Acura Pharmaceuticals Reports Net Loss of $879,000 for 2021
Revenue for the Year Stands at $1.56 Million
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.
Financial Performance
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.
