- AcelRx Pharmaceuticals (NASDAQ:ACRX) shares were trading down nearly 6% during after-market trading as the company posted fourth-quarter revenue that missed Wall Street estimates, and provided financial forecast for the full-year.
- The company's fourth-quarter revenue increased 54% to $0.74M, but missed Wall Street estimates by $0.54M.
- Net loss for the fourth quarter of 2020 was $8.9M, or $0.10/share, compared to $14.4M, or $0.18/share, last year.
- Combined R&D and SG&A expenses in the quarter totaled $8.7M, a significant reduction compared to $13.8M during the prior-year period.
- 2021 Guidance: Quarterly combined R&D and SG&A expense is expected to be about $9M-$10M; Annual debt service is expected to about $10M; Annual capital expenditures expected to range from $4M-$5M.
- The company's also aims to obtain 615 cumulative formulary approvals by the year end as it expects COVID restrictions on elective surgeries to be loosened in the second half of 2021.
- AcelRx said it also plans to close on an agreement to out-license its opioid pain medicine DZUVEO for Europe later this year.
- Previously (March 15): AcelRx Pharmaceuticals EPS in-line, misses on revenue.