A confluence of facts together draw an obvious conclusion about ELTPs share price is heading NORTH $$$$$$$$$
Cash at December 31 was $8.1 million, that was slightly better than the $7.5 million that we started the year off with. Working capital didn’t change very much at all. We went from $7.3 million at the beginning of the year to $7.1 million at December 31. The real takeaway here is that we funded $10 million in product development so far this year. We spent – invested $1.4 million in facility expansion and we filed our first NDA, all without a material hit to our overall financial strength. This is another example of one of these – where we are headed indicator in our financials.
SequestOx is not a one-off deal and we still have the critical finance mass in place to develop more products in our pipeline and that’s what we are doing.
But to wrap things up, our financials show that the strong results of the past they continue. The where-we-have-been continues to get better, and the where we are going aspects of the Q have never been clearer or better as well. We filed our first NDA, we’re nearing completion of a major facility expansion and our financial position is a strong as ever. With the critical mass in place to continue developing our pipeline and executing our business plan.
Now let’s look at some of the key areas of our financials. Starting with the P&L statement. Our revenues for the quarter were $2.2 million, approximately $2 million of that came from our generic operations and $250,000 from amortization of the $5 million license fee received from that for SequestOx. That’s a 61% year-on-year increase in revenues. Revenues for the first nine months of the fiscal year from April through December was $7.3 million. That number, that nine month number is almost 50% higher than the $5 million in revenues that we recorded for the entire 12 months of last year. Again this is almost entirely due to the growth in our generic products which continue to perform well as they mature in the market. The financials clear show this growth is being sustained and all data and forecasts that we have give no reason to conclude otherwise when looking forward as well.
Moving down the P&L statement, our biggest operating expense is no surprise research and development. That’s the investment we’re making in Elite’s future. That’s our abuse deterrent pipeline. We filed SequestOx but we’re not done with R&D. There is a full line of products utilizing our abuse deterrent technology. R&D costs will naturally continue. However near the mid term clinical costs, the third party costs will be less than those that were recently incurred for SequestOx, and this is just due to the types of trials that are scheduled, the types of products, the prioritization that we gave. So this is going to be positive for future results being lower expenses, somewhat lower and it’s something that we expected, and again, it’s due to the prioritization of the product pipeline and the scheduling of the trials that would be required for those products.
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