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Redhill Biopharma | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Apr 8 21:32
Summary by Futu AI
RedHill Biopharma Ltd., a specialty biopharmaceutical company, announced its full-year financial results for 2023, highlighting a significant turnaround from the previous year's losses. The company reported a net income of $23.9 million for the year ended December 31, 2023, compared to a net loss of $71.7 million in the previous year. This improvement was largely due to the divestiture of Movantik and ongoing cost-reduction measures. RedHill's revenue for 2023 was $6.5 million, a decrease from $61.8 million in 2022, primarily due to the divestiture of Movantik. The company's R&D efforts are focused on opaganib and RHB-107, both in advanced clinical development for multiple indications including COVID-19 and Ebola, with U.S. government funding supporting their progression. RedHill also reported a cash balance of $6.5 million as of December 31, 2023. The company is actively pursuing strategic business transactions, including potential divestment of certain assets and/or commercial operations. CEO Dror Ben-Asher emphasized the company's transformation and clear direction, with a focus on U.S. government-funded pipeline development in underserved therapeutic areas.
RedHill Biopharma Ltd., a specialty biopharmaceutical company, announced its full-year financial results for 2023, highlighting a significant turnaround from the previous year's losses. The company reported a net income of $23.9 million for the year ended December 31, 2023, compared to a net loss of $71.7 million in the previous year. This improvement was largely due to the divestiture of Movantik and ongoing cost-reduction measures. RedHill's revenue for 2023 was $6.5 million, a decrease from $61.8 million in 2022, primarily due to the divestiture of Movantik. The company's R&D efforts are focused on opaganib and RHB-107, both in advanced clinical development for multiple indications including COVID-19 and Ebola, with U.S. government funding supporting their progression. RedHill also reported a cash balance of $6.5 million as of December 31, 2023. The company is actively pursuing strategic business transactions, including potential divestment of certain assets and/or commercial operations. CEO Dror Ben-Asher emphasized the company's transformation and clear direction, with a focus on U.S. government-funded pipeline development in underserved therapeutic areas.
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