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RMTI Rockwell Medical

Rockwell Medical is a biopharmaceutical company dedicated to transforming anemia management in a wide variety of therapeutic areas and across the globe, improving the lives of very sick patients. The Company's initial focus is the treatment of anemia in end-stage kidney disease (ESKD). Rockwell Medical's exclusive renal drug therapies, Triferic (ferric pyrophosphate citrate) Dialysate and Triferic AVNU (ferric pyrophosphate citrate injection), are the only FDA-approved therapeutics indicated for iron replacement and maintenance of hemoglobin in hemodialysis patients. Rockwell Medical is also an established manufacturer, supplier and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the U.S. and abroad.

Company profile

Ticker
RMTI
Exchange
CEO
Russell Ellison
Employees
Incorporated
Location
Fiscal year end
Former names
ROCKWELL MEDICAL TECHNOLOGIES INC
SEC CIK
IRS number
383317208
SEC advisor number
801-72736
FINRA CRD number
158916
AUM ?
$234.04M (as of 4 Sep 20)
Accounts
2,081 (as of 4 Sep 20)
Employees
13 (3 investment advisory or research)
Address
Rockwell Medical
30142 WIXOM ROAD
WIXOM
MI 48393
Office hours
Monday - Friday, MO - THU: 8 A.M. - 6 P.M. & FRI : 8 A.M. - 12 P.M.
Phone
8004493353
Owner Title From %Ownership
Richmond, David, Scott President 09/2011 50-75%
Curfman, Matthew, Jeremy Senior Vice President of Investment Services 09/2011 10-25%
Pirner, Gary, Matthew Chief Compliance Officer 12/2018 < 5%

RMTI stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors
Regulatory AUM / Assets Under Management
Number of accounts
Number of employees

Calendar

17 May 21
27 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 35.68M 35.68M 35.68M 35.68M 35.68M 35.68M
Cash burn (monthly) 4.34M 143.75K 2.39M 2.3M 4.17M 2.97M
Cash used (since last report) 16.83M 558.05K 9.29M 8.91M 16.17M 11.52M
Cash remaining 18.84M 35.12M 26.38M 26.76M 19.51M 24.16M
Runway (months of cash) 4.3 244.3 11.0 11.7 4.7 8.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Jun 21 Allen Nissenson Common Stock Grant Aquire A No No 0 50,000 0 74,488
17 Jun 21 Allen Nissenson Stock Option Common Stock Grant Aquire A No No 0.9 72,857 65.57K 72,857
17 Jun 21 Radie Robert S Common Stock Grant Aquire A No No 0 50,000 0 84,689
17 Jun 21 Radie Robert S Stock Option Common Stock Grant Aquire A No No 0.9 72,857 65.57K 72,857
17 Jun 21 Andrea Heslin Smiley Common Stock Grant Aquire A No No 0 50,000 0 68,601
17 Jun 21 Andrea Heslin Smiley Stock Option Common Stock Grant Aquire A No No 0.9 72,857 65.57K 72,857
17 Jun 21 Mclaughlin John Peter Common Stock Grant Aquire A No No 0 50,000 0 136,974
17 Jun 21 Mclaughlin John Peter Stock Option Common Stock Grant Aquire A No No 0.9 72,857 65.57K 72,857
17 Jun 21 Cooper John G Common Stock Grant Aquire A No No 0 50,000 0 105,879
17 Jun 21 Cooper John G Stock Option Common Stock Grant Aquire A No No 0.9 72,857 65.57K 72,857

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

28.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 91 91
Opened positions 12 14 -14.3%
Closed positions 12 11 +9.1%
Increased positions 23 34 -32.4%
Reduced positions 24 19 +26.3%
13F shares
Current Prev Q Change
Total value 87.44M 80.04M +9.2%
Total shares 26.62M 26.44M +0.7%
Total puts 85.3K 0 NEW
Total calls 129.1K 50.4K +156.2%
Total put/call ratio 0.7
Largest owners
Shares Value Change
CVI Investments 4.91M $4.96M 0.0%
BLK Blackrock 4.91M $5.7M +2.5%
Vanguard 3.62M $4.2M +29.9%
Perkins Capital Management 2.84M $3.29M +15.5%
Renaissance Technologies 1.36M $1.58M +40.5%
Geode Capital Management 1.24M $1.44M +40.0%
STT State Street 1.11M $1.28M -7.9%
MS Morgan Stanley 1.08M $1.25M +40.2%
NTRS Northern Trust 783.14K $908K -8.8%
Aqr Capital Management 730.83K $848K +72.8%
Largest transactions
Shares Bought/sold Change
CVI 0 -1.11M EXIT
Vanguard 3.62M +835.06K +29.9%
Sabby Management 0 -611.99K EXIT
Renaissance Technologies 1.36M +393.38K +40.5%
Perkins Capital Management 2.84M +380.75K +15.5%
Geode Capital Management 1.24M +355.52K +40.0%
MS Morgan Stanley 1.08M +309.16K +40.2%
Aqr Capital Management 730.83K +307.83K +72.8%
Squarepoint Ops 0 -274.79K EXIT
Citadel Advisors 32.39K -169.47K -84.0%

Financial report summary

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Risks
  • If we are unable to obtain and maintain adequate protection for our data, intellectual property and other proprietary rights, our business may be harmed.
  • We depend on third parties to manufacture Triferic. If these organizations are unable or unwilling to manufacture our drug products, or if these organizations fail to comply with FDA or other applicable regulations or otherwise fail to meet our requirements, our business will be harmed.
  • We rely on third party suppliers for raw materials and packaging components of our drug products. We may not be able to obtain the raw materials and proper components we need, or the cost of the materials or components may be higher than expected, any of which could impair our production or commercialization of drug products and have a material adverse effect on our business, results of operations and financial position.
  • We may not be successful in obtaining foreign regulatory approvals or in arranging out-licensing partners capable of obtaining the approvals needed to effectively commercialize Triferic (dialysate), Triferic AVNU or any other drug product candidates outside of the United States. Even if we, or our partners, are successful in obtaining the required regulatory approvals, we may not be effective at marketing our drug products in certain markets or at all.
  • If Triferic (dialysate), Triferic AVNU or any other drug product candidates are approved and marketed outside of the United States, a variety of risks associated with international operations could materially adversely affect our business.
  • We may not be successful in expanding our drug product portfolio or in our business development efforts related to in-licensing, acquisitions or other business collaborations. Even if we are able to enter into business development arrangements, they could have a negative impact on our business and our profitability.
  • Our drug business depends on government funding of health care, and changes could impact our ability to be paid in full for our drug products, increase prices or cause consolidation in the dialysis provider market.
  • We have in-licensed rights to certain patents that cover our products. If we fail to remain in compliance with these license agreements, we could forfeit the rights to these patents, which could negatively impact our ability to commercialize our products.
  • New classes of drugs, such as HIF-PHIs, may limit the need for iron to be administered to ESKD patients.
  • Clinical drug development involves a lengthy and expensive process with uncertain timelines and uncertain outcomes, and the results of prior preclinical or clinical trials are not necessarily predictive of our future results.
  • If we experience delays in clinical testing, our commercial prospects will be adversely affected, our costs may increase and our business may be harmed.
  • If we encounter difficulties in enrolling patients in our clinical trials, our clinical development activities could be delayed or otherwise adversely affected.
  • FPC may cause undesirable side effects or have other properties in the new disease states we are investigating that could delay or prevent their regulatory approval or limit the commercial profile of an approved label.
  • Lack of efficacy, adverse events, administration challenges or limitations, or undesirable side effects may emerge in clinical trials conducted by third parties developing treatment candidates in the disease states that we are investigating, which could adversely affect our stock price, our ability to attract additional capital and our development program.
  • Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Even if we are able to obtain regulatory approvals for our future product candidates, if they exhibit harmful side effects after approval, our regulatory approvals could be revoked or otherwise negatively impacted, and we could be subject to costly and damaging product liability claims.
  • Even if our FPC pipeline product candidates receive regulatory approval, it may still face future development and regulatory difficulties.
  • We may be required to repay a portion of the upfront fees received from Baxter, which could materially and adversely affect our financial position and cash reserves.
  • A few customers account for a substantial portion of the end user sales of our concentrate products. The loss of any of these customers could have a material adverse effect on our business, results of operations, financial position and cash flows.
  • We face competition in the concentrate market and have a large competitor with substantial resources.
  • We may be affected materially and adversely by increases in raw material and transportation costs.
  • Our Loan Agreement with Innovatus contains certain covenants that could adversely affect our operations and, if an event of default were to occur, we could be forced to repay the outstanding indebtedness sooner than planned and possibly at a time when we do not have sufficient capital to meet this obligation. The occurrence of any of these events could cause a significant adverse impact on our business, prospects and share price.
  • Our existing capital resources may not be adequate to finance our operating cash requirements for the length of time that we have estimated and additional capital that we may need to operate or expand our business may not be available.
  • Our business could be impacted as a result of actions by activist shareholders, including as a result of a potential proxy contest for the election of directors at our annual meeting.
  • Our future success depends on our ability to retain executives and key employees and to attract, retain and motivate qualified personnel in the future.
  • We are and may become the target of additional securities and shareholder litigation, which is costly and time-consuming to defend.
  • Any adverse conclusions from our SEC investigation could result in fines, criminal penalties and an adverse effect on our business.
  • Unfavorable weather or global economic conditions could adversely affect our business, financial condition or results of operations.
  • Our drug and concentrate businesses are highly regulated, resulting in additional expense and risk of noncompliance that can materially and adversely affect our business, results of operations, financial position and cash flows.
  • We could be found to be infringing intellectual property rights of third parties, which could prevent us from selling products and could require us to pay significant damages and compel us to defend against litigation. We may be subject to claims that our employees or directors have wrongfully used or disclosed alleged trade secrets of their former employers.
  • Shares eligible for future sale may affect the market price of our common stock.
  • The market price for our common stock is volatile.
  • Our ability to use our net operating loss carryforwards to offset potential taxable income and related income taxes that would otherwise be due may be limited.
  • We do not anticipate paying dividends in the foreseeable future.
Management Discussion
  • During the year ended December 31, 2020, our net sales were $62.2 million compared to net sales of $61.3 million during the year ended December 31, 2019. Net sales of hemodialysis concentrates to dialysis providers and distributors in the United States and abroad were $61.1 million for the year ended December 31, 2020 compared to $60.8 million for the year ended December 31, 2019. The increase of $0.3 million was primarily due to increase in sales to our domestic customers offset by a decrease in international sales. Net sales of Triferic (dialysate) were approximately $1.1 million for the year ended December 31, 2020 compared to $0.5 million for the year ended December 31, 2019. For each year ended December 31, 2020 and 2019, Triferic net sales included approximately $0.2 million of deferred revenue recognized under the Company’s license in the People’s Republic of China with Wanbang.
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