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Acura Pharmaceuticals, Inc., (ACUR) a pharmaceutical company specializ ing in the development of abuse-deterrent products, has announced its financial results for the year ended December 31, 2021. The company reported a net loss of $879,000 for the year, compared to a net loss of $1.21 million in the previous year. Despite the net loss, Acura Pharmaceuticals generated revenue of $1.56 million during the year, reflecting a decline from the $3.57 million in revenue reported in 2020.
Acura Pharmaceuticals' consolidated statements of operations revealed that the company generated $1.56 million in revenues for the year ended December 31, 2021, compared to $3.57 million in the previous year. The decline in revenue can be attributed to lower product sales and a decrease in license fees from related parties. Royalties amounted to $132,000, collaboration revenue from related parties totaled $31,000, and license fees from related parties stood at $1.4 million.The company's expenses for the year totaled $2.77 million, a decrease from the $4.33 million reported in the previous year. Research and development expenses amounted to $1.52 million, while general and administrative expenses totaled $1.25 million. As a result, Acura Pharmaceuticals reported an operating loss of $1.21 million for 2021, compared to an operating loss of $758,000 in 2020. The company also recorded gains of $535,000 on the forgiveness of loans under the CARES Act. However, interest expenses to related parties amounted to $200,000, contributing to the loss before provision for income taxes of $879,000.
Acura Pharmaceuticals' consolidated balance sheet as of December 31, 2021, showed total assets of $860,000, a decrease from $1.74 million in the previous year. The company's total current assets stood at $372,000, primarily consisting of cash, royalty receivables, collaboration receivables from related parties, and prepaid expenses. Meanwhile, the company's total liabilities amounted to $682,000, a significant decrease from the $7.63 million reported in the previous year. Total current liabilities decreased to $515,000, primarily driven by a reduction in accounts payable and accrued expenses. Additionally, Acura Pharmaceuticals reported a stockholders' equity of $178,000, compared to a deficit of $5.89 million in the previous year.
Acura Pharmaceuticals, Inc. reported a net loss of $879,000 for the year ended December 31, 2021. The decline in revenue, along with operating expenses, contributed to the company's net loss. However, the company remains committed to its goal of developing abuse-deterrent products and continues to invest in research and development efforts. As Acura Pharmaceuticals moves forward, it aims to capitalize on new opportunities and improve its financial performance.