Target $12
Wednesday, May 8, 2024
Avadel loss deeper than views
Revenue: Reported $27.2 million in net product revenue, surpassing the estimate of $25.90 million.
Net Loss: Posted a net loss of $27.3 million, exceeding the estimated net loss of $18.99 million.
Earnings Per Share: Recorded a loss of $0.30 per diluted share, above the estimated loss of $0.21 per share.
Gross Profit: Achieved a gross profit of $25.7 million for the quarter.
R&D Expenses: R&D expenses decreased to $3.1 million from $3.8 million in the same period last year.
SG&A Expenses: SG&A expenses increased significantly to $48.6 million, up from $24.5 million in the prior year's quarter.
Cash Position: Ended the quarter with $88.8 million in cash, cash equivalents, and marketable securities.
Despite the revenue beat, Avadel reported a net loss of $27.3 million, or ($0.30) per diluted share, v. net loss of $30.8 million, or ($0.48) per diluted share, in the same period last year. This loss was primarily due to a significant increase in SG&A expenses, which totaled $48.6 million, driven by the commercial launch of LUMRYZ, increased headcount, and higher marketing and legal costs.
R&D expenses decreased slightly to $3.1 million from $3.8 million in Q1 2023, reflecting lower pre-commercial costs for LUMRYZ. The company ended the quarter with $88.8 million in cash, cash equivalents, and marketable securities.
https://finance.yahoo.com/news/avadel-pharmaceuticals-reports-first-quarter-123658716.html
CEL-SCI FDA OK for Study of Multikine in Head & Neck Cancer
Critical milestone achieved—the FDA accepted CEL-SCI’s selection criteria defining the Multikine target population before surgery
Selected patient population had 73% survival with Multikine vs. 45% without Multikine based on analysis of completed 928-patient Phase 3 randomized controlled trial
212-patient confirmatory study is de-risked, backed by robust efficacy and safety data from completed Phase 3 trial, the largest in advanced primary head and neck cancer
View CEL-SCI’s comprehensive report regarding the FDA’s go-ahead and the Company’s value proposition for investors here: https://cel-sci.com/wp-content/uploads/2024/05/CEL_SCI-Report-on-FDA-Path-Forward-May-2024-FINAL.pdf
Editas Medicine down 9% following rough Q1 results
Editas Medicine (EDIT) reports disappointing Q1 results with a wider net loss, significant decline in revenue, and higher operating expenses
https://seekingalpha.com/news/4102550-editas-medicine-down-9-following-rough-q1-results
Another Trump Trial Derailed: Fani-Donating Judge's Decision To Keep Her On RICO Trial Eyed By Appeals Court
One day after former President Donald Trump's classified documents trial was postponed indefinitely after we learned that the DOJ mishandled evidence in the case (with Judge Aileen M. Cannon citing a mountain of 'outstanding' pre-trial matters that would make a May 20 trial 'imprudent'), another Trump case appears to have no chance of going to trial before the 2024 election.
On Wednesday, a Georgia appeals court agreed to review a lower court ruling which allowed Fulton County District Attorney Fani Willis to remain on the Trump RICO prosecution despite being highly conflicted.
To review, Atlanta Judge Scott McAfee of Fulton Superior Court, who donated to Fani Willis when she was running for office, ruled in March that the Fani simply had to kick her lover, Nathan Wade, off the case after she paid him more than $600,000. The two notoriously took several lavish vacations together on Wade's dime (which Fani swears she repaid in cash).
According to McAfee, while he found the "appearance of impropriety," no "disqualification of a constitutional officer necessary when a less drastic and sufficiently remedial option is available," adding "that the prosecution of this case cannot proceed until the State selects one of two options."
And now, the Atlanta Court of Appeals has agreed to hear an appeal from the defendants over whether McAfee erred in his decision.
Willis indicted Trump and 18 other defendants last August, accusing them of a wide-ranging scheme to attempt to overturn the results of the 2020 presidential election in the state. All of the defendants were charged under Georgia’s Racketeer Influenced and Corrupt Organizations, or RICO, law. Trump and most of the other defendants have pleaded not guilty.
In their appeal application, Trump and other defendants argued that McAfee was wrong not to remove both WIllis and Wade, writing that "providing DA Willis with the option to simply remove Wade confounds logic and is contrary to Georgia law."
Most recently, Willis has defiantly refused to appear before a Georgia Senate Investigative Committee, telling reporters earlier this week (via RedState):
REPORTER: Would you appear before a Georgia Senate committee without a subpoena?
WILLIS: Well first of all I don't even think they have the authority to subpoena me, but they didn't learn the law.
REPORTER: Will you appear, yes or no?
WILLIS: I will not appear to anything that is unlawful. I have not broken the law in any way. I've said it, you know, I'll say it amongst these leaders—I'm sorry folks get p***ed off that everybody gets treated even.
FAITH LEADER STANDING NEXT TO HER: I think she answered that very well.
Another one bites the dust?
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