2023 Q3 Form 10-Q Financial Statement

#000155837023014733 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.16M
YoY Change -32.87%
Cash & Equivalents $19.20M
Short-Term Investments
Other Short-Term Assets $3.305M
YoY Change -64.41%
Inventory $1.356M
Prepaid Expenses
Receivables $1.003M
Other Receivables $929.0K
Total Short-Term Assets $25.75M
YoY Change -35.92%
LONG-TERM ASSETS
Property, Plant & Equipment $3.805M
YoY Change 140.21%
Goodwill $55.85M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $59.65M
YoY Change -29.52%
TOTAL ASSETS
Total Short-Term Assets $25.75M
Total Long-Term Assets $59.65M
Total Assets $85.40M
YoY Change -31.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.530M
YoY Change -53.47%
Accrued Expenses $7.857M
YoY Change -34.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $57.75M
YoY Change 9413.67%
Total Short-Term Liabilities $68.39M
YoY Change 268.59%
LONG-TERM LIABILITIES
Long-Term Debt $63.60M
YoY Change 15.63%
Other Long-Term Liabilities $649.0K
YoY Change -86.16%
Total Long-Term Liabilities $63.60M
YoY Change 15.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.39M
Total Long-Term Liabilities $63.60M
Total Liabilities $69.08M
YoY Change 4.16%
SHAREHOLDERS EQUITY
Retained Earnings -$604.7M
YoY Change 12.71%
Common Stock $994.0K
YoY Change 18.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.33M
YoY Change
Total Liabilities & Shareholders Equity $85.40M
YoY Change -31.58%

Cashflow Statement

Concept 2023 Q3 2023 Q2

Facts In Submission

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-7610000
rvlp Increase Decrease In Accrued And Other Current Liabilities
IncreaseDecreaseInAccruedAndOtherCurrentLiabilities
-1151000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17880000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11280000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
166000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
94000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2350000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2184000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
67000
rvlp Consolidated Finance Lease Principal Payments
ConsolidatedFinanceLeasePrincipalPayments
5000
rvlp Consolidated Finance Lease Principal Payments
ConsolidatedFinanceLeasePrincipalPayments
4000
rvlp Repayment Of Insurance Financing Loan
RepaymentOfInsuranceFinancingLoan
984000
rvlp Repayment Of Insurance Financing Loan
RepaymentOfInsuranceFinancingLoan
1802000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
89000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
131000
rvlp Proceeds From Purchases Of Stock Under Employee Stock Purchase Plan
ProceedsFromPurchasesOfStockUnderEmployeeStockPurchasePlan
92000
rvlp Proceeds From Purchases Of Stock Under Employee Stock Purchase Plan
ProceedsFromPurchasesOfStockUnderEmployeeStockPurchasePlan
119000
us-gaap Repayments Of Debt
RepaymentsOfDebt
4334000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5320000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1818000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-25384000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-13031000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44543000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40444000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19159000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27413000
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1. Organization and Nature of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">RVL Pharmaceuticals plc, an Irish public limited company, together with its subsidiaries (collectively, the “Company”), is a specialty pharmaceutical company focused on the development and commercialization of products that target markets with underserved patient populations in the ocular medicine and medical aesthetics therapeutic areas. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">In July 2020, the Company received regulatory approval from the FDA for RVL-1201, or Upneeq, (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or droopy or low-lying eyelids in adults. Upneeq was commercially launched in September 2020 to a limited number of eye care professionals with commercial operations expanded in 2021 among ophthalmology, optometry and oculoplastic specialties. In February 2022, Upneeq was commercially expanded into the medical aesthetics market in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On August 27, 2021, the Company closed the divestiture of its portfolio of branded and non-promoted products and its Marietta, Georgia, manufacturing facility (the “Legacy Business”) to certain affiliates of Alora Pharmaceuticals (“Alora”). Pursuant to the divestiture, the Company retained the rights to Upneeq and to arbaclofen ER tablets which had been under development for the treatment of spasticity in multiple sclerosis for which the Company had completed Phase III clinical trials and for which the Company has been exploring opportunities to divest, out-license or otherwise partner with a third party to monetize its net investment (see Note 15).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company’s commercial operations are conducted by its wholly-owned subsidiaries, RVL Pharmaceuticals, Inc. (“RVL Pharmaceuticals”) and RVL Pharmacy, LLC, (“RVL Pharmacy”). RVL Pharmacy conducts pharmacy operations dedicated to the processing and fulfillment of prescriptions for Upneeq. </p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates</i>—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ materially from those estimates. </p>
us-gaap Interest Paid Net
InterestPaidNet
6697000
us-gaap Interest Paid Net
InterestPaidNet
2931000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
75000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
142000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5100000
CY2023Q2 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
800000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19200000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-604700000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
70700000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
35500000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
18900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11300000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8258000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8448000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17090000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29892000
CY2023Q2 rvlp Revenue From Contract With Customer Excluding Assessed Tax Before Adjustments
RevenueFromContractWithCustomerExcludingAssessedTaxBeforeAdjustments
8469000
CY2022Q2 rvlp Revenue From Contract With Customer Excluding Assessed Tax Before Adjustments
RevenueFromContractWithCustomerExcludingAssessedTaxBeforeAdjustments
8538000
rvlp Revenue From Contract With Customer Excluding Assessed Tax Before Adjustments
RevenueFromContractWithCustomerExcludingAssessedTaxBeforeAdjustments
17657000
rvlp Revenue From Contract With Customer Excluding Assessed Tax Before Adjustments
RevenueFromContractWithCustomerExcludingAssessedTaxBeforeAdjustments
14565000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1100000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
100000
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1003000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
947000
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
929000
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
2084000
CY2023Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
1932000
CY2022Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
3031000
CY2023Q2 rvlp Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
3391000
CY2022Q4 rvlp Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
5894000
CY2023Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2783000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3908000
CY2022Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
2300000
CY2023Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
542000
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1144000
CY2023Q2 us-gaap Deferred Income Current
DeferredIncomeCurrent
1051000
CY2022Q4 us-gaap Deferred Income Current
DeferredIncomeCurrent
1923000
CY2023Q2 rvlp Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
90000
CY2022Q4 rvlp Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
226000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7857000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15395000
CY2023Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
57748000
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
56932000
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
57748000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1432000
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
55500000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
448000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
14133000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
14133000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
42400000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
71114000
CY2023Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
7515000
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
63599000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
232000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1209000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
731000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2418000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
1700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-24002000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11829000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-35556000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18725000
CY2023Q2 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
-113000
CY2022Q2 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
277000
us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
-55000
us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
202000
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.0047
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.0234
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.0015
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.0108
CY2023Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
19200000
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
44500000

Files In Submission

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rvlp-20230630_pre.xml Edgar Link unprocessable