Novan ( NASDAQ: NOVN ) stock fell ~18% on Monday after Q3 revenue missed analysts estimates.
Net loss marginally narrowed to -$6.03M, compared to -$6.48M in Q3 2021.
Total revenue grew +594% Y/Y to ~$5.12M.
Net product revenues were $4.6M, which represented the sales of skin products, including Rhofade, Wynzora and Minolira. Meanwhile, license and collaboration revenues were $492K in Q3.
Sales of rosacea therapy Rhofade grew +31% Y/Y but declined Q/Q; revenue from plaque psoriasis cream Wynzora also fell Q/Q, down -14%, but was up +216% Y/Y. Acne treatment Minolira increased 78% Y/Y and 23% Q/Q.
"We experienced a slight downturn in two of our promoted products this quarter in volume compared to the second quarter, in part due to expected seasonality and related market conditions," said John Donofrio, executive vice president, COO of Novan and President EPI Health.
Research and Development expenses were $4.29M, compared to $4.25M in Q3 2021.
The company said it continues to progress to file a new drug application to the FDA seeking approval of berdazimer gel, 10.3% (SB206) by the end of 2022.
As of Sept. 30, Novan had a total cash and cash equivalents of of $14.9M.
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Novan stock tumbles 18% on Q3 revenue miss as key skin drugs sales fall Q/Q