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.
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.