Drug delivery platform technology company PLx Pharma (PLXP) was down ~21% after Q3 revenue fell 94.1%, hit by unfavorable adjustments.

Q3 revenue came in at $0.39M, compared to $6.6M in the year-ago period.

The revenue included $0.3M of unfavorable adjustments for additional trade allowances and incremental sales returns reserves. The increased sales returns reserve reflected excess inventory at certain retailers.

Operating loss stood at $10.84M, compared to $9.86M a year ago.

GAAP EPS was -$0.30, compared to -$0.80 in the 2021 quarter. Non-GAAP EPS was -$0.37, unchanged Y/Y.

Net interest income increased on a yearly basis to $0.12M from $0.004M.

As of Sep. 30, the company had $25.8M in cash and cash equivalents.

Now Read: PLx Pharma (PLXP) Q3 2022 Earnings Call Transcript

PLx Pharma down after Q3 revenue fell 94% Y/Y

PLx Pharma experienced a significant decline in Q3 revenue, falling 94.1% year-over-year, resulting in a revenue of $0.39 million compared to $6.6 million in the same quarter last year. The company reported an operating loss of $10.84 million, an increase from a loss of $9.86 million the previous year, and had a GAAP EPS of -$0.30, up from -$0.80 in the 2021 quarter.