Executive Summary

Q1 2023 delivered a sharp swing to GAAP profitability ($11.404M, $4.91 EPS) driven by $18.790M income from discontinued operations related to the ANJESO asset transfer, while continuing operations remained loss-making (net loss $(7.386)M; $(3.19) EPS) .
Cash fell to $3.803M at 3/31; the company subsequently raised $4.0M gross in a May 1 public offering, and amended its credit agreement to require minimum liquidity of $2.5M, tightening near‑term cash discipline .
Clinical execution advanced: BX1000 Phase 2 achieved positive topline results; BX2000 Phase 1 dose escalation continued; BX3000 IND timing set for late summer 2023 (slight push vs prior) .
No quantitative financial guidance or Wall Street consensus estimates were available via S&P Global for Q1; the story is driven by pipeline milestones, financing, and portfolio realignment (ANJESO transfer) . S&P Global consensus estimates unavailable.

What Went Well and What Went Wrong

What Went Well

BX1000 Phase 2 topline positive with “Good or Excellent” intubation conditions at all doses; safety generally well‑tolerated, comparable blockade to standard rocuronium at the highest dose .
Strategic portfolio focus reinforced: “We believe that when BX1000 is combined with our reversal agent BX3000, it may provide even faster control/reversal of neuromuscular paralysis” (CEO Gerri Henwood) .
Balance sheet actions executed: $4M gross financing closed May 1 to fund pipeline; ANJESO asset transfer eliminated future payment obligations to Alkermes, simplifying the capital structure .

What Went Wrong

Continuing operations remained loss‑making: net loss $(7.386)M and operating loss $(4.688)M despite SG&A reductions; R&D rose to $2.917M on NMB program costs .
Liquidity declined: cash fell to $3.803M at quarter‑end before financing; minimum liquidity covenant raised execution risk if timelines slip .
Timeline drift on BX3000 IND: moved from “first half/summer 2023” to “late summer 2023,” reflecting modest schedule push vs earlier commentary .

Financial Results

GAAP Net Income and EPS (Total Company)

Metric	Q3 2022	Q4 2022	Q1 2023
Net (Loss) Income ($USD Thousands)	$(29,205)	$(9,249)	$11,404
EPS (Basic) ($USD)	$(2.47)	$(12.33)	$4.91
Weighted Avg Shares (Basic)	11,836,122	750,054	2,318,539

Continuing Operations – Income Statement Detail

Metric ($USD Thousands)	Q1 2022	Q1 2023
Research & Development	$694	$2,917
Selling, General & Administrative	$6,934	$1,771
Total Operating Expenses	$7,623	$4,688
Operating Loss	$(7,623)	$(4,688)
Other Expense, net	$(571)	$(2,698)
Net Loss from Continuing Ops	$(8,194)	$(7,386)
Diluted EPS – Continuing Ops ($)	$(81.16)	$(3.19)

Discontinued Operations Contribution

Metric ($USD Thousands)	Q1 2022	Q1 2023
Income (Loss) from Discontinued Operation	$(4,615)	$18,790

Product Revenue (ANJESO historical context)

Metric ($USD Thousands)	Q3 2022	Q4 2022	Q1 2023
Net Product Revenue (ANJESO)	$238	$310	n/a – commercialization discontinued; asset transfer executed in Q1

Liquidity and Balance Sheet

Metric	Q3 2022	Q4 2022	Q1 2023
Cash & Cash Equivalents ($USD Thousands)	$5,647	$5,259	$3,803
Total Assets ($USD Thousands)	$17,510	$10,032	$7,065
Total Liabilities ($USD Thousands)	$37,050	$34,274	$14,378
Shareholders’ Deficit ($USD Thousands)	$(19,540)	$(24,242)	$(7,313)

Note: No S&P Global consensus estimates were available for BXRX; thus, no beat/miss analysis versus consensus can be provided. S&P Global consensus estimates unavailable.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
BX1000 Phase 2 topline	Early Q2 2023	“Top line… early Q2 2023” (Feb)	Announced May 12, 2023	Achieved (on time)
BX2000 Phase 1 completion	2023	“Complete… by mid‑2023” (Nov)	“Complete… by end of 2023” (May)	Lowered/Delayed
BX3000 IND filing	2023	“First half 2023” (Nov)	“Summer 2023” (Feb)	“Late summer 2023” (May)
Liquidity covenant	Ongoing	n/a	Maintain $2.5M minimum liquidity at all times (Credit Agreement consent)	New constraint

Earnings Call Themes & Trends

Note: A formal Q1 2023 earnings call transcript was not available in our document system; management provided detailed commentary via the Q1 press release and investor communications .

Topic	Previous Mentions (Q3 2022)	Previous Mentions (Q4 2022)	Current Period (Q1 2023)	Trend
NMB pipeline (BX1000)	Phase 2 underway; interim analyses planned	Enrollment completion expected Q1; topline early Q2	Positive topline; effective at all doses; favorable vs rocuronium; well tolerated	Positive execution
NMB pipeline (BX2000)	Phase 1 dose escalation cohorts enrolling; target mid‑2023 completion	Ongoing; completion by end of 2023	Cohort 3 enrolling; completion targeted end of 2023	Slight delay vs early guidance
Reversal agent (BX3000)	IND in first half 2023	IND in summer 2023	IND in late summer 2023; expect rapid early trials	Gradual timing push
ANJESO commercialization	Modest end‑user vial growth; revenue impacted by 340B discounts	Commercialization discontinued; impairments recorded	Asset transfer to Alkermes; NDA withdrawn; obligations eliminated	Exit complete
Financing and liquidity	$6.2M gross offering (Sep)	$5.0M offering (Dec); $4.3M warrant exercises (Jan)	$4.0M gross offering (May 1)	Ongoing financing; dilution risk mitigates liquidity
Macro/hospital dynamics	COVID/ASC staffing constraining elective procedures	Market not favorable for new hospital pain product	Strategy pivot to NMBs; ambulatory surgery settings focus	Strategic refocus

Management Commentary

“Positive top line results from our Phase 2 trial demonstrate that BX1000 was effective at all doses, and compares favorably to rocuronium, with predictable onset and offset.” – Gerri Henwood, President & CEO .
“We believe that when BX1000 is combined with our reversal agent BX3000, it may provide even faster control/reversal of neuromuscular paralysis for surgical patients.” .
“On May 1st, we closed a $4 million financing… We also executed the asset transfer of ANJESO to Alkermes… These events will allow us to progress development of product candidates for ambulatory surgery centers and other acute care settings…” .

Q&A Highlights

A Q1 2023 earnings call transcript could not be located in our document system; no Q&A themes are available. Management insights are drawn from the Q1 press release and investor communications . S&P Global consensus estimates unavailable.

Estimates Context

S&P Global consensus estimates for BXRX Q1 2023 (EPS and revenue) were unavailable due to data mapping constraints; as such, a beat/miss assessment versus Wall Street consensus cannot be provided. S&P Global consensus estimates unavailable.
Given the strategic exit from ANJESO and the pivot to NMB clinical development, future estimates (when available) should focus on cash runway, R&D cadence, and milestone timing rather than product revenue in the near term .

Key Takeaways for Investors

The quarter’s GAAP profit was a non‑recurring accounting effect from discontinued operations; underlying continuing operations remain loss‑making with elevated R&D tied to NMB assets .
Liquidity is tight (cash $3.803M at 3/31), partly alleviated by the $4M May offering; the $2.5M minimum liquidity covenant heightens execution risk if timelines slip .
Clinical momentum is the core near‑term value driver: BX1000 topline positive; BX2000 dose escalation progressing; BX3000 IND targeted for late summer—each milestone can reset sentiment .
Strategic clean‑up (ANJESO asset transfer; NDA withdrawal; obligations eliminated) simplifies the story and reduces future cash drains, aligning resources to NMBs .
Watch for additional financing needs and potential dilution as development continues; recent financings indicate reliance on equity-linked capital .
The timeline drift on BX3000 highlights typical development risk; investors should build in schedule contingencies and focus on near‑term IND filing and initial clinical progress .
Near‑term trading catalysts: subsequent clinical readouts (BX2000 cohorts, BX3000 IND activation), follow‑on financing, and any partnering signals around the NMB portfolio .

Baudax Bio, Inc. (BXRX)·Q1 2023 Earnings Summary