New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Acura Pharmaceuticals Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: March 5, 2012 05:52PM

Acura Pharmaceuticals Inc. (ACUR) filed Annual Report for the period ended 2011-12-31. Acura Pharmact has a market cap of $153.2 million; its shares were traded at around $3.37 with a P/E ratio of 18.8 and P/S ratio of 46.3.



Highlight of Business Operations:

In December 2007, Pfizer paid us a $30.0 million upfront fee in connection with the closing of the Pfizer Agreement. Program fee revenue recognized during 2011 from amortizing this upfront fee was $0.5 million compared to $1.1 million in 2010. We have assigned an equal portion of the program fee revenue to each of three product candidates identified under the Pfizer Agreement. We have completed our development activities on all 3 product candidates, fully amortized the portion of the upfront fee for two product candidates in 2008, and fully amortized the portion of the upfront fee for the third product candidate in 2011. We had milestone revenue of $20.0 million and $0 in 2011 and 2010, respectively.

In December 2007, Pfizer paid us a $30.0 million upfront fee in connection with the closing of the Pfizer Agreement. Program fee revenue recognized during 2010 from amortizing this upfront fee was $1.1 million compared to $3.0 million in 2009. We have assigned an equal portion of the program fee revenue to each of three product candidates identified under the Pfizer Agreement. We have completed our development activities on 2 of the 3 product candidates, fully amortized the portion of the upfront fee for two product candidates in 2008. We had no milestone revenue in 2010 or 2009.

Program fee revenue is derived from amortized upfront payments, such as the $30.0 million upfront payment from Pfizer received in December 2007, and license fees, such as the $3.0 million option exercise fee paid by King to us in each of May 2008 and December 2008 upon the exercise of its option to license a third and fourth opioid analgesic product candidate under the Pfizer Agreement. We have assigned an equal portion of Pfizer’s $30.0 million upfront payment to each of three product candidates identified in the Pfizer Agreement and recognize the upfront payment as program fee revenue ratably over our estimate of the development period for each identified product candidate. We recognized $0.5, $1.1 million, $3.1 million and $21.9 million of this program fee revenue in 2011, 2010, 2009 and 2008, respectively.

Collaboration revenue is derived from reimbursement of development expenses, which are invoiced quarterly in arrears, and are recognized when costs are incurred pursuant to the Pfizer Agreement. The ongoing research and development services being provided to Pfizer under the collaboration are priced at fair value based upon the reimbursement of expenses incurred pursuant to the collaboration with Pfizer. We recognized $0, $2.2 million, $0.8 million and $11.5 million of collaboration revenue in 2011, 2010, 2009 and 2008, respectively.

Read the The complete Report



Stocks Discussed: ACUR,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial