UNITED STATES
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FORM
CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition. |
Preliminary Information for the Fiscal Year Ended December 31, 2020
The Company is providing certain preliminary information related to its revenue, cash and cash equivalents and cash runway as an update to the information provided in the Company’s previous periodic filings. The Company has not yet completed its financial statements for the fiscal year ended December 31, 2020, but the Company currently estimates that (i) net product revenue of ANJESO™ (“ANJESO”) was $0.5 million for the twelve months ended December 31, 2020 (reflecting revenue since launch in June 2020); (ii) cost of sales was $1.7 million for the twelve months ended December 31, 2020; (iii) selling, general and administrative expenses were $43.3 million for the twelve months ended December 31, 2020; (iv) research and development expenses were $9.1 million for the twelve months ended December 31, 2020; (v) its cash and cash equivalents as of December 31, 2020 were approximately $30.3 million. The Company believes, based on its current operating plan, that its cash and cash equivalents as of December 31, 2020 and its projected revenues from sales of ANJESO, together with the net proceeds of the Offering, will be sufficient to fund its operations through the first half of 2021.
The Company’s estimates of net product revenue, cost of sales, selling, general and administrative expenses, research and development expenses, its cash and cash equivalents as of December 31, 2020 and its ability to fund its operations are preliminary and unaudited, represent management estimates as of the date of this Current Report on Form 8-K and are subject to completion of the Company’s financial closing procedures. The Company’s independent registered public accounting firm has not conducted an audit or review of, and does not express an opinion or any other form of assurance with respect to, the estimates of net product revenue, cost of sales, selling, general and administrative expenses, research and development expenses, and its cash and cash equivalents.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Baudax Bio, Inc. | ||
| By: | /s/ Gerri A. Henwood | |
| Name: | Gerri A. Henwood | |
| Title: | President and Chief Executive Officer | |
Date: February 8, 2021