Exhibit 99.1

 

 

 

 

Acura Pharmaceuticals Announces

Second Quarter 2020 Financial Results

 

Palatine, IL – (August 14, 2020) - Acura Pharmaceuticals, Inc. (OTCQB: ACUR),

a specialty pharmaceutical company engaged in the research, development and commercialization of technologies and product candidates intended to mitigate the risk of outcomes associated with product misuse, announced today financial results for the three and six months ended June 30, 2020.

 

The Company reported revenues of $1.4 million and an operating income of $421 thousand for the second quarter 2020 compared to revenues of only $46 thousand and an operating loss of $622 thousand for the same period in 2019. For the six months ended June 30, 2020, the Company reported revenues of $2.4 million and an operating loss of $62 thousand compared to revenues of only $113 thousand and an operating loss of $1.3 million for the same period in 2019. Included in expenses for the six months ended June 30, 2020 was a one-time charge of $668 thousand to recognize an impairment in our Aversion intangible asset.

 

The Company reported net income of $308 thousand or $0.01 per diluted share for the second quarter 2020 compared to a net loss of $3.3 million or $0.15 per diluted share for the same period in 2019. The Company reported net loss of $287 thousand or $0.01 per diluted share for the six months ended June 30, 2020 compared to a net loss of $4.1 million or $0.19 per diluted share for the same period in 2019.

 

Revenue for the second quarter 2020 included $1.05 million in license fees derived from the license agreement with Abuse Deterrent Pharma. The Company also recorded royalty revenue of $34 thousand and $46 thousand, respectively, for the second quarter 2020 and 2019. Revenue for the six month period ended June 30, 2020 included $2.1 million in license fees derived from the license agreement with Abuse Deterrent Pharma. The Company also recorded royalty revenue of $67 thousand and $113 thousand, respectively, for the six month periods ended June 30, 2020 and 2019.

 

Research and development expense was $445 thousand for the second quarter 2020, compared to $262 thousand for the same period in 2019. Research and development expense was $832 thousand for the six month period ended June 30, 2020, compared to $575 thousand for the same period in 2019. The expenses reported for these periods were for our research facility, primarily associated with development of LTX-03.

 

General and administrative expense was $485 thousand for the second quarter 2020, versus $406 thousand in the same period last year. General and administrative expense was $1.0 million (excluding the one-time $668 thousand charge for the impairment of the intangible asset) for the six month period ended June 30, 2020, versus $843 thousand in the same period last year.

 

As of August 13, 2020, the Company had a cash balance of approximately $0.6 million.

 

On June 28, 2019, the Company entered into a License, Development and Commercialization Agreement (the “Agreement”) with Abuse Deterrent Pharma, LLC (”AD Pharma”) for our lead product candidate, LTX-03 (hydrocodone bitartrate with acetaminophen immediate-release tablets utilizing Acura’s patented LIMITx™ technology). The Agreement is described in our press release dated July 2, 2019 and our Form 8-K filed July 5, 2019. Included in the Agreement is the requirement that the NDA for LTX-03 be accepted by the FDA by November 30, 2020, or AD Pharma has the option to terminate the Agreement and take ownership of the LIMITx intellectual property. Importantly, such failure to meet this date will be an event of default under their $6.0 million note to Acura. The NDA acceptance date of November 30, 2020 was predicated upon a timeline prepared at June 28, 2019 which included the purchase and installation of auxiliary production manufacturing equipment. At this time, all auxiliary manufacturing equipment needed for production has been received and installed but recent COVID-19 risk mitigation strategies implemented at the New Jersey based contract manufacturer did delay the installation of the equipment for several weeks. Acura currently expects the submission and FDA acceptance of a new drug application (“NDA”) for LTX-03 to occur in the second quarter of 2021, unless additional development delays are experienced. The Parties are in negotiations to amend the AD Pharma Agreement to extend the date of the FDA acceptance of the NDA for LTX-03 which would allow for these unforeseen delays, although no guarantee can be given that these negotiations will be successful. AD Pharma has deferred the remittance of the required monthly license payments for May, June, July and August, 2020 pending the completion of these negotiations.

 


The following information was filed by Acura Pharmaceuticals, Inc (ACUR) on Monday, August 17, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Acura Pharmaceuticals, Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Acura Pharmaceuticals, Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account