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      Following its financial outcomes, Adamis Pharmaceuticals Inc. (ADMP) stock dropped during after-hours. - Stocks Telegraph

      By Mahnoor Shah

      Published on

      November 23, 2021

      7:22 AM UTC

      Following its financial outcomes, Adamis Pharmaceuticals Inc. (ADMP) stock dropped during after-hours. - Stocks Telegraph

      Adamis Pharmaceuticals Inc. (NASDAQ: ADMP) stock plunged by 1.97% at last close while the ADMP stock price declines by 17.07% in the after-hours trading session. Adamis Pharmaceuticals Corporation is a specialized biopharmaceutical business dedicated to the development and commercialization of medications for a variety of therapeutic areas, including allergy, opioid overdose, respiratory, and inflammatory conditions.

      ADMP stock’ Financial Highlights

      Adamis Pharmaceuticals announced its financial results for the nine months ended September 30, 2021. Given below is the summary:

      • As of September 30, 2021, the business undertaken through our USC subsidiary is classified as a ceased operation. As a result, the important current assets, other assets, current liabilities, and noncurrent liabilities have been recorded as part of total assets and liabilities for this time, apart from the ongoing firm operations’ balances.
      • Revenues for the nine months ended September 30, 2021, and 2020 were approximately $3.4 million and $2.1 million, respectively, based on these discontinued operations accounting rules. The rise in income was mostly due to SYMJEPI marketing initiatives by US WorldMeds.
      • For the nine months ending September 30, 2021, and 2020, selling, general, and administrative expenses were about $13.2 million and $9.6 million, correspondingly. The majority of the rise was due to the surge in legal fees.
      • For the nine months ended September 30, 2021, and 2020, research and development expenses were approximately $9.1 million and $6.6 million, respectively. The rise was mostly due to ZIMHI and Tempol development.
      • Cash and equivalents totaled $28.7 million as of September 30, 2021.

      Dennis J. Carlo, President, and CEO of Adamis Pharmaceuticals commented that,

      Over the last year, Adamis has made remarkable progress. They resubmitted ZIMHI’s NDA to the Food and drug administration. A Phase 2/3 clinical study to examine the use of Tempol for the cure of COVID-19 was started and patients were enrolled. SYMJEPI has seen considerable sales increase with their new commercial partnership. Most importantly, they gained early clearance for ZIMHI for the treatment of opioid overdose in October, and commercial launch is planned for the first quarter of 2022.”

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