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Flexion Therapeutics Inc

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Nov 12, 2021. Its latest SEC filing is a 15-12B from Nov 29, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Markets ZILRETTA, an extended-release injection for knee osteoarthritis, to prescribing physicians and develops locally administered treatments for musculoskeletal conditions.

How Did They Make Money?

Flexion sells ZILRETTA mainly to specialty distributors and a specialty pharmacy, with sales counted when each order is delivered to the customer.

FY2020 revenue

Who Were Their Customers?

Flexion sells mainly through specialty distributors and a specialty pharmacy, which resell ZILRETTA to physicians, clinics, and some medical centers and hospitals. It also contracts directly with health care providers and purchasing groups.

Did Revenues Turn Into Profits?

No. It lost $113.7M in FY2020.

Operating income, FY2020
−109% of revenue
▼ −32% (Loss) vs FY2019 (−$136.3M, −187%)
Net income, FY2020
−133% of revenue
▼ −24% (Loss) vs FY2019 (−$149.8M, −205%)
Free cash flow, FY2020
−94% of revenue
▼ −47% (Loss) vs FY2019 (−$152.7M, −209%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q3 FY2021, the three months to Sep 30, 2021
Revenue
▼ −10%
vs $23.7M in Q3 FY2020
Net income
▲ +23% (Loss)
vs −$24.6M in Q3 FY2020
  • Nov 19, 2021 Pacira completed its acquisition of Flexion The offer provided $8.50 per share in cash plus one contingent value right worth up to $8.00 per share.
  • Oct 12, 2021 Pacira agreed to acquire Flexion The deal paired $8.50 per share in cash with contingent payments tied to ZILRETTA sales and FDA approval of FX201 and FX301.
  • May 12, 2021 Flexion announced a CFO transition and 2021 sales forecast Frederick Driscoll was named CFO to succeed David Arkowitz; ZILRETTA net sales were forecast at $120 million to $130 million for 2021.

Pain focus expands The older report described candidates for osteoarthritis; the latest also describes a locally administered nerve-block treatment for post-operative pain, alongside a gene therapy for osteoarthritis.

Who Did They Compete With?

Competes with Ampio Pharmaceuticals, Anika Therapeutics, Centrexion Therapeutics, Eli Lilly, Kolon TissueGene, Pfizer, Regeneron Pharmaceuticals, Samumed, Taiwan Liposome, Teva Pharmaceutical Industries, and Xalud Therapeutics

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