The corporation holds 48.60M outstanding shares and its 23.55M shares were floated in the market. Forward Pharma A/S (FWP) moved with change of +6.19% to $1.0300 with the total traded volume of 6,059 shares in recent session versus to an average volume of 6,198. After opening the first trading session at $0.9310, it registered a day’s high of $1.0300 and touched a day’s low of $0.9310.
Forward Pharma A/S (FWP) recently stated consolidated financial results for the year ended December 31, 2018. Our net loss for the year ended December 31, 2018 was $(8.7)M, or $(0.09) per diluted share, versus net income of $917.1M, or $2.30 per diluted share for the year ended December 31, 2017. Our research, development, general and administrative costs reduced from $37.6M for the year ended December 31, 2017 to $12.3M for the year ended December 31, 2018.
Operating Results for the Year Ended December 31, 2018
During the year ended December 31, 2017, we recognized as revenue the $1.25B nonrecurring non-refundable fee (“Non-refundable Fee”) that was received during February 2017 in connection with the Settlement and License Contract (“License Contract”) entered into with two wholly owned subsidiaries of Biogen, Inc. (collectively, “Biogen”). During the year ended December 31, 2018, the Group did not earn any revenues under the License Contract or from other sources. Accordingly, there were no revenues recognized during the year ended December 31, 2018.
The terms of the contract between Aditech Pharma AG (“Aditech”) and the Company, including the addendum to the contract executed in January 2017, provided for Aditech to receive a one-time payment of $25M, equal to 2% of the Non-refundable Fee, in 2017. During the year ended December 31, 2018, there were no amounts Because of Aditech.
Research and development costs for the years ended December 31, 2018 and 2017 were $2.7M and $20.5M, respectively. The decrease in research and development costs for the year ended December 31, 2018 is the result of lower costs incurred in connection with the EP2801355 patent (“‘355 Patent”) opposition in Europe (“Opposition Proceeding”), lower share-based compensation and the wind-down of our development efforts of dimethyl fumarate (DMF)-containing formulations.
General and administrative costs for the years ended December 31, 2018 and 2017 were $9.5M and $17.1M, respectively. The decrease in general and administrative costs in the year ended December 31, 2018 resulted primarily from a decrease in legal and accounting costs, lower patent advisory fees incurred in connection with the appeal of decision in the U.S. patent interference proceeding, the absence in 2018 of nonrecurring costs incurred in connection with the reorganization completed in 2017 and an overall reduction in overhead costs.
During the year ended December 31, 2018, the Group recognized a foreign exchange gain of $2.7M, which resulted primarily from the strengthening of the USD contrast to the DKK during the year. During the year ended December 31, 2017, the Company recognized a foreign exchange loss of $241,000, which resulted primarily from the negative effect of the weakening of the USD to the DKK during the year.
Financial Position as of December 31, 2018
As of December 31, 2018, we have $82.5M in cash and cash equivalents and our working capital is $82.2M. We believe we have sufficient liquidity to allow us to meet our planned operating activities in the normal course of business beyond the year ending December 31, 2019. Unforeseen events could negatively affect our ability to fund planned operations in the future.
The stock established a positive trend of 5.10% in last week and indicated rise of 6.24% in previous month. (FWP) price volatility for a month noted as 4.73% however its price volatility for a week documented as 4.85%.
Allison Hickman –Health and Biotech
My name is Allison Hickman, and I am the mainstream behind the”dailynewsme.com” for the powerful and most delicate insights into the latest activities in the Investing category. I started my journey as an independent financial consultant. I had approximately 6 years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.
Address: 4427 Irish Lane
Madison, WI 53704, United States of America
Phone Number: +1 608 770 1673