Trevena(US:TRVN)2023-03-30 11:17Financial Performance - Total revenue for the year ended December 31, 2022, was $(418) thousand, a decrease from $567 thousand in 2021, representing a decline of approximately 173.7%[546] - Operating expenses increased to $55,957 thousand in 2022 from $52,492 thousand in 2021, marking an increase of about 9.4%[546] - The net loss for 2022 was $(53,670) thousand, compared to a net loss of $(51,588) thousand in 2021, reflecting an increase in loss of approximately 4.0%[546] - The company reported a comprehensive loss of $(53,669) thousand for 2022, compared to $(51,588) thousand in 2021, indicating a worsening of approximately 4.0%[546] - The company recognized a net loss of $53,670,000 for the year ended December 31, 2022, compared to a net loss of $51,588,000 in 2021, resulting in a net loss per share of $(7.59) for 2022[676] Cash and Liquidity - Cash and cash equivalents decreased to $38,320 thousand as of December 31, 2022, down from $66,923 thousand in 2021, a decline of about 42.5%[543] - The Company’s cash and cash equivalents totaled $40,280,000 as of December 31, 2022, compared to $68,234,000 in 2021, indicating a significant decrease in liquidity[597] - The company had a cash decrease of $(27,954) thousand for the year, compared to a decrease of $(42,479) thousand in 2021, showing an improvement of approximately 34.3%[551] Assets and Liabilities - Total assets decreased to $48,680 thousand in 2022 from $80,124 thousand in 2021, a reduction of approximately 39.2%[543] - Total liabilities increased significantly to $33,081 thousand in 2022 from $15,495 thousand in 2021, an increase of about 113.5%[543] - The Company has incurred an accumulated deficit of $547.8 million as of December 31, 2022, with a net loss of $53.7 million for the year ended December 31, 2022[556] Funding and Capital Structure - The company recorded gross proceeds of $15 million from a loan agreement with R-Bridge Healthcare Investment Advisory, Ltd. in April 2022[539] - Management's plans include securing additional funding to support future operating expenses and capital expenditures[9] - The Company has entered into a Loan Agreement allowing for up to $40 million in term loan borrowings, with the first tranche of $15 million already advanced in April 2022[611] - The Company was in compliance with all covenants of the Loan Agreement as of December 31, 2022, with no events of default reported[615] Research and Development - The Company capitalized approximately $18.7 million of research and development (R&D) expenses as of December 31, 2022, due to the Tax Cuts and Jobs Act of 2017 requiring capitalization of R&D costs[682] - Research and development costs are charged to expense as incurred, including personnel expenses and clinical trial costs[577] - The Company capitalized $80.648 million in research and development expenses for tax purposes as of December 31, 2022, down from $93.254 million in 2021[680] Stock and Compensation - The Company has two stock-based compensation plans and recognizes compensation expense based on estimated grant-date fair values[583] - Total stock-based compensation expense recognized for the year ended December 31, 2022, was $3.676 million, a decrease from $4.407 million in 2021[636] - The Company granted 39,998 stock options in 2022 at a weighted average exercise price of $11.47, compared to 149,905 options granted in 2021 at $39.91[637] - The estimated grant-date fair value of options granted in 2022 was $8.88 per share, down from $31.19 per share in 2021[639] Tax and Deferred Tax - The Company has a full valuation allowance against its deferred tax assets, which decreased by $7,500,000 for the year ended December 31, 2022[679] - Total deferred tax assets as of December 31, 2022, amounted to $147.781 million, a decrease from $155.259 million in 2021[680] - The Company has federal research and development tax credit carryforwards of $16.3 million that begin to expire in 2027[681] Market and Competition - The company is assessing the potential market acceptance of its product candidates in light of existing competition[9] - The company is focused on successfully commercializing OLINVYK and other product candidates pending regulatory approval[9] - Future commercialization activities will include product manufacturing, marketing, sales, and distribution for approved product candidates[523]