gwpharma-logoGW Pharmaceuticals, PLC is a company that specializes in the researching, manufacturing, and commercializing of prescription medicines that are cannabinoid-based with controlled substances, and plant-based pharmaceutical products that meet the needs of patients in a wide range of therapeutic conditions. GW Pharmaceuticals is listed in the NASDAQ Global Market under the symbol GWPH. It is also listed on AIM, a market of the London Stock Exchange.

The biopharmaceutical company, based in the United Kingdom, maintains internal control over every aspect of the development process of their cannabinoid products, from botanical research and drug formulation, to clinical trials and regulatory affairs.

Ever since the company was founded in 1998, GW Pharmaceuticals has focused on bringing novel prescription medicines to the market, providing patients suffering from serious conditions with valuable medicines that would truly make a difference in their quality of life. GW aims to maximize the value of its products and shareholder returns through rapid economical product development, addressing the needs of the market, and creating commercial partnerships.

GW Pharmaceuticals strives to maintain its position as a world leader in cannabinoid science, as it has developed an international network comprised of the industry’s most established scientists over the years. In 2007, GW and Otsuka collaborated, paving the way for the substantial expansion of the company’s early cannabinoid research activities. The two companies have worked together to research on cannabinoids as potential treatments for disorders of the central nervous system. The company’s in-house program also researches cannabinoids being used as treatments for metabolic disorders such as Type 2 diabetes.

GW’s lead product is Sativex, a treatment for symptom improvement of patients suffering from moderate to severe spasticity due to Multiple Sclerosis. Sativex is currently recommended for approval or already approved for use in 24 countries worldwide. It is currently in Phase III clinical development as treatment for cancer pain.

GW Pharmaceuticals, PLC is licensed to work with controlled substances for purposes of medical research. It continues to focus on its product portfolio of cannabinoid-based medicines in order to meet the needs of patients in an extensive range of medical indications.


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GW Pharma shares slide 12% after company swings to loss during pandemic

Shares of GW Pharmaceuticals PLC slumped 12% Friday, after the company swung to a loss in the second quarter, hurt by the effect of the coronavirus pandemic. The U.K. company is the only one to have U.S. Food and Drug Administration approval for a cannabis-based drug, Epidiolex, a treatment for severe forms of childhood epilepsy. The company posted a loss of $8.8 million, or 2 cents a share, for the quarter, after income of $79.7 million in the year-earlier period. Revenue rose to $121.3 million from $72.0 million. "We were pleased with the strength of U.S. Epidiolex sales in the second quarter in spite of the COVID-19 pandemic," Chief Executive Justin Gover said in a statement. Epidiolex sales came to $117.7 million. "Further, the recent approval and imminent launch of Epidiolex for the treatment of seizures associated with TSC provides a meaningful new opportunity to accelerate momentum through the second half of 2020 and beyond," he said. Leerink analyst Marc Goodman said the numbers were "solid" coming in the midst of the pandemic, and in line with management's guidance from its first-quarter conference call. "... we think GW executed through the volatility well, and thus we are surprised that the stock is down ~10% in the after market," he wrote in a Thursday note to clients. Leerink rates the stock as outperform with a $190 stock price target. Shares have gained 11% in the year to date, as the S&P 500 has gained 3.6%.

The Daily Biotech Pulse: Novavax Vaccine Deals, Trevena Awaits FDA Decision, 2 IPOs

Scaling The Peaks (Biotech Stocks Hitting 52-week Highs Aug. 6) * ADiTx Therapeutics Inc (NASDAQ: ADTX) (announced introduction of AditxtScore for COVID-19 to be used in detecting antibodies against SARS-CoV-2 antigens) * Axonics Modulation Technologies Inc (NASDAQ: AXNX) * Biocept Inc (NASDAQ: BIOC) (announced an agreement with Aegea for a highly sensitive PCR-based assay designed by the latter for detecting the COVID-19 virus) * DarioHealth Corp (NASDAQ: DRIO) * Denali Therapeutics Inc (NASDAQ: DNLI)( announced selection of candidate to enter Phase 3 study in Parkinson's disease) * Editas Medicine Inc (NASDAQ: EDIT)(moved on M&A speculation) * Emergent Biosolutions Inc (NYSE: EBS) * Halozyme Therapeutics, Inc. (NASDAQ: HALO) * Harvard Bioscience, Inc. (NASDAQ: HBIO) * ITAMAR MED LTD/S ADR (NASDAQ: ITMR) * Meridian Bioscience, Inc. (NASDAQ: VIVO) * Natera Inc (NASDAQ: NTRA) * PDL BioPharma Inc (NASDAQ: PDLI) * Sangamo Therapeutics Inc (NASDAQ: SGMO) (reacted to its second-quarter results) * Shockwave Medical Inc (NASDAQ: SWAV) * SurModics, Inc. (NASDAQ: SRDX)(reacted to its second-quarter results) * Twist Bioscience Corp (NASDAQ: TWST) * Unity Biotechnology Inc (NASDAQ: UBX) * Zoetis Inc (NYSE: ZTS) (reacted to its second-quarter results)Down In The Dumps (Biotech Stocks Hitting 52-week Lows Aug. 6) * Nkarta Inc (NASDAQ: NKTX) * Orchard Therapeutics PLC - ADR (NASDAQ: ORTX)(announced its second-quarter results)Stocks In Focus Zosano Clinches Distribution Deal For Investigational Migraine Patch Zosano Pharma Corp (NASDAQ: ZSAN) said it has partnered with Eversana commercialize and distribute Qtrypta in the U.S. Qtrypta is Zosano's transdermal microneedle product candidate for the acute treatment of migraine. In March, the FDA accepted a NDA for Qtrypta and granted a PDUFA goal date of October 20. If approved, Qtrypta would be the first and only microneedle patch indicated for the acute treatment of migraine, Zosano said.The stock jumped 31.62% to $1.79 in after-hours trading.FDA Approves ViiV's Two-Drug Combo Treatment ViiV Healthcare, majority owned by GlaxoSmithKline plc (NYSE: GSK) and Pfizer Inc. (NYSE: PFE), said the FDA approved Dovato - dolutegravir/lamivudine - as a complete regimen for the treatment of HIV-1 infection to replace the current antiretroviral regimen in adults who are virologically suppressed on a stable ARV regimen with no history of treatment failure and no known resistance to the individual components of Dovato.Novavax Strikes Coronavirus Vaccine Agreements With Takeda, India's Serum Institute Novavax, Inc. (NASDAQ: NVAX) and Takeda Pharmaceutical Co Ltd (NYSE: TAK) announced a partnership for the development of the former's COVID 19 vaccine candidate - NVX CoV2373 - in Japan.Takeda is to receive funding from the Government of Japan's Ministry of Health, Labour and Welfare to support the technology transfer, establishment of infrastructure and scale-up of manufacturing. Takeda anticipates the capacity to manufacture over 250 million doses of the COVID-19 vaccine per year.Novavax will be entitled to receive payments based on the achievement of certain development and commercial milestones, as well as a portion of proceeds from the vaccine.Separately, Novavax announced a license agreement with Serum Institute of India Private Limited for the development and commercialization of NVX CoV237 in low- and middle-income countries and India. The companies hope to make available a minimum of 1 billion doses of NVX-CoV2373 for India and low- and middle-income countries.Novavax shares were adding 2.21% to $171.20, while Takeda was gaining 1.81% to $18.52.Co-Diagnostics' COVID-19 Tests Authorized In Australia Co-Diagnostics Inc (NASDAQ: CODX) said the Logix Smart COVID-19 for use in detecting SARS-CoV-2, the virus that causes COVID-19, has been authorized for use in Australian.The stock was gaining 3.25% to $27 in premarket trading.Roche's Tencentriq-chemo Combo Flunks Breast Cancer Study Roche Holdings AG Basel ADR Common Stock (OTC: RHHBY) said the Phase 3 IMpassion131 study, evaluating Tecentriq in combination with paclitaxel, in comparison to placebo plus paclitaxel, did not meet statistical significance on its primary endpoint of progression-free survival for first-line treatment of people with metastatic triple-negative breast cancer, in the PD-L1-positive population.CytoDyn To Request Pre-submission Meetings for Approval of Leronlimab For AIDS and COVID-19 In U.K. CytoDyn Inc (OTC: CYDY) said it will submit requests for pre-submission meetings in the U.K. for leronlimab as a HIV treatment in combination with HAART for highly treatment experienced HIV patients, as well as for emergency approval of leronlimab for COVID-19 patients with mild-to-moderate symptoms.Earnings PDL Biopharma said its second-quarter revenues fell from $7.5 million in 2019 to $5.2 million in 2020. The loss per share widened from 43 cents to 4 cents, while analysts estimated a profit of 10 cents per share.The stock plunged 13.84% to $3.02 in after-hours trading.Adamas Pharmaceuticals Inc's (NASDAQ: ADMS) second-quarter revenues climbed from $12.69 million in 2019 to $18.79 million in 2020, with Gocovri contributing $18 million, up 41% year-over-year. The net loss per share narrowed from 90 cents to 37 cents. Analysts had estimated a wider loss of 61 cents per share.The stock jumped 18.77% to $3.10 in after-hours trading.Coherus Biosciences Inc (NASDAQ: CHRS) reported an increase in its second-quarter revenues from $83.43 million to $135.67 million, and earnings per share improved from 32 cents to 70 cents, while analysts expected earnings of 33 cents per share.In after-hours trading, the stock advanced 13.10% to $19.69.Illumina, Inc.'s (NASDAQ: ILMN) second-quarter revenues fell 25% year-over-year to $633 million, and non-GAAP earnings per share fell from $1.99 to 32 cents.View more earnings on IBBThe stock slid 12.10% to $351 in after-hours trading.GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) reported a year-over-year increase in second-quarter revenues from $72 million in 2019 to $121.3 million in 2020, with Epidiolex revenues at $117.7 million. The company reversed from a profit of 21 cents per share to a loss of 2 cents per share.The stock slipped 9.16% to $120 in after-hours trading.Applied DNA Sciences Inc's (NASDAQ: APDN) fiscal-year third-quarter revenues fell 79% year-over-year to $432,000, with the steep drop reflecting a decrease in licensing revenue in the cannabis industry as well as cannabis feasibility pilots. The loss per share narrowed from $1.55 to 72 cents, but was wider than the consensus loss estimate of 67 cents per share.The stock was retreating 15.68% to $9.25 in premarket trading Friday.Capricor Therapeutics Inc (NASDAQ: CAPR) reported a loss of 23 cents per share for its second quarter compared to a loss of 59 cents in the year-ago period. Analysts, on average, estimated a loss of 37 cents per share for the quarter."We are now well underway in animal studies and have seen promising results showing the mRNA vaccine is capable of generating an antibody response to multiple antigens expressed by COVID-19," the company said.The stock was declining 11.39% to $7 in premarket trading Friday.Vaxart Inc (NASDAQ: VXRT) reported second-quarter revenues of $532,000 in 2020 compared to $85,000 a year-ago. The loss per share narrowed from 39 cents to 12 cents, while analysts estimated a loss of 6 cents per share.Updating on the its coronavirus vaccine program, the company said it is now laser focused on preparing to enter a Phase 1 clinical trial with its lead COVID-19 vaccine candidate, which is an oral tablet.In premarket trading, the stock was adding 11.82% to $10.17.On The Radar PDUFA Dates Trevena Inc (NASDAQ: TRVN) has a tryst with the FDA, with respect to its NDA for its pain drug oleceridine, which was once rejected by the agency on the premise of inadequacy of clinical data.Earnings Arbutus Biopharma Corp (NASDAQ: ABUS) (before the market open) Meridian Bioscience, Inc. (NASDAQ: VIVO) (before the market open) Ocular Therapeutix Inc (NASDAQ: OCUL) (before the market open) Mersana Therapeutics Inc (NASDAQ: MRSN) (before the market open) Jounce Therapeutics Inc (NASDAQ: JNCE) (before the market open) Replimune Group Inc (NASDAQ: REPL) (before the market open)Related Link: Attention Biotech Investors: Mark Your Calendar For August PDUFA Dates IPOsFreeline Therapeutics Holdings plc, a clinical-stage AAV-based gene therapy company focusing on inherited systemic debilitating diseases, priced its initial public offering, or IPO, of 8.824 million ADSs, representing 8.824 million ordinary shares, at $18 per share compared to the estimated price range of $16-$18, for generating gross proceeds of about $158.8 million. The shares will be listed on the Nasdaq under the ticker symbol FRLN. The offering is expected to close on Aug. 11.Checkmate Pharmaceuticals, Inc., a clinical stage oncology-focused biotech, said it priced its IPO of 5 million shares at $15, at the midpoint of the estimated price range of $14-$16. The company expects to raise gross proceeds of $75 million from the offering. The shares will be listed on the Nasdaq under the ticker symbol CMPI.See more from Benzinga * Moderna Analyst Breaks Down Biopharma's Coronavirus Vaccine Pricing * The Daily Biotech Pulse: FDA Nod For GlaxoSmithKline, Bristol-Myers Squibb Earnings, Acutus Medical IPO * JPMorgan Turns Bullish On Novavax After Phase 1 Coronavirus Vaccine Readout(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

GW Pharmaceuticals: Q3 Earnings Insights

Shares of GW Pharmaceuticals (NASDAQ:GWPH) increased 13.41% in after-market trading after the company reported Q3 results.Quarterly Results Earnings per share were up 66.67% year over year to ($0.02), which beat the estimate of ($0.63).Revenue of $121,297,000 higher by 68.38% from the same period last year, which beat the estimate of $120,310,000.Guidance Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.Details Of The Call Date: Aug 06, 2020View more earnings on GWPHTime: 04:30 PMET Webcast URL: https://www.webcaster4.com/Webcast/Page/2013/35770Technicals 52-week high: $175.3552-week low: $67.98Price action over last quarter: Up 7.41%Company Profile GW Pharmaceuticals PLC is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. The company's lead product candidate is Epidiolex, which is a liquid formulation of pure plant-derived cannabidiol used for the treatment of a number of rare childhood-onset epilepsy disorders. The company also develops and markets Sativex, an oromucosal spray for the treatment of spasticity due to multiple sclerosis. Geographically its presence can be seen across the region of UK, Europe, US, Canada, and others.See more from Benzinga * Recap: Teradata Q2 Earnings * Recap: Verra Mobility Q2 Earnings * TrueCar: Q2 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

GW Pharmaceuticals plc Reports Second Quarter 2020 Financial Results and Operational Progress

\- Total revenue increased 68 percent to $121.3 million - \- Epidiolex approved in the U.S. for seizures associated with TSC, launch expected this month - \- Conference call today at 4:30 p.m. EDT –LONDON and CARLSBAD, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- GW Pharmaceuticals plc (Nasdaq: GWPH), a world leader in the science, development, and commercialization of cannabinoid prescription medicines, today announced financial results and operating progress for the second quarter ended June 30, 2020.“We were pleased with the strength of U.S. Epidiolex sales in the second quarter in spite of the COVID-19 pandemic.  Further, the recent approval and imminent launch of Epidiolex for the treatment of seizures associated with TSC provides a meaningful new opportunity to accelerate momentum through the second half of 2020 and beyond,” stated Justin Gover, GW’s CEO. “We also continue to be excited about the potential of our product pipeline, in particular nabiximols, for which we recently outlined our accelerated US development strategy in the treatment of spasticity in patients with MS and other conditions. We look forward to commencing the nabiximols Phase 3 program as well as multiple other pipeline clinical trials in the second half of the year.”FINANCIAL RESULTS * Total revenue for the quarter ended June 30, 2020 was $121.3 million compared to $72.0 million for the quarter ended June 30, 2019 * Net loss for the quarter ended June 30, 2020 was $8.8 million compared to net income of $79.7 million for the quarter ended June 30, 2019. The prior year quarter included net proceeds of $104.1 million from the sale of a Rare Pediatric Priority Review Voucher. * Cash and cash equivalents at June 30, 2020 were $477.6 millionOPERATIONAL HIGHLIGHTS * Epidiolex (cannabidiol) progress: * Total Q2 net product sales of Epidiolex of $117.7 million * U.S. commercial update * U.S. Epidiolex Q2 net product sales of $111.1 million * TSC indication approved by FDA, August commercial launch planned * TSC payer reimbursement anticipated quickly following launch * European commercial update * Ex-U.S. Epidyolex Q2 net product sales of $6.6 million * Pricing & reimbursement progress in Germany, France and Italy * TSC EMA submission under review * Clinical progress with additional indications * Phase 3 trial in Rett Syndrome expected to re-commence in H2 2020 * Strengthening commercial exclusivity * Orphan exclusivity in both the U.S. and EU * 3 new patents granted and listed in Orange Book, bringing total of 13 patents listed in Orange Book, 12 of which expire in 2035 * One recent patent listed is a non-use patent directed to the oral formulation * Epidiolex composition patent application in process * TSC patent applications under review * Nabiximols * MS Spasticity Clinical program * Three positive Phase 3 MS spasticity trials already completed outside of the U.S. * Five new MS Spasticity Phase 3 trials expected to commence in H2 2020 (2) and H1 2021 (3), any one of which could enable a NDA submission * Phase 3 muscle tone studies – placebo-controlled cross-over design * N=52; Expected start: Q4 2020 * N=190; Expected start: Q1 2021 * N=36 (nabiximols responders); Expected start: Q1 2021 * Phase 3 spasm frequency studies – placebo-controlled parallel group * N=450; Expected start: Q4 2020 * N=~200 (nabiximols responders); Expected start: Q2 2021 * Spinal Cord Injury (SCI) spasticity clinical program * Three SCI trials expected to be initiated in 2020 and 2021 * N=~100 (observational clinical discovery study); Expected start: Q4 2020 * N=~100 (muscle tone in nabiximols responders); Placebo-controlled parallel group design. Expected start: Q2 2021  * N=~400 (spasm frequency); Placebo-controlled parallel group design. Expected start: H2 2021 * Post-Traumatic Stress Disorder (PTSD) clinical program * Phase 2/3 study in PTSD (N=~ 325); Expected start: H1 2021 * Additional pipeline programs * Schizophrenia (GWP42003) * Phase 2b trial expected to commence H2 2020 * CBDV in autism trials expected to recommence in H2 2020 * 30-patient open label study in autism * Investigator-led 100 patient placebo-controlled trial in autism * Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD program * Phase 1b safety study in patients continues to recruit * Orphan Drug and Fast Track Designations granted from FDA and EMAConference Call and Webcast InformationGW Pharmaceuticals will host a conference call and webcast today at 4:30 pm EDT. To participate in the conference call, please dial 833-937-1050 (toll free from the U.S. and Canada) or 845-403-8302 (international). Investors may also access a live audio webcast of the call via the investor relations section of the Company’s website at http://www.gwpharm.com. A replay of the call will also be available through the GW website shortly after the call and will remain available for 90 days. Replay Numbers: (toll free):1-877-481-4010 or 919-882-2331 (international). For both dial-in numbers please use conference Replay ID: 35770.About GW Pharmaceuticals plc and Greenwich Biosciences, Inc.Founded in 1998, GW is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. The Company’s lead product, EPIDIOLEX® (cannabidiol) oral solution, is commercialized in the U.S. by its U.S. subsidiary Greenwich Biosciences for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome, or tuberous sclerosis complex (TSC) in patients one year of age and older. This product has received approval in the European Union under the tradename EPIDYOLEX® for the adjunctive treatment of seizures associated with LGS or Dravet syndrome in conjunction with clobazam in patients two years and older and is under EMA review for the treatment of TSC. GW is currently carrying out a Phase 3 trial in Rett syndrome. The Company has a deep pipeline of additional cannabinoid product candidates, in particular nabiximols, for which the Company is advancing multiple late-stage clinical programs in order to seek FDA approval in the treatment of spasticity associated with multiple sclerosis and spinal cord injury, as well as for the treatment of PTSD. The Company has additional cannabinoid product candidates in Phase 2 trials for autism and schizophrenia. For further information, please visit www.gwpharm.com.Forward-looking statements This news release contains forward-looking statements that reflect GW's current expectations regarding future events, including statements regarding financial performance, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions, the relevance of GW products commercially available and in development, the clinical benefits of EPIDIOLEX®/EPIDYOLEX® (cannabidiol) oral solution and Sativex® (nabiximols), and the safety profile and commercial potential of both medicines, and those associated with the COVID-19 pandemic. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors, including (inter alia), the success of GW’s research strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, and the acceptance of EPIDIOLEX®/EPIDYOLEX®, Sativex® and other products by consumer and medical professionals. A further list and description of risks and uncertainties associated with an investment in GW can be found in GW’s filings with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. GW undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.Enquiries:GW Pharmaceuticals plc  Stephen Schultz, VP Investor Relations917 280 2424 / 401 500 6570    U.S. Media Enquiries: Sam Brown Inc. Healthcare Communications   Christy Curran Mike Beyer615 414 8668 312 961 2502    Ex-U.S. media enquiries  Ben Atwell, FTI Consulting+44 (0)203 727 1000 GW PHARMACEUTICALS PLC CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited)  June 30,  December 31,    2020  2019  Assets         Cash and cash equivalents $477,557  $536,933  Accounts receivable, net  80,357   48,883  Inventory  99,620   85,528  Prepaid expenses and other current assets  30,183   28,292  Total current assets  687,717   699,636  Property, plant, and equipment, net  125,106   127,765  Operating lease assets  22,333   24,916  Intangible assets  5,627   —  Goodwill  6,959   6,959  Deferred tax assets  18,123   18,123  Other assets  4,715   4,850  Total assets $870,580  $882,249  Liabilities and stockholders’ equity         Accounts payable $16,238  $9,990  Accrued liabilities  93,313   99,374  Current tax liabilities  2,004   437  Other current liabilities  6,947   7,760  Total current liabilities  118,502   117,561  Long-term liabilities:         Finance lease liabilities  5,066   5,573  Operating lease liabilities  19,659   21,650  Other liabilities  10,416   11,431  Total long-term liabilities  35,141   38,654  Total liabilities  153,643   156,215  Commitments and contingencies         Stockholders’ equity:         Common stock - Ordinary shares par value £0.001; 373,709,720 shares outstanding as of June 30, 2020; 371,068,436 shares outstanding as of December 31, 2019  575   570  Additional paid-in capital  1,655,500   1,632,046  Accumulated deficit  (854,752)  (837,959) Accumulated other comprehensive loss  (84,386)  (68,623) Total stockholders’ equity  716,937   726,034  Total liabilities and stockholders’ equity $870,580  $882,249  GW PHARMACEUTICALS PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)  Three Months Ended June 30,  Six Months Ended June 30,    2020  2019  2020  2019  Revenues                 Product net sales $121,230  $71,489  $241,762  $110,463  Other revenue  67   549   168   822  Total revenues  121,297   72,038   241,930   111,285  Operating expenses                 Cost of product sales  8,708   6,620   19,477   11,751  Research and development  45,734   32,467   91,608   62,842  Selling, general and administrative  75,894   62,273   147,077   117,351  Total operating expenses  130,336   101,360   258,162   191,944  Loss from operations  (9,039)  (29,322)  (16,232)  (80,659) Interest income  250   2,310   1,519   4,397  Interest expense  (297)  (268)  (581)  (533) Other income  -   104,117   -   104,117  Foreign exchange gain  1,386   2,026   1,366   912  (Loss) income before income taxes  (7,700)  78,863   (13,928)  28,234  Income tax expense (benefit)  1,128   (885)  2,865   (1,450) Net (loss) income $(8,828) $79,748  $(16,793) $29,684                    Net loss per share:                 Basic $(0.02) $0.21  $(0.04) $0.08  Diluted $(0.02) $0.21  $(0.04) $0.08                    Weighted average shares outstanding:                 Basic  375,525   371,712   374,680   370,776  Diluted  375,525   377,435   374,680   376,674  GW PHARMACEUTICALS PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)  Six Months Ended June 30,    2020  2019  Cash flows from operating activities         Net loss $(16,793) $29,684  Adjustments to reconcile net loss to net cash used in operating activities:         Foreign exchange (gain) loss  (488)  882  Share-based compensation  24,677   23,330  Depreciation and amortization  5,514   4,808  Gain from sale of priority review voucher  —   (104,117) Other  27   21  Changes in operating assets and liabilities:         Accounts receivable, net  (31,794)  (27,924) Inventory  (19,669)  (27,070) Prepaid expenses and other current assets  (4,312)  (6,819) Other assets  1,884   1,542  Accounts payable  6,625   3,488  Current tax liabilities  2,732   619  Accrued liabilities  (599)  13,887  Other liabilities  (2,145)  (2,192) Net cash used in operating activities  (34,341)  (89,861) Cash flows from investing activities         Proceeds from sale of priority review voucher  —   104,117  Additions to property, plant and equipment  (11,362)  (22,515) Additions to capitalized software  (1,455)  (1,017) Additions to intangible assets  (6,404)  —  Net cash (used) provided by in investing activities  (19,221)  80,585  Cash flows from financing activities         Proceeds from exercise of stock options  5   2,878  Payments in connection with common stock withheld for employee tax obligation  (1,223)  —  Payments on finance leases  (146)  (250) Payments on landlord financing obligation  (283)  (273) Net cash (used in) provided by financing activities  (1,647)  2,355  Effect of exchange rate changes on cash  (4,167)  (893) Net decrease in cash and cash equivalents  (59,376)  (7,814) Cash and cash equivalents at beginning of period  536,933   591,497  Cash and cash equivalents at end of period $477,557  $583,683  Supplemental disclosure of cash flow information:         Income taxes paid  251   3,907  Interest paid  581   533  Supplemental disclosure of noncash information:         Property and equipment purchases in accounts payable and accrued liabilities  1,727   856  Right-of-use asset obtained in exchange for operating liabilities  275   —

Why GW Pharmaceuticals Stock Is Up Today

Shares of GW Pharmaceuticals (NASDAQ: GWPH) are up by 4.8% as of 3:18 p.m. EDT on Monday, after rising by as much as 5.5% earlier in the day. The catalyst for these nice gains is the fact that the U.S. Food and Drug Administration (FDA) approved GW Pharma's Epidiolex for the treatment of seizures associated with tuberous sclerosis complex (TSC). Back in June of 2018, Epidiolex was approved for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) and Dravet syndrome, thus becoming the first cannabis-derived drug to be approved by the FDA.