Home Business AcelRx stock falls 18% following Q4 results (NASDAQ: ACRX)

AcelRx stock falls 18% following Q4 results (NASDAQ: ACRX)

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Rolled newspaper with the headline Quarterly Results

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AcelRx Pharmaceuticals (ACRX -14.2%) stock fell following its Q4 results.

Q4 total revenue declined to $ 2K, compared to $ 738K in Q4 2020.

The company said 8.96K units of opioid pain drug DSUVIA were sold in Q4 2021, compared to 3.71K units in Q3 2021, but it recognized only $ 2K in net revenues in Q4 due to a $ 0.3M reserve for potential returns related to a certain wholesale customer that bought product for the Department of Defense (DoD) in 2020.

The company noted that the DoD bought exclusively from a secondary wholesale customer instead of their primary wholesaler, and thus AcelRx recorded a reserve in the event this product is not ultimately sold to the DoD.

Combined R&D and SG&A expenses amounted to $ 6.9M, compared to $ 8.7M in Q4 2020.

Q4 net loss was – $ 7.92M, compared to – $ 8.92M in Q4 2020.

Outlook:

The company expects to submit two NDAs for its pre-filled syringe product candidates, pending outcome of FDA feedback that is expected in Q2, and the manufacturing of initial lots of nafamostat.

Quarterly combined R&D and SG&A expense is expected to be between $ 9M and $ 10M.

The company added that annual debt service is expected to be ~ $ 10M as it continues to pay down amounts outstanding under its senior debt facility that matures in June 2023.

Annual capital expenditures are expected to be $ 2M.

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