Mitchell Steiner: Okay. Thank you for your questions. So, the first one on FC2 and that part of the business, I’m going to answer and I’m going to have Michele answer the question on liquidity. As it relates to FC2, so, we’ve had two down quarters, and the telemedicine market, we have two customers that in the telemedicine space that make up a significant portion of that revenue. And they had a down year, we get to have a down year. If you look across telemedicine, you already know you can see that they’re still going through some pains right now. With that said, I’m happy to report the way we’re handling that to maximize our revenue is threefold. One is to make sure we do everything in our power to have our partners. And I will tell you that indications at this point is that whatever that hiccup was this last two quarters is turning around.
So, they’re figuring it out as well. And so our expectation is to see an increase in revenue, increase in orders, and wherever that new normal is, they’re back. So, they’ve gone from struggling to headwinds to looks like they, sort of figured it out. And again, time will tell, but it feels good that at least our main customers will get back, which means we will start to see significant revenue come back, but what we didn’t sit on our hands, we went ahead and realized that what would be better than depending on customers to buy product from us would be to have a telemedicine hub of our own. And that really has played out very, very nicely because it puts us in control of our destiny. And so, what we’ve done €“ what that means is, you have to put all the components together, you have to have the doctors, you have to have the website, we have the product, and you have to have the ability to fill prescription and you have to have the ability to deal with insurance and all that’s in place.
And what we’re finding is there is a direct correlation between marketing spend and people buying the product and wanting the prescriptions. So, I’m happy to report that that looks incredibly viable and will really supplement the revenue going forward. And it took us about a year to put it together, but it’s been pressure tested and now we’re going to expand that. So, we’re again seeing an opportunity for revenue from that standpoint. ENTADFI is early days because most of it has been trying to get insurance, Medicare and wholesaler contracts in place because of the FDA wanting certain release criteria that we didn’t agree upon until later in the year. We really didn’t have, but fiscal year €“ fourth quarter fiscal year 2022 is an opportunity to launch.
And so, a little behind there, but we’ll try to do our best to make up. So, the Urev is $39 million in revenue this past year that’s real money that our investors don’t have to come up with that we can use to help invest and move our pipeline. With that, I’ll turn it over to Michele to talk about liquidity in the event that we launched sabizabulin.
Michele Greco: Sure. So, in the event we launched sabizabulin, you know I’d like to point out that our drug spend was around $70 million this year. And slightly over half of that was related to COVID. Our COVID-trial included in that was over 60% of those costs. We’re related to building up the material to get our drug ready, so that when we’re ready to launch, we have the drug ready. You can see as I noted, we built the team and so we had those expenses that ran through this past year in our fourth quarter. We built the team in the U.S. We put all the vendor contracts in place. We have the people up and going. We have our strategy ready to deliver. So, from a liquidity standpoint, we’ve already invested in this drug and we’re ready to go.
We’re not going to be needing to get additional liquidity other than what we generate from our business. As Mitch indicated, there’s a lot of things that we’re doing on the Urev side to get things up and going there and working on increasing some of those revenues. In the event that we don’t launch the COVID drug, as the company €“ as we’ve demonstrated over the years, we’re very good at managing our cash and managing and prioritizing all of our drugs under development. Those are the levers that we have to work on is, you know how quickly we push different drugs through the trial and how much we can slow them down. So, for us from a liquidity standpoint, we’re looking good between our balance sheet and what we can get from Urev and how we can manage our business.
Liquidity isn’t a concern for us, whether we launch the drug or if the drug isn’t launched this year.
Mitchell Steiner: Thank you.
Chris Howerton : That’s wonderful. Thanks so much.
Mitchell Steiner: Thank you.
Operator: Our next question comes from Yi Chen from H.C. Wainwright. Please go ahead.
Yi Chen: Thank you for taking my questions. When do you expect the FDA to issue its final decision on the EUA application? And do you think it could occur before the end of 2022?
