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Was about 10M. That is in hindsight. New quarter just finished is more critical to know + outlook.
Often BOD members are staggered. Regardless, CEO has lion’s share of OS. What he wants, goes.
Absolutely everything about this CEO reeks more and more each year. Just when you think he has hit a new low he keeps on surprising.
Funny how you dub every new CFO “the closer”? Bound to happen one of these days, but at this rate, we might be 8-10 CFOs away from that.
Extremely doubtful holding the cc was the issue. This is standard practice for a publicly held company. The ongoing conflict of interest between the CEO & company is more likely to be the cause. The fact that no 8-K was filed and instead was buried in the 10K is a serious issue as well. There wasn’t even a Subsequent Events section as it would be appropriately called for such an event.
No CFO may be a serious issue for Aug 10Q filing coming due. Elite will not pass Q1 audit without credentialed CFO. Audit review takes time and they urgently need someone with the financial qualifications to lead it.
Then I must be reading a different 10K for a different Mark Pellegrino. Just don’t be surprised when you hear about it tomorrow. It’s in there.
Do a search for crying out loud. It’s in the 10K. I posted the exact script.
I don’t make things up. Read the 10K.
No, please no. He is absolutely not qualified one bit to be a CFO. Auditors know this and will be a critical issue for Q1.
Nasrat Hakim, the Company’s President and Chief Executive Officer, will serve as the Company’s Principal Financial Officer and Principal Accounting Officer until a new chief financial officer is identified and hired.
Another CFO bites the dust. I think this one was a new record.
If that holds, Elite could have easily reduced the debt with EWB.
I’m not sure the CEO has my interest at heart having a collateralized loan against company assets. That’s not the same ownership as what shareholders have.
Ok, this is a serious issue:
Effective as of June 28, 2023, Mark Pellegrino ceased to be employed by the Company. The Company has begun a search for a new chief financial officer.
Page F-17 of 10K
The debt covenants weren’t that restrictive. The one I could see them dip below would be the $5M liquidity if cash flow were to flip negative in current quarter in transition away from Lannett, which of course would be an issue to a lender. There is also the restriction on certain acquisitions/disposals. I don’t see either hindering normal business operations.
Elite spoke in the past how they’ve always gotten approved by the FDA, but that it’s been a struggle and even coming down to the last minute. Definitely not a slam dunk for significant growth. The demand has been present the past couple of years for Adderall, but DEA has manufacturers by the balls here.
Not a chance. Their revenue with Adderall isn’t going to significantly increase. Their profitability will grow due to Lannett being out of the picture, but their volume increase has a governor monitor (aka DEA) on it preventing explosive manufacturing of Adderall. There will be growth, but no exponential curve.
Elite has already received approval for this. Two years left in the contract and not even launched yet.
He’s also been paid how much via Mikah side deals and % Adderall ownership? Those purchases are in the rear view mirror.
If it’s forward looking, yes, because it denotes management’s best guess based on what they know at that point in time, which is subject to change.
Antimetabolite was just filed a couple months ago. We won’t hear about that filing this calendar year.
100% agree.
This is part of the reason there is no market for SequestOx. Generics have gotten so cheap with a race to the bottom that a better option, priced a little higher, isn’t worth the pursuit.
This is a direct result of capitalism when shareholders are consistently put first and the end users/patients lose out.
Wow, crazy to hear about the mix of generics to fill the Rx. Good timing for Elite for sure.
Fantastic to see Cardinal.
This implies each pharmacy only has only one generic mgr for Adderall. Is that correct? When consulting at OptumRx years ago I don’t believe this was the case. That’s what I’m trying to clarify - whether a contract with Walgreens sets up Elite to be the exclusive provider for generic Adderall.
Fantastic news! Thanks for sharing. Looking to see what Elite reports as this means they started launching after inventory build and will have a full quarter for Q2 to report (Jul-Sep).
Company has liquidity. It’s not filing bankruptcy. Ridiculous post.
Why would Elite have to replace Lannett and not simply be sold in conjunction with other generics?
The whining is unreal.
What, no facts or data, only presumption? That’s a fictional story that simply has no end for retail investors.
So a total of less than $8,000. It’s a completely illiquid stock. No story being told, no interest, just same old same old.
So a total of less than $8,000. It’s a completely illiquid stock. No story being told, no interest, just same old same old.
Except they can’t because there is no liquidity to buy those shares. Zero interest right now.
What non-competing drugs do you mean? They only sell drugs under Elite’s label with exception of one we sold LY that uses 3rd party to sell and they haven’t launched yet.
I don’t think the ADT is worth anything. There is no market for it. Millions spent here that will never cross finish line.
The deal almost went through and Elite didn’t have nearly that amount of cash or access to cash a few months ago so that’s far from reality.
Can’t imagine that would be coming from Elite directly. Sounds like Lannett is burning through remaining inventory.
Why ask that question? We know it is alive and well. Mikah owns 50% Adderall profits. There’s your answer.
We would own Adderall entirely if not for Lannett parting ways. That will be a nice margin improvement. Hoping Elite buys out Mikah/CEO’s ownership later this year/early next.