Emergent Devices, Inc.

Vancouver, British Columbia--(News - April 10, 2023) - NervGen Pharma Corp. (TSXV: NGEN) (OTCQX: NGENF) ("NervGen" or the "Company"), a clinical stage biotech company dedicated to developing innovative solutions for the treatment of nervous system damage, today announced the appointment of Mr. Michael Kelly to the position of President & CEO effective April 10, 2023. Mr. Kelly has also been appointed as a member of NervGen's Board of Directors. "We are very excited to welcome Mike to NervGen and are confident he will play a major role in shaping the future of the Company. Mike is a highly experienced pharmaceutical executive with a strong track record of leadership and success," stated Bill Radvak, Executive Chairman. "Mike brings three decades of pharmaceutical experience, playing instrumental roles in the creation, development and strengthening of several companies. We are delighted to have him lead the team as we prepare to initiate our Phase 1b/2a clinical trial of our lead drug candidate, NVG-291, in spinal cord injury this year. Most recently, Mike played a key leadership role as President of US operations at Adapt Pharma, Inc. and its highly successful launch of NARCAN® (naloxone HCl) Nasal Spray in the US and Canada and eventual sale to Emergent BioSolutions for US$735 million." "I'm excited to take on this leadership role at NervGen," said Mike Kelly. "The Company is built on strong foundational science with significant preclinical data. The team is both passionate and focused on advancing NVG-291, which could help millions of individuals suffering from spinal cord injury, Alzheimer's disease, multiple sclerosis, and other forms of nervous system damage. I look forward to leading the team and transitioning NervGen to the next level of growth." Mr. Kelly currently serves on the Board of Directors of ARS Pharmaceuticals, which he joined in May 2019. Prior to Adapt, he was CEO and Board member for Covis Pharma Inc, who, along with its European affiliate, grew and sold the company assets for $1.2 billion to Concordia Healthcare in 2015. Previously, Mr. Kelly was also a member of the founding management team of Azur Pharma Limited, a specialty pharmaceutical company, and later, following a successful strategic merger, served as the Senior Vice President of Sales and Marketing for Jazz Pharmaceuticals plc. Prior to his tenure at Azur Pharma, he served as Vice President of Commercial Operations and Medical Affairs at Guilford Pharmaceuticals Inc., Vice President of Sales and Marketing at ViroPharma Incorporated, and held various commercial and medical roles at TAP Pharmaceuticals Inc. Mr. Kelly holds a Bachelor of Science in Business Administration from The College of New Jersey and a Master of Business Administration from Rider University. Mr. Radvak added, "I want to take this opportunity to thank Dr. Adam Rogers who assumed the role of Interim President and Mr. Glenn Ives who assumed the role of Lead Director and joined me in leading the NervGen team through this transition period. We are stepping down from these interim roles with every confidence that Mike Kelly's expertise and experience make him the ideal candidate to lead NervGen forward." Mr. Kelly's compensation package was strategically structured to be closely aligned with shareholders' interests in progressively building equity in NervGen's clinical programs and intellectual property. Grant of Retention Securities & Options In connection with the appointment of Mr. Kelly as President and Chief Executive Officer, the Company has granted 590,000 retention securities (the "Retention Securities") to Mr. Kelly, each exercisable into one common share at a price of $1.78 per share for a period of 10 years and that vest equally every month over a three-year period. The Retention Securities were granted outside of the Company's stock option plan, as an inducement grant to Mr. Kelly becoming the President and Chief Executive Officer of the Company pursuant to Section 6.4 of TSX Venture Exchange Policy 4.4 - Security Based Compensation ("Policy 4.4"). The Company has also granted 2,892,000 incentive stock options to Mr. Kelly exercisable at a price of $1.78 per share for a period of 10 years and that vest equally every month over a three-year period. The options have been granted in accordance with the policies of the TSX Venture Exchange and the conditions of the Company's stock option plan. The Board of Directors also approved certain clarifying amendments to the Company's existing stock option plan to more closely align with the requirements under Policy 4.4. About NVG-291 NervGen holds exclusive worldwide rights to NVG-291, a first-in-class therapeutic targeting pathogenic mechanisms that interfere with nervous system repair. NVG-291 is a therapeutic peptide derived from the intracellular domain of the receptor protein tyrosine phosphatase sigma (PTPσ). NVG-291-R, a rodent analog of NVG-291, has been shown to promote nervous system repair and functional recovery in animal models of spinal cord injury, peripheral nerve injury, multiple sclerosis and stroke, through enhanced plasticity, axonal regeneration, and remyelination. About NervGen NervGen (TSXV: NGEN) (OTCQX: NGENF) is a clinical stage biotech company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. NervGen's lead drug candidate, NVG-291, is currently planned for a Phase 1b/2a clinical trial. The Company's initial target indications include spinal cord injury, Alzheimer's disease and multiple sclerosis. For more information, go to . For further information, please contact: Huitt Tracey, Corporate Communications htracey@nervgen.com 604.537.2094 Nancy Thompson, Vorticom Public Relations nancyt@vorticom.com 212.532.2208 Follow NervGen on Twitter, LinkedIn, and Facebook for the latest news on the Company. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Such forward-looking statements and information herein include, but are not limited to, the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, and the words "may", "will", "would", "should", "could", "expect", "plan", "intend", "trend", "indication", "anticipate", "believe", "estimate", "predict", "likely" or "potential", or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements include, without limitation, statements relating to: the timing of the clinical development of NVG-291; the anticipated contributions of our new President & CEO and the structure of his compensation to build value in our clinical programs and intellectual property; the objectives and timing of our planned Phase 1b/2a clinical trial in individuals with spinal cord injury; our initial target indications of spinal cord injury, Alzheimer's disease and multiple sclerosis; the belief that modulating the activity of PTPσ is a promising target for reducing the clinical effects of nervous system damage through multiple mechanisms; and the creation of innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. Forward-looking statements are based on estimates and assumptions made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, the Company has relied on various assumptions, including, but not limited to: the Company's ability to manage the effects of the COVID-19 pandemic; the accuracy of the Company's financial projections; the Company obtaining positive results in its clinical and other trials; the Company obtaining necessary regulatory approvals; and general business, market and economic conditions. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation, a lack of revenue, insufficient funding, the impact of the COVID-19 pandemic, reliance upon key personnel, the uncertainty of the clinical development process, competition, and other factors set forth in the "Risk Factors" section of the Company's Annual Information Form, Short Form Base Shelf Prospectus, financial statements and Management Discussion and Analysis which can be found on SEDAR.com. All clinical development plans are subject to additional funding. Readers should not place undue reliance on forward-looking statements made in this news release. Furthermore, unless otherwise stated, the forward-looking statements contained in this news release are made as of the date of this news release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. To view the source version of this press release, please visit

Over $280 Million in Combined Cash and Securities and at least Three Years Operating Runway to Support Launch and Commercialization of neffy® in the U.S., if Approved neffy® NDA Currently Under FDA Review; PDUFA Anticipated Mid-2023 MAA validated in the European Union Under Review SAN DIEGO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- ARS Pharmaceuticals, Inc. (Nasdaq: SPRY) (ARS or the Company), a biopharmaceutical company dedicated to empowering at-risk patients and caregivers to better protect themselves from severe allergic reactions that could lead to anaphylaxis, today announced the closing of its merger with Silverback Therapeutics, Inc. (Silverback). This follows the satisfaction of all customary closing conditions, including approval of the merger by the stockholders of Silverback. The combined company will operate as ARS Pharmaceuticals, Inc., and shares of its common stock will commence trading under the trading symbol “SPRY” on November 9, 2022, on the Nasdaq Global Select Market. Effective as of the closing of the merger, ARS has over $280 million in cash and marketable securities. ARS has designed and developed neffy® to provide injection-like absorption of epinephrine, in a small, easy-to-carry, easy-to-use, rapidly administered, and reliable nasal spray device for the treatment of Type I severe allergic reactions , including anaphylaxis. With its needle-free administration, neffy® may help eliminate the anxiety and hesitation associated with using an epinephrine injection device. The Company’s New Drug Application (NDA) submission for neffy® is currently under review by the U.S. Food and Drug Administration (FDA) with an anticipated Prescription Drug User Fee Act (PDUFA) date in mid-2023. ARS has also filed and cleared validation of a Marketing Authorization Application (MAA) in Europe, which is currently under review by the European Medicines Agency (EMA). “This is a transformative time for ARS, enabling our move to a publicly traded organization and providing important resources to support the potential launch and commercialization of neffy®, upon approval,” said Richard Lowenthal, co-founder, president and CEO of ARS. “Millions of individuals suffer from severe allergic reactions, and unfortunately, too many do not treat their symptoms in time or at all with injection devices, leading to disease progression and potentially dangerous or life-threatening outcomes. With neffy®, our goal is to eliminate the fear of administering epinephrine with a small, needle-free and easy-to-use nasal spray. Our team at ARS believes that neffy® can add significant clinical value to the community by providing an alternative to the currently approved injection devices for patients and caregivers that either do not carry, avoid using or hesitate to use their epinephrine injection device. With the funding from our merger with Silverback, ARS is also dedicated to significant efforts on patient education and support of advocacy groups working to protect the community of allergy patients with this disease.” Post-merger, ARS has approximately 94 million shares of common stock outstanding. Prior ARS equityholders collectively own approximately 62% of the combined company and prior Silverback equityholders collectively own approximately 38% of the combined company, in each case on a fully diluted basis using the treasury stock method and excluding out-of-the-money options of Silverback. Effective as of the closing of the merger, the board of directors of ARS (Board) will be comprised of eleven directors, including three directors of Silverback: Pratik Shah, Ph.D., chairman of the Board;Rajeev Dadoo, Ph.D., managing partner, SR One Capital Management, L.P.;Saqib Islam, J.D. chief executive officer of Springworks Therapeutics, Inc.;Michael Kelly, former president of U.S. operations for Adapt Pharma, Inc.;Peter Kolchinsky, Ph.D., managing partner, RA Capital Management, L.P.;Jonathan Leff, partner, Deerfield Management and chairman of the Deerfield Institute;Richard Lowenthal, M.Sc., MSEL, co-founder, president and chief executive officer of ARS;Brent Saunders, executive chairman of The Beauty Health CompanyPhillip Schneider, board member of Longboard Pharmaceuticals Inc., former chief financial officer & senior vice president of IDEC Pharmaceuticals Corporation;Laura Shawver, Ph.D., chief executive officer of Capstan Therapeutics and former chief executive officer of Silverback;Peter Thompson, M.D., private equity partner at Orbimed Advisors LLC. SVB Securities LLC acted as financial advisor to Silverback, and Cooley LLP served as legal counsel to Silverback for the merger. Inceptiv Law served as legal counsel to ARS for the merger. About Type I Allergic Reactions including AnaphylaxisType I severe allergic reactions are serious and potentially life-threatening events that can occur within minutes of exposure to an allergen and require immediate treatment with epinephrine, the only FDA-approved medication for these reactions. While epinephrine autoinjectors have been shown to be highly effective, there are well published limitations that result in many patients and caregivers delaying or not administering treatment in an emergency situation. These limitations include fear of the needle, lack of portability, needle-related safety concerns, lack of reliability, and complexity of the devices. There are approximately 25 to 40 million people in the United States who experience Type I severe allergic reactions. Of those, only 3.3 million currently have an active epinephrine autoinjector prescription, and of those, only half consistently carry their prescribed autoinjector. Even if patients or caregivers carry an autoinjector, more than half either delay or do not administer the device when needed in an emergency. About ARS Pharmaceuticals, Inc.ARS is a biopharmaceutical company dedicated to empowering at-risk patients and caregivers to better protect themselves from severe allergic reactions that could lead to anaphylaxis. The Company is developing neffy® (previously referred to as ARS-1), an intranasal epinephrine product in clinical development for patients and their caregivers with Type I allergic reactions including food, medications and insect bites that could lead to life-threatening anaphylaxis. For more information, visit www.ars-pharma.com. Forward Looking StatementsStatements in this press release that are not purely historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the design and potential benefits of neffy®; the anticipated PDUFA date; the potential regulatory approval and commercialization of neffy®; the potential market opportunity for neffy®; the planned use of funding from the merger; and other statements that are not historical fact. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipate,” “plans,” “expects,” “will,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon ARS’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the ability to obtain and maintain regulatory approval for neffy®; results from clinical trials may not be indicative of results that may be observed in the future; potential safety and other complications from neffy®; the labelling for neffy®, if approved; the scope, progress and expansion of developing and commercializing neffy®; the size and growth of the market therefor and the rate and degree of market acceptance thereof vis-à-vis intramuscular injectable products; ARS’s ability to protect its intellectual property position; and the impact of government laws and regulations. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in ARS’s most recent filings with the U.S. Securities and Exchange Commission (SEC), including its preliminary proxy statement filed on August 11, 2022 and definitive proxy statement on October 6, 2022 and any reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on ARS’s web page at ir.ars-pharma.com by clicking on the link “Financials & Filings.” The forward-looking statements included in this presentation are made only as of the date hereof. ARS assumes no obligation and does not intend to update these forward-looking statements, except as required by law. ARS Media Contacts:Caroline CunninghamPorter NovelliCaroline.Cunningham@porternovelli.com ARS Investor Contacts:Justin ChakmaARS Pharmaceuticalsjustinc@ars-pharma.com

SANTA MONICA, Calif., Aug. 11, 2022 (GLOBE NEWSWIRE) -- Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a specialty pharmaceutical company developing medicines to treat addictions and drug overdose, today reported financial results for the three months and six months ended June 30, 2022, and provided a corporate update. Recent highlights include: Pipeline Update Rolling New Drug Application (NDA) submission for OPNT003, nasal nalmefene for opioid overdose remains on track, with completion expected in the second half of 2022Announced that the United States (U.S.) Patent and Trademark Office has issued a Notice of Allowance for U.S. patent with claims covering OPNT003 for opioid overdoseEnrollment and dosing on track in 300-patient Phase 2 study for OPNT002, nasal naltrexone, for Alcohol Use Disorder (AUD); data expected in H1 2023 Finance Update Q2 revenues of $3.9 million; $2.3 million of revenue was attributable to the sales of NARCAN® Nasal Spray from Opiant’s License Agreement with Emergent BioSolutions, Inc. (EBS) EBS communicated that royalties from U.S. NARCAN® sales were calculated using a 2% rate, despite Q2 2022 U.S. net sales having been greater than 70% of Q3 2021 thus requiring higher ratesOpiant delivered to EBS a default notice of material breach of its License Agreement for failure to pay the royalty rate set out in the License Agreement Announced $2.1 million funding awarded under its contract with the Biomedical Advanced Research and Development Authority (BARDA) for OPNT003 nasal nalmefene Approximately $40.2 million in cash and cash equivalents, as of June 30, 2022 Commenting, Roger Crystal, M.D., President and Chief Executive Officer of Opiant, said: “At Opiant, we feel a strong sense of urgency to meet the need for new treatment options for opioid overdose, driven largely by fentanyl and other very potent illicit synthetic opioids, which are doing so much harm in our communities. We are on track to complete our NDA this year, and believe that OPNT003, nasal nalmefene, is particularly well suited to help confront this national overdose crisis. The value of OPNT003 was further validated by the allowance of our patent application by the USPTO. By year-end, we also anticipate completing enrollment in the Phase 2 study evaluating OPNT002 for the treatment of Alcohol Use Disorder, with data expected during the first half of next year. I am excited by the progress we have made and look forward to advancing our mission to deliver medicines to better treat addiction and drug overdose.” David O’Toole, Chief Financial Officer of Opiant, said: “Looking ahead, we are prudently managing expenses while maintaining our good financial position with multiple value creating catalysts expected over the next 12 months. With that said, we intend to pursue all avenues to ensure the terms of the NARCAN® licensing agreement are appropriately enforced.” Financial Results for the Three Months Ended June 30, 2022 For the three months ended June 30, 2022, Opiant recorded approximately $3.9 million in revenue, compared to approximately $11.3 million during the corresponding period of 2021. For the three months ended June 30, 2022, the Company recorded approximately $2.3 million of revenue from its license agreement with Emergent BioSolutions, Inc. (EBS) for the sale of NARCAN®, and $1.6 million from grant and contract revenue, compared to approximately $9.3 million and $1.9 million respectively in the same period of 2021. Second quarter 2022 sales of NARCAN® were approximately $101.5 million, as reported by EBS. For the three months ended June 30, 2022, general and administrative (G&A) expenses were approximately $4.0 million, as compared to approximately $2.7 million in the comparable period in 2021. Personnel and non-cash stock-based compensation expense increased by $1.3 million. Research and development (R&D) expenses for the three months ended June 30, 2022, increased by $4.8 million to $7.9 million, from $3.1 million for the three months ended June 30, 2021. External development expense increased by $3.9 million primarily due to increased activity on our lead product candidate, OPNT003, nasal nalmefene, for opioid overdose, and personnel and non-cash stock-based compensation expense increased by $0.9 million. Sales and marketing (S&M) expenses for the three months ended June 30, 2022, were approximately $2.8 million, as compared to approximately $1.0 million in the comparable period in 2021. Personnel and non-cash stock-based compensation expense increased by $1.1 million and external third party spend related to pre-commercial activities increased by $0.7 million. Royalty expense for the three months ended June 30, 2022, was approximately $0.5 million, compared to $2.1 million in the comparable period in 2021. During the three months ended June 30, 2022, interest expense was $0.4 million compared to $0.5 million during the three months ended June 30, 2021. Interest expense is all related to the Company’s convertible debt. Net loss for the three months ended June 30, 2022, was approximately $11.8 million, or a loss of $2.31 per basic share and diluted share, compared to net income of approximately $1.7 million, or $0.39 per basic and $0.31 per diluted share, for the comparable period of 2021. On August 10, 2022, Opiant delivered a Default Notice to EBS under section 10.3 of its License Agreement. The Default Notice put EBS on notice it had materially breached one or more of its obligations under the License Agreement. Opiant stated cause for breach based upon the royalty report EBS provided Opiant for the quarter ended June 30, 2022. The EBS royalty report confirmed U.S. net NARCAN® sales during the second quarter were greater than 70% of the U.S. net NARCAN® sales in the third quarter 2021. As provided under the License Agreement, the Generic Reduction Clause would not apply and Opiant should have been entitled to the higher tiered royalty rate structure. However, EBS arbitrarily applied a 2% rate, disregarding the terms of the License Agreement, and resulting in a royalty payment of approximately $2.3 million. Opiant believes that it is due approximately $9.1 million, a significantly higher royalty payment. The Default Notice allows EBS sixty days to meet its obligations under the License Agreement and pay the correct amount owed. If EBS fails do so, Opiant intends to vigorously pursue all remedies aimed at ensuring EBS complies with the existing License Agreement. The License Agreement was originally between LightLake Therapeutics Inc. and Adapt Pharma Limited, which Opiant and EBS are successors to, respectively. Financial Results for the Six Months Ended June 30, 2022 For the six months ended June 30, 2022, Opiant recorded approximately $8.4 million of revenue, compared to $17.6 million during the corresponding period of 2021. For the six months ended June 30, 2022, Opiant recognized $4.5 million of revenue from its license agreement with EBS and $3.8 million from grant and contract revenue. This compares to $13.6 million and $4.0 million, respectively, for the same period in 2021. First half 2022 sales of NARCAN® were approximately $194.6 million, as reported by EBS. For the six months ended June 30, 2022, G&A expenses were approximately $8.3 million, compared to $5.4 million in 2021. Personnel and non-cash stock-based compensation increased by $2.4 million along with a net increase of approximately $0.5 million associated with legal and other fees for the six months ended June 30, 2022, compared to the six months ended June 30, 2021. R&D expenses during the six months ended June 30, 2022, increased by $9.5 million to $16.7 million, compared to $7.2 million for the six months ended June 30, 2021. The increase was primarily due to increased activity by $7.8 million on our lead product candidate, OPNT003, nasal nalmefene, and to personnel and non-cash stock-based compensation expense of $1.7 million. S&M expenses for the six months ended June 30, 2022, increased by $3.5 million to $5.5 million from $2.0 million for the six months ended June 30, 2021. Personnel and non-cash stock-based compensation expense increased by $2.0 million, and external third party spend related to pre-commercial activities increased by $1.5 million. Royalty expense for the six months ended June 30, 2022, was approximately $0.9 million, compared to approximately $3.1 million for the comparable period of 2021. The decrease of $2.2 million is attributable to the decrease in net revenue recorded from sales of NARCAN® by EBS. Net loss for the six months ended June 30, 2022, was approximately $24.0 million, or a loss of $4.74 per basic and diluted share, compared to net loss of approximately $1.2 million, or a loss of $0.27 per basic and diluted share, for the comparable period of 2021. As of June 30, 2022, Opiant had $40.2 million in cash and cash equivalents. In August, Opiant announced that the Biomedical Advanced Research and Development Authority (BARDA) has awarded an additional approximately $2.1 million to support OPNT003, nasal nalmefene. The funding is primarily directed toward the preparation and filing of a New Drug Application for OPNT003 to the Food and Drug Administration. Awards from BARDA for up to $10.8 million, combined with a $7.4 million grant Opiant received from the National Institute on Drug Abuse, support the clinical development and U.S. regulatory submission of OPNT003. The contract with BARDA will also potentially allow for the development of OPNT003 as a medical countermeasure in a chemical attack using weaponized synthetic opioids as well as reverse opioid overdoses in the community. BARDA is part of the Office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services. This project has been funded in whole or in part with federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, under Contract No. HHSO100201800029C. Conference Call Details:Thursday, August 11th at 4:30 p.m. Eastern Time/1:30 p.m. Pacific TimeToll Free:1-877-407-0792International:1-201-689-8263Conference ID:13730815Webcast:http://ir.opiant.com/ About Opiant Pharmaceuticals, Inc.Opiant Pharmaceuticals, Inc., the company that developed NARCAN® Nasal Spray, is building a leading franchise of new medicines to combat addictions and drug overdose. For more information visit: www.opiant.com. Forward-Looking StatementsThis press release contains forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, and among other things, submit a New Drug Application in the second half of 2022. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "projects," "potential," or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors. Additional factors that could materially affect actual results can be found in our Form 10-K for the year ended December 31, 2021, and our Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission on March 4, 2022, and August 11, 2022, respectively, including under the caption titled "Risk Factors." These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this press release to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.Investor Relations Contacts: Ben AtkinsVP of Corporate Communications and Investor RelationsBatkins@opiant.com(310) 598-5410 Opiant Pharmaceuticals, Inc.Condensed Consolidated Balance Sheets(in thousands, except shares and per share amounts) As of June 30 As of December 31, 2022 2021Assets(unaudited) Current Assets Cash & cash equivalents$40,173 $37,854 Marketable securities - $15,015 Accounts receivable 2,336 13,327 Unbilled receivable 1,637 - Prepaid and other current assets 3,612 2,963 Total Current Assets 47,758 69,159 Other Assets Property and equipment, net 71 78 Right of use assets - operating leases 733 1,000 Patents and patent applications, net 11 12 Other non-current assets 251 179 Total Assets$48,824 $70,428 Liabilities and stockholders' equity Current Liabilities Accounts payable and accrued expenses$3,102 $3,370 Accrued salaries & wages 1,226 202 Royalty payable 440 2,920 Deferred revenue - 17 Operating leases 227 338 Total Current Liabilities 4,995 6,847 Long-Term Liabilities Operating leases - long term 523 673 Convertible debt - net of unamortized discount 13,710 16,069 Total Long-Term Liabilities 14,233 16,742 Total Liabilities 19,228 23,589 Stockholders' equity Common stock, $0.001 par value, 200,000,000 shares authorized, 5,122,575 and 4,909,846 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 5 4 Additional paid-in-capital 115,439 108,570 Accumulated other comprehensive loss (243) (55) Accumulated deficit (85,605) (61,680) Total stockholders' equity 29,596 46,839 Total liabilities and stockholders' equity$48,824 $70,428 Opiant Pharmaceuticals Inc.Condensed Consolidated Statements of Operations(in thousands, except shares and per share amounts) Three months ended Three months ended Six months ended Six months ended June 30 June 30 June 30 June 30 2022 2021 2022 2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited)Revenues Royalty revenue$2,326 $9,314 $4,520 $13,648 Grant and contract revenue 1,568 1,945 3,845 3,998 Total Revenue 3,894 11,259 8,365 17,646 Operating expenses General and administrative 4,011 2,733 8,343 5,380 Research and development 7,916 3,150 16,739 7,238 Sales & marketing 2,816 1,023 5,493 2,020 Royalty expense 517 2,107 943 3,086 Total expenses 15,260 9,013 31,518 17,724 Income (loss) from operations (11,366) 2,246 (23,153) (78) Other income (expense) Interest income 63 4 68 7 Interest expense (401) (542) (822) (1,079) Loss on foreign exchange (24) 16 (10) Total other income (expense) (338) (562) (738) (1,082)Income (loss) before provision for income taxes (11,704) 1,684 (23,891) (1,160) Income tax expense (33) - (33) - Net income (loss)$(11,737) $1,684 $(23,924) $(1,160) Other comprehensive income (loss): Foreign currency translationadjustment (161) (5) (188) 8 Comprehensive income (loss)$(11,898) $1,679 $(24,112) $(1,152) Net income (loss) per common share Basic$(2.31) $0.39 $(4.74) $(0.27) Diluted$(2.31) $0.31 $(4.74) $(0.27) Weighted-average common shares outstanding: Basic 5,087,647 4,332,601 5,051,814 4,308,027 Diluted 5,087,647 5,427,831 5,051,814 4,308,027