RedHill Biopharma Ltd (RDHL)

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RedHill Biopharma Ltd. (Nasdaq: RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company, today announced that, based on unaudited and preliminary estimates, its total net revenues for the quarter ended December 31, 2022 were in the range of $13.5 million to $15.5 million, compared to $22.1 million in the quarter ended December 31, 2021.

The Company further estimates that its operating loss for the quarter ended December 31, 2022, was in the range of $9.5 million to $11.5 million, compared to $20.7 million in the quarter ended December 31, 2021.

The Company’s current estimate of net cash used in operating activities for the fourth quarter ended December 31, 2022 is in the range of $2 million to $4 million, compared to $14.9 million in the quarter ended December 31, 2021.

The above-estimated revenue, operating loss and cash flow figures for the quarter ended December 31, 2022 reflect RedHill’s current preliminary review, which is still ongoing and could result in changes to the estimated revenues and operating loss figures.

As of December 31, 2022, RedHill’s cash, short-term investments and restricted cash were approximately $36.1 million, compared to $31.4 million as of September 30, 2022.

The foregoing estimates are unaudited and preliminary, have not been reviewed by the Company’s auditors and do not present all information necessary for a full understanding of the Company’s financial condition as of December 31, 2022. The audit of the Company’s consolidated financial statements as of December 31, 2022 is ongoing and could result in changes to these amounts due to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time the consolidated financial statements as of December 31, 2022, are finalized and publicly released. The Company’s auditor, Kesselman & Kesselman, Certified Public Accountants (Isr.), a member firm of PricewaterhouseCoopers International Limited, an independent registered public accounting firm, has not audited, reviewed, or compiled these estimates.