Brickell Biotech, Inc. (NASDAQ: BBI) stock decline in after-hour trading, while the company has announced its fourth quarter and full year results ended on 31, December 2020. BBI is a pharmaceutical company that focuses on developing innovative and efficient therapeutics for skin diseases. The company is currently putting all its efforts on its lead asset sofpironium bromide for the treatment of Hyperhidrosis.
Fourth Quarterly results
- The company has managed to gain cash and cash equivalents as well as the marketable securities of $30.1 million, which was recorded as $11.7 million in Q4 results of 2019.
- The revenue recorded for fourth quarter of 2020 is approx. $27,000which was $0.7 million in the Q4 results of 2019. Revenue of 2020 is pushed by the royalty income from the sales of ECCLOCK by Kaken which is Japanese development partner of BBI.
- The Q4 results show a figure of $4.6 million as research and development expenses, compared to $6.6 million for the fourth quarter of 2019.
- General and administrative expenses for fourth quarter of 2020 is $2.9 million, while it was $4.9 million in 2019 Q4 results.
- The net loss of the company is recorded as $7.4 million for fourth quarter of 2020 compared to $10.9 million in Q4 2019.
Full year results
- Revenue recorder for the year of 2020 is $1.8 million which was $7.9 million for 2019. Revenue is both the years is propelled by collaboration revenue which is set for research and development activities related to an agreement with kaken, this is a licensed agreement for which kaken provide research and development funding to Brickell.
- General and administrative expenses have decreased to $11.6 million in the year of 2020 as compared to$12.2 million for 2019.
- Brickell’s net loss is recorded as $20.9 million as compared to $23.9 million for the year of 2019.
- The company’s expenses for research and development were $11.2 million compared to $20.2 million for the year 2019. This change in figures is the result of decrease in clinical and other related regulatory and compliance costs related to sofpironium bromide
The company has managed to achieve several significant goals over the last few months which includes the US pivotal phase 3 clinical program (Cardigan I & II) for evaluating Sofpironium bromide gel for the treatment of over 10 million people suffering from Primary axillary hyperhidrosis. Whereas the company’s CEO said that they are moving ahead with the same enthusiasm in 2021 to meet their goals.The company’s progress in fourth quarter was followed by its Japanese development partners Kaken, which was successful in executing its clinical development program for ECCLOCK.