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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adamis Pharmaceuticals Corporation | NASDAQ:ADMP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.775063 | 0.762 | 0.7896 | 0 | 01:00:00 |
Q2 2023 Corporate Highlights
Recent Corporate Updates
Q2 2023 Financial Highlights
About Adamis Pharmaceuticals
Adamis Pharmaceuticals Corporation is a commercial stage neuro-biotech company primarily focused on developing and commercializing products for the treatment of opioid overdose and substance use disorders. Adamis’ commercial products approved by the FDA include ZIMHI® (naloxone) Injection for the treatment of opioid overdose, and SYMJEPI® (epinephrine) Injection for use in the emergency treatment of acute allergic reactions, including anaphylaxis. Following its recent merger transaction with DMK Pharmaceuticals, the Company is also developing novel therapies for opioid use disorder (OUD) and other important neuro-based conditions where patients are currently underserved. The Company’s lead clinical stage product candidate, DPI-125, is being studied as a potential novel treatment for OUD. Adamis also plans to develop the compound for the treatment of moderate to severe pain. The Company’s other development stage product candidates include DPI-221 for bladder control problems and DPI-289 for severe end stage Parkinson’s disease. For additional information about Adamis Pharmaceuticals, please visit our website and follow us on Twitter and LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future development and/or otherwise are not statements of historical fact. These statements relate to future events or future results of operations, including, but not limited to statements concerning the following matters: (i) the commencement, timing and results of the proposed study to conducted by Dr. Dahan regarding the Company’s ZIMHI® product; (ii) the outcome of any current legal proceedings or future legal proceedings; (iii) whether the combined business of DMK and Adamis will be successful; (iv) whether any DMK product candidates will be successfully developed or commercialized; (v) the Company’s ability to regain compliance with Nasdaq listing standards so that the Company’s Common Stock continues to be listed on the Nasdaq Capital Market; (vi) the Company’s ability to raise capital to continue as a going concern; and (vii) those risks detailed in Adamis’ most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission (“SEC”), as well as other documents that may be filed by Adamis from time to time with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, which may cause Adamis’ actual results to be materially different from the results anticipated by such forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Adamis cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to: our ability to raise capital; the timing and results of the study to be conducted by Dr. Dahan; our ability to maintain continued listing of the Common Stock on the Nasdaq Capital Market; risks associated with development of DMK’s drug product candidates; our cash flow, cash burn, expenses, obligations and liabilities; the outcomes of any litigation, regulatory proceedings, inquiries or investigations that we are or may become subject to; and other important factors discussed in the Company’s filings with the SEC. If we do not obtain additional equity or debt funding in the future, our cash resources will be depleted and we could be required to materially reduce or suspend operations, which would likely have a material adverse effect on our business, stock price and our relationships with third parties with whom we have business relationships, at least until additional funding is obtained. If we do not have sufficient funds to continue operations or satisfy out liabilities, we could be required to seek bankruptcy protection or other alternatives to attempt to resolve our obligations and liabilities that could result in our stockholders losing most or all of their investment in us. You should not place undue reliance on any forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as may be required by applicable law, we undertake no obligation to update or release publicly the results of any revisions to these forward-looking statements or to reflect events or circumstances arising after the date of this press release. Certain of these risks and additional risks, uncertainties, and other factors are described in greater detail in Adamis’ filings from time to time with the SEC, including its annual report on Form 10-K for the year ended December 31, 2022, and subsequent filings with the SEC, which Adamis strongly urges you to read and consider, all of which are available free of charge on the SEC’s website at http://www.sec.gov.
Contact:Adamis Investor RelationsRobert UhlManaging DirectorICR Westwicke619.228.5886
ADAMIS PHARMACEUTICALS CORPORATION AND SUBSIDIARIES | |||||||||
CONSOLIDATED BALANCE SHEET DATA (Unaudited) | |||||||||
June 30, 2023 | December 31, 2022 | ||||||||
Cash and Cash Equivalents | $ | 640,254 | $ | 1,081,364 | |||||
Total Current Assets | 3,450,698 | 9,272,150 | |||||||
Total Assets | 4,749,150 | 10,930,840 | |||||||
Total Liabilities | 16,244,476 | 11,581,605 | |||||||
Accumulated Deficit | (322,081,115 | ) | (304,564,086 | ) | |||||
Total Stockholders’ Equity | (11,825,326 | ) | (808,068 | ) |
ADAMIS PHARMACEUTICALS CORPORATION AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS DATA (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue, net | $ | 6,945 | $ | 39,847 | $ | 1,459,945 | 1,194,361 | ||||||||
Cost of Goods Sold | 361,394 | 689,178 | 2,149,461 | 2,152,760 | |||||||||||
Selling, General and Administrative Expenses | 4,033,083 | 4,205,934 | 8,815,168 | 7,588,630 | |||||||||||
Research and Development | 376,957 | 3,320,654 | 1,687,486 | 7,542,179 | |||||||||||
Acquired In-Process Research and Development | 6,539,675 | - | 6,539,675 | - | |||||||||||
Loss from Operations | (11,304,164 | ) | (8,175,919 | ) | (17,731,845 | ) | (16,089,208 | ) | |||||||
Total Other Income (Expense), net | 4,300,773 | (159,535 | ) | 1,713,846 | (2,436,000 | ) | |||||||||
Net Loss from Continuing Operations, before taxes | (7,003,391 | ) | (8,335,454 | ) | (16,017,999 | ) | (18,525,208 | ) | |||||||
Net Income (Loss) from Discontinued Operations, before taxes | (1,570,731 | ) | (61,767 | ) | (1,499,030 | ) | (226,628 | ) | |||||||
Net Loss Applicable to Common Stock | $ | (8,574,122 | ) | $ | (8,397,221 | ) | $ | (17,517,029 | ) | $ | (18,751,836 | ) | |||
Basic & Diluted Loss Per Share | $ | (3.40 | ) | $ | (3.92 | ) | $ | (7.43 | ) | $ | (8.77 | ) | |||
Basic & Diluted Weighted Average Shares Outstanding | 2,569,400 | 2,140,224 | 2,378,006 | 2,138,816 | |||||||||||
1 Year Adamis Pharmaceuticals Chart |
1 Month Adamis Pharmaceuticals Chart |
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