TORONTO, March 16,
2023 /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, 2022. All amounts are in
thousands of United States
("U.S.") dollars unless otherwise stated.
Q4 & FISCAL 2022 FINANCIAL HIGHLIGHTS
- 2022 revenue of $61.5 million,
Adjusted EBITDA of $23.8 million and
cash-flow from operations of $16.9
million.
- Q4 2022 revenue was $15.7
million, up 4% to $16.4
million measured in constant currency.
- 2022 revenue was $61.5 million,
up 5% to $63.0 million measured in
constant currency.
- Q4 2022 Vascepa net revenue was C$3.6
million compared to C$2.4
million in Q4 2021, up 51%. In the near-term, Vascepa net
revenue growth will trail growth in prescriptions as net pricing
adjusts to additional public sector volumes.
- 2022 Vascepa net revenue was C$12.3
million compared to C$7.4
million in 2021; up 67%.
- Q4 2022 Adjusted EBITDA was $5.3
million compared to $6.2
million in Q4 2021.
- 2022 Adjusted EBITDA was $23.8
million compared to $26.3
million in 2021.
- Q4 2022 net loss was ($6.4)
million, compared to net loss of ($4.2) million in Q4 2021.
- 2022 net loss was ($23.6)
million, compared to net loss of ($13.1) million in 2021.
- Renewed the Company's Normal Course Issuer Bid ("NCIB"). Share
repurchases in 2022 totaled $1.0
million.
- Extended and updated certain terms of the credit facility to
provide additional capital flexibility.
Q4 & FISCAL 2022 OPERATIONAL HIGHLIGHTS
- 2022 total Vascepa prescription volumes ("TRx") grew 85%
year-over-year and grew 22% sequentially in Q4 2022.
- 3,300 physicians have prescribed Vascepa, up 92%
year-over-year.
- New Prescriptions ("NRx") increased 124% in Quebec and 67% in Ontario in Q4 2022 following recent public
reimbursement listings.
- Expanded access to Vascepa by adding public reimbursement for
more than 70% of publicly covered lives in Canada.
- Vascepa remains the fastest growing product amongst its
competitive set on a monthly, quarterly and trailing twelve-month
basis.
"In 2022, HLS delivered revenue growth with reliable cash flows
and Adjusted EBITDA, while increasing investment in sales
activities related to Vascepa," said Gilbert Godin, CEO of HLS. "On a constant
currency basis, consolidated revenue for 2022 increased 5%,
reflecting Vascepa's growing top-line contribution. Vascepa's net
revenue grew 67% in 2022, also on a constant currency basis."
"We continue to see growing adoption rates for Vascepa which are
reflected in the greater number of physicians and patients who are
new to the product, particularly in Quebec and Ontario where Q4 NRx growth rates were 124%
and 67%, respectively."
"While claims processing by the Quebec drug plan continues to improve
resulting in a higher Vascepa growth rate, prescribers in
Ontario are reporting a more
burdensome public authorization process. We are working with the
province to facilitate and simplify the onboarding of new public
plan patients. We are confident this will further improve access
for those who are at risk of cardiovascular disease."
"Vascepa is well-positioned with public and private
reimbursement in place, standard-of-care endorsements from Canadian
medical societies, greater access to physicians and fully
operational field personnel. Our focus today is on maximizing
access and physician interactions. The steady level of field
activity in Q4 lays the groundwork for future adoption as
increasing the frequency of calls to relevant physicians is
essential to generate trial and adoption."
Mr. Godin continued: "Regarding other products in the portfolio,
we have successfully maintained our leadership position for
Clozaril in Canada at a time when
the mental health settings of care have been under pressure. During
this period, Clozaril has continued to generate steady and reliable
financial results. In 2022, Clozaril revenue in Canada was essentially level year-over-year
(on a constant currency basis) as the market continues to recover
from the effect that the pandemic had on access to, and initiation
of, refractory schizophrenic treatments. We continued the roll-out
of CSAN Pronto and believe it will further strengthen our
leadership position with Clozaril."
"And finally, we have met with Health Canada to discuss the
positive results of the recent Spanish SECURE trial for Trinomia
and expect to refile the product in the second half of this year.
Trinomia combines three common medications in one daily pill for
patients who have experienced a cardiac event. A polypill such as
Trinomia can help improve medication compliance, which is important
for reducing the likelihood of a subsequent cardiac event in such
patients as evidenced in the Spanish trial."
VASCEPA OUTLOOK
In 2023, HLS expects Vascepa's net
revenue to be in a range of C$22-28
million, starting with expected year over year growth of
approximately 40-50% in Q1 2023. Growth rates for Vascepa are
expected to increase as the year progresses as the frequency of
contact with physicians continues and in-line with customary
seasonality factors.
DIVIDEND
On March 15,
2023, the Company's Board of Directors declared a dividend
of C$0.05 per outstanding common
share to be paid on June 15, 2023, to
shareholders of record as of April 28,
2023.
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 2022 FINANCIAL REVIEW
The Company's
Management's Discussion and Analysis and Consolidated Financial
Statements for the three- and twelve-month periods ended
December 31, 2022 are available at
the Company's website and at its profile at SEDAR.
Revenue
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Product
sales
|
|
|
|
|
Canada
|
9,442
|
9,245
|
36,942
|
34,609
|
United
States
|
3,991
|
4,003
|
14,742
|
16,013
|
|
13,433
|
13,248
|
51,684
|
50,622
|
Royalty
revenue
|
2,242
|
2,442
|
9,783
|
9,387
|
|
15,675
|
15,690
|
61,467
|
60,009
|
Product sales
2022 product sales in Canada
grew 11% in local currency (7% growth in reported U.S. dollars),
led by increased sales of Vascepa, which grew 67% (also in local
currency) compared to 2021.
In Canada, Clozaril continues
to be the leading medication for treatment-resistant schizophrenia
with the number of active patients growing modestly during 2022 in
a relatively flat market. On a constant currency and reported
basis, revenues in 2022 were relatively flat to 2021 as the market
continues its recovery from the impact the pandemic had on patient
access to treatment and new patient enrollment. In the US, Clozaril
net sales decreased 8% in 2022 reflecting several one-time benefits
in 2021 as well as a modest erosion of patients, offset, in part,
by favorable trends in pricing, expired returns and government
rebates.
Royalty revenues
Royalty revenues were $9.8 million
in 2022, an increase of 4% from 2021. Commercialization for the
product underlying the fourth royalty interest in the portfolio
started in 2022 following approvals in the US, Japan and Europe earlier in the year.
Operating
expenses
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Cost of product
sales
|
1,517
|
1,122
|
4,981
|
3,972
|
Selling and
marketing
|
5,169
|
4,407
|
17,846
|
14,660
|
Medical, regulatory and
patient support
|
1,606
|
1,508
|
5,727
|
5,679
|
General and
administrative
|
2,046
|
2,471
|
9,086
|
9,364
|
|
10,338
|
9,508
|
37,640
|
33,675
|
Operating expenses in 2022 increased 12% from 2021. Cost of product
sales increased due to the year-over-year growth in Vascepa sales.
Higher selling and marketing expenses were due primarily to an
increase in sales activities related to Vascepa, which included
expansion of the primary care salesforce, marketing support costs
following the achievement of public market access and greater
physician interaction following removal of public health
restrictions in late Q1 2022. Medical, regulatory and patient
support costs were flat year-over-year and general and
administrative costs decreased modestly year-over-year.
Adjusted
EBITDA1
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net loss for the
period
|
(6,429)
|
(4,188)
|
(23,598)
|
(13,117)
|
Stock-based
compensation
|
752
|
529
|
2,922
|
2,354
|
Amortization and
depreciation
|
8,692
|
8,045
|
34,402
|
30,264
|
Finance and related
costs, net
|
2,188
|
1,048
|
5,040
|
5,355
|
Transaction and other
costs
|
229
|
77
|
5,185
|
169
|
Income tax expense
(recovery)
|
(95)
|
671
|
(124)
|
1,309
|
Adjusted
EBITDA
|
5,337
|
(4,188)
|
23,827
|
26,334
|
Adjusted EBITDA in 2022 was 10% lower year-over-year due primarily
to the increased selling and marketing expense and increased cost
of product sales related to the growth in sales of Vascepa.
1 See
"Cautionary Note Regarding Non-IFRS Measures" section of this press
release.
|
Net Loss
Net loss for 2022 was ($23.6 million), or ($0.73) per share, compared to a net loss of
($13.1 million), or ($0.41) per share, in 2021. Net loss increased as
revenue growth was offset by higher cost of product sales and
selling and marketing expense related to the expansion of Vascepa,
as well as higher amortization and depreciation, and transactions
and other costs.
Cash from Operations and Financial
Position
Cash generated from operations was $16.9 million in 2022, compared to $16.4 million in 2021. Cash and cash equivalents
were $20.7 million at December 31, 2022 compared to $21.2 million at December
31, 2021. In 2022, HLS made dividend payments totaling
$5.0 million, share buybacks under
the NCIB of $1.0 million and
$9.8 million in repayments on the
senior secured term loan.
In September 2022, HLS updated its
credit agreement and senior secured term loan with its existing
syndicate of lenders. The updates extended the maturity of the loan
by one year and increased the financial flexibility for the Company
as it executes on its strategic priorities. Total borrowing and
unused borrowing capacity remain unchanged.
As at December 31, 2022, HLS has a
strong financial position with $20.7
million of cash and cash equivalents, $26.0 million of undrawn revolving facility, 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.
Q4 & FISCAL 2022 CONFERENCE CALL
HLS will hold a
conference call today at 8:30 am Eastern
Time to discuss its Q4 and 2022 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:
|
87818126
|
DATE:
|
Thursday, March 16,
2023
|
TIME:
|
8:30 a.m. ET
|
WEBCAST
LINK:
|
https://app.webinar.net/njRg4QKpA0E
|
TRADITIONAL DIAL-IN
NUMBER:
|
1-888-664-6392 or
416-764-8659
|
RAPIDCONNECT:
|
To instantly join the
conference call by phone, please use the following URL to easily
register and be connected into the conference call automatically:
https://bit.ly/3kl1DLy
|
TAPED
REPLAY:
|
1-888-390-0541 or
416-764-8677
|
REPLAY
CODE:
|
818126#
|
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)
"transaction costs and other charges", (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 15, 2023, and
Management's Discussion and Analysis dated March 15, 2023, 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.
|
INTERIM CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
|
|
As at
|
As at
|
|
|
December 31,
2022
|
December 31,
2021
|
|
|
|
|
ASSETS
|
|
|
|
Current
|
|
|
|
Cash
|
|
20,723
|
21,179
|
Accounts
receivable
|
|
10,999
|
11,511
|
Inventories
|
|
8,902
|
8,925
|
Income taxes
recoverable
|
|
195
|
—
|
Other current
assets
|
|
3,555
|
2,136
|
Total current
assets
|
|
44,374
|
43,751
|
Property, plant and
equipment
|
|
1,127
|
1,569
|
Intangible
assets
|
|
195,018
|
229,181
|
Deferred tax
asset
|
|
465
|
690
|
Other non-current
assets
|
|
668
|
714
|
Total assets
|
|
241,652
|
275,905
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
|
|
|
|
Accounts payable and
accrued liabilities
|
|
12,785
|
10,596
|
Provisions
|
|
2,934
|
3,472
|
Debt and other
liabilities
|
|
15,471
|
13,507
|
Income taxes
payable
|
|
—
|
97
|
Total current
liabilities
|
|
31,190
|
27,672
|
Debt and other
liabilities
|
|
84,578
|
86,844
|
Deferred tax
liability
|
|
566
|
653
|
Total
liabilities
|
|
116,334
|
115,169
|
|
|
|
|
Shareholders'
equity
|
|
|
|
Share
capital
|
|
265,206
|
265,917
|
Contributed
surplus
|
|
13,821
|
11,717
|
Accumulated other
comprehensive income (loss)
|
|
(5,260)
|
2,959
|
Deficit
|
|
(148,449)
|
(119,857)
|
Total shareholders'
equity
|
|
125,318
|
160,736
|
Total liabilities and
shareholders' equity
|
241,652
|
275,905
|
|
|
|
|
|
HLS THERAPEUTICS
INC.
|
INTERIM CONSOLIDATED
STATEMENTS OF LOSS
|
Unaudited
|
[in thousands of U.S.
dollars, except per share amounts]
|
|
|
|
Three months
ended
December
31,
|
Year months
ended
December
31,
|
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
|
Revenue
|
|
15,675
|
15,690
|
61,467
|
60,009
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
Cost of product
sales
|
|
1,517
|
1,122
|
4,981
|
3,972
|
Selling and
marketing
|
|
5,169
|
4,407
|
17,846
|
14,660
|
Medical, regulatory and
patient support
|
|
1,606
|
1,508
|
5,727
|
5,679
|
General and
administrative
|
|
2,046
|
2,471
|
9,086
|
9,364
|
Stock-based
compensation
|
|
752
|
529
|
2,922
|
2,354
|
Amortization and
depreciation
|
|
8,692
|
8,045
|
34,402
|
30,264
|
Finance and related
costs, net
|
|
2,188
|
1,048
|
5,040
|
5,355
|
Transaction and other
costs
|
|
229
|
77
|
5,185
|
169
|
Loss before income
taxes
|
|
(6,524)
|
(3,517)
|
(23,722)
|
(11,808)
|
Income tax expense
(recovery)
|
|
(95)
|
671
|
(124)
|
1,309
|
Net loss for the
period
|
|
(6,429)
|
(4,188)
|
(23,598)
|
(13,117)
|
|
|
|
|
Net loss per
share:
|
|
|
|
Basic and
diluted
|
|
$(0.20)
|
$(0.13)
|
$(0.73)
|
$(0.41)
|
|
|
|
HLS THERAPEUTICS
INC.
|
INTERIM CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
Three months
ended
December
31,
|
Nine months
ended
December
31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net loss for the
period
|
(6,429)
|
(4,188)
|
(23,598)
|
(13,117)
|
|
|
|
|
|
Item that may be
reclassified subsequently to net loss
|
|
|
|
|
Unrealized
foreign currency translation adjustment
|
1,345
|
798
|
(8,219)
|
939
|
Comprehensive loss
for the period
|
(5,084)
|
(3,390)
|
(31,817)
|
(12,178)
|
|
|
|
|
HLS THERAPEUTICS
INC.
|
INTERIM CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
|
|
|
|
|
|
Share
capital
|
Contributed
surplus
|
Accumulated
other
comprehensive
income (loss)
|
|
Deficit
|
|
Total
|
|
|
|
|
|
|
|
|
|
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
|
Stock options
exercised
|
|
251
|
(67)
|
—
|
|
—
|
|
184
|
Shares
repurchased
|
|
(962)
|
—
|
—
|
|
(36)
|
|
(998)
|
Share purchase
obligation
|
|
—
|
(185)
|
—
|
|
—
|
|
(185)
|
Stock option
expense
|
|
—
|
2,356
|
—
|
|
—
|
|
2,356
|
Net loss for the
year
|
|
—
|
—
|
—
|
|
(23,598)
|
|
(23,598)
|
Dividends
declared
|
|
—
|
—
|
—
|
|
(4,958)
|
|
(4,958)
|
Unrealized foreign
currency
translation adjustment
|
|
—
|
—
|
(8,219)
|
|
—
|
|
(8,219)
|
Balance, December
31, 2022
|
|
265,206
|
13,821
|
(5,260)
|
|
(148,449)
|
|
125,318
|
HLS THERAPEUTICS
INC.
|
INTERIM CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
Unaudited
|
[in thousands of U.S.
dollars]
|
|
|
|
Three months
ended
December
31,
|
Year
ended
December
31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net loss for the
period
|
(6,429)
|
(4,188)
|
(23,598)
|
(13,117)
|
Adjustments to
reconcile net loss to cash provided
by operating
activities
|
|
|
Stock-based
compensation
|
752
|
529
|
2,922
|
2,354
|
Amortization and
depreciation
|
8,692
|
8,045
|
34,402
|
30,264
|
Impairment
charge
|
—
|
—
|
3,051
|
—
|
Accreted
interest
|
198
|
206
|
810
|
783
|
Fair value adjustment
on financial assets and liabilities
|
237
|
(797)
|
(2,330)
|
(1,970)
|
Deferred income
taxes
|
(95)
|
617
|
138
|
1,136
|
Net change in non-cash
working capital balances related to operations
|
166
|
(434)
|
1,547
|
(3,021)
|
Cash provided by
operating activities
|
3,521
|
3,978
|
16,942
|
16,429
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Additions to property,
plant and equipment
|
(9)
|
(22)
|
(45)
|
(47)
|
Royalty milestone
payment
|
—
|
—
|
(10,000)
|
—
|
Rights
acquisitions
|
—
|
—
|
—
|
(3,820)
|
Other additions to
intangible assets
|
(11)
|
(400)
|
(103)
|
(643)
|
Cash used in
investing activities
|
(20)
|
(422)
|
(10,148)
|
(4,510)
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Stock options
exercised
|
—
|
260
|
184
|
3,922
|
Warrants
exercised
|
—
|
—
|
—
|
986
|
Shares
repurchased
|
(350)
|
—
|
(998)
|
(47)
|
Dividends
paid
|
(1,193)
|
(1,269)
|
(4,962)
|
(5,122)
|
Drawdown under credit
agreement
|
—
|
—
|
10,000
|
—
|
Repayment of credit
agreement borrowing
|
(2,389)
|
(3,000)
|
(9,778)
|
(10,500)
|
Debt costs
|
—
|
—
|
(639)
|
—
|
Lease
payments
|
(162)
|
(161)
|
(663)
|
(637)
|
Cash used in
financing activities
|
(4,094)
|
(4,170)
|
(6,856)
|
(11,398)
|
|
|
|
|
|
Net increase
(decrease) in cash during the period
|
(593)
|
(614)
|
(62)
|
521
|
Foreign currency
translation
|
37
|
57
|
(394)
|
46
|
Cash, beginning of
period
|
21,279
|
21,736
|
21,179
|
20,612
|
Cash, end of
period
|
20,723
|
21,179
|
20,723
|
21,179
|
|
|
|
SOURCE HLS Therapeutics Inc.