Verona Pharma plc (VRNA) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19
	10-K	10-K	10-K	10-K
Revenues	0.5	40.0	0.0	0.0
Revenue growth	-98.9%
Cost of goods sold	0.3	0.0	0.0	0.0
Gross profit	0.1	40.0	0.0	0.0
Gross margin	24.5%	100.0%
Selling, general and administrative [+]	26.6	33.9	29.8	10.0
General and administrative	26.6	33.9	29.8	10.0
Research and development	49.3	79.4	44.5	42.4
Other operating expenses			-1.1	2.1
EBITDA [+]	-75.1	-72.7	-72.5	-54.0
EBITDA growth	3.3%	0.2%	34.4%
EBITDA margin	-16400.4%	-181.7%
Depreciation and amortization	0.6	0.6	0.6	0.5
EBIT [+]	-75.8	-73.3	-73.2	-54.5
EBIT growth	3.3%	0.2%	34.3%
EBIT margin	-16539.3%	-183.3%
Non-recurring items			1.1	-2.1
Interest income, net [+]	2.3	-0.3	0.1	1.0
Interest expense	0.5	0.3	0.0
Interest income	2.8	0.0	0.1	1.0
Other income (expense), net [+]	5.0	18.1	9.2	11.0
Gain (loss) on debt retirement	-0.8
Gain (loss) on foreign currency transactions	-3.8	0.2	2.1	-0.4
Pre-tax income	-68.4	-55.6	-65.0	-40.5
Income taxes	0.3	0.0	0.1	0.1
Tax rate		0.0%
Net income	-68.7	-55.6	-65.1	-40.6
Net margin	-15000.2%	-138.9%

Basic EPS [+]	($0.13)	($0.12)	($0.25)	($0.39)
Growth	10.6%	-52.6%	-35.7%
Diluted EPS [+]	($0.13)	($0.12)	($0.25)	($0.39)
Growth	10.6%	-52.6%	-35.7%

Shares outstanding (basic) [+]	529.1	473.2	262.9	105.3
Growth	11.8%	80.0%	149.6%
Shares outstanding (diluted) [+]	529.1	473.2	262.9	105.3
Growth	11.8%	80.0%	149.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.