Exhibit 99.1
ACURA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(audited) | (audited) | |||||||
December 31, | December 31, | |||||||
2021 | 2020 | |||||||
Assets – current | $ | 372 | $ | 1,179 | ||||
Property, plant and equipment, net | 438 | 484 | ||||||
Other assets | 50 | 73 | ||||||
Total assets | $ | 860 | $ | 1,736 | ||||
Other liabilities - current | $ | 515 | $ | 680 | ||||
Loan under CARES Act - current | - | 164 | ||||||
Accrued interest to related party – current | - | 678 | ||||||
Convertible debt to related party – current | - | 6,000 | ||||||
Loan under CARES Act – non current | - | 105 | ||||||
Promissory note to related party – non current | 150 | - | ||||||
Other liabilities – non current | 17 | - | ||||||
Stockholders' equity (deficit) | 178 | (5,891 | ) | |||||
Total liabilities and stockholders' equity (deficit) | $ | 860 | $ | 1,736 |
ACURA PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited) | (audited) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||||
Royalties | $ | 30 | $ | 28 | $ | 132 | $ | 109 | ||||||||
Collaboration from related party | 6 | 90 | 31 | 238 | ||||||||||||
License fees from related party | - | 600 | 1,400 | 3,000 | ||||||||||||
Product sales | - | - | - | 223 | ||||||||||||
Total revenues | 36 | 718 | 1,563 | 3,570 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 344 | 430 | 1,524 | 1,781 | ||||||||||||
General and administrative | (71 | ) | 419 | 1,253 | 2,547 | |||||||||||
Total operating expenses | 273 | 849 | 2,777 | 4,328 | ||||||||||||
Operating loss | (237 | ) | (131 | ) | (1,214 | ) | (758 | ) | ||||||||
Gain on forgiveness of loans under CARES Act | 266 | - | 535 | - | ||||||||||||
Interest expense to related party | - | (112 | ) | (200 | ) | (450 | ) | |||||||||
Income (loss) before provision for income taxes | 29 | (243 | ) | (879 | ) | (1,208 | ) | |||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
Net income (loss) | $ | 29 | $ | (243 | ) | $ | (879 | ) | $ | (1,208 | ) | |||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.04 | ) | ||||
Diluted | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.04 | ) | ||||
Weighted average number of shares outstanding: | ||||||||||||||||
Basic | 75,604 | 32,319 | 56,801 | 32,320 | ||||||||||||
Diluted | 75,604 | 32,319 | 56,801 | 32,320 |