UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark one)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-37558

Nabriva Therapeutics plc

(Exact name of registrant as specified in its charter)

Ireland		Not applicable
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

25-28 North Wall Quay
IFSC, Dublin 1, Ireland		Not applicable
(Address of principal executive offices)		(Zip Code)

+353 1 649 2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Ordinary Shares, nominal value $0.01 per share	NBRV	The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻		Accelerated filer ◻

Non-accelerated filer ⌧		Smaller reporting company ☒

		Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ⌧

As of September 11, 2023, the registrant had 3,230,837 ordinary shares outstanding.

Table of Contents

NABRIVA THERAPEUTICS plc

INDEX TO REPORT ON FORM 10-Q

		Page
	PART I — FINANCIAL INFORMATION

Item 1:	Financial Statements	3

	Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (unaudited)	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (unaudited)	4
	Consolidated Statements of Changes in Stockholders’ (Deficit) Equity for the three and six months ended June 30, 2023 and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (unaudited)	6
	Notes to the Unaudited Consolidated Financial Statements	7
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3:	Quantitative and Qualitative Disclosures About Market Risk	25

Item 4:	Controls and Procedures	25

	PART II — OTHER INFORMATION

Item 1:	Legal Proceedings	26

Item 1A:	Risk Factors	26

Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3:	Defaults Upon Senior Securities	27

Item 4:	Mine Safety Disclosures	27

Item 5:	Other Information	27

Item 6:	Exhibits	28

SIGNATURES		29

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this Quarterly Report, other than statements of historical fact, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, and objectives of management, are forward-looking statements. The words “anticipate,” “around,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this report include, among other things, statements about:

●

our plans to execute a planned orderly wind down of our business;

●

the sufficiency of our current cash resources;

●

our expectations regarding the value or recovery that may be available to our shareholders and other stakeholders as part of a wind down process;

●

compliance with current or prospective governmental regulations;

●

general economic and market conditions;

●

our business and business relationships, including with our employees and suppliers; and

●

other risks and uncertainties, including those described in the ‘‘Risk Factors’’ section of our Annual Report on Form 10-K for the year ended December 31, 2022.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make.

You should refer to the “Risk Factor Summary” and “Risk Factors” sections of our Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of important factors that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. We do not assume any obligation to update any forward-looking statements, except as required by applicable law.

Throughout this Quarterly Report on Form 10-Q, unless the context requires otherwise, all references to “Nabriva,” “the Company,” “we,” “our,” “us” or similar terms refer to Nabriva Therapeutics plc, together with its consolidated subsidiaries.

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

NABRIVA THERAPEUTICS plc

Consolidated Balance Sheets (unaudited)


	As of		As of
(in thousands, except share data)	June 30, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	2,182	$	12,414
Restricted cash		73		123
Accounts receivable, net and other receivables		4,439		6,742
Inventory		—		9,676
Prepaid expenses		3,258		2,149
Total current assets		9,952		31,104
Property and equipment, net		246		280
Intangible assets, net		1		3
Other non-current assets		379		378
Total assets	$	10,578	$	31,765
Liabilities and stockholders´ (deficit) equity
Current liabilities:
Current portion of long-term debt	$	196	$	4,833
Accounts payable		14,026		5,431
Accrued expense and other current liabilities		11,981		17,341
Total current liabilities		26,203		27,605
Non-current liabilities:
Long-term debt		344		388
Other non-current liabilities		352		479
Total non-current liabilities		696		867
Total liabilities		26,899		28,472
Commitments and contingencies (Note 11)
Stockholders’ (deficit) equity:
Ordinary shares, nominal value $0.01, 12,000,000 ordinary shares authorized at June 30, 2023 and December 31, 2022; 3,230,837 and 3,201,417 issued and outstanding at June 30, 2023 and December 31, 2022, respectively		32		32
Preferred shares, nominal value $0.01, 100,000,000 shares authorized at June 30, 2023 and December 31, 2022; None issued and outstanding		—		—
Additional paid in capital		657,243		656,095
Accumulated deficit		(673,623)		(652,861)
Accumulated other comprehensive income		27		27
Total stockholders’ (deficit) equity		(16,321)		3,293
Total liabilities and stockholders’ (deficit) equity	$	10,578	$	31,765

The accompanying notes form an integral part of these consolidated financial statements.

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NABRIVA THERAPEUTICS plc

Consolidated Statements of Operations (unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except share and per share data)	2023		2022		2023		2022
Revenues:
Product revenue, net	$	2,574	$	8,680	$	10,135	$	15,720
Collaboration revenue		—		96		29		725
Research premium and grant revenue		(331)		415		(331)		766
Total revenues		2,243		9,191		9,833		17,211
Operating expenses:
Cost of revenues		(9,074)		(4,455)		(13,512)		(7,816)
Research and development expenses		(1,086)		(4,088)		(3,711)		(7,605)
Selling, general and administrative expenses		(4,107)		(11,047)		(13,107)		(23,747)
Total operating expenses		(14,267)		(19,590)		(30,330)		(39,168)
Loss from operations		(12,024)		(10,399)		(20,497)		(21,957)
Other (expense) income:
Other (expense) income, net		(39)		(92)		(70)		216
Interest income (expense), net		1		(198)		(194)		(413)
Loss before income taxes		(12,062)		(10,689)		(20,761)		(22,154)
Income tax expense		—		(385)		(1)		(739)
Net loss	$	(12,062)	$	(

SEC Form 10-Q filed by Nabriva Therapeutics plc