Business

Acura Pharmaceuticals reports loss in first quarter

Posted May 17, 2021 11:00 pm

PALATINE - Acura Pharmaceuticals Inc. reported an operating loss of $146,000 for the first quarter of 2021 compared to an operating loss of $483,000 for the first quarter last year.

Research and development expense was $405,000 for the first quarter, compared to $387,000 for the first quarter of 2020. The expenses for both reporting periods were primarily associated with development of a drug under a license agreement with Abuse Deterrent Pharma LLC, Acura said.

As of May 14, Acura had a cash balance of approximately $200,000. AD Pharma is delinquent in remitting monthly license payments for January through May, which aggregates to $1 million and approximately $100,000 of reimbursable drug development expenses, Acura said.

For the first quarter, Acura reported $600,000 in license fees and $32,000 in royalty revenue. In the first quarter last year, the company recorded $1.05 million in license fees and $33,000 in royalty revenue.

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