- Q4 2021 revenue of $15.7
million, Adjusted EBITDA of $6.2
million and cash from operations of $4.0 million
- 2021 revenue of $60.0 million,
Adjusted EBITDA of $26.3 million and
cash from operations of $16.4
million
- Vascepa® prescriptions grew 19% sequentially in
Q4 2021 - amid continued COVID-19 disruptions
- 1,710 physicians have prescribed Vascepa, up 25%
sequentially and up from 550 at the end of 2020. 6,100 patients
have used Vascepa, up 21% sequentially and up from 2,000 at the end
of 2020
- HLS is in the final stages of the process for public plan
reimbursement of Vascepa. Final outcome is expected within
weeks.
TORONTO, March 17, 2022 /CNW/ - HLS Therapeutics Inc.
("HLS" or the "Company") (TSX: HLS), a pharmaceutical company
focusing on central nervous system ("CNS") and cardiovascular
markets, announces its financial results for the three- and
twelve-month periods ended December 31,
2021. All amounts are in thousands of United States ("U.S.") dollars unless
otherwise stated.
Q4 & FISCAL 2021 FINANCIAL HIGHLIGHTS
- Q4 2021 revenue was $15.7 million
compared to $16.5 million in Q4 2020.
Fiscal 2021 revenue was $60.0 million
compared to $56.1 million in
2020.
- Q4 2021 product sales were $13.2
million compared to $11.9
million in Q4 2020. Fiscal 2021 product sales were
$50.6 million compared to
$45.7 million in 2020.
- Q4 2021 Adjusted EBITDA was $6.2
million compared to $8.7
million in Q4 2020. Excluding the Q4 2020 Absorica royalties
terminated December 31, 2020, and the
$0.5 million one-time realized gain
on the acquired royalty receivable, Q4 2020 Adjusted EBITDA was
$5.9 million. Fiscal 2021 Adjusted
EBITDA was $26.3 million compared to
$24.1 million in 2020.
- Q4 2021 net loss was ($4.2)
million, or ($0.13) per common
share, compared to net loss of ($7.3)
million, or ($0.23) per common
share, in Q4 2020. Fiscal 2021 net loss was ($13.1) million, or ($0.41) per common share, compared to net loss of
($15.3) million, or ($0.48) per common share, in 2020.
- Q4 2021 cash generated from operations was $4.0 million compared to $5.8 million in Q4 2020. Fiscal 2021 cash
generated from operations was $16.4
million compared to $9.3
million in 2020.
- Cash and cash equivalents were $21.2
million at December 31, 2021
compared to $20.6 million at
December 31, 2020.
Q4 & FISCAL 2021 BUSINESS HIGHLIGHTS
- Pfizer initiated its promotional activity for Vascepa in late
September.
- Vascepa received private payer health plan coverage in
Canada for more than 90% of
in-label patients.
- The Canadian Cardiovascular Society, the Canadian Heart &
Stroke Foundation and Thrombosis Canada issued guidelines that
strongly recommend the use of icosapent ethyl (Vascepa).
- Exceeded Canadian market growth rate with Clozaril patients up
2.5% year-over-year, gaining market share in the process.
- Launched MyCare Therapeutic Drug Monitoring ("TDM") which
measures patient drug levels for six of the most common
antipsychotics used to treat schizophrenia and bi-polar
disorder.
"In fiscal 2021, we made important progress on the roll-out of
Vascepa, generated steady and reliable performance from our core
products, and advanced other products through the pipeline and
towards commercial launch," said Gilbert
Godin, CEO of HLS. "This was achieved despite the ongoing
constraints put in place throughout the year due to the COVID-19
pandemic, that among other things, restricted in-person
interactions with physicians and limited the number of interactions
overall."
"Among our significant accomplishments with Vascepa during the
year, we achieved reimbursement coverage with private payers
representing more than 90% of privately covered eligible lives in
Canada, Vascepa was added to the
recommended treatment guidelines for three of Canada's most respected organizations in the
field of Cardiovascular health and we announced a promotional
agreement with Pfizer. The net effect of these efforts was the
continued upward trajectory of Vascepa prescription volumes as well
as generating significant increases to the number of physicians
prescribing the product and the number of patients taking it."
"While the Delta and Omicron variants of the COVID-19 virus
meant that restrictions were in place during much of the year and
into the first two months of 2022, we are encouraged by recent
steps that suggest markets could be opening more broadly in
Canada. As of mid-March, the
majority of the provinces, including the largest ones, have removed
many restrictions with some provinces having done away with most,
if not all, of them. While we aren't about to claim the end of the
pandemic is upon us, short of another wave, we are very encouraged
by these recent developments and what they could mean for greater
physician access in 2022."
"For 2022, our priorities are to finalize public market access
for Vascepa in Canada, leverage
the HLS and Pfizer cardiovascular commercial teams to increase
awareness and adoption of Vascepa, continue the roll-out of CSAN
Pronto and MyCare, launch PERSERIS and seek out other growth
opportunities via our ongoing business development activities."
"Regarding public market access for Vascepa, we are pleased to
report that we are in the final stages of the process for the
reimbursement of Vascepa. We can't comment on the outcome today but
look forward to providing a more detailed communication and next
steps when the outcome becomes public, likely within weeks."
DIVIDEND
On March 16, 2022, the Company's
Board of Directors declared a dividend of C$0.05 per outstanding common share to be paid on
June 15, 2022, to shareholders of
record as of April 29, 2022.
These dividends paid on the Company's common shares are
designated to be "eligible dividends" for purposes of section 89(1)
of the Income Tax Act (Canada).
Q4 & FISCAL 2021 FINANCIAL REVIEW
The Company's Management's Discussion and Analysis and
Consolidated Financial Statements for the three-and twelve-month
periods ended December 31, 2021 are
available at the Company's website and at its profile at SEDAR.
Revenue
The following table provides revenue segmentation by revenue
type for the three- and twelve-month periods ended December 31, 2021:
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Product
sales
|
|
|
|
|
Canada
|
9,245
|
7,656
|
34,609
|
29,393
|
United States
|
4,003
|
4,198
|
16,013
|
16,265
|
|
13,248
|
11,854
|
50,622
|
45,658
|
Royalty
revenue
|
2,442
|
4,631
|
9,387
|
10,451
|
|
15,690
|
16,485
|
60,009
|
56,109
|
Product Sales
Product sales (Vascepa and Clozaril) in Q4 2021 were
$13.2 million, up 12%, and were
$50.6 million in fiscal 2021, up 11%.
Product sales in Canada grew 21%
in Q4 2021 and 18% in fiscal 2021. The increases primarily reflect
growth in sales of Vascepa, stable revenues with Clozaril and the
strengthening of the Canadian dollar from its lows at the outset of
the pandemic last year.
Royalty revenues
On September 30, 2020, the Company
acquired a diversified portfolio of royalty interests on global
sales of four different products. HLS recorded royalty revenues of
$2.4 million in Q4 2021 and
$9.4 million in fiscal 2021 from this
royalty portfolio.
Royalty revenues were $4.6 million
in Q4 2020 and were $10.5 million in
fiscal 2020 and were based on sales of Absorica in the U.S. market
as well as $2.3 million in Q4 2020
from the diversified portfolio acquired on September 30, 2020. Regarding Absorica, as
intended from the outset of that agreement, HLS terminated its
ownership of the marketing rights for the product effective
December 31, 2020.
In addition, the Company had a one-time $0.5 million realized gain in Q4 2020 due to
actual royalties received that were in excess of the estimated
acquired receivable when the diversified portfolio of royalties was
acquired in Q3 2020.
Operating Expenses
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Cost of product
sales
|
1,122
|
1,311
|
3,972
|
3,625
|
Selling and
marketing
|
4,407
|
3,260
|
14,660
|
12,900
|
Medical, regulatory
and patient support
|
1,508
|
1,284
|
5,679
|
5,467
|
General and
administrative
|
2,471
|
2,403
|
9,364
|
10,487
|
|
9,508
|
8,258
|
33,675
|
32,479
|
Operating expenses in Q4 2021 were $9.5
million, up 15% from Q4 2020, and were $33.7 million for fiscal 2021, up 4% from last
year. Cost of product sales increased in 2021 due to the expansion
of Vascepa, which was partially offset by a return to more
historical levels of cost of product sales for Clozaril. Selling
and marketing expense increased by $1.8
million in 2021, reflecting the additional support costs
related to Vascepa in Canada,
including the Vascepa primary care salesforce expansion at the end
of the Q3 2021.
Adjusted EBITDA (1)
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Net loss for the
period
|
(4,188)
|
(7,278)
|
(13,117)
|
(15,331)
|
Stock-based
compensation
|
529
|
2,420
|
2,354
|
2,531
|
Amortization and
depreciation
|
8,045
|
9,513
|
30,264
|
33,186
|
Acquisition and
transaction costs
|
77
|
152
|
169
|
709
|
Finance and related
costs, net
|
1,048
|
3,372
|
5,355
|
4,012
|
Income tax expense
(recovery)
|
671
|
557
|
1,309
|
(968)
|
Adjusted
EBITDA
|
6,182
|
8,736
|
26,334
|
24,139
|
Adjusted EBITDA in Q4 2021 was $6.2
million and for fiscal 2021 was $26.3
million. The increase for fiscal 2021 was due primarily to
higher product sales in Canada
along with one-time retirement costs expensed in Q3 2020, which
were partially offset by this year's increase in cost of product
sales and selling and marketing expense due to the growing sales of
Vascepa.
"We are pleased that even in a year of investment for the launch
of a major product like Vascepa that we were able to maintain good
cost management throughout the organization and to grow our
Adjusted EBITDA for the year," said Tim
Hendrickson, CFO of HLS.
(1) See "Cautionary Note Regarding
Non-IFRS Measures" section of this press release.
|
Net Loss
Net loss for Q4 2021 was ($4.2)
million, or ($0.13) per share,
compared to a net loss of ($7.3)
million, or ($0.23) per share,
in Q4 2020. Net loss for fiscal 2021 was ($13.1) million, or ($0.41) per share, compared to a net loss of
($15.3) million, or ($0.48) per share, in 2020. Net loss decreased
for the quarter and fiscal year periods due primarily to the growth
in Vascepa sales, offset in part by increased cost of product sales
and sales and marketing expenses related to the product's ongoing
rollout.
Cash from Operations and Financial Position
Cash generated from operations was $4.0
million in Q4 2021, compared to $5.8
million in Q4 2020. For fiscal 2021, cash from operations
was $16.4 million compared to
$9.3 million in 2020. As at
December 31, 2021, the Company had
cash and cash equivalents of $21.2
million compared to $20.6
million at December 31,
2020.
HLS has a strong financial position with $21.2 million of cash and cash equivalents, a
$35.0 million revolving facility that
was undrawn at December 31, 2021, and
the Company may also request to be provided with incremental loans,
up to a maximum amount of $70.0
million, to support acquisitions and other growth
opportunities. In addition, in fiscal 2020, the Company filed a
preliminary short-form base shelf prospectus with the securities
commissions in each of the provinces and territories of
Canada, other than Quebec, to raise up to C$250.0 million over a period of 25 months should
an appropriate strategic opportunity emerge.
Q4 FISCAL 2021 CONFERENCE CALL
HLS will hold a conference call today at 8:30 am Eastern Time to discuss its Q4 and fiscal
2021 financial results. The call will be hosted by Mr. Gilbert Godin, Chief Executive Officer and Mr.
Tim Hendrickson, Chief Financial
Officer. To view the slides that accompany management's
discussion, please use the webcast link.
CONFERENCE
ID:
|
86772514
|
DATE:
|
Thursday, March 17,
2022
|
TIME:
|
8:30 a.m.
ET
|
DIAL-IN
NUMBER:
|
1-888-664-6392 or
416-764-8659
|
WEBCAST
LINK:
|
https://produceredition.webcasts.com/starthere.jsp?ei=1528259&tp_key=599f8c5ca9
|
TAPED
REPLAY:
|
1-888-390-0541 or
416-764-8677
|
REPLAY
CODE:
|
772514
|
The taped replay will be available for 14 days and the archived
webcast will be available for 365 days.
A link to the live audio webcast of the conference call will
also be available on the events page of the investors section of
HLS Therapeutics' website at www.hlstherapeutics.com. Please
connect at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be required to
hear the webcast.
ABOUT HLS THERAPEUTICS INC.
Formed in 2015, HLS is a pharmaceutical company focused on the
acquisition and commercialization of late-stage development,
commercial stage promoted and established branded pharmaceutical
products in the North American markets. HLS's focus is on products
targeting the central nervous system and cardiovascular therapeutic
areas. HLS's management team is composed of seasoned pharmaceutical
executives with a strong track record of success in these
therapeutic areas and at managing products in each of these
lifecycle stages. For more information visit:
www.hlstherapeutics.com
1CAUTIONARY NOTE REGARDING NON-IFRS
MEASURES
This press release refers to certain non-IFRS measures. These
measures are not recognized measures under IFRS, do not have a
standardized meaning prescribed by IFRS and are therefore unlikely
to be comparable to similar measures presented by other companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of HLS's results of operations from management's perspective.
Accordingly, they should not be considered in isolation nor as a
substitute for analysis of HLS's financial information reported
under IFRS. HLS uses non-IFRS measures to provide investors with
supplemental measures of its operating performance and thus
highlight trends in its core business that may not otherwise be
apparent when relying solely on IFRS financial measures. HLS also
believes that securities analysts, investors and other interested
parties frequently use non-IFRS measures in the evaluation of
issuers. HLS's management also uses non-IFRS measures in order to
facilitate operating performance comparisons from period to period,
prepare annual operating budgets and assess HLS's ability to meet
its future debt service, capital expenditure and working capital
requirements.
In particular, management uses Adjusted EBITDA as a
measure of HLS's performance. To reconcile net income (loss)
for the period with Adjusted EBITDA, each of (i) "stock-based
compensation", (ii) "amortization and depreciation", (iii)
"acquisition and transaction costs", (iv) "finance and related
costs", and (v) "income tax expense (recovery)" appearing in the
Consolidated Statement of Net Income (Loss) are added to net income
(loss) for the period to determine Adjusted EBITDA. Adjusted EBITDA
does not have any standardized meaning prescribed by IFRS and is
not necessarily comparable to similar measures presented by other
companies. Adjusted EBITDA should not be considered in
isolation or as a substitute for net income (loss) prepared in
accordance with IFRS as issued by the IASB.
FORWARD LOOKING INFORMATION
This release includes
forward-looking statements regarding HLS and its business. Such
statements are based on the current expectations and views of
future events of HLS's management. In some cases the
forward-looking statements can be identified by words or phrases
such as "may", "will", "expect", "plan", "anticipate", "intend",
"potential", "estimate", "believe" or the negative of these terms,
or other similar expressions intended to identify forward-looking
statements, including, among others, statements with respect to
HLS's pursuit of additional product and pipeline opportunities in
certain therapeutic markets, statements regarding growth
opportunities, expectations regarding financial performance, and
the NCIB and ASPP. The forward-looking events and circumstances
discussed in this release may not occur and could differ materially
as a result of known and unknown risk factors and uncertainties
affecting HLS, including risks relating to the specialty
pharmaceutical industry, risks related to the regulatory approval
process, economic factors and many other factors beyond the control
of HLS. Forward-looking statements and information by their nature
are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause HLS's actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. A
discussion of the material risks and assumptions associated with
this release can be found in the Company's Annual Information Form
dated March 16, 2022, and
Management's Discussion and Analysis dated March 16, 2022,
both of which have been filed on SEDAR and can be accessed at
www.sedar.com. Accordingly, readers should not place undue reliance
on any forward-looking statements or information. Except as
required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made and HLS undertakes
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
HLS THERAPEUTICS
INC.
|
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
|
[in thousands of U.S.
dollars]
|
|
|
|
|
|
As
at
|
As
at
|
|
|
December 31,
2021
|
December 31,
2020
|
|
|
|
|
ASSETS
|
|
|
|
Current
|
|
|
|
Cash and cash
equivalents
|
|
21,179
|
20,612
|
Accounts
receivable
|
|
11,511
|
12,497
|
Inventories
|
|
8,925
|
10,630
|
Prepaid expenses and
other current assets
|
|
2,136
|
2,172
|
Total current
assets
|
|
43,751
|
45,911
|
Property, plant and
equipment
|
|
1,569
|
1,384
|
Intangible
assets
|
|
229,181
|
253,404
|
Deferred tax
asset
|
|
690
|
1,173
|
Other non-current
assets
|
|
714
|
2,034
|
Total
assets
|
|
275,905
|
303,906
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
|
|
|
|
Accounts payable and
accrued liabilities
|
|
10,596
|
14,223
|
Provisions
|
|
3,472
|
4,516
|
Debt and other
liabilities
|
|
13,507
|
16,358
|
Income taxes
payable
|
|
97
|
545
|
Total current
liabilities
|
|
27,672
|
35,642
|
Debt and other
liabilities
|
|
86,844
|
99,015
|
Deferred tax
liability
|
|
653
|
—
|
Total
liabilities
|
|
115,169
|
134,657
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Share
capital
|
|
265,917
|
257,411
|
Contributed
surplus
|
|
11,717
|
11,393
|
Accumulated other
comprehensive income
|
|
2,959
|
2,020
|
Deficit
|
|
(119,857)
|
(101,575)
|
Total shareholders'
equity
|
|
160,736
|
169,249
|
Total liabilities and
shareholders' equity
|
275,905
|
303,906
|
HLS THERAPEUTICS
INC.
|
CONSOLIDATED
STATEMENTS OF NET LOSS
|
[in thousands of U.S.
dollars, except per share amounts]
|
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Revenues
|
15,690
|
16,485
|
60,009
|
56,109
|
|
|
|
|
|
Expenses
|
|
|
|
|
Cost of product
sales
|
1,122
|
1,311
|
3,972
|
3,625
|
Selling and
marketing
|
4,407
|
3,260
|
14,660
|
12,900
|
Medical, regulatory
and patient support
|
1,508
|
1,284
|
5,679
|
5,467
|
General and
administrative
|
2,471
|
2,403
|
9,364
|
10,487
|
Stock-based
compensation
|
529
|
2,420
|
2,354
|
2,531
|
Amortization and
depreciation
|
8,045
|
9,513
|
30,264
|
33,186
|
Operating
loss
|
(2,392)
|
(3,706)
|
(6,284)
|
(12,087)
|
Realized gain on
acquired royalty receivable
|
—
|
(509)
|
—
|
(509)
|
Acquisition and
transaction costs
|
77
|
152
|
169
|
709
|
Finance and related
costs, net
|
1,048
|
3,372
|
5,355
|
4,012
|
Loss before income
taxes
|
(3,517)
|
(6,721)
|
(11,808)
|
(16,299)
|
Income tax expense
(recovery)
|
671
|
557
|
1,309
|
(968)
|
Net loss for the
period
|
(4,188)
|
(7,278)
|
(13,117)
|
(15,331)
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
Basic and
diluted
|
$(0.13)
|
$(0.23)
|
$(0.41)
|
$(0.48)
|
|
|
|
HLS THERAPEUTICS
INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
[in thousands of U.S.
dollars]
|
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Net loss for the
period
|
(4,188)
|
(7,278)
|
(13,117)
|
(15,331)
|
|
|
|
|
|
Item that may be
reclassified subsequently to net loss
|
|
|
|
|
Unrealized foreign
currency translation adjustment
|
798
|
7,385
|
939
|
2,557
|
Comprehensive
income (loss) for the period
|
(3,390)
|
107
|
(12,178)
|
(12,774)
|
HLS THERAPEUTICS
INC.
|
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
[in thousands of U.S.
dollars]
|
|
|
|
|
|
|
|
Share
capital
|
Contributed
surplus
|
Accumulated
other
comprehensive
income (loss)
|
Deficit
|
Total
|
|
|
|
|
|
|
|
Balance, December
31, 2019
|
|
248,687
|
11,517
|
(537)
|
(81,468)
|
178,199
|
Warrants
exercised
|
|
8,663
|
(1,652)
|
—
|
—
|
7,011
|
Stock options
exercised
|
|
61
|
(16)
|
—
|
—
|
45
|
Stock option
expense
|
|
—
|
1,544
|
—
|
—
|
1,544
|
Net loss for the
year
|
|
—
|
—
|
—
|
(15,331)
|
(15,331)
|
Dividends
declared
|
|
—
|
—
|
—
|
(4,776)
|
(4,776)
|
Unrealized foreign
currency
translation adjustment
|
|
—
|
—
|
2,557
|
—
|
2,557
|
Balance, December
31, 2020
|
|
257,411
|
11,393
|
2,020
|
(101,575)
|
169,249
|
Warrants
exercised
|
|
3,203
|
(192)
|
—
|
—
|
3,011
|
Stock options
exercised
|
|
5,332
|
(1,410)
|
—
|
—
|
3,922
|
Shares
repurchased
|
|
(29)
|
—
|
—
|
(18)
|
(47)
|
Stock option
expense
|
|
—
|
1,926
|
—
|
—
|
1,926
|
Net loss for the
year
|
|
—
|
—
|
—
|
(13,117)
|
(13,117)
|
Dividends
declared
|
|
—
|
—
|
—
|
(5,147)
|
(5,147)
|
Unrealized foreign
currency
translation adjustment
|
|
—
|
—
|
939
|
—
|
939
|
Balance, December
31, 2021
|
|
265,917
|
11,717
|
2,959
|
(119,857)
|
160,736
|
|
|
|
|
|
|
HLS THERAPEUTICS
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
[in thousands of U.S.
dollars]
|
|
|
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net loss for the
period
|
(4,188)
|
(7,278)
|
(13,117)
|
(15,331)
|
Adjustments to
reconcile net loss to cash provided by operating
activities
|
|
|
|
|
Stock-based
compensation
|
529
|
2,420
|
2,354
|
2,531
|
Amortization and
depreciation
|
8,045
|
9,513
|
30,264
|
33,186
|
Accreted
interest
|
206
|
261
|
783
|
1,173
|
Fair value adjustment
on financial assets and liabilities
|
(797)
|
1,642
|
(1,970)
|
(2,243)
|
Unrealized foreign
exchange
|
—
|
—
|
—
|
176
|
Deferred income
taxes
|
617
|
(131)
|
1,136
|
(2,483)
|
Net change in
non-cash working capital balances related to
operations
|
(434)
|
(581)
|
(3,021)
|
(7,665)
|
Cash provided by
operating activities
|
3,978
|
5,846
|
16,429
|
9,344
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Additions to
property, plant and equipment
|
(22)
|
(4)
|
(47)
|
(36)
|
Royalty
acquisition
|
—
|
(855)
|
—
|
(31,692)
|
Rights
acquisitions
|
—
|
(1,825)
|
(3,820)
|
(12,050)
|
Other additions to
intangible assets
|
(400)
|
(138)
|
(643)
|
(899)
|
Cash used in
investing activities
|
(422)
|
(2,822)
|
(4,510)
|
(44,677)
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Stock options
exercised
|
260
|
—
|
3,922
|
45
|
Warrants
exercised
|
—
|
—
|
986
|
1,590
|
Shares
repurchased
|
—
|
—
|
(47)
|
—
|
Dividends
paid
|
(1,269)
|
(1,238)
|
(5,122)
|
(4,749)
|
Drawdown of senior
secured term loan
|
(3,000)
|
—
|
—
|
20,000
|
Repayment of senior
secured term loan
|
—
|
(2,250)
|
(10,500)
|
(6,132)
|
Debt costs
|
—
|
—
|
—
|
(658)
|
Lease
payments
|
(161)
|
(158)
|
(637)
|
(532)
|
Cash provided by
(used in) financing activities
|
(4,170)
|
(3,646)
|
(11,398)
|
9,564
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents during the
period
|
(614)
|
(622)
|
521
|
(25,769)
|
Foreign exchange on
cash and cash equivalents
|
57
|
344
|
46
|
(697)
|
Cash and cash
equivalents, beginning of period
|
21,736
|
20,890
|
20,612
|
47,078
|
Cash and cash
equivalents, end of period
|
21,179
|
20,612
|
21,179
|
20,612
|
|
|
|
|
SOURCE HLS Therapeutics Inc.