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REPH Recro Pharma

Recro Pharma Inc. is a contract development and manufacturing organization (CDMO) with capabilities from early feasibility to commercial manufacturing. With an expertise in solving complex manufacturing problems, Recro is a leading CDMO providing oral solid dosage form development, end-to-end regulatory support, clinical and commercial manufacturing, and packaging and logistics services to the global pharmaceutical market.

Company profile

REPH stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Aug 21
28 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 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) 45.72M 45.72M 45.72M 45.72M 45.72M 45.72M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) 481.42K (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a n/a 1.91M n/a n/a
Cash remaining n/a n/a n/a 43.82M n/a n/a
Runway (months of cash) n/a n/a n/a 91.0 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jul 21 Lake Ryan David Common Stock Payment of exercise Dispose F No No 1.96 5,172 10.14K 373,173
14 Jun 21 Laura L. Parks Stock Option Common Stock Grant Acquire A No No 2.23 20,000 44.6K 20,000
11 Jun 21 AWM Investment Common Stock Sell Dispose S Yes No 2.2032 266,667 587.52K 4,419,081
11 Jun 21 AWM Investment Common Stock Sell Dispose S Yes No 2.1634 50,000 108.17K 4,685,748
10 Jun 21 AWM Investment Common Stock Sell Dispose S Yes No 2.228 150,000 334.2K 4,735,748
7 Jun 21 Lake Ryan David Common Stock Payment of exercise Dispose F No No 2.3 719 1.65K 378,345
5 Jun 21 Lake Ryan David Common Stock Option exercise Acquire M No No 0 2,500 0 379,064
5 Jun 21 Lake Ryan David RSU Common Stock Option exercise Dispose M No No 0 2,500 0 0

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

73.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 71 76 -6.6%
Opened positions 16 15 +6.7%
Closed positions 21 8 +162.5%
Increased positions 21 28 -25.0%
Reduced positions 27 20 +35.0%
13F shares
Current Prev Q Change
Total value 102.15M 80.19M +27.4%
Total shares 34.43M 22.01M +56.4%
Total puts 29.9K 44.3K -32.5%
Total calls 320.4K 153.7K +108.5%
Total put/call ratio 0.1 0.3 -67.6%
Largest owners
Shares Value Change
AWM Investment 4.27M $9.86M +991.0%
Cowen Prime Services 2.76M $6.38M +487.3%
Cowen Prime Advisors 2.76M $6.38M NEW
Athyrium Funds GP 2.55M $11.63M 0.0%
Athyrium Capital Management 2.2M $5.09M 0.0%
Samjo Capital 2.17M $5.01M +287.5%
Alyeska Investment 1.91M $4.42M +208.9%
Portolan Capital Management 1.9M $4.38M -3.1%
Vanguard 1.65M $3.82M +42.0%
Renaissance Technologies 1.15M $2.66M -6.2%
Largest transactions
Shares Bought/sold Change
AWM Investment 4.27M +3.88M +991.0%
Cowen Prime Advisors 2.76M +2.76M NEW
Cowen Prime Services 2.76M +2.29M +487.3%
Samjo Capital 2.17M +1.61M +287.5%
Alyeska Investment 1.91M +1.29M +208.9%
BLK Blackrock 346.56K -1.06M -75.3%
Millrace Asset 820.01K +820.01K NEW
Kornitzer Capital Management 490K +490K NEW
Vanguard 1.65M +488.46K +42.0%
MS Morgan Stanley 1.03M +487.79K +90.3%

Financial report summary

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Risks
  • Risks Related to Our Business and Industry
  • Risks Related to Our Intellectual Property
  • Risks Relating to Our Securities
  • Our revenues are dependent on a small number of commercial partners, and the loss of any one of these partners, or a decline in their orders, may adversely affect our business.
  • Our failure to obtain new customer contracts or renew existing contracts may adversely affect our business.
  • The COVID-19 pandemic has negatively impacted, and may continue to negatively impact, our business operations and financial results.
  • Our and our customers’ failure to receive or maintain regulatory approval for product candidates or products could negatively impact our revenue and profitability.
  • We depend on spending and demand from our customers for our contract manufacturing and development services and any reduction in spending or demand could have a material adverse effect on our business.
  • The consumers of the products we manufacture for our customers may significantly influence our business, results of operations and financial condition.
  • Our operating results may fluctuate significantly.
  • We have a history of losses. If we cannot maintain profitability and secure additional business, we may have to raise additional capital.
  • We have incurred significant indebtedness, which could adversely affect our business.
  • We may not be entitled to forgiveness of our recently received Paycheck Protection Program Loan, and our application for the Paycheck Protection Program Loan could in the future be determined to have been impermissible or could result in damage to our reputation.
  • Our business, financial condition, and results of operations are subject to risks arising from the international scope of our manufacturing and supply relationships.
  • Our development and formulation services projects are typically for a shorter term than our manufacturing projects, and any failure by us to maintain an adequate volume of development and formulation services projects, including due to lower than expected success rates of the products for which we provide services, could have a material adverse effect on our business, results of operations and financial condition.
  • If we fail to meet the stringent requirements of governmental regulation in the manufacture of pharmaceutical products, we could incur substantial costs and a reduction in revenues.
  • We have manufactured opioid products and may manufacture them in the future, which are subject to additional regulation by state and federal law enforcement and other regulatory agencies.
  • We may not be able to successfully offer new services.
  • Technological change may cause our offerings to become obsolete over time. A decrease in our customers’ purchases of our offerings could have a material adverse effect on our business, results of operations and financial condition.
  • We must comply with environmental and health and safety laws and regulations, which can be expensive and restrict how we do business.
  • We may be subject to litigation or government investigations for a variety of claims, which could adversely affect our operating results, harm our reputation or otherwise negatively impact our business.
  • Our future success depends on our ability to retain our key executives as well as to attract, retain and motivate other qualified personnel.
  • We may acquire other assets or businesses, or form collaborations or make investments in other companies or technologies, that could have a material adverse effect on our operating results, dilute our shareholders’ ownership, increase our debt or cause us to incur significant expense.
  • We face potential product liability claims, and, if successful claims are brought against us, we may incur substantial liability.
  • We incur increased costs and demands upon our management as a result of complying with the laws and regulations affecting public companies, which could harm our operating results.
  • The security of our information technology systems may be compromised in the event of system failures, unauthorized access, cyberattacks or a deficiency in our cybersecurity, and confidential information, including non-public personal information that we maintain, could be improperly disclosed.
  • Potential indemnification obligations to Baudax Bio or a refusal of Baudax Bio to indemnify us pursuant to agreements executed in the spin-off could materially adversely affect us.
  • We own numerous pending patent applications and issued patents in the United States. If our pending patent applications fail to issue or if our issued patents expire or are successfully opposed, invalidated, or rendered unenforceable, our business will be adversely affected.
  • Litigation involving patents, patent applications and other proprietary rights is expensive and time-consuming. If we are involved in such litigation, it could interfere with our business.
  • It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection.
  • Our ability to manufacture products for our commercial partners may be impaired if any of our manufacturing activities, or the activities of third parties involved in our manufacture and supply chain, are found to infringe patents of others.
  • Periodic maintenance fees, renewal fees, annuity fees and various other governmental fees on patents and/or applications will be due to be paid to the United States Patent and Trademark Office and various foreign governmental patent agencies in several stages over the lifetime of the patents and/or applications.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • The market price and trading volume of our common stock have been and may continue to be volatile, which could result in rapid and substantial losses for our shareholders.
  • We have never paid cash dividends on our common stock and do not intend to do so for the foreseeable future.
  • The concentration of our capital stock ownership with our directors and their affiliated entities and our executive officers will limit shareholders’ abilities to influence certain corporate matters.
  • Some provisions of our charter documents and Pennsylvania law may have anti‑takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our shareholders, and may prevent attempts by our shareholders to replace or remove our current management.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.
  • If securities or industry analysts do not continue to publish research or reports, or if they publish unfavorable research or reports, about our business, our stock price and trading volume could decline.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
Management Discussion
  • Revenue. The decrease of $32.7 million was primarily the result of customer ordering patterns in the prior year and the loss of Verapamil SR market share by a commercial partner in the first quarter of 2020 due to the re-entry of a competitor. Our commercial partner has sustained its market position for Verapamil SR capsules since the end of the first quarter of 2020. The COVID-19 pandemic has resulted in decreased end-user demand, inventory rebalancing by our commercial partners and slower than expected new business starts. In addition, revenue declined due to the discontinuation of two commercial product lines by our commercial partners. Higher revenues from our clinical trial materials new business growth activities has partially offset the decrease, including a significant new commercial product tech transfer project.  
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