Societal CDMO 
4Q Revenues: $24.3 million (+9%)
4Q Loss: $9.2 million (loss of $2.4 million 4Q21)
FY Revenues: $90.2 million (+20 %)
FY Loss: $19.9 million (loss of $11.4 million FY21)

Comments: Growth in the quarter was primarily driven by an increase in European Ritalin LA demand from the company’s new customer InfectoPharm, and an increase in revenue from the company’s largest commercial customer Teva, correlated with pull through in demand resulting from market share gains against the sole competitor for the Verapamil SR products. These increases were partially offset by lower revenues from commercial product sales in San Diego compared to the prior year due to timing of customer shipments.

In the quarter, the company signed $9.5 million ins new and expanded project agreements, representing the second consecutive quarter of highest signed business in company history. The new projects span clinical trial services, analytical method, tech transfer, formulation development, cGMP manufacturing, and packaging services.

In December 2022, the company executed a sale and leaseback transaction for its Gainesville, Georgia, manufacturing site and campus with Tenet Equity, yielding $39 million in non-dilutive gross proceeds. Upon closing, Societal CDMO entered into a 20-year lease agreement with Tenet Equity, with multiple renewal options.

In August 2022, the company signed a sales and purchase agreement to sell approximately 121 acres of lakefront land for approximately $9.1 million. The unused land is located adjacent to Societal’s manufacturing facility in Gainesville.