Theratechnologies(US:THTX)2022-10-13 12:01Revenue Performance - Revenue for the three-month period ended August 31, 2022, was $20,811,000, representing a 16.4% increase from $17,852,000 in the same period of 2021[5] - For the nine-month period ended August 31, 2022, revenue reached $58,636,000, up 14.5% from $51,069,000 in 2021[5] - EGRIFTA SV® net sales for the nine-month period ended August 31, 2022, were $35,996, up 18.2% from $30,256 in 2021[21] - Trogarzo® net sales for the nine-month period ended August 31, 2022, increased to $22,640, a 8.8% rise from $20,813 in 2021[21] - The company reported revenues of $58,636,000 for the nine-month period ended August 31, 2022, up from $51,069,000 in 2021, representing a growth of about 14.5%[55] Net Loss and Financial Performance - Net loss for the three-month period was $7,549,000, compared to a net loss of $9,510,000 in the same period of 2021, indicating a 20.5% improvement[5] - The company reported a total comprehensive loss of $38,639,000 for the nine-month period ended August 31, 2022, compared to a loss of $21,754,000 in the same period of 2021[5] - Basic and diluted loss per share for the nine-month period ended August 31, 2022, was $(0.41), compared to $(0.24) in the same period of 2021[5] - The company reported a net loss of $7,549 for the three-month period ended August 31, 2022, compared to a net loss of $9,510 in 2021, reflecting a 20.5% improvement[21] Assets and Liabilities - The total current assets decreased to $77,872,000 as of August 31, 2022, down from $91,908,000 as of November 30, 2021, a decline of 15.3%[3] - Total liabilities increased to $113,915,000 as of August 31, 2022, compared to $101,452,000 as of November 30, 2021, an increase of 12.3%[3] - The company’s equity deficiency as of August 31, 2022, was $(18,060,000), compared to an equity of $17,760,000 as of November 30, 2021[3] Cash Flow and Financing - The cash balance as of August 31, 2022, was $23,416,000, an increase from $20,399,000 as of November 30, 2021[3] - Cash flows used in operating activities for the nine-month period ended August 31, 2022, were $6,448, a decrease from $8,998 in 2021[21] - The company raised $40,000 from the issuance of a long-term loan during the three-month period ended August 31, 2022[21] - The company entered into a credit agreement for a loan facility of up to $100,000,000, with $40,000,000 funded on July 27, 2022, and additional tranches contingent on meeting specific revenue and regulatory milestones[28] - The long-term loan balance as of August 31, 2022, was $37,759,000 after accounting for transaction costs and accretion expenses[29] Expenses - Research and development expenses for the nine-month period were $27,484,000, up 40.2% from $19,596,000 in 2021[5] - The company recognized $6,356 in selling expenses related to the termination of Trogarzo® commercial operations in Europe[25] - The company recorded share-based compensation expense of $3,014,000 for the nine-month period ended August 31, 2022, compared to $1,493,000 in the same period of 2021[38] Stock and Options - As of August 31, 2022, the company had 5,023,249 stock options outstanding, with a weighted average exercise price of $3.98[38] - The average option life for options granted in 2022 was estimated at 9 years, with an expected volatility of 65.6%[39] - As of August 31, 2022, the company had 8,130,550 warrants outstanding, each entitling the holder to purchase one common share at an exercise price of $3.18 until January 19, 2024[35] - For the nine-month period ended August 31, 2022, the weighted average number of common shares was 95,124,851, compared to 91,430,847 in 2021, reflecting an increase of approximately 4.0%[42] Other Financial Information - The company incurred transaction costs of $3,612,000 related to the loan facility, with $2,285,000 allocated to the first tranche[29] - The fair value of the convertible unsecured senior notes was approximately $24,750,000 as of August 31, 2022, based on market quotes[53] - The company generated over 97% of its revenues from a single customer, RxCrossroads, indicating a high customer concentration risk[54] - The company has entered into an ATM program allowing it to sell up to $50 million of its common shares, although it has not drawn on this facility to date[46] - The company announced FDA approval for Trogarzo® for intravenous push administration, which may lead to additional cash-based milestones of $3,000,000 upon commercial sale[56] Provisions and Other Liabilities - As of August 31, 2022, the total provisions balance was $5,956,000, an increase from $4,123,000 as of November 30, 2021, reflecting a net increase of 44.5%[27]