Societal CDMO 
3Q Revenue: $21.6 million (+19%)
3Q Loss: $3.3 million (loss of $3.5 million 3Q21)
YTD Revenues: $65.9 million (+24%)
YTD Loss: $10.7 million (loss of $9.0 million YTD21)

Comments: During the quarter, the company signed $8.2 million in new and expanded project agreements. This represents the highest number of new contracts signed in any quarter by the company since becoming an independent and dedicated CDMO. The new projects span clinical trial services, analytical method, tech transfer, formulation development, cGMP manufacturing, and packaging services. 
 
Favorably amended license and supply agreement with Lannett Company for the marketing of Verapamil PM and Verelan SR products. Societal CDMO owns the new drug application (NDA) and the drug master file for Verapamil, an approved calcium channel blocker for the treatment of hypertension. Lannett has served as the company’s marketing partner for certain formulations of this drug since 2014. Under terms of the amendment, Societal will now receive improved overall economics, including a 10% increase in the profit share component of revenue from Verapamil PM product sales, as well as immediate and scheduled increases in manufacturing prices. 
 
In August 2022, the company signed a sales and purchase agreement to sell approximately 121 acres of lakefront land to David Weekley Homes, an established and nationally recognized homebuilder, for approximately $9.1 million. Societal CDMO expects the sale to close in the second half of 2023 and intends to use the proceeds from the sale to strengthen its balance sheet by paying down a portion of its outstanding debt.