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Release – TherapeuticsMD Announces Fourth Quarter 2021 Financial Results

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TherapeuticsMD Announces Fourth Quarter 2021 Financial Results

Research, News, and Market Data on TherapeuticsMD

 

– Reached definitive agreement to fully divest vitaCare business unit enabling greater focus on achieving leadership position in women’s healthcare –
– Amended credit terms with 
Sixth Street in support of a new capitalization plan –
– Conference call scheduled for 
8:30 a.m. ET today –

BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 10, 2022– 
TherapeuticsMD, Inc. (“TXMD” or the “Company”) (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today reported financial results for the fourth quarter ended 
December 31, 2021.

“We spent the past three months executing on four key priorities set forth last quarter, and today we announced that we have accomplished two of them. With the definitive agreement to fully divest our vitaCare business unit, TXMD will emerge as a more focused company aimed at empowering women of all ages through better and affordable healthcare. Amending our credit terms is, in our view, the most prudent way to achieve the necessary financial flexibility to complete the announced sale of vitaCare and ultimately refinance our existing credit facility,” said Hugh O’Dowd, CEO of 
TherapeuticsMD.

“Demand for our flagship product, ANNOVERA®, continues to grow. We are working to ensure ample supply and drive towards uninterrupted access to this important contraceptive. We are excited about our future, and believe we are on a pathway towards serving women as they navigate their healthcare needs,” concluded O’Dowd.

Fourth Quarter 2021 Financial Results and Business Highlights

Three Months ended
December 31,

2021

 

2020
Product revenue:
ANNOVERA

$ 7,831

$ 9,084

IMVEXXY

6,667

8,820
BIJUVA

2,680

2,244
Prescription vitamin

1,500

2,430
Product revenue, net

18,678

22,578
License revenue

—

—
Total revenue, net

$ 18,678

$ 22,578

ANNOVERA (segesterone acetate and ethinyl estradiol vaginal system)

  • ANNOVERA net product revenue of 
    $7.8 million for the fourth quarter of 2021 decreased by 
    $1.3 million compared to 
    $9.1 million for the fourth quarter of 2020.
  • Approximately 9,315 ANNOVERA prescriptions were dispensed to patients during the fourth quarter of 2021, an increase of 11% from the third quarter of 2021, and 57% from the fourth quarter of 2020.
  • Over 10,750 healthcare providers (HCPs) prescribed ANNOVERA during the fourth quarter, of which nearly 1,300 were new writers.
    • Growth in prescribers of approximately 119% over fourth quarter of 2020.

IMVEXXY® (estradiol vaginal inserts)

  • IMVEXXY net product revenue of 
    $6.7 million for the fourth quarter of 2021 decreased by 
    $2.2 million compared to 
    $8.8 million for the fourth quarter of 2020.
  • Approximately 109,300 IMVEXXY prescriptions were dispensed to patients during the fourth quarter of 2021.

BIJUVA® (estradiol and progesterone) capsules

  • BIJUVA net product revenue of 
    $2.7 million for the fourth quarter of 2021 increased by 
    $0.4 million compared to 
    $2.2 million for the fourth quarter of 2020.
  • BIJUVA net product revenue for the fourth quarter of 2021 includes 
    $0.7 million of export sales through our international licensing and supply agreement with 
    Theramex HQ UK Limited.

Cost of Goods Sold and Gross Margin

  • Cost of goods was 
    $4.7 million with product gross margin of 75% for the fourth quarter of 2022 compared to 
    $5.6 million with product gross margin of 75% for the fourth quarter of 2020.

Operating Expense, Net Loss and Related Information

  • Total operating expense of 
    $49.3 million for the fourth quarter of 2021 decreased by 
    $2.3 million compared to 
    $51.6 million for the fourth quarter of 2020. Included in total operating expense for the fourth quarter of 2021 was 
    $5.1 million of severance related expenses recorded for a former executive. Without the executive severance, operating expense for the fourth quarter of 2021 would have been 
    $44.3 million, a decrease of 
    $7.3 million compared to the fourth quarter of 2020.
  • Net loss for the fourth quarter of 2021 was 
    $43.0 million, or 
    $0.10 per basic and diluted share, compared to net loss for the fourth quarter of 2020 of 
    $42.1 million, or 
    $0.15 per basic and diluted share. Without the executive severance, net loss for the fourth quarter of 2021 would have been 
    $37.9 million, or 
    $0.09 per basic and diluted share.

Balance Sheet

  • As of 
    December 31, 2021, the Company’s cash on hand totaled 
    $65.1 million, compared with 
    $80.5 million as of 
    December 31, 2020.
  • For 2021, the Company received 
    $184.1 million in net proceeds from its at-the-market and underwritten equity offerings.
  • As of 
    December 31, 2021, the remaining outstanding principal amount under the Company’s Financing Agreement was 
    $200.0 million, which reflects a repayment of 
    $50.0 million of principal during 2021.

Conference Call and Webcast Details

TherapeuticsMD will host a conference call and live audio webcast today at 
8:30 a.m. ET to discuss these financial results and provide a business update.

Date:

Thursday, March 10, 2022

Time:

8:30 a.m. ET

Telephone Access (US):

866-665-9531

Telephone Access (International):

724-987-6977

Access Code for All Callers:

6988467

A live webcast and audio archive for the event may be accessed on the home page or from the “Investors & Media” section of the 
TherapeuticsMD website at www.therapeuticsmd.com. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A replay of the webcast will be archived on the website for at least 30 days. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call’s completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 6988467.

Please see the Full Prescribing Information, including indication and Boxed WARNING, for each 
TherapeuticsMD product as follows:

Forward-Looking Statements

This press release by 
TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the 
Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; whether the company will be able to successfully divest its vitaCare business and how the proceeds that may be generated by such divestiture will be utilized; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, and BIJUVA® and obtain additional financing necessary therefor; whether the company will be able to comply with the covenants and conditions under its term loan facility and the company’s ability to refinance such facility; the effects of supply chain issues on the supply of the company’s products; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the manufacturing supplement for ANNOVERA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the impact of leadership transitions; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.

– Financial Statements to Follow –

TherapeuticsMD, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except per share data)
 
 
As of 
December 31,

 

2021

 

 

 

2020

 
Assets:
Current assets:
Cash

$

65,122

 

$

80,486

 
Accounts receivable, net of allowance for credit losses of 
$1,334 and 
$1,118 as of

December 31, 2021 and 2020, respectively

 

36,176

 

 

32,382

 
Inventory

 

7,622

 

 

7,993

 
Prepaid and other current assets

 

10,548

 

 

7,543

 
Total current assets

 

119,468

 

 

128,404

 
Fixed assets, net

 

1,199

 

 

1,942

 
License rights and other intangible assets, net

 

40,318

 

 

41,445

 
Right of use assets

 

8,234

 

 

9,566

 
Other non-current assets

 

253

 

 

253

 
Total assets

$

169,472

 

$

181,610

 
Liabilities and stockholders’ equity (deficit):
Current liabilities:
Current maturities of long-term debt

$

188,269

 

$

—

 
Accounts payable

 

20,318

 

 

21,068

 
Accrued expenses and other current liabilities

 

44,304

 

 

38,170

 
Total current liabilities

 

252,891

 

 

59,238

 
Long-term debt, net

 

—

 

 

237,698

 
Operating lease liabilities

 

8,063

 

 

8,675

 
Other non-current liabilities

 

2,139

 

 

—

 
Total liabilities

 

263,093

 

 

305,611

 
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, par value 
$0.001; 10,000 shares authorized, none issued

 

—

 

 

—

 
Common stock, par value 
$0.001; 600,000 shares authorized, 429,886 and 299,765
issued and outstanding as of 
December 31, 2021 and 2020, respectively

 

430

 

 

300

 
Additional paid-in capital

 

957,309

 

 

754,644

 
Accumulated deficit

 

(1,051,360

)

 

(878,945

)
Total stockholders’ deficit

 

(93,621

)

 

(124,001

)
Total liabilities and stockholders’ deficit

$

169,472

 

$

181,610

 
TherapeuticsMD, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited – in thousands, except per share data)
 
Three Months ended
December 31, Year ended 
December 31,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 
Revenue:
Product revenue, net

$

18,678

 

$

22,578

 

$

85,780

 

$

62,872

 
License revenue

 

—

 

 

—

 

 

1,171

 

 

2,000

 
Total revenue, net

 

18,678

 

 

22,578

 

 

86,951

 

 

64,872

 
Cost of goods sold

 

4,737

 

 

5,581

 

 

18,838

 

 

15,975

 
Gross profit

 

13,941

 

 

16,997

 

 

68,113

 

 

48,897

 
Operating expenses:
Selling and marketing

 

22,002

 

 

25,996

 

 

108,195

 

 

117,052

 
General and administrative

 

25,911

 

 

23,214

 

 

92,602

 

 

76,954

 
Research and development

 

1,420

 

 

2,394

 

 

7,086

 

 

10,432

 
Total operating expenses

 

49,333

 

 

51,604

 

 

207,883

 

 

204,438

 
Loss from operations

 

(35,392

)

 

(34,607

)

 

(139,770

)

 

(155,541

)
Other (expense) income:
Interest expense and other financing costs

 

(7,576

)

 

(7,612

)

 

(32,917

)

 

(28,581

)
Other income, net

 

8

 

 

132

 

 

272

 

 

598

 
Total other (expense), net

 

(7,568

)

 

(7,480

)

 

(32,645

)

 

(27,983

)
Loss before income taxes

 

(42,960

)

 

(42,087

)

 

(172,415

)

 

(183,524

)
Provision for income taxes

 

—

 

 

—

 

 

—

 

 

—

 
Net loss

$

(42,960

)

$

(42,087

)

$

(172,415

)

$

(183,524

)
Loss per common share, basic and diluted

$

(0.10

)

$

(0.15

)

$

(0.43

)

$

(0.67

)
Weighted average common shares, basic and diluted

 

427,314

 

 

286,607

 

 

397,992

 

 

275,649

 
TherapeuticsMD, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited – in thousands)
 
 
Year ended 
December 31,

 

2021

 

 

 

2020

 
Cash flows from operating activities:
Net loss

$

(172,415

)

$

(183,524

)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

4,093

 

 

4,067

 
Charges to provision for doubtful accounts

 

533

 

 

238

 
Inventory charge

 

1,082

 

 

7,205

 
Debt financing fees

 

5,689

 

 

2,532

 
Share-based compensation

 

18,125

 

 

10,679

 
Other

 

720

 

 

2,673

 
Changes in operating assets and liabilities:
Accounts receivable

 

(4,327

)

 

(8,224

)
Inventory

 

(711

)

 

(3,337

)
Prepaid and other current assets

 

(3,005

)

 

3,209

 
Accounts payable

 

(750

)

 

1,887

 
Accrued expenses and other current liabilities

 

6,134

 

 

2,904

 
Other non-current liabilities

 

2,139

 

 

220

 
Total adjustments

 

29,722

 

 

24,053

 
Net cash used in operating activities

 

(142,693

)

 

(159,471

)
Cash flows from investing activities:
Payment of patent related costs

 

(2,189

)

 

(1,391

)
Purchase of fixed assets

 

(34

)

 

(207

)
Net cash used in investing activities

 

(2,223

)

 

(1,598

)
Cash flows from financing activities:
Proceeds from sale of common stock, net of costs

 

184,115

 

 

31,703

 
Proceeds from exercise of options and warrants

 

322

 

 

272

 
Proceeds from sale of common stock related to employee stock purchase plan

 

233

 

 

—

 
Repayments of debt

 

(50,000

)

 

—

 
Borrowings of debt

 

—

 

 

50,000

 
Payment of debt financing fees

 

(5,118

)

 

(1,250

)
Net cash provided by financing activities

 

129,552

 

 

80,725

 
Net increase in cash

 

(15,364

)

 

(80,344

)
Cash, beginning of period

 

80,486

 

 

160,830

 
Cash, end of period

$

65,122

 

$

80,486

 
Supplemental disclosure of cash flow information:
Interest paid

$

25,068

 

$

25,849

 
Supplemental disclosure of noncash financing activities:
Warrants issued in relation to debt financing agreement

$

—

 

$

7,668

 

 

James D’Arecca
Chief Financial Officer
561-961-1900

Lisa M. Wilson

In-Site Communications, Inc.
212-452-2793
lwilson@insitecony.com

Source: 
TherapeuticsMD, Inc.

Seanergy Maritime Holdings Corp. Reports Record Fourth Quarter 2021 Financial Results

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Seanergy Maritime Holdings Corp. Reports Record Fourth Quarter 2021 Financial Results and Declares Dividend of $0.05 Per Share

Research, News, and Market Data on Seanergy Maritime

 

Initiates Quarterly Dividend, Declares Special Dividend &
Completes New Buyback of Convertibles totalling $10 million in 2022

Highlights of the Fourth Quarter of 2021:

  • EPS basic: $0.12 and Adjusted EPS1 basic: $0.16 in Q4 2021

  • EPS diluted: $0.11 and Adjusted EPS1 diluted: $0.14 in Q4 2021

  • Net revenues: $56.7 million in Q4 2021, as compared to $21.3 million in Q4 2020, up 166%

  • Net Income: $20.6 million in Q4 2021, as compared to net loss of $2.3 million in Q4 2020

  • Adjusted Net Income1: $27.9 million in Q4 2021, as compared to an adjusted net loss of $2.3 million in Q4 2020

  • EBITDA1: $31.5 million in Q4 2021, as compared to $8.3 million in Q4 2020, up 280%

  • Adjusted EBITDA1: $38.8 million in Q4 2021, as compared to $8.3 million in Q4 2020, up 367%

Highlights of Full Year 2021:

  • EPS basic: $0.27 and Adjusted EPS1 basic: $0.35 in Q4 2021

  • EPS diluted: $0.25 and Adjusted EPS1 diluted: $0.28 in Q4 2021

  • Net revenues: $153.1 million in 2021, as compared to $63.3 million in 2020, up 142%

  • Net Income: $41.3 million in 2021, as compared to a net loss of $18.4 million in 2020

  • Adjusted Net Income1: $53.3 million in 2021, as compared to an adjusted net loss of $22.6 million in 2020

  • EBITDA1: $78.9 million in 2021, as compared to $19.9 million in 2020, up 296%

  • Adjusted EBITDA1: $90.1 million in 2021, as compared to $15.6 million in 2020, up 478%

  • Shareholders’ equity of $244.5 million on December 31, 2021, compared to $95.7 million on December 31, 2020

$35.6 million in Dividends and Recent Repurchases:

  • Initiates a regular quarterly dividend and declares dividend of $0.025 per share for the fourth quarter of 2021

  • Declares a special dividend of $0.025 per share for the fourth quarter of 2021

  • Quarterly and special dividend payable on or about April 5, 2022 to all shareholders of record as of March 25, 2022

  • Additional buyback of $5.0 million of the outstanding convertible note increasing total buybacks to $26.7 million in the past 4 months

Additional highlights:

  • Delivery of 7 Japanese Capesize bulkers in 2021 increasing the fleet by 55%

  • Financing and refinancing transactions of $170.5 million, with improved pricing and overall loan terms

  • Entire fleet under time-charter agreements with first-class charterers, 15 vessels on index-linked rates

GLYFADA, Greece, March 10, 2022 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), announced today its financial results for the fourth quarter and twelve months ended December 31, 2021. The Company also announced $5 million additional repurchases of its outstanding 5.5% convertible note and declared a quarterly dividend of $0.025 per share and a special dividend of $0.025 per share.

For the quarter ended December 31, 2021, the Company generated net revenues of $56.7 million, a 166% increase compared to the fourth quarter of 2020. Adjusted EBITDA for the quarter was $38.8 million, from $8.3 million in the same period of 2020. Adjusted net income for the quarter was $27.9 million, compared to net loss of $2.3 million in the fourth quarter of 2020. The daily Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the fourth quarter of 2021 was $36,642, marking a 122% increase compared to $16,511 for the same period of 2020.

For the twelve-month period ended December 31, 2021, net revenues were $153.1 million, increased by 142% when compared to $63.3 million in the same period of 2020. Adjusted EBITDA for the twelve months of 2021 was $90.1 million, compared to an adjusted EBITDA of $15.6 million in the same period of 2020. The daily TCE of the fleet for the twelve months of 2021 was $27,399 compared to $11,950 in the twelve months of 2020. The average daily OPEX was $6,211, compared to $5,709 in the respective period of 2020.

Cash and cash-equivalents, restricted cash, term deposits, as of December 31, 2021, stood at $47.1 million, compared to $23.7 million as of December 31, 2020. Shareholders’ equity at the end of the fourth quarter was $244.5 million, compared to $95.7 million on December 31, 2020. Long-term debt (senior and junior loans and other financial liabilities) net of deferred charges stood at $215.2 million as of December 31, 2021, increased from $169.8 million as of the end of 2020. In the same period, the book value of our fleet increased by 66% to $426.1 million from $256.7 million.

______________
1 Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and adjusted EBITDA to net income the most directly comparable U.S. GAAP measure.
2 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“Seanergy reported its strongest operational year in 2021, earning an adjusted net income of $53.3 million, an adjusted EBITDA of $90.1 million on net revenue of $153.1 million. In Q4 2021, our fleet TCE was $36,642 and our estimated TCE for the first quarter of 2022 is $19,475. Despite the seasonal softening experienced in the first months of 2022, for which we were proactively hedged, the market is already trending higher.

“Consistent with our stated intention to return capital to our shareholders, our board of directors has initiated a regular quarterly dividend of $0.025 per share for the fourth quarter of 2021. In addition, based on the strong financial performance of Q4 2021 we are also declaring a special dividend of $0.025 per share. As a result, the Company will be paying a dividend of $0.05 per share for the fourth quarter of 2021 to all shareholders of record as of March 25, 2022. The fourth quarter dividend of $8.9 million and the $26.7 million in buybacks of convertible notes, warrants and common shares represent an aggregate of $35.6 million in shareholder-rewarding initiatives that Seanergy’s board of directors undertook over the last 4 months. While the amount and timing of any future dividend payments remains subject to the discretion of our board of directors and will be based on our results, investment opportunities and overall market conditions, we remain committed to continue distributing a significant portion of our earnings to our shareholders.

“In 2021 we successfully executed a substantial fleet growth program. Despite the Covid-related hindrance we took delivery of seven high-quality Japanese Capesize vessels, reducing the average age of our fleet. Investment in vessel acquisitions in 2021 totalled approximately $193.2 million.

“Moreover, we have entered into eleven new time-charter agreements with leading charterers in the Capesize sector and all our fleet operates under period employment agreements. We strongly believe this to be the optimal commercial positioning of our fleet.

“On the buyback front, since the fourth quarter of 2021, we have completed a total of $21.7 million in buybacks of convertible notes, warrants and common shares, while an additional prepayment of $5.0 million of convertible note, was effected on March 10, 2022. The ultimate effect of our buyback program will be the prevention of potential dilution by 25.95 million shares. This reflects our firm belief that our share price continues to be significantly undervalued. As previously announced, in 2021 I continued my open-market purchases of Seanergy’s shares, which indicates my strong confidence in the Company.

“New financings and refinancings since the beginning of 2021 total $170.5 million. All transactions concluded in 2021 and to date underscore our stated intention to optimize the capital structure and further reduce our financing expense. In the fourth quarter of 2021 and in the first quarter to-date, we have concluded three new financings of approximately $53.15 million. The new financings include our first sustainability-linked loan in Greece, as well as two transactions with prominent lenders in Taiwan and Japan, strengthening Seanergy’s footing in the Asian ship-financing market. In the same period, we prepaid $50.6 million of our existing financings, including legacy high-coupon facilities, all junior loans and a large part of the convertible notes. The weighted average interest rate across our indebtedness has seen a significantly year-over-year reduction of 128 basis points.

“Regarding our ESG initiatives, we primarily continue to execute on the installation of Energy Saving Devices (“ESDs”) on vessels undergoing scheduled dry-docking. In most cases the selection of the ESDs is done in cooperation with the underlying charterers, following agreement to adjust the index-linked rate to reflect the improved performance of the vessels. At the same time, we have completed biofuel trials in cooperation with two of our closest charterers. The Company’s first ESG report, analyzing material actions that Seanergy has successfully completed to date, as well as the targets set going forward, will be released within 2022.

“Over the past months we have successfully executed on a number of strategic initiatives, which have resulted in Seanergy’s transformation into one of the leading Capesize players in the U.S. capital markets.

“Our outlook for the Capesize market is very positive based on the strong supply-demand fundamentals. Firstly, the record low orderbook coupled with the upcoming environmental regulations, will significantly limit vessel supply. Secondly, the global energy supply shortages, as well as the worldwide stimuli and infrastructure projects will strongly support demand for dry bulk shipping. Given Seanergy’s significant operating leverage, we are well positioned to capitalise on the favourable dynamics of our sector.”

Company Fleet:

Vessel Name

Vessel Class

Capacity (DWT)

Year Built

Yard

Scrubber Fitted

Employment Type

FFA
conversion
option(18)

Earliest
T/C
expiration

Patriotship

Capesize

181,709

2010

Imabari

Yes

T/C – fixed rate(1)

–

06/2022

Worldship

Capesize

181,415

2012

Koyo – Imabari

Yes

T/C – fixed rate(2)

–

09/2022

Hellasship

Capesize

181,325

2012

Imabari

–

T/C Index Linked(3)

–

04/2022

Fellowship

Capesize

179,701

2010

Daewoo

–

T/C Index Linked(4)

Yes

06/2022

Championship

Capesize

179,238

2011

Sungdong SB

Yes

T/C Index Linked(5)

Yes

11/2023

Partnership

Capesize

179,213

2012

Hyundai

Yes

T/C Index Linked(6)

Yes

06/2022

Knightship

Capesize

178,978

2010

Hyundai

Yes

T/C Index Linked(7)

–

05/2023

Lordship

Capesize

178,838

2010

Hyundai

Yes

T/C Index Linked(8)

Yes

05/2022

Goodship

Capesize

177,536

2005

Mitsui

–

T/C Index Linked(9)

Yes

08/2022

Friendship

Capesize

176,952

2009

Namura

–

T/C Index Linked(10)

–

12/2022

Tradership

Capesize

176,925

2006

Namura

–

T/C Index Linked(11)

Yes

05/2022

Flagship

Capesize

176,387

2013

Mitsui

–

T/C Index Linked(12)

Yes

05/2026

Gloriuship

Capesize

171,314

2004

Hyundai

–

T/C Index Linked(13)

Yes

12/2022

Geniuship

Capesize

170,057

2010

Sungdong SB

–

T/C Index Linked(14)

Yes

01/2023

Premiership

Capesize

170,024

2010

Sungdong SB

Yes

T/C Index Linked(15)

–

11/2022

Squireship

Capesize

170,018

2010

Sungdong SB

Yes

T/C Index Linked(16)

–

12/2022

Dukeship

Capesize

181,453

2010

Sasebo

–

T/C Index Linked(17)

Yes

12/2022

Total / Average age

3,011,083

12

(1)

Chartered by a European cargo operator and delivered to the charterer on June 7, 2021 for a period of about 12 to about 18 months. The daily charter hire is fixed at $31,000.

(2)

Chartered by a U.S. commodity trading company and delivered to the charterer on September 2, 2021 for a period of about 12 to about 16 months. The daily charter hire is fixed at $31,750.

(3)

Chartered by NYK and delivered to the charterer on May 10, 2021 for a period of minimum 11 to maximum 15 months. The daily charter hire is based on the BCI.

(4)

Chartered by Anglo American, a leading global mining company, and delivered to the charterer on June 18, 2021 for a period of minimum 12 to about 15 months. The daily charter hire is based on the BCI.

(5)

Chartered by Cargill and delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of about 16 to about 18 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $1,740.

(6)

Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with two optional periods of about 11 to maximum 13 months. The daily charter hire is based on the BCI.

(7)

Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of 11 to 13 months. The daily charter hire is based on the BCI.

(8)

Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI.

(9)

Chartered by an international commodities trader and delivered to the charterer on November 12, 2021 for a period of about 9 to about 12 months. The daily charter hire is based on the BCI.

(10)

Chartered by NYK and delivered to the charterer on July 29, 2021 for a period of minimum 17 to maximum 24 months. The daily charter hire is based on the BCI.

(11)

Chartered by a major South Korean industrial company and delivered to the charterer on June 15, 2021 for a period employment of minimum 11 to about 15 months. The daily charter hire is based on the BCI.

(12)

Chartered by Cargill. The vessel was delivered to the charterer on May 10, 2021 for a period of 60 months. The daily charter hire is based at a premium over the BCI minus $1,325 per day.

(13)

Chartered by Pacbulk Shipping and delivered to the charterer on April 23, 2020 for a period of about 11 to about 15 months. In December 2021, the T/C was further extended until minimum December 16, 2022, up to maximum April 15, 2023. The daily charter hire is based on the BCI.

(14)

Chartered by NYK and delivered to the charterer on February 5, 2022 for a period of about 11 to about 15. The daily charter hire is based on the BCI.

(15)

Chartered by Glencore and delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(16)

Chartered by Glencore and delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(17)

Chartered by NYK and delivered to the charterer on December 1, 2021 for a period of about 13 to about 18 months. The daily charter hire is based on the BCI.

(18)

The Company has the option to convert the index-linked rate to a fixed one for a period ranging between 2 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.

Fleet Data:

(U.S. Dollars in thousands)

Q4 2021

Q4 2020

FY 2021

FY 2020

Ownership days (1)

1,508

1,012

5,140

3,807

Operating days (2)

1,493

1,010

4,987

3,747

Fleet utilization (3)

99.0

%

99.8

%

97.0

%

98.4

%

TCE rate (4)

$

36,642

$

16,511

$

27,399

$

11,950

Daily Vessel Operating Expenses (5)

$

7,184

$

6,087

$

6,211

$

5,709

(1)

Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(2)

Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days includes the days that our vessels are in ballast voyages without having finalized agreements for their next employment.

(3)

Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.

(4)

TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of the Company’s vessels and in evaluating their financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.

(In thousands of U.S. Dollars, except operating days and TCE rate)

Q4 2021

Q4 2020

FY 2021

FY 2020

Net revenues from vessels

56,699

21,313

153,108

63,345

Less: Voyage expenses

1,992

4,637

16,469

18,567

Net operating revenues

54,707

16,676

136,639

44,778

Operating days

1,493

1,010

4,987

3,747

TCE rate

$

36,642

$

16,511

$

27,399

$

11,950

(5)

Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

Q4 2021

Q4 2020

FY 2021

FY 2020

Vessel operating expenses

11,862

6,206

36,332

22,347

Less: Pre-delivery expenses

1,029

46

4,410

611

Vessel operating expenses before pre-delivery expenses

10,833

6,160

31,922

21,736

Ownership days

1,508

1,012

5,140

3,807

Daily Vessel Operating Expenses

$

7,184

$

6,087

$

6,211

$

5,709

Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

Q4 2021

Q4 2020

FY 2021

FY 2020

Net income/(loss)

20,644

(2,319

)

41,348

(18,356

)

Add: Net interest and finance cost

4,751

6,677

17,618

23,217

Add: Depreciation and amortization

6,117

3,897

19,944

15,040

EBITDA

31,512

8,255

78,910

19,901

Add: Stock based compensation

393

44

5,097

869

Less: Loss/(gain) on sale of vessel

19

–

(697

)

–

Add: Loss on extinguishment of debt

6,863

–

6,863

–

Less: Loss/(gain) on debt refinancing

–

6

–

(5,144

)

Less: Gain on forward freight agreements, net

(24

)

–

(24

)

–

Adjusted EBITDA

38,763

8,305

90,149

15,626

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, the non-recurring gain on sale of vessel and gain on debt refinancing and gain on forward freight agreements, net, which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.


Net Income/(Loss) and Adjusted Net income/(Loss) Reconciliation and calculation of Adjusted Earnings/(Loss) Per Share

(In thousands of U.S. Dollars)

Q4 2021

Q4 2020

FY 2021

FY 2020

Net income/(loss)

20,644

(2,319

)

41,348

(18,356

)

Add: Stock based compensation

393

44

5,097

869

Add: Loss on extinguishment of debt

6,863

–

6,863

–

Less: Loss/(gain) on debt refinancing

–

6

–

(5,144

)

Adjusted net income/(loss)

27,900

(2,269

)

53,308

(22,631

)

Adjusted net income/(loss) per common share, basic

0.16

(0.03

)

0.35

(0.68

)

Weighted average number of common shares outstanding, basic

170,884,012

67,904,450

153,321,907

33,436,278

Adjusted net income/(loss) per common share, diluted

0.14

(0.03

)

0.28

(0.68

)

Weighted average number of common shares outstanding, diluted

205,228,391

67,904,450

191,337,521

33,436,278

To derive Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as gain/(loss) on extinguishment of debt and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.


Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:

(In thousands of U.S. Dollars)

Q4 2021

Q4 2020

FY 2021

FY 2020

Interest and finance costs, net

(4,751

)

(6,677

)

(17,618

)

(23,217

)

Add: Amortization of deferred finance charges

892

219

3,333

757

Add: Amortization of convertible note beneficial conversion feature

878

1,645

2,887

5,518

Add: Amortization of other deferred charges (shares issued to third party)

75

120

326

550

Add: Fair value of units – related party (one-off expenses relating to financial restructuring)

–

596

–

596

Cash interest and finance costs

(2,906

)

(4,097

)

(11,072

)

(15,796

)

Add: Restructuring expenses

(25

)

1,012

22

1,012

Cash interest and finance costs, net of restructuring expenses

(2,931

)

(3,085

)

(11,050

)

(14,784

)


First Quarter 2022 TCE Guidance:

As of the date hereof, approximately 90% of the Company fleet’s expected operating days in the first quarter of 2022 have been fixed at an estimated TCE of approximately $19,844. Assuming that for the remaining operating days of our index-linked T/Cs, the respective vessels’ TCE will be equal to the average Forward Freight Agreement (“FFA”) rate of approximately $17,500 per day (based on the FFA curve of March 3, 2022), our estimated TCE for the first quarter of 2022 will be approximately $19,4753. Our TCE guidance for the first quarter of 2022 includes certain conversions (5 vessels) of index-linked charters to fixed, which were concluded in the third and fourth quarter of 2021 as part of our freight hedging strategy. The following table provides the break-down:

Operating Days

TCE

TCE – fixed rate (index-linked conversion)

244

$26,512

TCE – fixed rate

269

$28,764

TCE – index linked unhedged

964

$15,209

Total / Average

1,477

$19,475


Fourth Quarter and Recent Developments:

Buybacks of Convertible Notes, Warrants and Common Shares

(A) $17 million Repurchase Plan of August 10, 2021: Completed in December 2021 through the following transactions:

(i) Buyback of two outstanding convertible notes with 5.5% coupon and a conversion price of $1.20 per share (the “Notes”) at face value of $13.95 million;

(ii) Buyback of warrants to purchase 4.3 million common shares at an exercise price of $0.70 held by the holder of the Notes for $1.02 million; and

(iii) Buyback of 1.7 million common shares for $1.69 million

(B) $10 million Repurchase Plan of December 7, 2021:

(i) Buyback of $5 million of the remaining convertible note in January 2022; and

(ii) Buyback of additional $5 million of the remaining convertible Note, on March 10, 2022

______________
3 This guidance is based on certain assumptions and there can be no assurance that these TCE estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of the quarter for an index-linked T/C is equal to the average FFA rate of $17,500 per day (FFA curve of March 3, 2022). Spot estimates are provided using the load-to-discharge method of accounting. Load-to-discharge accounting recognizes revenues over fewer days as opposed to the discharge-to-discharge method of accounting used prior to 2018, resulting in higher rates for these days and only voyage expenses being recorded in the ballast days. Over the duration of the voyage (discharge-to-discharge) there is no difference in the total revenues and costs to be recognized. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE will be reduced accordingly.

Moreover, Seanergy’s Chairman & CEO, purchased in 2021 an additional 300,000 of the Company’s common shares in the open market.

Fleet Update

M/V Dukeship

In December 2021, the Company announced the delivery of the M/V Dukeship, a 181,453 dwt Capesize bulk carrier, built in 2010 in Japan. At the same time, M/V Dukeship commenced its time charter (“T/C”) employment with NYK, a leading Japanese charterer. The purchase price of $34.3 million was funded with cash on hand.

Commercial Updates

M/V Geniuship

The M/V Geniuship has been delivered to NYK on February 5, 2022 for a period of about 11 to about 15 months. The daily charter hire is based on the BCI. In addition, the Company has the option to convert the index-linked rate to a fixed rate based on the prevailing Capesize FFA for the selected period.

M/V Gloriuship

The M/V Gloriuship has been chartered by Pacbulk since April, 2020. In December 2021 the charterer extended the T/C until minimum December 16, 2022, up to maximum April 15, 2023, in charterer’s option.

Financing Updates

Piraeus Bank S.A.

On November 12, 2021, the Company entered into a $16.85 million sustainability-linked loan facility to finance part of the acquisition cost of the M/V Worldship. The principal will be repaid over a five-year term, through 4 quarterly instalments of $1.0 million, 2 quarterly instalments of $0.75 million, 14 quarterly instalments of $0.38 million and a final balloon payment of $6.1 million payable at maturity. The loan is secured by, among other things, a mortgage on the M/V Worldship and a corporate guarantee from the Company. The interest rate is 3.05% plus LIBOR per annum, which can be further improved based on certain emission reduction thresholds.

Sinopac Capital International (HK) Limited

On December 20, 2021, the Company entered into a $15 million loan facility to refinance a previous loan facility of Entrust Global secured by the M/V Geniuship. The principal will be repaid over a five-year term, through 4 quarterly instalments of $530,000 followed by 16 quarterly instalments of $385,000 and a final balloon payment of $6.72 million. The loan will be secured by, among other things, a mortgage on the M/V Geniuship and a corporate guarantee by the Company. The interest rate is 3.5% plus LIBOR per annum. Considering that the previous loan facility bore a fixed interest of 10.5% per annum, the interest savings for the Company are expected to be approximately $0.9 million for 2022 and $0.5 million on average per year for 2023-2025.

Japanese Lender

On February 25, 2022, the Company entered into a sale and leaseback transaction with a Japanese lender to refinance a previous senior loan facility of Amsterdam Trade Bank N.V. ($15.13 million) and a junior loan facility of Jelco Delta Holding Corp. ($1.85 million) secured by the M/V Partnership. The financing amount is $21.3 million and the interest rate is 2.9% plus SOFR per annum. The principal will be repaid over an eight-year term, through 32 quarterly instalments averaging at approximately $590,000. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel. At the end of the 8-year bareboat period, the Company has the option to repurchase the vessel for $2.39 million, which the Company expects to exercise.

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)

December 31,
2021

December 31,
2020*

ASSETS

Cash and cash equivalents, restricted cash, term deposits

47,126

23,651

Vessels, net

426,062

256,737

Other assets

13,733

14,857

TOTAL ASSETS

486,921

295,245

LIABILITIES AND STOCKHOLDERS’ EQUITY

Long-term debt and other financial liabilities

215,174

169,762

Convertible notes

7,573

14,516

Other liabilities

19,698

15,273

Stockholders’ equity

244,476

95,694

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

486,921

295,245

* Derived from the audited consolidated financial statements as of the period as of that date

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

Three months ended
December 31,

Twelve months ended
December 31,

2021

2020

2021

2020

Vessel revenue, net

56,699

21,313

153,108

63,345

Expenses:

Voyage expenses

(1,992

)

(4,637

)

(16,469

)

(18,567

)

Vessel operating expenses

(11,862

)

(6,206

)

(36,332

)

(22,347

)

Management fees

(406

)

(279

)

(1,435

)

(1,052

)

General and administrative expenses

(4,024

)

(1,925

)

(13,739

)

(6,607

)

Depreciation and amortization

(6,117

)

(3,897

)

(19,944

)

(15,040

)

(Loss)/gain on sale of vessel

(19

)

–

697

–

Gain on forward freight agreements, net

24

–

24

–

Operating income/(loss)

32,303

4,369

65,910

(268

)

Other (expenses)/income:

Interest and finance costs, net

(4,751

)

(6,677

)

(17,618

)

(23,217

)

Loss on extinguishment of debt

(6,863

)

–

(6,863

)

–

(Loss)/gain on debt refinancing

–

(6

)

–

5,144

Other, net

(45

)

(5

)

(81

)

(15

)

Total other expenses, net:

(11,659

)

(6,688

)

(24,562

)

(18,088

)

Net income/(loss)

20,644

(2,319

)

41,348

(18,356

)

Net income/(loss) per common share, basic

0.12

(0.03

)

0.27

(0.55

)

Weighted average number of common shares outstanding, basic

170,884,012

67,904,450

153,321,907

33,436,278

Net income/(loss) per common share, diluted

0.11

(0.03

)

0.25

(0.55

)

Weighted average number of common shares outstanding, diluted

205,228,391

67,904,450

191,337,521

33,436,278

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s fleet consists of 17 Capesize vessels with an average age of 12 years and aggregate cargo carrying capacity of 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com


Release – Ceapro Signs Exclusive Long-Term Supply and Distribution Agreement with Symrise

Posted on by Admin



Ceapro Signs Exclusive Long-Term Supply and Distribution Agreement with Leading Global Provider of Active Ingredients, Symrise

Research, News, and Market Data on Ceapro

 

– Symrise to distribute and commercialize Ceapro’s high value active ingredients in the cosmetic market –

– Supply and distribution agreement provides Symrise with exclusivity for several major key international customers in the cosmetic market –

EDMONTON, Alberta, March 10, 2022 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the signing of a long-term agreement with German-based multinational, Symrise AG, for the distribution and commercialization of Ceapro’s high value active ingredients to major key international players in the cosmetic market.

Under the agreement, Symrise is guaranteed to purchase minimum annual volumes of Ceapro’s high value active ingredients. Financial terms of the agreement were not disclosed.

“Symrise has been and will continue to be a valued, committed partner and we are very pleased to have renewed this agreement with them. This agreement not only provides security for our ongoing cosmeceuticals base business but also is expected to enable us to accelerate the growth of that base business through the potential to expand the list of exclusive customers to Symrise. We are delighted for the vote of confidence towards our Company and especially for the recognition of the quality and uniqueness of Ceapro’s products,” said Gilles Gagnon, President and CEO of Ceapro. “We are confident that our partnership with Symrise, one of the most respected player in our industry, will continue to equally aid in the achievement of our common goals” he added.

“Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years,” said Joern Andreas, President Cosmetic Ingredients Division, Symrise AG. “We see great value in this partnership and are very pleased to have secured this agreement, which will continue to pave the way for future developments that I believe will benefit both companies in creating value.”

About Ceapro Inc.

Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources.

Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.

About Symrise
Symrise is a global supplier of fragrances, flavors, food, nutrition and cosmetic ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food. Headquartered in Holzminden, Germany, the Group is represented by more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. www.symrise.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

INVESTOR AND MEDIA CONTACT:
Jenene Thomas
Jenene Thomas Communications, LLC
T (US): 908-938-1475
E: jenene@jenenethomascommunications.com

Source: Ceapro Inc.

Ceapro Signs Exclusive Long-Term Supply and Distribution Agreement with Leading Global Provider of Active Ingredients, Symrise

Posted on by Admin



Ceapro Signs Exclusive Long-Term Supply and Distribution Agreement with Leading Global Provider of Active Ingredients, Symrise

Research, News, and Market Data on Ceapro

 

– Symrise to distribute and commercialize Ceapro’s high value active ingredients in the cosmetic market –

– Supply and distribution agreement provides Symrise with exclusivity for several major key international customers in the cosmetic market –

EDMONTON, Alberta, March 10, 2022 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced the signing of a long-term agreement with German-based multinational, Symrise AG, for the distribution and commercialization of Ceapro’s high value active ingredients to major key international players in the cosmetic market.

Under the agreement, Symrise is guaranteed to purchase minimum annual volumes of Ceapro’s high value active ingredients. Financial terms of the agreement were not disclosed.

“Symrise has been and will continue to be a valued, committed partner and we are very pleased to have renewed this agreement with them. This agreement not only provides security for our ongoing cosmeceuticals base business but also is expected to enable us to accelerate the growth of that base business through the potential to expand the list of exclusive customers to Symrise. We are delighted for the vote of confidence towards our Company and especially for the recognition of the quality and uniqueness of Ceapro’s products,” said Gilles Gagnon, President and CEO of Ceapro. “We are confident that our partnership with Symrise, one of the most respected player in our industry, will continue to equally aid in the achievement of our common goals” he added.

“Ceapro and Symrise have a long-standing relationship in product development that has benefitted both companies over the years,” said Joern Andreas, President Cosmetic Ingredients Division, Symrise AG. “We see great value in this partnership and are very pleased to have secured this agreement, which will continue to pave the way for future developments that I believe will benefit both companies in creating value.”

About Ceapro Inc.

Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources.

Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.

About Symrise
Symrise is a global supplier of fragrances, flavors, food, nutrition and cosmetic ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food. Headquartered in Holzminden, Germany, the Group is represented by more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. www.symrise.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

INVESTOR AND MEDIA CONTACT:
Jenene Thomas
Jenene Thomas Communications, LLC
T (US): 908-938-1475
E: jenene@jenenethomascommunications.com

Source: Ceapro Inc.

Seanergy Maritime Holdings Corp. Reports Record Fourth Quarter 2021 Financial Results and Declares Dividend of $0.05 Per Share

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Seanergy Maritime Holdings Corp. Reports Record Fourth Quarter 2021 Financial Results and Declares Dividend of $0.05 Per Share

Research, News, and Market Data on Seanergy Maritime

 

Initiates Quarterly Dividend, Declares Special Dividend &
Completes New Buyback of Convertibles totalling $10 million in 2022

Highlights of the Fourth Quarter of 2021:

  • EPS basic: $0.12 and Adjusted EPS1 basic: $0.16 in Q4 2021

  • EPS diluted: $0.11 and Adjusted EPS1 diluted: $0.14 in Q4 2021

  • Net revenues: $56.7 million in Q4 2021, as compared to $21.3 million in Q4 2020, up 166%

  • Net Income: $20.6 million in Q4 2021, as compared to net loss of $2.3 million in Q4 2020

  • Adjusted Net Income1: $27.9 million in Q4 2021, as compared to an adjusted net loss of $2.3 million in Q4 2020

  • EBITDA1: $31.5 million in Q4 2021, as compared to $8.3 million in Q4 2020, up 280%

  • Adjusted EBITDA1: $38.8 million in Q4 2021, as compared to $8.3 million in Q4 2020, up 367%

Highlights of Full Year 2021:

  • EPS basic: $0.27 and Adjusted EPS1 basic: $0.35 in Q4 2021

  • EPS diluted: $0.25 and Adjusted EPS1 diluted: $0.28 in Q4 2021

  • Net revenues: $153.1 million in 2021, as compared to $63.3 million in 2020, up 142%

  • Net Income: $41.3 million in 2021, as compared to a net loss of $18.4 million in 2020

  • Adjusted Net Income1: $53.3 million in 2021, as compared to an adjusted net loss of $22.6 million in 2020

  • EBITDA1: $78.9 million in 2021, as compared to $19.9 million in 2020, up 296%

  • Adjusted EBITDA1: $90.1 million in 2021, as compared to $15.6 million in 2020, up 478%

  • Shareholders’ equity of $244.5 million on December 31, 2021, compared to $95.7 million on December 31, 2020

$35.6 million in Dividends and Recent Repurchases:

  • Initiates a regular quarterly dividend and declares dividend of $0.025 per share for the fourth quarter of 2021

  • Declares a special dividend of $0.025 per share for the fourth quarter of 2021

  • Quarterly and special dividend payable on or about April 5, 2022 to all shareholders of record as of March 25, 2022

  • Additional buyback of $5.0 million of the outstanding convertible note increasing total buybacks to $26.7 million in the past 4 months

Additional highlights:

  • Delivery of 7 Japanese Capesize bulkers in 2021 increasing the fleet by 55%

  • Financing and refinancing transactions of $170.5 million, with improved pricing and overall loan terms

  • Entire fleet under time-charter agreements with first-class charterers, 15 vessels on index-linked rates

GLYFADA, Greece, March 10, 2022 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), announced today its financial results for the fourth quarter and twelve months ended December 31, 2021. The Company also announced $5 million additional repurchases of its outstanding 5.5% convertible note and declared a quarterly dividend of $0.025 per share and a special dividend of $0.025 per share.

For the quarter ended December 31, 2021, the Company generated net revenues of $56.7 million, a 166% increase compared to the fourth quarter of 2020. Adjusted EBITDA for the quarter was $38.8 million, from $8.3 million in the same period of 2020. Adjusted net income for the quarter was $27.9 million, compared to net loss of $2.3 million in the fourth quarter of 2020. The daily Time Charter Equivalent rate (“TCE rate”)2 of the fleet for the fourth quarter of 2021 was $36,642, marking a 122% increase compared to $16,511 for the same period of 2020.

For the twelve-month period ended December 31, 2021, net revenues were $153.1 million, increased by 142% when compared to $63.3 million in the same period of 2020. Adjusted EBITDA for the twelve months of 2021 was $90.1 million, compared to an adjusted EBITDA of $15.6 million in the same period of 2020. The daily TCE of the fleet for the twelve months of 2021 was $27,399 compared to $11,950 in the twelve months of 2020. The average daily OPEX was $6,211, compared to $5,709 in the respective period of 2020.

Cash and cash-equivalents, restricted cash, term deposits, as of December 31, 2021, stood at $47.1 million, compared to $23.7 million as of December 31, 2020. Shareholders’ equity at the end of the fourth quarter was $244.5 million, compared to $95.7 million on December 31, 2020. Long-term debt (senior and junior loans and other financial liabilities) net of deferred charges stood at $215.2 million as of December 31, 2021, increased from $169.8 million as of the end of 2020. In the same period, the book value of our fleet increased by 66% to $426.1 million from $256.7 million.

______________
1 Adjusted EPS, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted EPS, Adjusted Net Income, EBITDA and adjusted EBITDA to net income the most directly comparable U.S. GAAP measure.
2 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable U.S. GAAP measure.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“Seanergy reported its strongest operational year in 2021, earning an adjusted net income of $53.3 million, an adjusted EBITDA of $90.1 million on net revenue of $153.1 million. In Q4 2021, our fleet TCE was $36,642 and our estimated TCE for the first quarter of 2022 is $19,475. Despite the seasonal softening experienced in the first months of 2022, for which we were proactively hedged, the market is already trending higher.

“Consistent with our stated intention to return capital to our shareholders, our board of directors has initiated a regular quarterly dividend of $0.025 per share for the fourth quarter of 2021. In addition, based on the strong financial performance of Q4 2021 we are also declaring a special dividend of $0.025 per share. As a result, the Company will be paying a dividend of $0.05 per share for the fourth quarter of 2021 to all shareholders of record as of March 25, 2022. The fourth quarter dividend of $8.9 million and the $26.7 million in buybacks of convertible notes, warrants and common shares represent an aggregate of $35.6 million in shareholder-rewarding initiatives that Seanergy’s board of directors undertook over the last 4 months. While the amount and timing of any future dividend payments remains subject to the discretion of our board of directors and will be based on our results, investment opportunities and overall market conditions, we remain committed to continue distributing a significant portion of our earnings to our shareholders.

“In 2021 we successfully executed a substantial fleet growth program. Despite the Covid-related hindrance we took delivery of seven high-quality Japanese Capesize vessels, reducing the average age of our fleet. Investment in vessel acquisitions in 2021 totalled approximately $193.2 million.

“Moreover, we have entered into eleven new time-charter agreements with leading charterers in the Capesize sector and all our fleet operates under period employment agreements. We strongly believe this to be the optimal commercial positioning of our fleet.

“On the buyback front, since the fourth quarter of 2021, we have completed a total of $21.7 million in buybacks of convertible notes, warrants and common shares, while an additional prepayment of $5.0 million of convertible note, was effected on March 10, 2022. The ultimate effect of our buyback program will be the prevention of potential dilution by 25.95 million shares. This reflects our firm belief that our share price continues to be significantly undervalued. As previously announced, in 2021 I continued my open-market purchases of Seanergy’s shares, which indicates my strong confidence in the Company.

“New financings and refinancings since the beginning of 2021 total $170.5 million. All transactions concluded in 2021 and to date underscore our stated intention to optimize the capital structure and further reduce our financing expense. In the fourth quarter of 2021 and in the first quarter to-date, we have concluded three new financings of approximately $53.15 million. The new financings include our first sustainability-linked loan in Greece, as well as two transactions with prominent lenders in Taiwan and Japan, strengthening Seanergy’s footing in the Asian ship-financing market. In the same period, we prepaid $50.6 million of our existing financings, including legacy high-coupon facilities, all junior loans and a large part of the convertible notes. The weighted average interest rate across our indebtedness has seen a significantly year-over-year reduction of 128 basis points.

“Regarding our ESG initiatives, we primarily continue to execute on the installation of Energy Saving Devices (“ESDs”) on vessels undergoing scheduled dry-docking. In most cases the selection of the ESDs is done in cooperation with the underlying charterers, following agreement to adjust the index-linked rate to reflect the improved performance of the vessels. At the same time, we have completed biofuel trials in cooperation with two of our closest charterers. The Company’s first ESG report, analyzing material actions that Seanergy has successfully completed to date, as well as the targets set going forward, will be released within 2022.

“Over the past months we have successfully executed on a number of strategic initiatives, which have resulted in Seanergy’s transformation into one of the leading Capesize players in the U.S. capital markets.

“Our outlook for the Capesize market is very positive based on the strong supply-demand fundamentals. Firstly, the record low orderbook coupled with the upcoming environmental regulations, will significantly limit vessel supply. Secondly, the global energy supply shortages, as well as the worldwide stimuli and infrastructure projects will strongly support demand for dry bulk shipping. Given Seanergy’s significant operating leverage, we are well positioned to capitalise on the favourable dynamics of our sector.”

Company Fleet:

Vessel Name

Vessel Class

Capacity (DWT)

Year Built

Yard

Scrubber Fitted

Employment Type

FFA
conversion
option(18)

Earliest
T/C
expiration

Patriotship

Capesize

181,709

2010

Imabari

Yes

T/C – fixed rate(1)

–

06/2022

Worldship

Capesize

181,415

2012

Koyo – Imabari

Yes

T/C – fixed rate(2)

–

09/2022

Hellasship

Capesize

181,325

2012

Imabari

–

T/C Index Linked(3)

–

04/2022

Fellowship

Capesize

179,701

2010

Daewoo

–

T/C Index Linked(4)

Yes

06/2022

Championship

Capesize

179,238

2011

Sungdong SB

Yes

T/C Index Linked(5)

Yes

11/2023

Partnership

Capesize

179,213

2012

Hyundai

Yes

T/C Index Linked(6)

Yes

06/2022

Knightship

Capesize

178,978

2010

Hyundai

Yes

T/C Index Linked(7)

–

05/2023

Lordship

Capesize

178,838

2010

Hyundai

Yes

T/C Index Linked(8)

Yes

05/2022

Goodship

Capesize

177,536

2005

Mitsui

–

T/C Index Linked(9)

Yes

08/2022

Friendship

Capesize

176,952

2009

Namura

–

T/C Index Linked(10)

–

12/2022

Tradership

Capesize

176,925

2006

Namura

–

T/C Index Linked(11)

Yes

05/2022

Flagship

Capesize

176,387

2013

Mitsui

–

T/C Index Linked(12)

Yes

05/2026

Gloriuship

Capesize

171,314

2004

Hyundai

–

T/C Index Linked(13)

Yes

12/2022

Geniuship

Capesize

170,057

2010

Sungdong SB

–

T/C Index Linked(14)

Yes

01/2023

Premiership

Capesize

170,024

2010

Sungdong SB

Yes

T/C Index Linked(15)

–

11/2022

Squireship

Capesize

170,018

2010

Sungdong SB

Yes

T/C Index Linked(16)

–

12/2022

Dukeship

Capesize

181,453

2010

Sasebo

–

T/C Index Linked(17)

Yes

12/2022

Total / Average age

3,011,083

12

(1)

Chartered by a European cargo operator and delivered to the charterer on June 7, 2021 for a period of about 12 to about 18 months. The daily charter hire is fixed at $31,000.

(2)

Chartered by a U.S. commodity trading company and delivered to the charterer on September 2, 2021 for a period of about 12 to about 16 months. The daily charter hire is fixed at $31,750.

(3)

Chartered by NYK and delivered to the charterer on May 10, 2021 for a period of minimum 11 to maximum 15 months. The daily charter hire is based on the BCI.

(4)

Chartered by Anglo American, a leading global mining company, and delivered to the charterer on June 18, 2021 for a period of minimum 12 to about 15 months. The daily charter hire is based on the BCI.

(5)

Chartered by Cargill and delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of about 16 to about 18 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $1,740.

(6)

Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with two optional periods of about 11 to maximum 13 months. The daily charter hire is based on the BCI.

(7)

Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of 11 to 13 months. The daily charter hire is based on the BCI.

(8)

Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI.

(9)

Chartered by an international commodities trader and delivered to the charterer on November 12, 2021 for a period of about 9 to about 12 months. The daily charter hire is based on the BCI.

(10)

Chartered by NYK and delivered to the charterer on July 29, 2021 for a period of minimum 17 to maximum 24 months. The daily charter hire is based on the BCI.

(11)

Chartered by a major South Korean industrial company and delivered to the charterer on June 15, 2021 for a period employment of minimum 11 to about 15 months. The daily charter hire is based on the BCI.

(12)

Chartered by Cargill. The vessel was delivered to the charterer on May 10, 2021 for a period of 60 months. The daily charter hire is based at a premium over the BCI minus $1,325 per day.

(13)

Chartered by Pacbulk Shipping and delivered to the charterer on April 23, 2020 for a period of about 11 to about 15 months. In December 2021, the T/C was further extended until minimum December 16, 2022, up to maximum April 15, 2023. The daily charter hire is based on the BCI.

(14)

Chartered by NYK and delivered to the charterer on February 5, 2022 for a period of about 11 to about 15. The daily charter hire is based on the BCI.

(15)

Chartered by Glencore and delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(16)

Chartered by Glencore and delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(17)

Chartered by NYK and delivered to the charterer on December 1, 2021 for a period of about 13 to about 18 months. The daily charter hire is based on the BCI.

(18)

The Company has the option to convert the index-linked rate to a fixed one for a period ranging between 2 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.

Fleet Data:

(U.S. Dollars in thousands)

Q4 2021

Q4 2020

FY 2021

FY 2020

Ownership days (1)

1,508

1,012

5,140

3,807

Operating days (2)

1,493

1,010

4,987

3,747

Fleet utilization (3)

99.0

%

99.8

%

97.0

%

98.4

%

TCE rate (4)

$

36,642

$

16,511

$

27,399

$

11,950

Daily Vessel Operating Expenses (5)

$

7,184

$

6,087

$

6,211

$

5,709

(1)

Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(2)

Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days includes the days that our vessels are in ballast voyages without having finalized agreements for their next employment.

(3)

Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.

(4)

TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of the Company’s vessels and in evaluating their financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.

(In thousands of U.S. Dollars, except operating days and TCE rate)

Q4 2021

Q4 2020

FY 2021

FY 2020

Net revenues from vessels

56,699

21,313

153,108

63,345

Less: Voyage expenses

1,992

4,637

16,469

18,567

Net operating revenues

54,707

16,676

136,639

44,778

Operating days

1,493

1,010

4,987

3,747

TCE rate

$

36,642

$

16,511

$

27,399

$

11,950

(5)

Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

Q4 2021

Q4 2020

FY 2021

FY 2020

Vessel operating expenses

11,862

6,206

36,332

22,347

Less: Pre-delivery expenses

1,029

46

4,410

611

Vessel operating expenses before pre-delivery expenses

10,833

6,160

31,922

21,736

Ownership days

1,508

1,012

5,140

3,807

Daily Vessel Operating Expenses

$

7,184

$

6,087

$

6,211

$

5,709

Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

Q4 2021

Q4 2020

FY 2021

FY 2020

Net income/(loss)

20,644

(2,319

)

41,348

(18,356

)

Add: Net interest and finance cost

4,751

6,677

17,618

23,217

Add: Depreciation and amortization

6,117

3,897

19,944

15,040

EBITDA

31,512

8,255

78,910

19,901

Add: Stock based compensation

393

44

5,097

869

Less: Loss/(gain) on sale of vessel

19

–

(697

)

–

Add: Loss on extinguishment of debt

6,863

–

6,863

–

Less: Loss/(gain) on debt refinancing

–

6

–

(5,144

)

Less: Gain on forward freight agreements, net

(24

)

–

(24

)

–

Adjusted EBITDA

38,763

8,305

90,149

15,626

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation, the non-recurring gain on sale of vessel and gain on debt refinancing and gain on forward freight agreements, net, which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.


Net Income/(Loss) and Adjusted Net income/(Loss) Reconciliation and calculation of Adjusted Earnings/(Loss) Per Share

(In thousands of U.S. Dollars)

Q4 2021

Q4 2020

FY 2021

FY 2020

Net income/(loss)

20,644

(2,319

)

41,348

(18,356

)

Add: Stock based compensation

393

44

5,097

869

Add: Loss on extinguishment of debt

6,863

–

6,863

–

Less: Loss/(gain) on debt refinancing

–

6

–

(5,144

)

Adjusted net income/(loss)

27,900

(2,269

)

53,308

(22,631

)

Adjusted net income/(loss) per common share, basic

0.16

(0.03

)

0.35

(0.68

)

Weighted average number of common shares outstanding, basic

170,884,012

67,904,450

153,321,907

33,436,278

Adjusted net income/(loss) per common share, diluted

0.14

(0.03

)

0.28

(0.68

)

Weighted average number of common shares outstanding, diluted

205,228,391

67,904,450

191,337,521

33,436,278

To derive Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share from Net Income/(Loss), we exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as gain/(loss) on extinguishment of debt and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income/(Loss) and Adjusted Earnings/(Loss) Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.


Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:

(In thousands of U.S. Dollars)

Q4 2021

Q4 2020

FY 2021

FY 2020

Interest and finance costs, net

(4,751

)

(6,677

)

(17,618

)

(23,217

)

Add: Amortization of deferred finance charges

892

219

3,333

757

Add: Amortization of convertible note beneficial conversion feature

878

1,645

2,887

5,518

Add: Amortization of other deferred charges (shares issued to third party)

75

120

326

550

Add: Fair value of units – related party (one-off expenses relating to financial restructuring)

–

596

–

596

Cash interest and finance costs

(2,906

)

(4,097

)

(11,072

)

(15,796

)

Add: Restructuring expenses

(25

)

1,012

22

1,012

Cash interest and finance costs, net of restructuring expenses

(2,931

)

(3,085

)

(11,050

)

(14,784

)


First Quarter 2022 TCE Guidance:

As of the date hereof, approximately 90% of the Company fleet’s expected operating days in the first quarter of 2022 have been fixed at an estimated TCE of approximately $19,844. Assuming that for the remaining operating days of our index-linked T/Cs, the respective vessels’ TCE will be equal to the average Forward Freight Agreement (“FFA”) rate of approximately $17,500 per day (based on the FFA curve of March 3, 2022), our estimated TCE for the first quarter of 2022 will be approximately $19,4753. Our TCE guidance for the first quarter of 2022 includes certain conversions (5 vessels) of index-linked charters to fixed, which were concluded in the third and fourth quarter of 2021 as part of our freight hedging strategy. The following table provides the break-down:

Operating Days

TCE

TCE – fixed rate (index-linked conversion)

244

$26,512

TCE – fixed rate

269

$28,764

TCE – index linked unhedged

964

$15,209

Total / Average

1,477

$19,475


Fourth Quarter and Recent Developments:

Buybacks of Convertible Notes, Warrants and Common Shares

(A) $17 million Repurchase Plan of August 10, 2021: Completed in December 2021 through the following transactions:

(i) Buyback of two outstanding convertible notes with 5.5% coupon and a conversion price of $1.20 per share (the “Notes”) at face value of $13.95 million;

(ii) Buyback of warrants to purchase 4.3 million common shares at an exercise price of $0.70 held by the holder of the Notes for $1.02 million; and

(iii) Buyback of 1.7 million common shares for $1.69 million

(B) $10 million Repurchase Plan of December 7, 2021:

(i) Buyback of $5 million of the remaining convertible note in January 2022; and

(ii) Buyback of additional $5 million of the remaining convertible Note, on March 10, 2022

______________
3 This guidance is based on certain assumptions and there can be no assurance that these TCE estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of the quarter for an index-linked T/C is equal to the average FFA rate of $17,500 per day (FFA curve of March 3, 2022). Spot estimates are provided using the load-to-discharge method of accounting. Load-to-discharge accounting recognizes revenues over fewer days as opposed to the discharge-to-discharge method of accounting used prior to 2018, resulting in higher rates for these days and only voyage expenses being recorded in the ballast days. Over the duration of the voyage (discharge-to-discharge) there is no difference in the total revenues and costs to be recognized. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE will be reduced accordingly.

Moreover, Seanergy’s Chairman & CEO, purchased in 2021 an additional 300,000 of the Company’s common shares in the open market.

Fleet Update

M/V Dukeship

In December 2021, the Company announced the delivery of the M/V Dukeship, a 181,453 dwt Capesize bulk carrier, built in 2010 in Japan. At the same time, M/V Dukeship commenced its time charter (“T/C”) employment with NYK, a leading Japanese charterer. The purchase price of $34.3 million was funded with cash on hand.

Commercial Updates

M/V Geniuship

The M/V Geniuship has been delivered to NYK on February 5, 2022 for a period of about 11 to about 15 months. The daily charter hire is based on the BCI. In addition, the Company has the option to convert the index-linked rate to a fixed rate based on the prevailing Capesize FFA for the selected period.

M/V Gloriuship

The M/V Gloriuship has been chartered by Pacbulk since April, 2020. In December 2021 the charterer extended the T/C until minimum December 16, 2022, up to maximum April 15, 2023, in charterer’s option.

Financing Updates

Piraeus Bank S.A.

On November 12, 2021, the Company entered into a $16.85 million sustainability-linked loan facility to finance part of the acquisition cost of the M/V Worldship. The principal will be repaid over a five-year term, through 4 quarterly instalments of $1.0 million, 2 quarterly instalments of $0.75 million, 14 quarterly instalments of $0.38 million and a final balloon payment of $6.1 million payable at maturity. The loan is secured by, among other things, a mortgage on the M/V Worldship and a corporate guarantee from the Company. The interest rate is 3.05% plus LIBOR per annum, which can be further improved based on certain emission reduction thresholds.

Sinopac Capital International (HK) Limited

On December 20, 2021, the Company entered into a $15 million loan facility to refinance a previous loan facility of Entrust Global secured by the M/V Geniuship. The principal will be repaid over a five-year term, through 4 quarterly instalments of $530,000 followed by 16 quarterly instalments of $385,000 and a final balloon payment of $6.72 million. The loan will be secured by, among other things, a mortgage on the M/V Geniuship and a corporate guarantee by the Company. The interest rate is 3.5% plus LIBOR per annum. Considering that the previous loan facility bore a fixed interest of 10.5% per annum, the interest savings for the Company are expected to be approximately $0.9 million for 2022 and $0.5 million on average per year for 2023-2025.

Japanese Lender

On February 25, 2022, the Company entered into a sale and leaseback transaction with a Japanese lender to refinance a previous senior loan facility of Amsterdam Trade Bank N.V. ($15.13 million) and a junior loan facility of Jelco Delta Holding Corp. ($1.85 million) secured by the M/V Partnership. The financing amount is $21.3 million and the interest rate is 2.9% plus SOFR per annum. The principal will be repaid over an eight-year term, through 32 quarterly instalments averaging at approximately $590,000. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel. At the end of the 8-year bareboat period, the Company has the option to repurchase the vessel for $2.39 million, which the Company expects to exercise.

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)

December 31,
2021

December 31,
2020*

ASSETS

Cash and cash equivalents, restricted cash, term deposits

47,126

23,651

Vessels, net

426,062

256,737

Other assets

13,733

14,857

TOTAL ASSETS

486,921

295,245

LIABILITIES AND STOCKHOLDERS’ EQUITY

Long-term debt and other financial liabilities

215,174

169,762

Convertible notes

7,573

14,516

Other liabilities

19,698

15,273

Stockholders’ equity

244,476

95,694

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

486,921

295,245

* Derived from the audited consolidated financial statements as of the period as of that date

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

Three months ended
December 31,

Twelve months ended
December 31,

2021

2020

2021

2020

Vessel revenue, net

56,699

21,313

153,108

63,345

Expenses:

Voyage expenses

(1,992

)

(4,637

)

(16,469

)

(18,567

)

Vessel operating expenses

(11,862

)

(6,206

)

(36,332

)

(22,347

)

Management fees

(406

)

(279

)

(1,435

)

(1,052

)

General and administrative expenses

(4,024

)

(1,925

)

(13,739

)

(6,607

)

Depreciation and amortization

(6,117

)

(3,897

)

(19,944

)

(15,040

)

(Loss)/gain on sale of vessel

(19

)

–

697

–

Gain on forward freight agreements, net

24

–

24

–

Operating income/(loss)

32,303

4,369

65,910

(268

)

Other (expenses)/income:

Interest and finance costs, net

(4,751

)

(6,677

)

(17,618

)

(23,217

)

Loss on extinguishment of debt

(6,863

)

–

(6,863

)

–

(Loss)/gain on debt refinancing

–

(6

)

–

5,144

Other, net

(45

)

(5

)

(81

)

(15

)

Total other expenses, net:

(11,659

)

(6,688

)

(24,562

)

(18,088

)

Net income/(loss)

20,644

(2,319

)

41,348

(18,356

)

Net income/(loss) per common share, basic

0.12

(0.03

)

0.27

(0.55

)

Weighted average number of common shares outstanding, basic

170,884,012

67,904,450

153,321,907

33,436,278

Net income/(loss) per common share, diluted

0.11

(0.03

)

0.25

(0.55

)

Weighted average number of common shares outstanding, diluted

205,228,391

67,904,450

191,337,521

33,436,278

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s fleet consists of 17 Capesize vessels with an average age of 12 years and aggregate cargo carrying capacity of 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com


ESG Policies and Corporate Departures from Russia

Posted on by Admin 



  Image: Sandra Cohen (Flickr)


Are ESG Social and Governance Policies Why Companies Stopped Russian Operations?

 

At a more rapid pace than ever before, large companies from the U.S. and non-American companies were quick to halt operations to support social concerns. These actions by companies doing business in Russia were in many cases in addition to sanctions mandated by the US and the other countries where the companies are headquartered.

For example, Nike (NKE) and McDonald’s (MCD) announced they are temporarily closing their Russian stores. Disney (DIS), Warner Bros. (WB), and Sony (SONY) paused the release of new films in Russia. Apple (AAPL), General Electric (GE), and Microsoft (MSFT) stopped selling their products within Russian borders. McKinsey, Ernst & Young, and other large accounting firms said they are leaving the Russian market, indefinitely. 

Since February 24, the growing list now exceeds 300 companies with plans to close outlets, reassign staff or stop selling products in Russia, according to a running count by Yale management professor Jeffrey Sonnenfeld.

ESG Investing

In some ways, these quick decisions fit in with the recent ESG movement where companies have increasingly adopted policies on often debated social and political issues. The groundswell of adoption sometimes has been to cater to investor
appetite, although not always. Last year non-publicly owned  Major League Baseball moved the planned location of the All-Star Game from Georgia to a state it felt better conformed to the MLB view on voting rights/privileges. While it is easy for a company to not align itself with unpopular actions, including invading a neighboring country, in the past, profits have been the overriding factor driving policy and actions. In the case of corporations leaving Russia, the speed at which these companies departed, often leaving assets behind, and in most cases leaving the companies financially worse off, is in part tied to the ESG adopted policies of these businesses.

Many of the policies were driven by and made to appeal to investors.

 

Betterment

Until relatively recently, companies rarely took a stand on social or political issues. In fact, many that are departing Russia did the opposite. A certain Firestone (BRDCY) tire that had been original equipment on Ford (F) Explorers were failing. The social impact was that they caused 271 fatalities in the early through the mid-90s. While both companies were made aware of the dreadful statistics, neither did anything until lawsuits and eventually, an act of Congress, forced their hand. Another car company, Volkswagen (VWAGY), had a clean diesel Jetta that was anything but clean – and Volkswagen knew it. Their response, until getting busted in 2014, was to install emissions software on more than a half-million diesel cars in the US. and 10.5 million worldwide. The software makes it appear the cars comply with EPA standards. Both Ford and Volkswagen, along with a host of other companies known for previous environmental or social misdeeds have handled the Russia decision differently; they have quickly backed out.

Public Relations

In addition to investor relations, another reason for the change over the years in management governance and policies is customers. News travels fast over the internet, even misleading news. Companies rely on reputations. One post-invasion poll found that 86% of Americans saw the invasion as unjustified. Many categorized Russian President Vladimir Putin with the same disdain as the likes of Adolph Hitler.

A good reputation is worth quite a bit for companies. Today social media “shaming” is taken seriously by CEOs. After #BoycottMcDonalds began trending on Twitter (TWTR) to protest its continued business in Russia, the fast-food chain said it was temporarily closing its stores there. Burger King (BK) has stayed with the promise of donating profits to help refugees and others. Car company Tesla (TSLA), CEO Elon Musk, agreed to provide Ukraine with free satellites after officials from Ukraine used Twitter to request them. Muck replied on the same social media platform.

While the decision to suspend operations often is presented as a trade-off between reputation and revenue, in this multi-stakeholder, interconnected world, it’s increasingly likely that harm to reputation will lead to an impact on revenue. While some companies—particularly those in consumer-packaged goods—have a strong sense of how their stances on social and political issues can affect consumer decisions and therefore revenue, other types of firms have more work to do in developing models to understand the impact of reputation on the bottom line.

Take-Away

The Russian invasion of Ukraine has highlighted the intersection of risk, reputation, and revenue. For many companies, the decision to suspend or cut ties may be a relatively easy one. Given the size of the Russian economy, low amounts of revenue may be involved. And the reputational harm of continuing business—and the benefit of announcing a withdrawal—may be high. But even if this is an easy case, investors need to know if the management of the companies they are invested in has a consistent policy for deciding whether and how to sever business ties. Inconsistency brings uncertainty for stockholders. It is likely many of the larger international companies are fine-tuning some of their policies right now. Smaller companies also should have consistent policies, even if their decisions do not make headline news – investors have become hyper-sensitive to a company’s impact.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Decentralized Finance, is it the Future?

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What’s an ESG Score

Can Buffett and Icahn Both be Right on Occidental Petroleum


Sources

https://www.conference-board.org/topics/geopolitics/cutting-ties-with-russia

https://stories.starbucks.com/press/2022/letter-to-partners-from-kevin-johnson-on-ukraine/

https://www.cnn.com/2022/03/08/business/mcdonalds-pepsi-coke-russia/index.html

https://som.yale.edu/story/2022/over-300-companies-have-withdrawn-russia-some-remain

https://www.cnet.com/news/apple-microsoft-and-other-tech-companies-stop-sales-in-russia/

https://www.mashed.com/789748/heres-why-boycott-mcdonalds-is-trending-on-twitter/

https://theconversation.com/why-apple-disney-ikea-and-hundreds-of-other-western-companies-are-abandoning-russia-with-barely-a-shrug-178516

https://www.wsj.com/articles/big-auditors-to-leave-russia-amid-invasion-of-ukraine-11646666419?mod=djemCFO

https://www.mlb.com/news/2021-all-star-game-draft-relocated

https://www.cbsnews.com/news/russia-ukraine-corporations-pull-out-invasion/

https://en.wikipedia.org/wiki/Firestone_and_Ford_tire_controversy

https://www.caranddriver.com/news/a15339250/everything-you-need-to-know-about-the-vw-diesel-emissions-scandal/

 

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TherapeuticsMD Announces Fourth Quarter 2021 Financial Results

Posted on by Admin



TherapeuticsMD Announces Fourth Quarter 2021 Financial Results

Research, News, and Market Data on TherapeuticsMD

 

– Reached definitive agreement to fully divest vitaCare business unit enabling greater focus on achieving leadership position in women’s healthcare –
– Amended credit terms with 
Sixth Street in support of a new capitalization plan –
– Conference call scheduled for 
8:30 a.m. ET today –

BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 10, 2022– 
TherapeuticsMD, Inc. (“TXMD” or the “Company”) (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today reported financial results for the fourth quarter ended 
December 31, 2021.

“We spent the past three months executing on four key priorities set forth last quarter, and today we announced that we have accomplished two of them. With the definitive agreement to fully divest our vitaCare business unit, TXMD will emerge as a more focused company aimed at empowering women of all ages through better and affordable healthcare. Amending our credit terms is, in our view, the most prudent way to achieve the necessary financial flexibility to complete the announced sale of vitaCare and ultimately refinance our existing credit facility,” said Hugh O’Dowd, CEO of 
TherapeuticsMD.

“Demand for our flagship product, ANNOVERA®, continues to grow. We are working to ensure ample supply and drive towards uninterrupted access to this important contraceptive. We are excited about our future, and believe we are on a pathway towards serving women as they navigate their healthcare needs,” concluded O’Dowd.

Fourth Quarter 2021 Financial Results and Business Highlights

Three Months ended
December 31,

2021

 

2020
Product revenue:
ANNOVERA

$ 7,831

$ 9,084

IMVEXXY

6,667

8,820
BIJUVA

2,680

2,244
Prescription vitamin

1,500

2,430
Product revenue, net

18,678

22,578
License revenue

—

—
Total revenue, net

$ 18,678

$ 22,578

ANNOVERA (segesterone acetate and ethinyl estradiol vaginal system)

  • ANNOVERA net product revenue of 
    $7.8 million for the fourth quarter of 2021 decreased by 
    $1.3 million compared to 
    $9.1 million for the fourth quarter of 2020.
  • Approximately 9,315 ANNOVERA prescriptions were dispensed to patients during the fourth quarter of 2021, an increase of 11% from the third quarter of 2021, and 57% from the fourth quarter of 2020.
  • Over 10,750 healthcare providers (HCPs) prescribed ANNOVERA during the fourth quarter, of which nearly 1,300 were new writers.
    • Growth in prescribers of approximately 119% over fourth quarter of 2020.

IMVEXXY® (estradiol vaginal inserts)

  • IMVEXXY net product revenue of 
    $6.7 million for the fourth quarter of 2021 decreased by 
    $2.2 million compared to 
    $8.8 million for the fourth quarter of 2020.
  • Approximately 109,300 IMVEXXY prescriptions were dispensed to patients during the fourth quarter of 2021.

BIJUVA® (estradiol and progesterone) capsules

  • BIJUVA net product revenue of 
    $2.7 million for the fourth quarter of 2021 increased by 
    $0.4 million compared to 
    $2.2 million for the fourth quarter of 2020.
  • BIJUVA net product revenue for the fourth quarter of 2021 includes 
    $0.7 million of export sales through our international licensing and supply agreement with 
    Theramex HQ UK Limited.

Cost of Goods Sold and Gross Margin

  • Cost of goods was 
    $4.7 million with product gross margin of 75% for the fourth quarter of 2022 compared to 
    $5.6 million with product gross margin of 75% for the fourth quarter of 2020.

Operating Expense, Net Loss and Related Information

  • Total operating expense of 
    $49.3 million for the fourth quarter of 2021 decreased by 
    $2.3 million compared to 
    $51.6 million for the fourth quarter of 2020. Included in total operating expense for the fourth quarter of 2021 was 
    $5.1 million of severance related expenses recorded for a former executive. Without the executive severance, operating expense for the fourth quarter of 2021 would have been 
    $44.3 million, a decrease of 
    $7.3 million compared to the fourth quarter of 2020.
  • Net loss for the fourth quarter of 2021 was 
    $43.0 million, or 
    $0.10 per basic and diluted share, compared to net loss for the fourth quarter of 2020 of 
    $42.1 million, or 
    $0.15 per basic and diluted share. Without the executive severance, net loss for the fourth quarter of 2021 would have been 
    $37.9 million, or 
    $0.09 per basic and diluted share.

Balance Sheet

  • As of 
    December 31, 2021, the Company’s cash on hand totaled 
    $65.1 million, compared with 
    $80.5 million as of 
    December 31, 2020.
  • For 2021, the Company received 
    $184.1 million in net proceeds from its at-the-market and underwritten equity offerings.
  • As of 
    December 31, 2021, the remaining outstanding principal amount under the Company’s Financing Agreement was 
    $200.0 million, which reflects a repayment of 
    $50.0 million of principal during 2021.

Conference Call and Webcast Details

TherapeuticsMD will host a conference call and live audio webcast today at 
8:30 a.m. ET to discuss these financial results and provide a business update.

Date:

Thursday, March 10, 2022

Time:

8:30 a.m. ET

Telephone Access (US):

866-665-9531

Telephone Access (International):

724-987-6977

Access Code for All Callers:

6988467

A live webcast and audio archive for the event may be accessed on the home page or from the “Investors & Media” section of the 
TherapeuticsMD website at www.therapeuticsmd.com. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A replay of the webcast will be archived on the website for at least 30 days. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call’s completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 6988467.

Please see the Full Prescribing Information, including indication and Boxed WARNING, for each 
TherapeuticsMD product as follows:

Forward-Looking Statements

This press release by 
TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the 
Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; whether the company will be able to successfully divest its vitaCare business and how the proceeds that may be generated by such divestiture will be utilized; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, and BIJUVA® and obtain additional financing necessary therefor; whether the company will be able to comply with the covenants and conditions under its term loan facility and the company’s ability to refinance such facility; the effects of supply chain issues on the supply of the company’s products; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the manufacturing supplement for ANNOVERA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the impact of leadership transitions; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.

– Financial Statements to Follow –

TherapeuticsMD, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except per share data)
 
 
As of 
December 31,

 

2021

 

 

 

2020

 
Assets:
Current assets:
Cash

$

65,122

 

$

80,486

 
Accounts receivable, net of allowance for credit losses of 
$1,334 and 
$1,118 as of

December 31, 2021 and 2020, respectively

 

36,176

 

 

32,382

 
Inventory

 

7,622

 

 

7,993

 
Prepaid and other current assets

 

10,548

 

 

7,543

 
Total current assets

 

119,468

 

 

128,404

 
Fixed assets, net

 

1,199

 

 

1,942

 
License rights and other intangible assets, net

 

40,318

 

 

41,445

 
Right of use assets

 

8,234

 

 

9,566

 
Other non-current assets

 

253

 

 

253

 
Total assets

$

169,472

 

$

181,610

 
Liabilities and stockholders’ equity (deficit):
Current liabilities:
Current maturities of long-term debt

$

188,269

 

$

—

 
Accounts payable

 

20,318

 

 

21,068

 
Accrued expenses and other current liabilities

 

44,304

 

 

38,170

 
Total current liabilities

 

252,891

 

 

59,238

 
Long-term debt, net

 

—

 

 

237,698

 
Operating lease liabilities

 

8,063

 

 

8,675

 
Other non-current liabilities

 

2,139

 

 

—

 
Total liabilities

 

263,093

 

 

305,611

 
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, par value 
$0.001; 10,000 shares authorized, none issued

 

—

 

 

—

 
Common stock, par value 
$0.001; 600,000 shares authorized, 429,886 and 299,765
issued and outstanding as of 
December 31, 2021 and 2020, respectively

 

430

 

 

300

 
Additional paid-in capital

 

957,309

 

 

754,644

 
Accumulated deficit

 

(1,051,360

)

 

(878,945

)
Total stockholders’ deficit

 

(93,621

)

 

(124,001

)
Total liabilities and stockholders’ deficit

$

169,472

 

$

181,610

 
TherapeuticsMD, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited – in thousands, except per share data)
 
Three Months ended
December 31, Year ended 
December 31,

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 
Revenue:
Product revenue, net

$

18,678

 

$

22,578

 

$

85,780

 

$

62,872

 
License revenue

 

—

 

 

—

 

 

1,171

 

 

2,000

 
Total revenue, net

 

18,678

 

 

22,578

 

 

86,951

 

 

64,872

 
Cost of goods sold

 

4,737

 

 

5,581

 

 

18,838

 

 

15,975

 
Gross profit

 

13,941

 

 

16,997

 

 

68,113

 

 

48,897

 
Operating expenses:
Selling and marketing

 

22,002

 

 

25,996

 

 

108,195

 

 

117,052

 
General and administrative

 

25,911

 

 

23,214

 

 

92,602

 

 

76,954

 
Research and development

 

1,420

 

 

2,394

 

 

7,086

 

 

10,432

 
Total operating expenses

 

49,333

 

 

51,604

 

 

207,883

 

 

204,438

 
Loss from operations

 

(35,392

)

 

(34,607

)

 

(139,770

)

 

(155,541

)
Other (expense) income:
Interest expense and other financing costs

 

(7,576

)

 

(7,612

)

 

(32,917

)

 

(28,581

)
Other income, net

 

8

 

 

132

 

 

272

 

 

598

 
Total other (expense), net

 

(7,568

)

 

(7,480

)

 

(32,645

)

 

(27,983

)
Loss before income taxes

 

(42,960

)

 

(42,087

)

 

(172,415

)

 

(183,524

)
Provision for income taxes

 

—

 

 

—

 

 

—

 

 

—

 
Net loss

$

(42,960

)

$

(42,087

)

$

(172,415

)

$

(183,524

)
Loss per common share, basic and diluted

$

(0.10

)

$

(0.15

)

$

(0.43

)

$

(0.67

)
Weighted average common shares, basic and diluted

 

427,314

 

 

286,607

 

 

397,992

 

 

275,649

 
TherapeuticsMD, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited – in thousands)
 
 
Year ended 
December 31,

 

2021

 

 

 

2020

 
Cash flows from operating activities:
Net loss

$

(172,415

)

$

(183,524

)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

4,093

 

 

4,067

 
Charges to provision for doubtful accounts

 

533

 

 

238

 
Inventory charge

 

1,082

 

 

7,205

 
Debt financing fees

 

5,689

 

 

2,532

 
Share-based compensation

 

18,125

 

 

10,679

 
Other

 

720

 

 

2,673

 
Changes in operating assets and liabilities:
Accounts receivable

 

(4,327

)

 

(8,224

)
Inventory

 

(711

)

 

(3,337

)
Prepaid and other current assets

 

(3,005

)

 

3,209

 
Accounts payable

 

(750

)

 

1,887

 
Accrued expenses and other current liabilities

 

6,134

 

 

2,904

 
Other non-current liabilities

 

2,139

 

 

220

 
Total adjustments

 

29,722

 

 

24,053

 
Net cash used in operating activities

 

(142,693

)

 

(159,471

)
Cash flows from investing activities:
Payment of patent related costs

 

(2,189

)

 

(1,391

)
Purchase of fixed assets

 

(34

)

 

(207

)
Net cash used in investing activities

 

(2,223

)

 

(1,598

)
Cash flows from financing activities:
Proceeds from sale of common stock, net of costs

 

184,115

 

 

31,703

 
Proceeds from exercise of options and warrants

 

322

 

 

272

 
Proceeds from sale of common stock related to employee stock purchase plan

 

233

 

 

—

 
Repayments of debt

 

(50,000

)

 

—

 
Borrowings of debt

 

—

 

 

50,000

 
Payment of debt financing fees

 

(5,118

)

 

(1,250

)
Net cash provided by financing activities

 

129,552

 

 

80,725

 
Net increase in cash

 

(15,364

)

 

(80,344

)
Cash, beginning of period

 

80,486

 

 

160,830

 
Cash, end of period

$

65,122

 

$

80,486

 
Supplemental disclosure of cash flow information:
Interest paid

$

25,068

 

$

25,849

 
Supplemental disclosure of noncash financing activities:
Warrants issued in relation to debt financing agreement

$

—

 

$

7,668

 

 

James D’Arecca
Chief Financial Officer
561-961-1900

Lisa M. Wilson

In-Site Communications, Inc.
212-452-2793
lwilson@insitecony.com

Source: 
TherapeuticsMD, Inc.

Defense Metals Corp. Drills 2.50% Total Rare Earth Oxide Over 176 Metres; Including 6.14% Over 20 Metres From Surface at Wicheeda

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Defense Metals Corp. Drills 2.50% Total Rare Earth Oxide Over 176 Metres; Including 6.14% Over 20 Metres From Surface at Wicheeda

News, and Market Data on Defense Metals

 

News Release – Vancouver, British Columbia –March 10, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce results for an additional four diamond drill holes totalling 615 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-45 through WI21-48 were collared from the same site and within the northern area of the Wicheeda Rare Earth Element (REE) deposit.

Drill hole WI21-48 returned 2.50% TREO (total rare earth oxide) over 176 metres; including 6.14% TREO over 20 metres from surface[1]. The drill hole terminated on the east side of the deposit 30 metres beyond the mineral resource block model.

The Company continues to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign that will be released in the next days and weeks.

Luisa Moreno, President, and Director of Defense Metals commented: “Drilling within the north central area of the Wicheeda Deposit has returned some of our most significant intercepts of REE mineralization on a grade X width basis in WI21-48 while also yielding some of the highest grade REE mineralization to date near surface.”

Delineation drill holes WI21-45 (-75o dip / 240o azimuth) and WI21-47 (-45o dip / 145o azimuth) established the northwest margin of the Wicheeda Deposit in the near surface intercepting mixed syenite and xenolithic carbonatite rocks above resource cut-off grade averaging 1.46% TREO over 116 metres; including 2.27% TREO over 42 metres1; and 0.58% TREO over 81 metres1, respectively (Table 1 and Figure 1).

Infill drill holes WI21-46 (-50o dip / 190o azimuth) and WI21-48 (-60o dip / 280o azimuth) targeting the north central area of the depositboth yielded broad REE mineralized dolomite carbonatite interceptsconsistent with nearby drill holes. WI21-46 drilling southwest and exiting the interpreted structural footwall of the deposit returned 1.66% TREO over 116 metres; including 2.27% TREO over 42 metres, and 2.32% TREO over 18 metres1. Drilling southeast WI21-48 returned 2.50% TREO over 176 metres; including 6.14% TREO over 20 metres1from surface (Figure 2).

Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts

Hole ID From (m) To (m) Interval (m) TREO[2] (%) Ce2O3 (%) La2O3 (%) Nd2O3 (%) Pr2O3 (%) Sm2O3 (ppm) Gd2O3 (ppm) Eu2O3 (ppm) Dy2O3 (ppm) Tb4O7 (ppm) Ho2O3 (ppm)
WI21-45 (240/-75) 47.8 106.9 59.1 1.46 0.67 0.51 0.17 0.06 230 134 83 43 13 6
including 47.8 74 26.2 2.48 1.13 0.88 0.29 0.10 384 225 151 67 21 8
WI21-46 (190/-50) 18.9 135.3 116.4 1.66 0.80 0.56 0.20 0.06 229 108 47 28 9 3
including 48 90 42 2.27 1.09 0.79 0.25 0.09 271 112 48 22 8 2
including 117.55 135.3 17.75 2.32 1.12 0.74 0.30 0.09 350 170 75 42 14 5
WI21-47 (280/-60) 17 98.36 81.36 0.58 0.28 0.18 0.08 0.02 108 67 30 29 7 4
WI21-48 (145/-45) 12 188 176 2.50 1.22 0.84 0.29 0.10 306 130 57 27 10 3
including 12 32 20 6.15 2.98 2.11 0.69 0.24 669 311 142 80 25 9
WI21-33 (350/-80) 5.00 201.00 196 3.17 1.52 1.07 0.37 0.13 382 181 81 42 14 4
including 5.00 55.25 50.25 3.63 1.74 1.26 0.41 0.14 396 181 84 52 16 6
including 146.00 201.00 55.00 4.29 2.07 1.48 0.47 0.17 489 232 112 52 18 5
WI21-34 (040/-55) 3.00 117.00 114.00 2.97 1.46 1.02 0.33 0.11 323 134 58 23 9 2
including 3.00 70.00 67.00 3.84 1.89 1.34 0.41 0.15 379 160 69 29 11 3
WI21-35 (080/-55) 1.20 121.00 119.80 3.87 1.87 1.34 0.43 0.15 434 200 88 52 17 6
WI21-36 (108/-80) 1.10 174.00 172.90 2.34 1.14 0.78 0.27 0.09 293 134 59 35 11 4
including 1.10 35.65 34.55 3.45 1.66 1.21 0.38 0.13 374 170 72 37 13 4
including 136.00 174.00 38.00 3.02 1.46 1.05 0.33 0.12 337 157 68 40 13 4
WI21-37 (108/-45) 2.00 139.85 137.85 3.19 1.56 1.10 0.35 0.12 351 144 66 30 11 3
including 2.00 57.00 55.00 4.00 1.96 1.38 0.42 0.15 427 164 76 35 12 3
WI21-38 (220/-70) 1.35 82.00 80.65 3.08 1.50 1.07 0.33 0.12 346 154 70 40 13 4
including 1.35 24.75 23.4 6.01 2.91 2.14 0.62 0.23 607 246 114 60 20 6
WI21-39 (285/-60) 4 114 110 2.62 1.28 0.87 0.30 0.10 320 158 73 42 13 5
and 114 224.8 110.8 0.72 0.35 0.21 0.10 0.03 129 75 31 30 8 4
WI21-40 (345/-65) 2.75 165 162.25 3.23 1.57 1.11 0.36 0.13 370 158 70 39 13 4
including 2.75 47.5 44.75 4.21 2.05 1.46 0.46 0.16 452 197 92 61 18 7
including 96 167 71 3.67 1.79 1.26 0.41 0.14 411 173 75 35 13 3
WI21-43 (045/-85) 10.75 124.1 113.35 0.55 0.26 0.17 0.07 0.02 121 84 33 35 9 5
WI21-44 (240/-60) 17.5 125.6 108.1 1.72 0.83 0.57 0.20 0.07 266 141 69 47 14 6
including 35 89 54 2.59 1.24 0.87 0.29 0.10 384 205 102 70 20 9

[1] The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

[2]TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.

Figure 1. Drill Section Holes WI21-45, WI21-47, and WI21-48

Figure 2. Drill Section Holes WI21-38, WI21-40, and WI21-46

About the Wicheeda REE Property

The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR[1]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.  

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward?looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward?looking statements or forward?looking information, except as required by law.

[1] Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).

Cocrystal Pharma Initiates Enrollment in Phase 1 Influenza A Study with Novel, Broad-Spectrum, Orally Administrated Antiviral CC-42344

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Cocrystal Pharma Initiates Enrollment in Phase 1 Influenza A Study with Novel, Broad-Spectrum, Orally Administrated Antiviral CC-42344

Research, News, and Market Data on Cocrystal Pharma

 

BOTHELL, Wash., March 10, 2022 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces dosing of the first subjects in a Phase 1 clinical trial of healthy adults evaluating its novel, broad-spectrum, orally administered antiviral CC-42344 for the treatment of pandemic and seasonal influenza A. The study is designed to assess the safety, tolerability and pharmacokinetics of CC-42344 with results expected later this year.

The randomized, double-blind, placebo-controlled Phase 1 study is expected to enroll up to 56 healthy adults at a single site in Australia. CC-42344 is an oral PB2 inhibitor that blocks an essential step of influenza viral replication and transcription. CC-42344 was discovered using Cocrystal’s proprietary structure-based drug discovery platform technology.

“There is an urgent need for new antiviral medicines that address pandemic and drug-resistant seasonal influenza strains,” said Sam Lee, Ph.D., Cocrystal’s President and co-interim CEO. “CC-42344 specifically targets the PB2 protein of influenza polymerase complex and exhibits broad-spectrum antiviral activity including against Tamiflu- or Xofluza-resistant strains. In preclinical testing, CC-42344 has shown favorable pharmacokinetic and safety profiles. Advancing CC-42344 into clinical studies further validates our proprietary drug discovery platform technology.”

“Enrolling the first participants represents a significant milestone in advancing the development of CC-42344 for the treatment of this highly contagious viral infection that can have life-threatening complications,” added James Martin, Cocrystal’s CFO and co-interim CEO. “This study is the first of three first-in-human trials we expect to initiate in 2022, with the other two evaluating our novel antiviral therapeutic candidates for SARS-CoV-2.”

About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our planned initiation of influenza A Phase 1 study in Australia in 2022 , and the potential of CC-42344 to treat seasonal and pandemic influenza The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from any future impact of the COVID-19 pandemic and the Russian invasion of Ukraine on the Australian and global economy and on our Company, including supply chain disruptions and our continued ability to proceed with our programs, including our influenza A program, the ability of the contract research organization to recruit patients into clinical trials, the results of future preclinical and clinical studies, and general risks arising from clinical trials. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Contact:
LHA Investor Relations
Jody Cain
310-691-7100
jcain@lhai.com

Media Contact:
JQA Partners
917-885-7378
Jabraham@jqapartners.com

Source: Cocrystal Pharma, Inc.

A Look at NFTs Past and Future One Year After Beeple Sale

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  Image: ARS Electronica (Flickr)


NFTs: One Year After Beeple Sale, Non-Fungible Tokens Have Become Mainstream

 

One year ago, an artwork was sold for US$69 million (£52.6 million) by the prestigious auction house Christie’s. This was no lost Matisse or rarely seen Van Gogh. Instead, it was a composite collection of digital art by the then relatively unknown artist Beeple.

What makes this piece, Everydays: the First 5000 Days, truly remarkable, is that it was sold as a non-fungible token (NFT). In the year since that sale, NFTs have gone from a relatively obscure tech-world phenomenon to the mainstream.

NFTs are tokens that exist on a secure record-keeping system called a blockchain. These tokens are akin to certificates of ownership a gallery might give to an art collector, but for digital items.

Celebrities such as Eminem and Jimmy Fallon have helped raise the profile of NFTs through the Bored Ape Yacht Club profile picture collection. These collections have become so popular that Twitter now allows users to use their NFTs as their profile image.

For the collectors, NFTs are arguably a digital extension of benign hobbyist pursuits. In recent generations, collectors may have sought rare Magic The Gathering cards or obscure stamps. Today, those with an impulse to own rare items are attracted to a world where rarity can be transparently recorded and easily verified.

For the creators, NFTs provide a clear path toward monetization. Artists have historically struggled to make money from their work, but NFTs are sold through marketplaces that provide creators with royalties. The Ethereum economy sustained by NFTs earned its creators US$3.5 billion (£2.7 billion) in 2021.

The Right-Click Approach

Despite their growing popularity, NFTs still baffle most people. This is because we are not used to the concept of owning digital art. After all, can’t I just right-click and save an image to my own computer? I could, naturally, but this would be to miss the point.

As with all currencies, NFTs have value because of the meaning a community ascribes to them. In the online culture NFTs belong to, “on-chain” blockchain items are meaningful – and some have more value than others.

The characteristic missed by the right-click perspective is that when you own an item on the blockchain, everyone in your community can see this. This can translate into prestige, for example, when outrageously wealthy entrepreneurs bid on rare NFT items, like Beeple’s work or a rare cryptopunk. Or it can simply be a sign to other community members that you belong.

Mainstream Attention

Popular attention is not always positive. As NFTs grow, so has the proliferation of cash grabs and scams, especially from social media influencers. Elsewhere I have called this the trash moat that surrounds legitimate projects in the cryptocurrency and NFT world. YouTubers Logan and Jake Paul, in particular, are notorious for their litany of low-quality NFT “rug pulls”, when a crypto project is abandoned by their creators once the money flows in.

Melania Trump, to pick another example, has released several NFT projects. However, blockchain analysts were able to uncover how one of these projects was bought by none other than the creator of the NFT themselves. This practice, known as wash trading, involves NFT creators buying their own works either to save face due to a lack of interest or to generate hype around an influencer or artist and boost the price of the next sale.

 

Photo of Beeple – Mike Winkelmann (US) at Expanded
Animation, Courtesy of ARS Electronica (Flickr)

 

Yet another capacity of NFTs has emerged in their potential for fundraising. In what started as a meme, Constitution, DAO was created by a group of cryptocurrency enthusiasts to buy a rare copy of the US constitution that was on auction at Sotheby’s. This group sold a token in exchange for the cryptocurrency Ether that was then used to bid on the constitution. Within a week, ConstitutionDAO raised US$47 million (£35.8 million). This was not enough to win the auction, but it revealed just how financially powerful this corner of the web has become.

Failure, or the Future?

Perhaps the harshest critiques of NFTs come from the socially conscious art world that sees the infrastructure of NFTs as the problem. NFTs mostly exist on the Ethereum blockchain, which relies on vast computational resources to function, generating a huge carbon footprint. Ethereum is transitioning away from its current mechanism to another, which will hopefully alleviate this concern.

Perhaps the more subtle defence of NFTs resides in how they push the medium of digital art in interesting directions. Damien Hirst’s The Currency playfully challenges the collector to choose whether to keep the NFT (the digital token) or exchange it later for a physical artwork. This forces the collector to make a bet on the future: physical or digital, which retains the most value?

This places NFTs in a curious spot. They appear at once a benign hobbyist pursuit, a means to value and make money from scarce digital art, a cash grab for unscrupulous influencers and celebrities, a new mechanism for online fundraising and an explored avenue for legitimate art. However you view them, NFTs have crossed fully into the mainstream and deserve our attention.

 

This article was republished with permission from  The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of Paul Dylan-Ennis, Lecturer/Assistant Professor in Management Information Systems, University College Dublin

 

Suggested Reading



Russia/Ukraine War and Reliance on Crypto and Blockchain

Digital Currencies Gain Value on Biden Executive Order





The Era of Flying Cars May Have Just Dawned

NFT Fractional Ownership and Metaverse Museums

 

Stay up to date. Follow us:

 

Comstock Releases Shareholder Letter

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Comstock Releases Shareholder Letter

Research, News, and Market Data on Comstock Mining

 

Company’s Cellulosic Fuels Technologies Unlock Massive New Feedstock Model for Net Zero Energy Independence

VIRGINIA CITY, NEVADA, MARCH 10, 2022 – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that its executive chairman and chief executive officer issued the following shareholder letter.

Dear Shareholders:

On behalf of our Board of Directors, our employees, and partners, we thank each of you for participating in a pivotal year for Comstock, in which we completed a series of strategic transactions that acquired intellectual property, management, employees, and the facilities needed to transform our business and establish a platform of breakthrough renewable energy products. We have aligned on a precise goal, and we are eager to summarize our business plans and our outlook for you, here and now.

The Comstock

The Comstock Lode is one of world’s most important mineral discoveries. It has a rich history, steeped in grit and innovation. Its pioneers innovated new technologies and mined over $20 billion in gold and silver (in today’s dollars), infusing extraordinary wealth into America’s burgeoning economy at the dawn of the industrial revolution. We have been proud to inherit and contribute to that legacy throughout our own history, as we enabled an unprecedented consolidation and operation of the historic Comstock Lode mining district, including 10-square miles of land with many miles of known mineral claims and exploration targets. We mined and produced about 60,000 ounces of gold and 735,000 ounces of silver from just one of those targets between 2012 and 2016. We believe that far more remains, a bonanza with billions of dollars of gold and silver, unavailable to the century-old mining practices of our predecessors. Our strategic partners are working to unlock that value.

Accordingly, we shifted our focus during 2020 and 2021 to new investments in renewable energy, where we have differentiated technology and core competencies, while monetizing our non-strategic assets. Our objectives are to maximize the value from our mineral estate while introducing breakthrough, decarbonizing lines of business with the capacity for rapid growth.

Enabling Systemic Decarbonization – Cellulosic Fuels

Renewable fuels provide a critical pathway for decarbonization, however, most current forms of renewable fuel draw from the same pool of conventional feedstocks, including corn and various vegetable oils in the U.S., and the entire universe of those feedstocks only represents a tiny fraction of the global motor fuel burn. Further, the lifecycle carbon benefits of growing, harvesting, and using conventional feedstocks are extremely limited, even in comparison to fossil fuels. Any plan to meaningfully decarbonize using renewable fuels must involve abundant and available feedstocks that no one else is using today.

Our renewable fuels division, Comstock Fuels, acquired a portfolio of pioneering technologies that resolve conventional feedstock limitations by efficiently converting wasted, unused, widely available, and rapidly replenishable woody biomass into advanced cellulosic fuels.  These technologies unlock vast quantities of historically unused and underutilized feedstocks with enough renewable carbon to permanently offset billions of tons of fossil fuel emissions.

According to the U.S. Department of Energy, America can produce upwards of one billion tons per year of biomass feedstock for renewable fuels. That’s enough to produce 1.7 billion barrels of carbon neutral fuels with our technologies, or more than a third of the U.S. transportation demand.  In addition, more than 27% of American soil, or about 540 million acres, is comprised of forestland that was previously more than twice as large, before being clear cut for less productive uses. Those under-utilized resources could be restored and used to sustainably grow, harvest, and replant billions of tons of fast-growing trees and energy crops for conversion into billions of barrels of renewable fuels with our technologies. The combined output could exceed 50% of America’s current annual output of fossil crude, and it’s 100% renewable. Canada has even more. It’s the equivalent of an oil well that will never run dry, a bonanza hidden in plain sight, and our technologies are effectively the drill.

Enabling Systemic Decarbonization – Electrification Products

Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels while shifting to and increasing use of renewable fuels. Our 90% owned lithium-ion battery (“LIB”) recycling business, LiNiCo Corporation (“LiNiCo”), holds the rights to a portfolio of innovative processes that efficiently crush and separate LIBs, extract lithium, nickel, cobalt, and graphite, and reuse the recovered metals to produce 99% pure cathode active precursor products. Collectively, these technologies give LiNiCo, and its existing 137,000 square foot battery metal recycling facility, differentiating competitive advantages, including the ability to process upwards of 100,000 tons of LIB and related feedstocks per year into an array of electrification products, including lithium, nickel, cobalt, graphite, and cathode materials.

According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. Miners and manufacturers can scale up to meet that demand, however, according to a January 2021 USGS mineral commodity summary, there are only about 86 million tons of identified lithium reserves worldwide, and LIBs are typically landfilled after eight to ten years of use. Our technologies meet the realities of that demand by enabling profitability at the earliest stages of production, thereby positioning our LIB recycling business to contribute billions to our enterprise value from LiNiCo based on existing valuations of comparable public companies.

Our Outlook – A Net Zero Carbon World

This is our new platform for growth. We will innovate and commercialize technologies that contribute to global decarbonization and net zero circularity by efficiently converting natural resources, including wasted and unused materials, into valuable renewable energy products that shift supply chains away from and reduce reliance on fossil fuels. We will also lead and support the adoption and growth of a balanced net zero ecosystem based on the feedstocks unlocked by our technologies, with powerful embedded economic incentives for our clients, their industries, and the populations they serve to decarbonize.

We will rapidly achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. Our goal is to generate over $16 billion in revenue on an annualized basis by 2030, by producing and selling renewable energy products that enable us, our clients, and their downstream stakeholders to reduce greenhouse gas emissions by at least 100 million metric tons per year. Meeting that objective would offset more than 234 million barrels per year of fossil fuel, or about 6% of the U.S. transportation burn, and require an estimated 8% of the existing biomass residues produced annually in the U.S.

Such scales are achievable by tapping into and leveraging existing infrastructure. Our expanded team has extensive experience in the renewable fuels industry, having designed and built several dozen renewable fuel production facilities in the U.S. Notably, our team invented and commercialized pioneering processes used by more than 95% of the U.S. corn ethanol industry to produce distillers corn oil, a value-added feedstock that offsets more than 20 million barrels of fossil fuel per year and has played a disruptive role in the growth and development of the renewable fuels industry.

We have already made remarkable progress. We are currently building commercial pilot scale cellulosic fuels and LIB facilities, and we are preparing to commence operations at our full-scale LIB recycling facility later this year. We have also made significant strides in developing and establishing our new facilities and forging new revenue and licensing streams that we will soon share. We have also made meaningful progress and will complete the monetization of our non-strategic assets, as quickly as possible, while funding our new businesses and limiting our focus to the objectives outlined above.

The Comstock Lode’s history of relentless grit and innovation and pioneering and prospecting against all odds will always be part of our identity. Moving forward, we will drop the word “mining” from our name and rebrand the company as “Comstock” to reflect our new mission of enabling systemic decarbonization. Additional information in that regard will be made available in the coming weeks as we launch our new website and file our Form 10-K for our fiscal year ended December 31, 2021.

We look forward to our next communication and seeing those of you that can attend this year’s Annual General Meeting, on May 26, 2022, where we plan on showcasing our renewable energy businesses, employees, and partners, including the results of our business plans, schedules, and near-term revenues. Until then, thank you for your continued interest and support.

Kindest regards,
Corrado De Gasperis
Executive Chairman and Chief Executive Officer
Comstock Mining Inc.

 

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by shifting the consumption patterns of industries and populations. The Company’s technologies are designed to do so by efficiently converting wasted and unused natural resources into valuable renewable energy products, which the Company intends to use to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral natural resource extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

 

 

 

Contact information:
Comstock Mining Inc.
P.O. Box 1118
Virginia City, NV 89440
ComstockMining.com		 Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
degasperis@comstockmining.com		 Zach Spencer
Director of External Relations
Tel (775) 847-5272 Ext.151
questions@comstockmining.com

Vectrus (VEC) – Sell-off Overdone – Favorable Risk/Reward

Posted on by Admin

Thursday, March 10, 2022

Vectrus (VEC)
Sell-off Overdone – Favorable Risk/Reward

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Sell-off Overdone. VEC shares are off approximately 21% since the announcement of the Vertex combination. We believe this reaction to be overdone, presenting investors a favorable risk/reward opportunity. Assuming 31.6 million shares outstanding after the combination and $1.1 billion of debt, at our $62 price target, the combined entity would trade at 10.8x 2021 pro forma adjusted EBITDA and 0.9x pro forma revenue, multiples still below its peer group.

    Moody’s Upgrade? On Tuesday, Moody’s placed all ratings of Vertex on review for upgrade, stating “Moody’s recognizes the strategic rationale for the transaction, as the combined companies will enhance their technology and service capabilities, while increasing scale and expanding the bid pipeline.”  Moody’s does point out integration risk, heightened by Vertex’s acquisition of the Raytheon businesses …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Seanergy Maritime (SHIP) – 4Q2021 Results Today – Call Should Highlight Positive Outlook

Posted on by Admin

Thursday, March 10, 2022

Seanergy Maritime (SHIP)
4Q2021 Results Today – Call Should Highlight Positive Outlook

Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    4Q2021 Results out BMO today. TCE rates above $35.0k/day should drive EBITDA to $38.7 million despite higher opex. Today’s 11:30am EST call should highlight 2021 achievements and positive 2022 outlook. Also, we will be looking for an update on 1Q2022 forward cover. Call number is (877) 870 9135 and code is 9389462.

    2022 EBITDA estimate reflects higher opex and last forward cover update.  Last update on 1Q2022 forward cover was ~35% including six of 17 Capes fixed at ~$28.0k/day, but it should be higher now. Expect 1Q2022 weakness with a 2Q2022 pickup. Our 2022 EBITDA estimate of $101.9 million is based on TCE rates of $24.9k/day. Typical seasonality factored in, with TCE rates of $19.5k/day in 1Q2022 …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.