RedHill Biopharma Ltd., a specialty biopharmaceutical company, has reported its financial results and business highlights for the first half of 2024, ending June 30. The company announced a cash balance of $8.2 million and net revenues of $2.6 million, a decrease from the previous year, primarily due to a reduction in U.S. prescriptions of Talicia following cost-cutting measures including employee terminations. Despite this, the company has improved its operating and net loss by $9.9 million and $9.5 million, respectively, compared to the first half of 2023, excluding one-time items related to the Movantik divestiture. RedHill has also signed a Global Termination Agreement with Movantik Acquisition Co., resulting in a net balance sheet reduction of approximately $2.3 million. The company highlighted its R&D progress, including...Show More

RedHill Biopharma Ltd., a specialty biopharmaceutical company, has reported its financial results and business highlights for the first half of 2024, ending June 30. The company announced a cash balance of $8.2 million and net revenues of $2.6 million, a decrease from the previous year, primarily due to a reduction in U.S. prescriptions of Talicia following cost-cutting measures including employee terminations. Despite this, the company has improved its operating and net loss by $9.9 million and $9.5 million, respectively, compared to the first half of 2023, excluding one-time items related to the Movantik divestiture. RedHill has also signed a Global Termination Agreement with Movantik Acquisition Co., resulting in a net balance sheet reduction of approximately $2.3 million. The company highlighted its R&D progress, including U.S. government collaborations on opaganib for Ebola and ARS, and RHB-107 for COVID-19 and Ebola. Positive Phase 3 data for RHB-104 in Crohn's disease was published, and Talicia remains the leading prescribed branded H. pylori therapy in the U.S. RedHill's CEO, Dror Ben-Asher, emphasized the company's focus on value-driven focus, operational efficiency, and financial streamlining.