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Brickell Biotech (BBI)

Brickell Biotech, Inc. is a clinical-stage pharmaceutical company focused on the development of innovative and differentiated prescription therapeutics for debilitating skin diseases with a focus on its lead asset sofpironium bromide for the treatment of hyperhidrosis. Brickell's executive management team and board of directors bring extensive experience in product development and global commercialization, having served in leadership roles at large global pharmaceutical companies and biotechs that have developed and/or launched successful products, including several that were first-in-class and/or achieved iconic status, such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta® and Juvederm®. Brickell's strategy is to leverage this experience to in-license, acquire, develop and commercialize innovative and differentiated pharmaceutical products that Brickell believes can be successful in the marketplace and transform lives by solving currently unmet patient needs.

BBI stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

12 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 17.29M 17.29M 17.29M 17.29M 17.29M 17.29M
Cash burn (monthly) 3.2M 1.46M 3.14M 3.39M 3.18M 3.32M
Cash used (since last report) 14.07M 6.41M 13.8M 14.9M 13.99M 14.59M
Cash remaining 3.22M 10.88M 3.49M 2.38M 3.3M 2.7M
Runway (months of cash) 1.0 7.5 1.1 0.7 1.0 0.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 May 22 Lyons Gary A Stock Option Common Stock Grant Acquire A No No 0.1875 65,000 12.19K 65,000
17 May 22 Veru Dennison T Stock Option Common Stock Grant Acquire A No No 0.1875 65,000 12.19K 65,000
17 May 22 Samant Vijay B Stock Option Common Stock Grant Acquire A No No 0.1875 65,000 12.19K 65,000
17 May 22 Hardy Reginald L Stock Option Common Stock Grant Acquire A No No 0.1875 65,000 12.19K 65,000
5 May 22 Brown Robert Busard Stock Option Common Stock Grant Acquire A No No 0.26 1,100,000 286K 1,100,000
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Risks
  • Our business depends on the successful continued financing, nonclinical and clinical development, regulatory approval, and commercialization of our pipeline assets.
  • Clinical drug development for our pipeline assets is expensive, time-consuming, and uncertain. Any data resulting from our trials may not be favorable for further development.
  • Our product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors and others in the medical community necessary for commercial success.
  • We face significant competition in our industry, and our pipeline assets, if approved, may not be able to compete effectively or achieve significant market penetration.
  • If we do not achieve our projected development goals in the timeframes we announce and expect, our business and strategies may be adversely affected and, as a result, our stock price may decline.
  • Our receipt of future payments from Botanix is contingent on the successful development, regulatory approval, and commercialization of sofpironium bromide gel, 15%, which in turn depends on a number of factors outside of our control.
  • Kaken substantially controls commercialization of ECCLOCK in Japan and may make decisions regarding commercialization that may reduce or eliminate the royalties and other payments due to us.
  • Kaken is responsible for providing certain support to Botanix in connection with its U.S. NDA submission, and Kaken’s delay or failure in providing such support may delay, reduce or eliminate amounts payable to us.
  • We currently have limited marketing capabilities and no sales organization. If we are unable to generate adequate financing, establish sales and marketing capabilities on our own or through third parties, or are delayed in establishing these capabilities, we will be unable to successfully commercialize our product candidates, if approved, or generate meaningful product revenue.
  • Our business and operations would suffer in the event of system failures, illegal stock trading or manipulation by external parties, cyber-attacks, or a deficiency in or exploitation of our cyber-security.
  • We may be adversely affected by natural disasters and other catastrophic events and by man-made problems such as war or terrorism or labor disruptions that could disrupt our business operations, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • We will need to raise substantial additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all.
  • We are currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability due to the ongoing military conflict between Russia and Ukraine. Our business, financial condition, and results of operations may be materially adversely affected by the negative impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.
  • Our operating results and liquidity needs could be affected negatively by global market fluctuations and economic downturns.
  • Our stock price and volume of shares traded have been and may continue to be highly volatile, and our common stock may continue to be illiquid.
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations.
  • We are a “smaller reporting company” and the reduced disclosure and governance requirements applicable to smaller reporting companies may make our common stock less attractive to some investors.
  • If the holders of our company’s stock options and warrants exercise their rights to purchase our common stock, the ownership of our stockholders will be diluted.
  • We may not be able to access the full amounts available under the Purchase Agreement with Lincoln Park, which could prevent us from accessing the capital we need to continue our operations, which could have an adverse effect on our business.
  • Our failure to regain compliance with Nasdaq continued listing requirements, including if we are unable to increase the closing bid price of our common stock to at least $1.00 per share for a minimum of 10 consecutive business days by June 13, 2022, or if we are unsuccessful in regaining compliance through other potential avenues that we are currently pursuing, could result in the delisting of our common stock.
  • We do not anticipate paying any dividends in the foreseeable future.
  • Our ability to use our net operating loss carryforwards and other tax assets to offset future taxable income may be subject to certain limitations.
  • We may never obtain regulatory approval to commercialize any of our product candidates, and any products approved for sale will be subject to continued regulatory review and compliance obligations and there could be further restrictions on post-approval activities, including commercialization efforts. In obtaining regulatory approval, we will need to negotiate an appropriate product label (aka package insert) with the regulators, which will determine the extent of our allowed promotional activities, and this label could be restrictive or prohibitory with regard to subject matter we believe is necessary to maximize the commercial success of the products that are approved.
  • We have sponsored or supported and in the future expect to sponsor or support clinical trials for our product candidates outside the U.S., and the FDA and applicable foreign regulatory authorities may not accept data from such trials; in addition, we may not be allowed alone or with local country business partners to obtain regulatory approval for our product candidates without first conducting clinical trials in each of these other countries.
  • We may face product liability exposure, and if successful claims are brought against us, we may incur substantial liability if our insurance coverage for those claims is inadequate.
  • We may be subject to risks related to pre-approval promotion or off-label use, or unauthorized direct-to-consumer advertising, of our product candidates.
  • Healthcare reform measures, including price controls or restricted access, could hinder or prevent the commercial success of our product candidates in any country.
  • We are and may be subject to strict healthcare laws, regulation, and enforcement, and our failure to comply with those laws could expose us to liability or adversely affect our business, financial condition, operating results, and prospects.
  • We may seek orphan drug exclusivity for some of our product candidates, and we may be unsuccessful.
  • Our employees, independent contractors, principal investigators, other clinical trial staff, consultants, vendors, CROs, and any partners with which we may collaborate may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • We incur costs and demands upon management as a result of complying with the laws and regulations affecting public companies.
  • We intend to continue to in-license and acquire product candidates and may engage in other strategic transactions, which could impact our liquidity, increase our expenses, and present significant distractions to our management.
  • We may choose not to continue developing or commercializing any of our product candidates at any time during development or after approval, or we may sell and assign our rights, which would reduce or eliminate our potential return on investment for those product candidates.
  • Our failure to in-license, acquire, develop, and market successfully additional product candidates or approved products would impair our ability to grow our business.
  • We expect to rely on our collaboration with third-party partners for the successful development and commercialization of our product candidates.
  • We rely completely on third-party contractors to supply, manufacture, and distribute clinical drug supplies, including certain sole-source suppliers and manufacturers, both inside and outside the U.S.; we intend to rely on third parties for commercial supply, manufacturing, and distribution, and possibly sales and promotion, if any of our product candidates receive regulatory approval; and we expect to rely on third parties for supply, manufacturing, and distribution of preclinical, clinical, and commercial supplies, and possibly sales and promotion, of any future product candidates.
  • Manufacturing and supply of the APIs and other substances and materials used in our product candidates and finished drug products is a complex and technically challenging undertaking, and there is potential for failure at many points in the manufacturing, testing, quality control and assurance, and distribution supply chain, as well as the potential for latent defects after products have been manufactured and distributed.
  • We may not be able to obtain, afford, maintain, enforce, or protect our intellectual property rights covering our product candidates, including our autoimmune and inflammatory portfolio, and related technologies that are of sufficient type, breadth, and term throughout the world.
  • We may not be able to protect our intellectual property rights meaningfully throughout the world.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment, and other requirements imposed by governmental patent and similar agencies, and our patent protection could be reduced or eliminated for noncompliance with these requirements.
  • If we fail to comply with our obligations under our intellectual property and related license agreements, we could lose license rights that are important to our business. Additionally, these agreements may be subject to disagreement over contract interpretation, which could narrow the scope of our rights to the relevant intellectual property or technology, or other key aspects of product development and/or commercialization, or increase our financial or other obligations to our licensors.
  • Provisions of Delaware law and our restated certificate of incorporation and amended and restated bylaws may discourage another company from acquiring us and may prevent attempts by our stockholders to replace or remove our current management.
  • If we fail to attract and retain management and other key personnel and directors, we may be unable to continue to successfully develop or commercialize our product candidates or otherwise implement our business plan.
Management Discussion
  • Revenue increased by $75 thousand for the three months ended March 31, 2022, compared to the three months ended March 31, 2021. Revenue in both periods consisted of royalty revenue recognized related to sales of ECCLOCK in Japan by Kaken.
  • Research and development expenses for the three months ended March 31, 2022, compared to the three months ended March 31, 2021, were relatively consistent. During the three months ended March 31, 2022, we incurred $3.3 million in lower clinical costs related to our U.S. Phase 3 pivotal clinical program for sofpironium bromide gel, 15%, which was completed in the fourth quarter of 2021. This decrease was almost fully offset by increases of $2.0 million in upfront costs related to the acquisition of our STING inhibitor platform, $0.7 million in development costs related to our DYRK1A inhibitor program, and $0.4 million in personnel and other expenses.
  • General and administrative expenses increased by $0.5 million for the three months ended March 31, 2022, compared to the three months ended March 31, 2021. The increase was primarily due to higher compensation-related expenses of $0.2 million, professional fees of $0.2 million, and insurance and other miscellaneous expenses of $0.1 million.

Content analysis

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