Radiopharmaceutical developer Navidea Biopharmaceuticals reported a decline in revenues for the fourth quarter of 2021 and the entire year.
For the fourth quarter (end-December 31), the company reported total net revenues of $50,000, which is down approximately 77% from the $219,000 in revenues it posted for the same period in 2020. Total net revenues for the full year of 2021 were $532,000, which dropped about 42% from the $914,000 reported in 2020.
Primarily, the decreases were due to less grant revenue related to Small Business Innovation Research grants from the U.S. National Institutes of Health for supporting the development of the company's Manocept technetium-99m-based tilmanocept imaging agent. Also, the company collected less royalty and license revenue from the sales of Manocept in Europe, offset by the partial recovery of debts previously written off in 2015 and the receipt of reimbursement from Cardinal Health of certain R&D costs, according to Navidea.
For the fourth quarter of 2021, Navidea's net loss was $3.6 million in comparison to $2.8 million for the same period in 2020. For 2021, the company's net loss was $11.7 million, compared with $10.7 million in 2020.
