Brickell Biotech, Inc. (NASDAQ: BBI) saw its shares gain ground Tuesday, as the clinical-stage pharmaceutical company announced financial results for the fourth quarter ended December 31, 2021.
The Company reported cash and cash equivalents of $26.9 million as of December 31, 2021, compared to $30.1 million as of December 31, 2020. The Company expects its cash and cash equivalents will support operations beyond the receipt of Phase 1 SAD and MAD topline results for BBI-02, which are anticipated year-end 2022.
Revenue was $104.0 thousand for the fourth quarter of 2021, compared to $27.0 thousand for the fourth quarter of 2020. Revenue in both periods related to royalty revenue recognized from sales of ECCLOCK in Japan by Kaken.
Research and development expenses were $3.1 million for the fourth quarter of 2021, compared to $4.6 million for the fourth quarter of 2020. This decrease was primarily due to a $2.9 million reduction in clinical costs related to sofpironium bromide, which was partially offset by a $0.9 million increase in regulatory, personnel, and other expenses, and a $0.5 million increase related to development of the Company’s DYRK1A inhibitor programs.
General and administrative expenses were $3.3 million for the fourth quarter of 2021, compared to $2.9 million for the fourth quarter of 2020. The increase of $0.4 million was primarily due to compensation and administrative expenses.
Brickell’s net loss was $6.1 million for the fourth quarter of 2021 compared to $7.4 million for the fourth quarter of 2020.
BBI shares acquired half a cent, or 2.1%, to 24 cents.
