SEC Filings

8-K
PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 11/13/2018
Entire Document
 

Selling, general and administrative expense increased by $8.0 million, or 13%, during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. The increase was primarily attributable Nalpropion's acquisition of Orexigen, which resulted in selling, general and administrative expenses of $17.1 million. The increase was partially offset by lower sales force-related expenses of $7.1 million due to the restructuring announced in January 2018, lower marketing and selling expenditures of $2.7 million related primarily due to the loss of exclusivity on branded Treximet, as well as $1.7 million of lower spend across numerous areas, partially offset by higher legal fees of $2.4 million related primarily to patent defense and legal settlements.

Research and development expense increased by $0.8 million during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017, due primarily to Nalpropion's acquisition of Orexigen, which resulted in research and development costs of $1.5 million. This increase was partially offset by the discontinuation of certain Zohydro-related research projects.

Net loss was $43.9 million, or $3.55 per basic and diluted share, for the nine months ended September 30, 2018, compared to a net loss of $44.7 million, or $4.31 per basic and diluted share, in the same period last year.

Adjusted EBITDA was $1.6 million for the nine months ended September 30, 2018, compared to adjusted EBITDA of $17.0 million for the nine months ended September 30, 2017, a decrease of $15.4 million.

Liquidity
As of September 30, 2018, Pernix, consolidated with Nalpropion, had cash and cash equivalents of $24.5 million, as compared to $32.8 million as of December 31, 2017, and borrowing availability of $6.8 million under the ABL Facility. Excluding Nalpropion, Pernix had cash and cash equivalents of $18.2 million as of September 30, 2018 and total liquidity of $25.0 million. Pernix's cash included $12.2 million of cash received related to Contrave sales. For more detailed information, please refer to the "Liquidity and Capital Resources" section of the Company's Quarterly Report on Form 10-Q for the Quarterly Period ended September 30, 2018.

In mid-October, Pernix received letters from Nasdaq notifying the Company that it is no longer in compliance with certain continued listing requirements of the Nasdaq Global Market and has until mid-April 2019 to address these deficiencies.

The Company is in the process of analyzing various alternatives to address its liquidity and capital structure. For more detailed information, please refer to the "Liquidity and Capital Resources" section of the Company's Quarterly Report on Form 10-Q for the Quarterly Period ended September 30, 2018.

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