March 15, 2022

Brickell’s losses mount as firm struggles with Nasdaq listing

BOULDER —  Brickell Biotech Inc. (Nasdaq: BBI), a clinical-stage pharmaceutical company that’s developing a gel to treat excessive sweating, grew its losses in 2021, a blow to the company’s chances of avoiding Nasdaq delisting this year. 

Brickell’s net loss was $39.5 million for the full 2021 fiscal year, up from a $20.9 million loss in 2020.

Much of that differential related to increased research and development costs for its sofpironium bromide gel, which is being tested and could be submitted to the U.S. Food and Drug Administration later this year.

Despite the increased full-year losses, financial performance in the fourth quarter of 2021 was actually better than the same period in 2020.

Revenues totaled $104,000, compared with $27,000, and losses totaled $6.1 million, compared with $7.4 million. 

Still, Brickell’s stock price remains a concern.

In December 2021, the company received a 180-day extension to boost its stock price and retain Nasdaq compliance for listing on the exchange. Brickell has until June 13 to demonstrate that the closing bid price of the firm’s common stock is at least $1 per share for a minimum of 10 consecutive business days.

Brickell’s share price hasn’t eclipsed the dollar mark in nearly a year and has hovered around 25 cents for more than a month.

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