Announcement • Mar 27
IPI Legacy Liquidation Co Files Form 15 IPI Legacy Liquidation Co has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.001 per share. Announcement • Feb 29
Combined Disclosure Statement Conditionally Approved for Impel Pharmaceuticals Inc. The US Bankruptcy Court approved the combined hearing to consider conditionally approval of disclosure statement and plan of Impel Pharmaceuticals Inc., on February 27, 2024. The debtor had filed its disclosure statement and plan in the Court on February 25, 2024. The voting record date is February 23, 2024. The deadline to vote on the plan is March 27, 2024. Any objections to the plan should be made before March 27, 2024, and the confirmation hearing for the plan and disclosure statement has been scheduled for April 1, 2024. Announcement • Feb 26
Amended Joint Liquidation Plan and Disclosure Statement Filed by Impel Pharmaceuticals Inc. Impel Pharmaceuticals Inc., along with its affiliate, filed an amended joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on February 25, 2024. As per the plan filed, Other Priority Claims of $0.15 million shall be paid in full in cash. Prepetition Term Loan Claims of $127.03 million shall receive its pro rata share in full in cash from Distributable Cash and Contingent Sale Proceeds. General Unsecured Claims of $4.3 million shall be recovered 2.3% i.e., $0.10 million of its pro rata share in cash. There are no changes in treatment of any other claim class sources of plan funding. Announcement • Feb 17
Impel Pharmaceuticals Inc. Announces Departure of Len Paolillo as Interim Chief Executive Officer Impel Pharmaceuticals Inc. announced in connection with the closing of the Asset Sale, Len Paolillo departed as the Company’s Interim Chief Executive Officer on February 12, 2024. In connection with his resignation, Mr. Paolillo entered into a consulting agreement with the Company, effective as of February 13, 2024 (the Consulting Agreement), pursuant to which Mr. Paolillo will assist with the transition of his role and provide advisory services to the Company through June 30, 2024 (such period, the Consulting Period). Pursuant to the terms of the Consulting Agreement, Mr. Paolillo will be entitled to a consulting rate of $500.00 per hour during the Consulting Period. Announcement • Dec 22
Impel Pharmaceuticals Files for Chapter 11 to Facilitate Sale Impel Pharmaceuticals Inc. (OTCPK:IMPL) announced that it is pursuing a sale of the company and has entered into an agreement with JN Bidco to serve as the "stalking horse" bidder to acquire the company and its assets. To facilitate an orderly sale process, the company has filed voluntary petitions to commence chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas, which will provide interested parties the opportunity to submit higher and better offers. The decision to file for Chapter 11 protection follows the strategic review process that Impel announced in October during which the company announced the exploration of a wide range of options including potential sale of assets of the Company, a sale of all the company, a merger or other strategic transaction. Impel intends to continue operating as usual throughout the court-supervised sale process, including providing wages and benefits to employees. To enable this, the company has filed certain customary "First Day" motions with the Court. Upon Court approval of these First Day motions, the company expects to minimize the impact of the sale process on the company's customers, employees, and other key stakeholders. Impel seeks to complete the sale process in the first quarter of 2024, with any sale subject to Court approval. Announcement • Dec 19
Impel Pharmaceuticals' Common Stock to be Delisted from Nasdaq As previously disclosed, on April 11, 2023, Impel Pharmaceuticals Inc. (the ‘Company’) received written notice (the ‘Delisting Notice’) from the staff of The Nasdaq Stock Market (‘Nasdaq’) notifying the Company that it did not meet the $15 million minimum market value of publicly held shares required to maintain continued listing as set forth in Nasdaq Marketplace Rule 5450(b)(2)(C) (the ‘MVPHS Rule’) for the 30-business day period ended April 5, 2023, and that, for the 30-business day period ended April 5, 2023, the Company had not met the $50 million minimum market value of listed securities required to maintain continued listing as set forth in Nasdaq Marketplace Rule 5450(b)(2)(A) (the ‘MVLS Rule’ and together with the MVPHS Rule, the ‘Rules’). As provided in the Nasdaq rules, the Company had 180 calendar days, or until October 9, 2023, to regain compliance. The Company did not regain compliance with such applicable Rules prior to October 9, 2023, and on October 16, 2023, the Company requested a hearing to remain on Nasdaq, which request suspended such delisting determination until a decision is issued by Nasdaq. On December 14, 2023, the Company received a letter from Nasdaq advising the Company that the Company’s common stock (the ‘Common Stock’) will be delisted from Nasdaq. Accordingly, trading of the Company’s Common Stock will be suspended at the opening of business on December 18, 2023 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the ‘SEC’), which will remove the Company’s Common Stock from listing and registration on Nasdaq. As a result, the Company’s Common Stock is expected to begin trading on the over-the-counter (‘OTC’) market. No assurances can be made that trading of the Company’s Common Stock on the OTC will commence or be maintained. Announcement • Dec 04
Impel Pharmaceuticals Inc. Announces Resignation of Michael Kalb as Chief Financial Officer, Effective on December 31, 2023 On December 1, 2023, Michael Kalb announced resignation from his position as Chief Financial Officer of Impel Pharmaceuticals Inc. with his last day to be December 31, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: US$0.58 loss per share (improved from US$1.31 loss in 3Q 2022). Revenue: US$5.02m (up 63% from 3Q 2022). Net loss: US$13.8m (loss narrowed 56% from 3Q 2022). Revenue missed analyst estimates by 54%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Biotechs industry in the US. Breakeven Date Change • Nov 15
Forecast to breakeven in 2025 The analyst covering Impel Pharmaceuticals expects the company to break even for the first time. New forecast suggests losses will reduce by 49% per year to 2024. The company is expected to make a profit of US$26.0m in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. Announcement • Nov 05
Impel Pharmaceuticals Inc. Announces Chief Executive Officer Changes Impel Pharmaceuticals Inc. announces resignation of Adrian Adams as Chief Executive Officer effective November 4, 2023. The Board of Directors of the Company intends to appoint Leonard S. Paolillo as Interim President and Chief Executive Officer effective upon Mr. Adams’s resignation. Mr. Paolillo’s biographical information is included below: Mr. Paolillo has served as Chief Commercial Officer for the Company since March 2021. Prior to that, Mr. Paolillo served from August 2019 to February 2021 as Executive Vice President and Chief Commercial Officer of Kyowa Kirin Inc., the North American affiliate of Kyowa Kirin Co. Ltd., a global specialty pharmaceutical company based in Tokyo, as well as in other roles from March 2014 to July 2019. Prior, from May 2011 to January 2014 he served as senior director of sales at Warner Chilcott Pharmaceuticals where he led the women’s healthcare, osteoporosis and urology sales forces. Mr. Paolillo began his healthcare career at EURO RSCG LIFE LM&P, a full-service healthcare advertising agency, before joining Warner Chilcott in March 2003, and holds a B.S. in business administration from Manhattan College. Announcement • Nov 04
Impel Pharmaceuticals Inc. Announces Board Changes Impel Pharmaceuticals Inc. announces resignation of Adrian Adams as Chairman of the Board and as President effective November 4, 2023. The Board of Directors of the Company intends to appoint Leonard S. Paolillo as Interim President and Chief Executive Officer effective upon Mr. Adams’s resignation. Mr. Paolillo’s biographical information is included below: Mr. Paolillo has served as Chief Commercial Officer for the Company since March 2021. Prior to that, Mr. Paolillo served from August 2019 to February 2021 as Executive Vice President and Chief Commercial Officer of Kyowa Kirin Inc., the North American affiliate of Kyowa Kirin Co. Ltd. as well as in other roles from March 2014 to July 2019. Prior, from May 2011 to January 2014 he served as senior director of sales at Warner Chilcott Pharmaceuticals where he led the women’s healthcare, osteoporosis and urology sales forces. Mr. Paolillo began his healthcare career at EURO RSCG LIFE LM&P, before joining Warner Chilcott in March 2003, and holds a B.S. in business administration from Manhattan College. Announcement • Oct 17
Impel Pharmaceuticals Receives Non-Compliance Notice From Nasdaq As previously disclosed in the Current Report on Form 8-K filed on April 17, 2023 with the Securities and Exchange Commission (“SEC”), Impel Pharmaceuticals Inc. (the “Company”) received two written notifications on April 11, 2023, from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the preceding 30 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was below the minimum of $50 million required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”) and the Company’s Market Value of Publicly-held Securities (“MVPHS”) was below the minimum $15 million required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Requirement”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C) and 5810(c)(3)(D) (the “Rules”), the Company was provided 180 calendar days, or until October 9, 2023, to regain compliance with the MVLS Requirement and the MVPHS Requirement. Subsequently, on October 10, 2023, the Company received a letter from the Staff indicating that the Company had not regained compliance with the Rules (the “Delisting Notice”), and that accordingly, its securities will be delisted from Nasdaq. Unless the Company requests an appeal of that determination pursuant to procedures set in the Nasdaq Listing Rule 5800 Series, trading of the Company’s common stock will be suspended at the opening of business on October 19, 2023, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on Nasdaq. The Company intends to appeal the Staff’s delisting determination by requesting a hearing before a Hearings Panel (the “Panel”). Such request would automatically stay the suspension of the Company’s securities pending the Panel’s decision. Announcement • Oct 05
Impel Pharmaceuticals Inc. Receives Non-Compliance Notice from Nasdaq On September 28, 2023, Impel Pharmaceuticals Inc. received notice (the “Notice”) from the Listing Qualifications staff of the Nasdaq Stock Market LLC (“Nasdaq”) that, because the closing bid price for the Company’s common stock has fallen below $1.00 per share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Select Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until March 26, 2024, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to March 26, 2024. If the Company does not regain compliance by March 26, 2024, the Company may be eligible for an additional 180-calendar day grace period if it applies to transfer the listing of its common stock to The Nasdaq Capital Market. To qualify, the Company would be required to meet the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Nasdaq staff determines that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. The Company would have the right to appeal a determination to delist its common stock, and the common stock would remain listed on the Nasdaq Global Select Market until the completion of the appeal process. The Company is considering actions that it may take in response to the Notice in order to regain compliance with the continued listing requirements, but no decision about a response has been made at this time. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria. Announcement • Sep 10
Impel Pharmaceuticals Inc. Announces Resignation of Mahendra G. Shah as from the Board and All Committees Impel Pharmaceuticals Inc. that Dr. Mahendra G. Shah notified the Company that he is stepping down from the Board and all committees thereof, effective immediately. Dr. Shah’s resignation did not result from any disagreements with Company’s management or the Board. Announcement • Aug 17
Impel Pharmaceuticals Inc. announced delayed 10-Q filing On 08/15/2023, Impel Pharmaceuticals Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jun 17
Impel Pharmaceuticals Announces to Present New Real-World Data for Trudhesa® at 65th Annual Scientific Meeting of American Headache Society Impel Pharmaceuticals announced it will present new real-world data adding to the growing body of evidence supporting Trudhesa® (dihydroergotamine mesylate [DHE]) nasal spray (0.725 mg per spray) as an effective acute therapy for migraine management. The findings will be featured in two poster presentations during the 65th Annual Scientific Meeting of the American Headache Society (AHS), taking place June 15-18, 2023, in Austin, Texas. Preliminary real-world findings from an assessment of medical and pharmacy claims data for patients with migraine who were treated with Trudhesa in the United States provide new evidence suggesting that concomitant preventive (with the exception of the anti-CGRP monoclonal antibody class) and acute medication use generally decreases in patients taking Trudhesa between the 12-month baseline and 90-day follow-up period. Importantly, an increase in antinausea medications was not observed following Trudhesa use, whereas these medications are commonly used with DHE administered intravenously. A second poster on real-world demographic and clinical characteristics, as well as baseline comorbidities among patients with migraine who were treated with Trudhesa, found that most patients were females between the ages of 36 and 45 years, and had comorbidities that include headache syndromes other than migraine, other neurological conditions, other pain disorders, sleep disorders, gastrointestinal (GI) disorders, and psychiatric disorders. In contrast to other epidemiological studies, in this real-world patient population, GI comorbidities were more common, which may be due to many of these patients not being able to achieve migraine relief with oral routes of administration. Trudhesa uses Impel’s proprietary Precision Olfactory Delivery (POD®) technology and is the first and only migraine nasal spray which delivers DHE – a proven, well-established migraine therapeutic – quickly to the bloodstream through the vascular-rich upper nasal space. Trudhesa bypasses the gut and reduces potential absorption issues, offering rapid, sustained, and consistent symptom relief without nausea commonly associated with injection or infusion DHE – even when administered hours after the onset of a migraine attack. Announcement • May 11
Impel Pharmaceuticals Inc. Appoints Michael W. Kalb as Chief Financial Officer On May 2, 2023, the board of directors of Impel Pharmaceuticals Inc. appointed Michael W. Kalb, age 52, as Chief Financial Officer, effective May 10, 2023. Mr. Kalb will also serve as the Company’s principal financial officer and principal accounting officer, effective May 10, 2023. Mr. Kalb served as the Executive Vice-President and Chief Financial Officer at CinCor Pharma Inc., a clinical stage biopharmaceutical company focused on developing treatments for cardiovascular diseases from November 2022 to May, 2023. From June 2016 to June 2022, Mr. Kalb served as Senior Vice President and Chief Financial Officer for Amarin Corporation plc, a multinational biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health. Prior to that, Mr. Kalb held various finance roles at other companies, including a seven-year career at Taro Pharmaceuticals Industries Ltd. where he served as the Chief Financial Officer and Chief Accounting Officer. Mr. Kalb, a Certified Public Accountant, holds a B.S. in Accounting from the University at Albany, State University of New York. Announcement • May 06
Impel Pharmaceuticals Inc. to Report Q1, 2023 Results on May 12, 2023 Impel Pharmaceuticals Inc. announced that they will report Q1, 2023 results on May 12, 2023 Price Target Changed • Apr 30
Price target increased by 38% to US$22.00 Up from US$16.00, the current price target is an average from 3 analysts. New target price is 1,076% above last closing price of US$1.87. Stock is down 71% over the past year. The company is forecast to post a net loss per share of US$2.11 next year compared to a net loss per share of US$4.53 last year. Breakeven Date Change • Apr 23
Forecast to breakeven in 2025 The 2 analysts covering Impel Pharmaceuticals expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 47% per year to 2024. The company is expected to make a profit of US$300.0k in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. Board Change • Apr 19
High number of new directors Director Darren Cline was the last director to join the board, commencing their role in 2023. Breakeven Date Change • Mar 24
No longer forecast to breakeven The 3 analysts covering Impel Pharmaceuticals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$2.86m in 2025. New consensus forecast suggests the company will make a loss of US$25.2m in 2025. Price Target Changed • Feb 24
Price target increased by 103% to US$40.00 Up from US$19.67, the current price target is provided by 1 analyst. New target price is 2,603% above last closing price of US$1.48. Stock is down 77% over the past year. The company is forecast to post a net loss per share of US$4.60 next year compared to a net loss per share of US$5.25 last year. Major Estimate Revision • Nov 21
Consensus revenue estimates fall by 42% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$23.2m to US$13.4m. Forecast losses increased from -US$3.92 to -US$4.59 per share. Biotechs industry in the US expected to see average net income decline 94% next year. Consensus price target down from US$38.00 to US$19.67. Share price fell 20% to US$2.69 over the past week. Breakeven Date Change • Nov 17
No longer forecast to breakeven The 3 analysts covering Impel Pharmaceuticals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$6.00m in 2024. New consensus forecast suggests the company will make a loss of US$18.9m in 2024. Breakeven Date Change • Nov 17
No longer forecast to breakeven The 3 analysts covering Impel Pharmaceuticals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$6.00m in 2024. New consensus forecast suggests the company will make a loss of US$18.9m in 2024. Breakeven Date Change • Nov 16
No longer forecast to breakeven The 3 analysts covering Impel Pharmaceuticals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$6.00m in 2024. New consensus forecast suggests the company will make a loss of US$19.9m in 2024. Major Estimate Revision • Aug 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$27.1m to US$23.8m. EPS estimate unchanged at -US$3.91 per share. Biotechs industry in the US expected to see average net income decline 57% next year. Consensus price target down from US$40.33 to US$39.33. Share price fell 10% to US$7.02 over the past week. Price Target Changed • Apr 27
Price target decreased to US$40.67 Down from US$45.67, the current price target is an average from 3 analysts. New target price is 577% above last closing price of US$6.01. Stock is down 60% over the past year. The company is forecast to post a net loss per share of US$3.78 next year compared to a net loss per share of US$5.25 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Lead Independent Director David Allison was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$2.91 to -US$3.87 per share. Revenue forecast of US$26.5m unchanged since last update. Biotechs industry in the US expected to see average net income decline 46% next year. Consensus price target of US$45.67 unchanged from last update. Share price rose 21% to US$8.02 over the past week. Major Estimate Revision • Jan 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$1.72m to US$1.39m. EPS estimate unchanged at -US$4.38 per share. Biotechs industry in the US expected to see average net income decline 10% next year. Consensus price target down from US$48.33 to US$45.67. Share price rose 4.8% to US$8.96 over the past week. Breakeven Date Change • Nov 25
No longer forecast to breakeven The 3 analysts covering Impel NeuroPharma no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$176.7k in 2023. New consensus forecast suggests the company will make a loss of US$9.11m in 2023. Recent Insider Transactions • Nov 24
Independent Director recently bought US$108k worth of stock On the 19th of November, Timothy Nelson bought around 10k shares on-market at roughly US$10.76 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$387k more in shares than they have sold in the last 12 months. Recent Insider Transactions Derivative • Sep 23
Chief Medical Officer exercised options to buy US$987k worth of stock. On the 21st of September, Stephen Shrewsbury exercised options to buy 73k shares at a strike price of around US$2.72, costing a total of US$200k. Since June 2021, Stephen has not owned shares directly. Company insiders have collectively bought US$483k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Aug 20
Chairman recently bought US$280k worth of stock On the 18th of August, Adrian Adams bought around 20k shares on-market at roughly US$13.99 per share. This was the largest purchase by an insider in the last 3 months. This was Adrian's only on-market trade for the last 12 months. Major Estimate Revision • Aug 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -US$2.97 to -US$3.55 per share. Revenue forecast of US$2.15m unchanged since last update. Biotechs industry in the US expected to see average net income decline 21% next year. Consensus price target of US$30.67 unchanged from last update. Share price fell 32% to US$13.16 over the past week.