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Jun 30, 2022
Zevra Q2 2022 Earnings Report
Reported financial results for the second quarter ended June 30, 2022 and provided a corporate update.
Key Takeaways
KemPharm reported Q2 2022 net revenue of $1.3 million and a net loss attributable to common stockholders of $24.0 million, which includes a one-time non-cash expense of $17.7 million related to the acquisition of arimoclomol.
Acquired substantially all assets and operations of Orphazyme A/S, including arimoclomol, for $12.8 million in cash.
Resubmission of the arimoclomol NDA for the treatment of NPC is expected as early as Q1 2023.
Filed IND application for KP1077, an SDX-based product candidate, for the treatment of IH and expects to initiate a Phase 2 trial by the end of 2022.
Total cash, cash equivalents, and investments were $114.5 million as of June 30, 2022.
Zevra
Zevra
Forward Guidance
KemPharm is well positioned for growth with a strong financial foundation and anticipates numerous milestone opportunities for 2022 and beyond.
Positive Outlook
- NDA-stage product with a rapidly advancing clinical-stage pipeline.
- Focus on rare central nervous system, neurodegenerative, and lysosomal storage diseases.
- Commercialization of AZSTARYS by Corium.
- Strong operational and financial foundation.
- Multiple milestone opportunities anticipated for 2022 and beyond.
Challenges Ahead
- Current macroeconomic and global equity market challenges.
- Net loss attributable to common stockholders for Q2 2022 was ($24.0) million.
- Q2 2022 net revenue was $1.3 million, as compared to Q2 2021 net revenue of $12.0 million.
- Expense of $17.7 million during Q2 2022 related to acquired in-process research and development from the arimoclomol asset acquisition during the quarter.
- Research and development expenses were $4.8 million for Q2 2022, as compared to $2.8 million in Q2 2021.