - The net loss for the three months ended March 31, 2024, was $6,251,000, compared to a net loss of $4,968,000 for the same period in 2023, resulting in a net loss per share of $0.12[14] - The company reported a net cash used in operating activities of $566,000 for the three months ended March 31, 2024, an improvement from $2,209,000 in the same period of 2023[21] - The company reported a net loss before taxes of $6.283 million for the three months ended March 31, 2024[145] - The company reported a net loss of $6.3 million for the three months ended March 31, 2024, compared to a net loss of $5.0 million in 2023[201] Operating Expenses - Total operating expenses increased to $21,960,000 from $14,820,000, primarily driven by higher sales and marketing expenses, which rose to $9,082,000 from $5,804,000[14] - Operating expenses increased to $22.0 million for the three months ended March 31, 2024, compared to $14.8 million in 2023, reflecting a 48.5% rise[201] - Stock-based compensation expense for the first quarter of 2024 was $845,000, reflecting the company's investment in employee incentives[26] - Research, development and medical affairs expenses increased by $0.2 million, or 5%, to $4.4 million for the three months ended March 31, 2024, compared to approximately $4.2 million for the same period in 2023[207] Cash and Assets - Cash and cash equivalents at the end of the period were $14,346,000, an increase from $13,117,000 at the end of the same period in 2023[21] - Total current assets increased to $54,469,000 from $52,423,000, with accounts receivable remaining stable at $34,224,000[11] - The total accumulated deficit as of March 31, 2024, was $424.741 million, an increase from $402.081 million at the end of the previous quarter[34] - As of March 31, 2024, total inventory increased to $2.206 million from $1.879 million as of December 31, 2023, representing a 17.4% increase[76] Liabilities and Debt - Total liabilities rose to $111,832,000 from $107,354,000, with long-term liabilities increasing to $90,043,000 from $79,625,000[11] - The company issued $5,000,000 in debt during the period, contributing to a net cash provided by financing activities of $2,967,000[21] - The Company entered into a $40.0 million loan agreement with SLR Investment Corp. in January 2018, which was refinanced to $45.0 million in December 2019[96] - The Company amended the 2019 Loan Agreement multiple times, with the most recent amendment increasing the loan facility from $67.5 million to $72.5 million[100] Revenue Recognition and Sales - The Company recognizes revenue based on ASC 606, with revenue from product sales recorded at the transaction price upon customer control, typically at delivery[44] - The Company recognizes collaboration and license revenue from upfront payments and milestone payments upon achieving specified objectives[54] - The Company has entered into a Product Rights Agreement with EyePoint Pharmaceuticals for the commercialization of YUTIQ, expanding its product portfolio[32] - The company recognized sales of ILUVIEN to international distributors in multiple countries, including the Middle East and China, indicating ongoing market expansion efforts[31] Stock and Equity - The Company issued 43,617,114 shares of common stock following the Mandatory Conversion of Series B Convertible Preferred Stock on August 15, 2023[117] - The 2023 Equity Incentive Plan reserves 3,231,755 shares of common stock, with an annual increase of 6% of outstanding shares starting from the first anniversary of the plan[119] - The 2024 Equity Inducement Plan reserves 800,000 shares for equity awards, approved without stockholder approval[120] - The total unrecognized compensation cost related to non-vested stock options was $4.9 million as of March 31, 2024, expected to be recognized over 3.27 years[122] Tax and NOLs - The company recorded a tax benefit of $32,000 for the three months ended March 31, 2024, with federal NOL carry-forwards of approximately $146.8 million and state NOL carry-forwards of approximately $106.8 million as of December 31, 2023[135] - The company is evaluating the impact of Section 382 limitations on its NOL carry-forwards due to ownership changes in late 2015 and 2023[137] - The Company utilized $1.1 million of net operating loss carryforwards from its Irish subsidiary as of December 31, 2023, and expects the remaining carryforward to be fully realizable in the future[138] Product Development and Market Expansion - ILUVIEN and YUTIQ are the only approved therapies for DME and NIU-PS that provide continuous daily therapeutic levels of corticosteroids for up to three years, significantly reducing the recurrence of these conditions[1] - The NEW DAY Study aims to evaluate ILUVIEN as a baseline therapy for early DME, with 300 treatment-naïve patients enrolled across 42 sites in the U.S.[5] - The SYNCHRONICITY Study has enrolled 110 patient eyes to assess the efficacy of YUTIQ in chronic inflammation over a treatment period of 36 months[6] - The Company acquired exclusive commercialization rights to YUTIQ for the treatment of chronic NIU-PS in May 2023, expanding its product portfolio[158]
Alimera Sciences(ALIM) - 2024 Q1 - Quarterly Report