Exhibit 99.1
ACURA PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| | | (audited) | | | (audited) | |
| | | December 31, | | | December 31, | |
| | | 2021 | | | 2020 | |
| Assets – current | | $ | 372 | | | $ | 1,179 | |
| Property, plant and equipment, net | | | 438 | | | | 484 | |
| Other assets | | | 50 | | | | 73 | |
| Total assets | | $ | 860 | | | $ | 1,736 | |
| | | | | | | | | |
| Other liabilities - current | | $ | 515 | | | $ | 680 | |
| Loan under CARES Act - current | | | - | | | | 164 | |
| Accrued interest to related party – current | | | - | | | | 678 | |
| Convertible debt to related party – current | | | - | | | | 6,000 | |
| Loan under CARES Act – non current | | | - | | | | 105 | |
| Promissory note to related party – non current | | | 150 | | | | - | |
| Other liabilities – non current | | | 17 | | | | - | |
| Stockholders' equity (deficit) | | | 178 | | | | (5,891 | ) |
| Total liabilities and stockholders' equity (deficit) | | $ | 860 | | | $ | 1,736 | |
ACURA PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| | | (unaudited) | | | (audited) | |
| | | Three Months Ended
December 31, | | | Twelve Months Ended
December 31, | |
| | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
| Revenues: | | | | | | | | | | | | | | | | |
| Royalties | | $ | 30 | | | $ | 28 | | | $ | 132 | | | $ | 109 | |
| Collaboration from related party | | | 6 | | | | 90 | | | | 31 | | | | 238 | |
| License fees from related party | | | - | | | | 600 | | | | 1,400 | | | | 3,000 | |
| Product sales | | | - | | | | - | | | | - | | | | 223 | |
| Total revenues | | | 36 | | | | 718 | | | | 1,563 | | | | 3,570 | |
| Operating expenses: | | | | | | | | | | | | | | | | |
| Research and development | | | 344 | | | | 430 | | | | 1,524 | | | | 1,781 | |
| General and administrative | | | (71 | ) | | | 419 | | | | 1,253 | | | | 2,547 | |
| Total operating expenses | | | 273 | | | | 849 | | | | 2,777 | | | | 4,328 | |
| Operating loss | | | (237 | ) | | | (131 | ) | | | (1,214 | ) | | | (758 | ) |
| Gain on forgiveness of loans under CARES Act | | | 266 | | | | - | | | | 535 | | | | - | |
| Interest expense to related party | | | - | | | | (112 | ) | | | (200 | ) | | | (450 | ) |
| Income (loss) before provision for income taxes | | | 29 | | | | (243 | ) | | | (879 | ) | | | (1,208 | ) |
| Provision for income taxes | | | - | | | | - | | | | - | | | | - | |
| Net income (loss) | | $ | 29 | | | $ | (243 | ) | | $ | (879 | ) | | $ | (1,208 | ) |
| | | | | | | | | | | | | | | | | |
| Net loss per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.00 | ) | | $ | (0.01 | ) | | $ | (0.02 | ) | | $ | (0.04 | ) |
| Diluted | | $ | (0.00 | ) | | $ | (0.01 | ) | | $ | (0.02 | ) | | $ | (0.04 | ) |
| Weighted average number of shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 75,604 | | | | 32,319 | | | | 56,801 | | | | 32,320 | |
| Diluted | | | 75,604 | | | | 32,319 | | | | 56,801 | | | | 32,320 | |
