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Avadel Pharmaceuticals plc (AVDL+2.41%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing net product revenue of $50,025,000 for the quarter, a significant increase from $7,014,000 in the same quarter the previous year. This increase is attributed to the commercialization of LUMRYZ following its FDA approval in May 2023.
Cost of products sold for the quarter was $6,155,000, resulting in a gross profit of $43,870,000. The gross profit as a percentage of net product revenue was 87.7%, compared to 98.3% in the prior year.
Research and development expenses for the quarter were $3,803,000, up from $2,849,000 in the prior year, due to new clinical work and increased headcount.
Selling, general, and administrative expenses increased to $40,394,000 from $39,158,000, driven by increased headcount and costs associated with the commercial launch of LUMRYZ.
The company reported an operating loss of $327,000 for the quarter, compared to a loss of $35,110,000 in the previous year.
Interest expense for the quarter was $2,820,000, up from $1,978,000 in the prior year, related to the royalty financing obligation.
Net loss for the quarter was $2,625,000, compared to $36,274,000 in the previous year. Net loss per share was $0.03, compared to $0.41 in the previous year.
Cash, cash equivalents, and marketable securities totaled $65,807,000 as of September 30, 2024, down from $105,111,000 at December 31, 2023.
The filing also discusses ongoing legal proceedings, including litigation with Jazz Pharmaceuticals (JAZZ-0.11%) regarding patent disputes related to LUMRYZ.
Avadel continues to focus on the commercialization of LUMRYZ and is evaluating opportunities to expand its product portfolio.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avadel Pharmaceuticals plc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.