Knight Therapeutics Reports First Quarter 2020 Results

- June 26th, 2020

Knight Therapeutics reported financial results for its first quarter ended March 31, 2020.

Knight Therapeutics Inc. (TSX: GUD) (“Knight” or “the Company”), a leading pan-American (ex-US) specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2020. All currency amounts are in thousands except for share and per share amounts. All currencies are Canadian unless otherwise specified.

Q1 2020 Highlights

Financials

  • Revenues were $45,839, an increase of $42,883 or 1,451% over prior year.
  • Interest income generated of $4,649 a decrease of $1,241 or 21% over prior year.
  • Net loss for the period was $9,477 compared to net income for the period of $5,189 in prior year.
  • Adjusted earnings1 of $6,435, an increase of $1,806 or 39% over prior year.

Corporate Developments

  • Purchased 2,326,083 common shares through its Normal Course Issuer Bid (“NCIB”) for an aggregate cost of $14,286.
  • Disposed the shares of Medison Biotech (1995) Ltd. (“Medison”) for a cash consideration of $77,000.
  • Ensuring the supply of medicines and safety of our employees during the COVID-19 pandemic.

Products

  • Launched Cresemba®, indicated for the treatment of invasive aspergillosis and invasive mucormycosis, in Brazil.

Strategic Investments

  • Disposed of 111,355 common shares of Profound for total proceeds of $1,825.
  • Received distributions of $2,090 from strategic fund investments and realized a gain of $907.

Key Subsequent Events

  • Completed the NCIB with a total purchase of 12,053,692 common shares at an average price of $7.14 per share.
  • Received US$5,000 ($7,094) for the full repayment of the strategic loan issued to Triumvira Immunologics Inc.
  • Amended strategic loan issued to Synergy and loaned an additional US$2,500 ($3,547).
  • Received regulatory approval from Health Canada for Ibsrela™ for the treatment of Irritable Bowel Syndrome with Constipation (“IBS-C”).
  • Obtained the exclusive Canadian commercial rights Trelstar®, approved for the treatment of advanced prostate cancer.
  • Accepted the resignation of Nancy Harrison, Sylvie Tendler and Kevin Cameron and appointed Janice Murray and Nicolás Sujoy on the Board of Directors.

“We are pleased to report on Knight’s continued progress on its mission to become a “rest of world” specialty pharmaceutical company” said Jonathan Goodman, CEO of Knight Therapeutics Inc. “We continue to remain focused on completing the acquisition of Biotoscana and advancing our portfolio with the launch of Cresemba in Brazil, the approval of Ibsrela in Canada while at the same time continuing our business development efforts. As our community faces an unprecedented health crisis, we remain committed to supplying medicines that meet the needs of patients and leveraging our strong balance sheet to build healthy returns for our shareholders.”
_________
1    Adjusted earnings is not a defined term under IFRS, refer to the definition below for additional details.

 

Select Financial Results

Q1-20 Change
KNIGHT3 GBT3 TOTAL Q1-19 $1 %2
Revenues 3,172 42,667 45,839 2,956 42,883 1,451%
Gross margin 2,608 17,252 19,860 2,271 17,589 775%
Selling and marketing 1,196 8,918 10,114 847 (9,267) 1,094%
General and administrative 2,518 5,900 8,418 3,695 (4,723) 128%
Research and development 768 1,981 2,749 626 (2,123) 339%
Amortization of intangible assets 322 5,717 6,039 426 (5,613) 1,318%
Operating Loss (2,196) (5,264) (7,460) (3,323) (4,137) 124%
Interest income 4,649 4,649 5,890 (1,241) 21%
Interest expense 2,016 1,140 3,156 (3,156) N/A
Net income (loss) 6,445 (15,922) (9,477) 5,189 (14,666) N/A
Basic net (loss) earnings per share 0.05 (0.06) (0.01) 0.04 (0.05) N/A
Adjusted earnings 3,011  3,424  6,435  4,629 1,806 39%
A positive variance represents a positive impact to net income and a negative variance represents a negative impact to net income
2   Percentage change is presented in absolute values
3   Refer to operating segment disclosure in Section 22 of management discussion and analysis for the quarter ended March 31, 2020 for definition of “Knight” and “GBT”

 

Revenue: GBT’s financial results accounted for $42,667 of incremental revenues ($14,006 in Brazil, $10,505 in Argentina, $9,092 in Colombia and $9,064 in the rest of the Latin American region). Historically GBT’s first quarter revenues are negatively impacted by seasonality due to reduced economic activity as a result of the new year & summer holidays and carnival events in Latin America. The revenues (excluding impact of IAS 29) reported by GBT in Q1-19 represented 20% of its annual 2019 revenues and a 27% decline vs. Q4-18. Comparatively, GBT reported revenues (excluding impact of IAS 29) in Q1-20 represented a 28% decline vs. Q4-19. The increase of 7% or $216 in Knight’s revenues for the quarter was mainly attributable to growth in Movantik® and Probuphine™ sales.

Gross margin: Change in gross margin was mainly attributable to the consolidation of GBT’s financial results, which accounted for $17,252 of incremental gross margin. Furthermore, GBT recorded an inventory provision of $3,288 due to inventory destroyed because of a temperature excursion during transportation ($874) as well as due delays in certain new product launches and COVID-19. Furthermore, after excluding the impact of hyperinflation accounting in accordance with IAS 29 and a purchase price allocation adjustment of $632, the gross margin of the Company would have been 46%, an increase of 3%, from 43%. Refer to “Impact of Hyperinflation” below for further details on the IAS 29 adjustments. Knight’s increase in gross margin for the quarter of $337 is attributable to increase in revenue and product mix.

Selling and marketing: GBT’s financial results accounted for $8,918 incremental selling and marketing expenses. For the quarter, the increase in Knight’s selling and marketing expenses of 41% or $349 was due to commercial activities related to the launch of Nerlynx® and Trelstar®.

General and administrative: GBT’s financial results accounted for $5,900 of incremental general and administrative expenses. Knight’s general and administrative expenses for Q1-20 were $2,518, a decrease of 32% or $1,177 compared to the prior quarter. The decrease is mainly due to $1,615 of non-recurring expenses incurred in the Q1-19 on professional fees related to the activist campaign, public proxy battle and related litigations between the Company and dissident shareholder Meir Jakobsohn, Medison’s CEO, partially offset by additional expenses incurred due to the growth of the Company.

Research and development: GBT’s financial results accounted for $1,981 of incremental research and development expenses. There was no significant variance in Knight’s research & development expenses.

Amortization of intangible assets: The amortization of the definite-life intangible assets acquired in the GBT transaction represents $5,717. There was no significant variance in Knight’s amortization.

Interest income: Interest income is the sum of interest income on financial instruments measured at amortized costs and other interest income. Interest income for Q1-20 was $4,649, a decrease of 21% or $1,241 compared to Q1-19 due to a decrease in the average cash and marketable securities balances partially offset by a higher average loan balance.

Interest expense: GBT’s financial results accounted for $1,140 of incremental interest expense for Q1-20 mainly related to interest on its bank loans. Knight’s portion of interest expense is mainly related to interest accretion on the Mandatory Tender Offer (“MTO”) liability of $2,009.

Foreign exchange gain or loss: GBT’s financial results accounted for $9,516 of foreign exchange loss, of which $7,545 relates to unrealized losses on intercompany balances and $1,971 relates to losses on third party balances. Knight’s foreign exchange gain of $4,609 is largely due to gains on certain US dollar denominated net assets.

Net income or loss: Net loss for the quarter was $9,477 (Q1-19: income of $5,189). The variance mainly resulted from the above-mentioned items as well as (i) net loss on the revaluation of financial assets measured at fair value through profit or loss of $6,730 (Q1-19: gain of $4,777), (ii) net gain on MTO liability of $1,522 due to unrealized gain on the foreign exchange revaluation of the Brazilian real denominated MTO liability, offset by unrealized loss on forward and non-deliverable forward contracts, (iii) realized gain on sale of asset held for sale of $2,948 due to the disposal of shares of Medison, (iv) realized gain on the NCIB’s automatic share purchase plan of $2,869, (v) loss on hyperinflation of $277 due to net monetary positions under hyperinflation accounting.

Adjusted Earnings: For the three-month period ended March 31, 2020, adjusted earnings was $6,435, an increase of $1,806 or 39% compared to the same period last year. The consolidation of GBT’s financial results accounted for $3,424 of the increase which is partially offset by an increase in Knight’s selling and marketing activities due to product launches, an increase in certain administrative expenses and a decrease in Knight’s interest income.

Product Updates

On January 8, 2020, Knight announced it has partnered with Debiopharm in an exclusive agreement that grants Knight the Canadian rights to commercialize Trelstar® (triptorelin), an agonist analogue of the natural gonadotropin-releasing hormone (GnRH). Trelstar® is currently approved and sold in Canada. Subsequent to the quarter, Knight took over commercial activities of Trelstar® in Canada.

In April 2020, Knight obtained regulatory approval for Ibsrela™ expected to be launched in Canada in early 2021. Knight entered into an exclusive licensing agreement with Ardelyx on March 16, 2018 to commercialize tenapanor in Canada. Tenapanor is a first-in-class small molecule treatment that has completed Phase 3 development for IBS-C (marketed as Ibsrela™) and is in an ongoing Phase 3 study for hyperphosphatemia.

In Q1 2020, GBT launched Cresemba® (isavuconazonium sulfate), an azole antifungal agent indicated for use in adults for the treatment of invasive aspergillosis and invasive mucormycosis, in Brazil. Cresemba® is licensed from Basilea Pharmaceutica Ltd, and GBT holds the rights to commercialize the product in Latin America. Cresemba® has already been launched in Argentina, Colombia, Mexico, Chile, Peru.

Strategic Lending Update

On February 20, 2019, the Company entered into a US$5,000 ($6,585) secured loan with Triumvira for the development of its novelty T cell therapies and obtained the exclusive rights to commercialize Triumvira’s future products in select countries. On April 16, 2020, Triumvira repaid the loan and all remaining accrued interest.

On August 9, 2017, Knight issued a secured loan of US$10,000 ($12,705) with an annual interest rate of 10.5% for a three-year term to Synergy. On May 8, 2020, the Company amended certain terms in its loan agreement with Synergy. The Company has issued an additional loan of US$2,500 ($3,547) to Synergy which bears interest at 12.5% per annum and matures on May 8, 2021.

NCIB Update

On July 8, 2019, Knight announced that the Toronto Stock Exchange approved its notice of intention to make a NCIB. Under the terms of the NCIB, Knight may purchase for cancellation up to 12,053,693 common shares of Knight which represented 10% of its public float as at July 2, 2019.

Subsequent to the quarter, Knight completed its NCIB and purchased a cumulative total of 12,053,692 common shares at an average price of $7.14 per share.

Other Corporate Developments

On November 21, 2019, Knight and Medison entered into a definitive agreement pursuant to which Knight agreed to sell to the Medison group all of Knight’s shares in Medison, reflecting approximately 28.3% of the share capital of Medison, in consideration for $77,000 payable in cash. In addition, the parties agreed to release each other from all claims and withdraw all legal proceedings initiated by both parties. Finally, Medison, which together with its affiliates own approximately 10,400,000 shares or 7.5% of Knight, agreed to a four-year standstill commitment and will divest its position in Knight during this period. On March 16, 2020, subsequent to fiscal year 2019, Knight received 75% ($57,750) of the consideration and the remaining 25% ($19,250) will be held by a trustee and is expected to be released to Knight upon the issuance of a tax certificate by the Israel Tax Authority.

COVID-19 Update

The recent outbreak of the coronavirus, or COVID-19, which has been declared by the World Health Organization to be a pandemic, has spread across the globe and is impacting worldwide economic activity. Certain countries where the Company has significant operations, have required entities to limit or suspend business operations and have implemented travel restrictions and quarantine measures. Knight is continuing to work to alleviate some of the pressure that the global COVID-19 pandemic has placed on our healthcare systems and ensure that we maintain supply of our medicines to patients. The Company and its employees have transitioned to working remotely, including our field sales and medical teams. The Company has taken steps to establish digital and virtual channels to ensure that physicians and patients continue to receive continued support. Knight is developing return to field or office protocols on a country by country basis. Furthermore, the Company has not faced any inventory shortages and has sufficient liquidity to meet all operating requirements for the foreseeable future. As the date hereof, the outbreak has not had a material impact on the Company’s results.


Conference Call Notice 

Knight will host a conference call and audio webcast to discuss its first quarter results today at 8:30 am ET. Knight cordially invites all interested parties to participate in this call.

Date: June 26, 2020
Time: 8:30 a.m. ET
Telephone: Telephone: Dial-in information will be provided to participants following pre-registration
Webcast: www.gud-knight.com or Webcast
This is a listen-only audio webcast. Media Player is required to listen to the broadcast.
Replay: An archived replay will be available for 30 days at www.gud-knight.com

Please pre-register in advance of the call.
This method will allow you to join the call seconds before it goes live without having to hold for a live agent to pick up your line, which has proven to be an issue with the influx of callers during the COVID-19 pandemic.

Online pre-registration: http://www.directeventreg.com/regisration/event/3568609
Phone pre-registration: 1-(888)-869-1189 and provide the Conference ID: 3568609 to the Live Agent who will take your details.

Once you register, you will receive a confirmation which will have the dial in number and both the Direct Event Passcode and your unique Registrant ID to join this call. For security reasons, please do NOT share this information with anyone else.


About Knight Therapeutics Inc. 

Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on developing, acquiring or in-licensing and commercializing innovative pharmaceutical products for Canada and Latin America. Knight owns a controlling stake in Grupo Biotoscana, a pan-Latin American specialty pharmaceutical company. Knight Therapeutics Inc.’s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company’s web site at www.gud-knight.com or www.sedar.com.

Forward-Looking Statement

This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.’s Annual Report and in Knight Therapeutics Inc.’s Annual Information Form for the year ended December 31, 2019. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.

CONTACT INFORMATION:

Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia
President
T: 514-678-8930
F: 514-481-4116
Email: info@gudknight.com
Website: www.gud-knight.com

Knight Therapeutics Inc.
Arvind Utchanah
Chief Financial Officer
T. 514.484.4483 ext. 115
F. 514.481.4116
Email: info@gudknight.com
Website: www.gud-knight.com

IMPACT OF HYPERINFLATION
[In thousands of Canadian dollars]

The Company applies IAS 29, Financial Reporting in Hyperinflation Economies, as the Company’s Argentine subsidiaries used the Argentine Peso as their functional currency. IAS 29 requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy be adjusted based on an appropriate general price index to express the effects of inflation. If the Company did not apply IAS 29, the effect on the Company’s operating income would be as follows:

Reported
under IFRS 
Excluding impact
of IAS 29
Variance
$1 %2
 
Revenues 45,839  45,488 351 1%
Cost of goods sold 25,979  25,015 (964) 4%
Gross margin 19,860  20,473 (613) 3%
Gross margin (%) 43% 45%    
   
Expenses    
Selling and marketing 10,114  9,988 (126) 1%
General and administrative 8,418  8,334 (84) 1%
Research and development 2,749  2,721 (28) 1%
Amortization of intangible assets 6,039  5,559 (480) 9%
Operating Loss (7,460) (6,129) (1,331) 22%
1   A positive variance represents a positive impact to net income due to the application of IAS 29 and a negative variance represents a negative impact to net income due to the application of IAS 29
2   Percentage change is presented in absolute values

The Company has provided an explanation of the basics of accounting under Hyperinflation (IAS 29). Refer to the investor relations section at www.gudknight.com for a copy of the presentation.

RECONCILIATION TO ADJUSTED EARNINGS
[In thousands of Canadian dollars]

Non-IFRS measure: EBITDA and Adjusted earnings

The Company discloses non-IFRS measures that do not have standardized meanings prescribed by IFRS. The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’s financial performance and in interpreting the effect of the GBT Transaction on the Company. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies.

The Company uses the following non-IFRS measures:

EBITDA: Operating (loss) income adjusted to exclude amortization and impairment of intangible assets, depreciation, purchase price allocation accounting, and the impact of IAS 29 (accounting under hyperinflation) but to include costs related to leases. In addition, EBITDA does not reflect the portion of GBT’s adjusted earnings attributable to the non-controlling interests.

Adjusted earnings: Operating (loss) income adjusted to exclude amortization and impairment of intangible assets, depreciation, acquisition costs, non-recurring expenses incurred but to include interest income earned net of interest expenses and costs related to leases. In addition, the adjusted earnings does not reflect the portion of GBT’s adjusted earnings attributable to the non-controlling interests.

Adjustments to operating (loss) income include the following:

  • With the adoption of IFRS 16, the lease payments of Knight are not reflected in operating expenses. The IFRS 16 adjustment approximates the cash outflow related to leases of Knight.
  • Acquisition costs relate to expenses of $216 for the quarter on legal and consulting, for the acquisition of GBT.
  • Other non-recurring expenses relate to expenses incurred by Knight that are not due to, and are not expected to occur in, the ordinary course of business. During the quarter, Knight recorded one-time costs of $1,764 related to (i) restructuring activities for $252, (ii) inventory destruction due to a temperature excursion during transportation for $874 and (iii) bad debt against accounts receivable for $638.
  • Interest income Includes “Interest income on financial instruments measured at amortized cost” and “Other interest income”. Primarily from interest earned on loans, cash and cash equivalents, marketable securities and accretion on loans receivable.
  • Interest expense on bank loans includes GBT’s interest expense mainly related to interest on its bank loans and excludes Knight’s interest accretion.

For the three-month period ended March 31, 2020, Knight calculated adjusted earnings as follows:

Q1-20  
KNIGHT1 GBT1,2 TOTAL Q1-19
Operating loss (2,196 ) (5,264 ) (7,460 ) (3,323 )
Adjustments to operating (loss) income:
Amortization of intangible assets 322 5,717 6,039 426
Depreciation of property, plant and equipment 101 1,623 1,724 97
Lease costs (IFRS 16 adjustment) (81 ) (753 ) (834 ) (76 )
Impact of purchase price allocation accounting 632 632
Impact of IAS 29 851 851
EBITDA (1,854 ) 2,806 952 (2,876 )
Acquisition costs 216 216
Other non-recurring expenses 1,764 1,764 1,615
Interest income 4,649 4,649 5,890
Interest expense on bank loans (1,146 ) (1,146 )
Adjusted earnings 3,011 3,424 6,435 4,629
1   Refer to operating segment disclosure in Section 22 of management discussion and analysis for the quarter ended March31, 2020 for definition of “Knight” and “GBT”
2   Not adjusted for the non-controlling interest of 48.8%

 

 

 

INTERIM CONSOLIDATED BALANCE SHEETS
[In thousands of Canadian dollars]

[Unaudited]

As at March 31, 2020 December 31, 2019
ASSETS  
Current  
Cash, cash equivalents and restricted cash 286,942 174,268
Marketable securities 246,575 235,045
Trade receivables 78,691 85,845
Other receivables 19,767 17,622
Inventories 72,125 70,870
Prepaids and deposits 2,878 3,306
Other current financial assets 22,450 26,303
Income taxes receivable 5,588 8,265
Total current assets 735,016 621,524
 
Marketable securities 59,061 126,869
Trade receivables 2,212 4,715
Prepaids and deposits 4,606 4,652
Right-of-use assets 5,831 6,409
Property, plant and equipment 23,289 22,639
Investment properties 1,456 1,740
Intangible assets 164,439 173,372
Goodwill 84,341 88,262
Other financial assets 138,629 132,848
Deferred income tax assets 4,113 3,991
Other long-term receivable 41,582 41,582
529,579 607,079
Assets held for sale 2,540 76,700
Total assets 1,267,135 1,305,303

 

INTERIM CONSOLIDATED BALANCE SHEETS (continued)
[In thousands of Canadian dollars]

[Unaudited]

As at March 31, 2020 December 31, 2019
LIABILITIES AND EQUITY  
Current  
Accounts payable and accrued liabilities 79,770 94,406
Lease liabilities 1,746 1,788
Other liabilities 1,688 1,750
Automatic share purchase plan liability 18,278
Other financial liabilities 183,413 184,023
Bank loans 54,207 50,557
Income taxes payable 14,039 15,447
Other balances payable 3,329 2,833
Total current liabilities 356,470 350,804
   
Lease liabilities 4,447 4,812
Long-term accounts payable and other liabilities 278
Bank loans 4,246 5,022
Other balances payable 1,947 1,699
Deferred income tax liabilities 23,386 27,860
Total liabilities 390,774 390,197
   
Equity  
Share capital 698,249 723,832
Warrants 785 785
Contributed surplus 16,933 16,463
Accumulated other comprehensive income 26,834 17,405
Retained earnings 40,760 52,246
Attributable to shareholders of the Company 783,561 810,731
Non-controlling interests 92,800 104,375
Total equity 876,361 915,106
Total liabilities and equity 1,267,135 1,305,303

 

INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS)
[In thousands of Canadian dollars, except for share and per share amounts]

[Unaudited]

  Three months ended March 31,
  2020  2019
 
Revenues 45,839 2,956
Cost of goods sold 25,979 685
Gross margin 19,860 2,271
 
Expenses  
Selling and marketing 10,114 847
General and administrative 8,418 3,695
Research and development 2,749 626
Amortization of intangibles 6,039 426
Operating loss (7,460 ) (3,323 )
 
Interest income on financial instruments measured at amortized cost (3,383 ) (4,925 )
Other interest income (1,266 ) (965 )
Interest expense 3,156
Other income (25 ) (353 )
Net loss (gain) on financial instruments measured at fair value through profit or loss 6,730 (4,777 )
Net gain on mandatory tender offer liability (1,522 )
Realized gain on sale of asset held for sale (2,948 )
Realized gain on automatic share purchase plan (2,869 )
Share of net income of associate (692 )
Foreign exchange loss 4,907 1,653
Loss on hyperinflation 277
(Loss) Income before income taxes (10,517 ) 6,736
 
Income tax  
Current 3,001 1,531
Deferred (4,041 ) 16
Income tax (recovery) expense (1,040 ) 1,547
Net (loss) income for the period (9,477 ) 5,189
   
Attributable to:  
Shareholders of the Company (1,709 ) 5,189
Non-controlling interests (7,768 )
 
Attributable to shareholders of the Company
Basic (loss) earnings per share (0.01 ) 0.04
Diluted (loss) earnings per share (0.01 ) 0.04
Weighted average number of common shares outstanding
Basic 135,144,152 142,852,246
Diluted 135,436,500 143,245,443

 

 

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
[In thousands of Canadian dollars]

[Unaudited]

  Three months ended March 31,
  2020 2019
OPERATING ACTIVITIES
Net (loss) income for the period (9,477 ) 5,189
Adjustments reconciling net income to operating cash flows:  
Deferred income tax (recovery) expense (4,041 ) 16
Share-based compensation expense 470 457
Depreciation and amortization 7,763 523
Net loss (gain) on financial instruments 6,730 (4,777 )
Net gain on mandatory tender offer liability (1,522 )
Realized gain on sale of Asset held for sale (2,948 )
Realized gain on automatic share purchase plan (2,869 )
Interest expense on MTO 2,009
Foreign exchange loss 4,907 1,653
Loss on hyperinflation 277
Share of net income of associate (692 )
Deferred other income (170 )
Other adjustments 167
1,466 2,199
Changes in non-cash working capital and other items (22,472 ) 2,496
Other long-term receivable (18,242 )
Dividends from associate 4,159
Interest payments on bank loans (161 )
Cash outflow from operating activities (21,167 ) (9,388 )
INVESTING ACTIVITIES
Purchase of marketable securities (13,415 ) (98,893 )
Purchase of intangibles assets (2,314 ) (1,989 )
Purchase of property and equipment (376 )
Exercise of warrants (386 )
Issuance of loans receivables (17,850 )
Purchase of equity investments (397 )
Investment in funds (5,555 ) (1,707 )
Proceeds on sale of asset held for sale 77,000
Proceeds on maturity of marketable securities 76,446 120,964
Proceeds from repayments of loans receivable 18 657
Proceeds from disposal of equity investments 2,919
Proceeds from distribution of funds 2,091 676
Cash inflow (outflow) from investing activities 136,030 (3,542 )
FINANCING ACTIVITIES
Proceeds from contributions to share purchase plan 73 60
Proceeds from bank loans 11,922
Repurchase of common shares through Normal Course Issuer Bid (13,311 )
Principal repayment of lease liabilities (827 ) (67 )
Principal repayments on bank loans (731 )
Cash outflow from financing activities (2,874 ) (7 )
   
Increase (decrease) in cash and cash equivalents during the period 111,989 (12,937 )
Cash and cash equivalents, beginning of the period 174,268 244,785
Net foreign exchange difference 685 (738 )
Cash and cash equivalents, end of the period 286,942 231,110
Cash and cash equivalents 286,942 231,110
Short-term marketable securities 246,575 235,045
Long-term marketable securities 59,061 126,869
Total cash, cash equivalents and marketable securities 592,578 593,024

Primary Logo

GlobeNewswire
June 26, 2020 – 4:30 AM PDT
News by QuoteMedia
 

New FREE Report: Investing in Psychedelics

   
What’s ahead for this exciting new segment? Learn more with our exclusive psychedelics report today.
 

Leave a Reply