Specialty pharmaceutical company iX Biopharma has reported revenue of $14.4 million for the FY2022 ended June, an eight-fold, or 725% increase from its FY2021 revenue of $1.7 million.
The revenue surge was mainly driven by the upfront payment received from the group’s Wafermine out-licensing deal with Seelos Therapeutics, Inc. in November 2021.
iX Biopharma also registered revenue growth in its specialty pharmaceuticals segment, mainly contributed by medicinal cannabis product sales and services. However, its nutraceuticals segment saw lower revenue y-o-y due to supply chain and logistics disruptions in Australia and China as a result of Covid-19.
On the back of the out-licensing revenue and the improved underlying business activity, the group recorded gross profit of $12.3 million, versus a gross loss of $0.38 million in FY2021.
Despite the revenue surge, the group reported a net loss of $4.6 million for the FY2022, 44% narrower than the $8.2 million net loss in the year before.
The net loss includes a $1.9 million net currency exchange loss from the depreciation of the Australian dollar against the Singapore dollar during the year, as well as a downward adjustment of $3.3 million in the fair value of the quoted equity shares in Seelos that the group had received as part payment for the Wafermine out-licensing deal.
Loss per share stood at 0.62 cent on a fully diluted basis.
Excluding the foreign exchange loss and the fair value adjustment, the group would have recorded a profit before tax of $1.1 million.
As at June 30, cash and cash equivalents stood at $12.9 million.
Shares in iX Biopharma closed at 16.4 cents on Aug 22.