Cipher Q1 2024 - Quarterly commentary (the real one this time).

Isn’t it funny that I could have listened to the wrong earnings call and the same things were said? I miss when this was a blog covering a few companies.

Nail fungus has, unfortunately, become toxic waste.

CIPHER Q1 2024 - Transcript here (click)

Personal notes -

Intro

• Leads with balance sheet numbers - they seem happy enough to carry cash as is.

• Moberg review/update

  • EMA approval 13 countries (7 OTC, 6 RX).

  • Comment on market owned by Jublia in Canada from IQVIA.

  • Trial

    • Note on “Speed of MOB-015”

    • 

    • Modification of trial to address complete cure

    • 

    • Mention of dossier - compiling data from EMA (not the US) for preparation of submission.

• Piclidenoson

  • Pivotal P3 approved my EMA/FDA - “Later in 2024 commencement”

  • $40M CAD/yr market for Cipher.

• M&A

  • “Becoming more optimistic about sharing details” but warrants caution (MEH).

  • Noted in late 2023 they passed on a deal, decided on SIB in place of M&A last year.

  • “Deal flow fine” — suggests that they’ve been reviewing some at least

Operations

• Canada: Epuris sales +7% Y/Y, unaffected by forex - core derm business intact

  • First example of a full quarter against Absorica LD

• 5.9M net revenue, +20%

• US licensing revenues up substantially, caused in part by shipping related timing events.

Q&A

• Pricing “getting more reasonable” in M&A in US

• NDS submission on MOB-015 1 quarter after submission

  • Launch 1 year after submission, 2nd half 2026

  • Preparation of dossier submission from EMA data underway (repeated).

Tax Asset notes:

• “Picking away at them” - $170-175M USD NOL’s