EX-99.2 4 tm2331439d1_ex99-2.htm EXHIBIT 99.2
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IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) RVL PHARMACEUTICALS, INC. ) ) Case No. 23-11705 (BLS) Debtors.1 ) (Jointly Administered) ) GLOBAL NOTES AND STATEMENT OF LIMITATIONS, METHODOLOGY AND DISCLAIMERS REGARDING OCTOBER 31, 2023, MONTHLY OPERATING REPORT Description of Chapter 11 Cases The debtor and debtor in possession (the “Debtor”) in the above-captioned chapter 11 case (the “Chapter 11 Case”) has prepared and filed the attached October 31, 2023, Monthly Operating Report (the “MOR”) in the United States Bankruptcy Court for the District of Delaware (the “Court”). The Debtor has prepared the MOR with the assistance of its advisors and professionals solely for the purpose of complying with the reporting requirements applicable in the Chapter 11 Case and is in a format consistent with the instructions provided by the Office of the United States Trustee for the District of Delaware. Debtor in Possession Financial Statements The financial statements and supplemental information presented in this MOR have been prepared using the Debtors' books and records solely to comply with the monthly reporting requirements under the United States Bankruptcy Code and those of the United States Trustee for the District of Delaware. The financial statements and other information presented herein are unaudited, preliminary in nature, and may not comply with generally accepted accounting principles in the United States of America (“US GAAP”) in all material respects. These preliminary unaudited financial statements and other information represent the Debtors' good faith attempt to comply with the requirements of the United States Bankruptcy Code and those of the United States Trustee using the resources available. This information is limited in scope to the requirements of this MOR. These preliminary unaudited financial statements have not been subject to procedures that would typically be applied to financial information presented in accordance with US GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, which could be material. Certain totals may not sum due to rounding. 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, are: RevitaLid Pharmaceutical Corp. (0983), RVL Pharmaceuticals, Inc. (7918), and RVL Pharmacy, LLC (6132). The location of the Debtors’ principal place of business is 400 Crossing Boulevard, Bridgewater, New Jersey 08807. Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 1 of 7

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Part 1: Cash Receipts and Disbursements The cash flow contained in the attached MOR is prepared on a bank/cash basis, not in accordance with US GAAP. The MOR presents the Debtor’s receipts and disbursements for the period from October 12, 2023, through October 31, 2023. Part 2: Asset and Liability Status The amounts identified in Part 2 of the MOR are derived from the Debtor’s unaudited and estimated accrual-based Balance Sheet as of October 31, 2023. Postpetition payables includes accounts payable and amounts due to affiliated debtor entity, RevitaLid Pharmaceutical Corp. Please refer to the notes above for information about presentation and limitations that may exist in the MOR. Part 4: Income Statement (Statement of Operations) The Debtor’s Income Statement per this MOR presents the Debtor’s best estimate of its Statement of Operations, on an accrual basis, for the period from October 12, 2023, through October 31, 2023. Please refer to the notes above for information about presentation and limitations that may exist in the MOR. Part 6: Postpetition Taxes. The Debtor collects, withholds, and incurs withholding, and income taxes, as well as other business and regulatory fees and assessments (collectively, the “Taxes and Fees”). The Debtor remits the Taxes and Fees to various federal, state, and local governments (collectively, the “Authorities”). The Debtor pays the Taxes and Fees to the Authorities on a periodic basis, remitting them monthly, semi-monthly, quarterly, semi-annually, or annually depending on the nature and incurrence of a particular Tax or Fee. The Court entered Interim and final orders [Docket No. 36 & 75] authorizing, but not directing, the Debtor to, among other things, pay Taxes and Fees that arise or accrue in the ordinary course of business on a postpetition basis consistent with prepetition practices. The Debtor believes that it is current with respect to any outstanding, postpetition amounts due. Part 7a: Questionnaire Payments on prepetition unsecured debts totaling $1,812,221 were made in accordance with the approved interim and final “first day” relief granted by the Court. Part 7c: Questionnaire All payments to insiders were on account of ordinary course salaries and benefits or intercompany transfers to RVL Pharmaceuticals, plc, in each case, made in accordance with interim and final orders entered by the Court. See Docket Nos. 37, 39, 78 & 79. Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 2 of 7

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RVL PHARMACEUTICALS, INC. Case No. 23-11705 Debtor Reporting Period: October 12, 2023 through October 31, 2023 MOR-1 Part 1: Schedule of Cash Receipts and Disbursements - Unaudited 10/12/23 - 10/31/23 $ in USD - Rounded to Nearest Whole Dollar RVL PHARMACEUTICALS, INC. Schedule of Cash Receipts and Disbursements Operating Cash Flow Operating Receipts 1,264,718 $ Operating Disbursements (763,336) Operating Cash Flow 501,382 $ DIP Proceeds 7,500,000 $ DIP Interest / Fees (311,948) DIP Financing Activity 7,188,052 $ Restructuring/Non-Recurring First Day Relief1 (1,812,221) Professional Fees - UST Fees - Restructuring/Non-Recurring (1,812,221) $ Intercompany Transfers Debtor Affiliates - Non-Debtor Affiliates (100,000) Intercompany Transfers (100,000) $ Net Cash Flow $ 5,777,213 Available Debtor Beginning Cash Balance $ 6,662,780 Change +/- 5,777,213 Available Debtor Ending Cash Balance $ 12,439,993 Notes 1 All first day relief payments by the Debtors have been made pursuant to the first day motions and are below the respective interim limits imposed. Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 3 of 7

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RVL PHARMACEUTICALS, INC. Case No. 23-11705 Debtor Reporting Period: October 12, 2023 through October 31, 2023 MOR-2 Part 2: Balance Sheet - Unaudited October 31, 2023 $ in USD - Rounded to Nearest Whole Dollar RVL PHARMACEUTICALS, INC. Current Assets: Cash and Cash Equivalents $ 12,439,993 Accounts Receivable and Other Receivables 94,037 Inventories, Net 3,699,103 Prepaid Expenses and Other Current Assets 1,917,961 Total Current Assets $ 18,151,094 Property, Plant and Equipment, Net 2,947,144 Intercompany 12,152,055 Other Non-Current Assets 8,625 Total Non-Current Assets $ 15,107,824 Total Assets $ 33,258,918 Current Liabilities (Post-Petition) Accounts Payable and Accrued Expenses - Trade 770,717 Accounts Payable and Accrued Expenses - Intercompany 7,140,941 Accrued Payroll and Benefits 115,567 Other Current Liabilities - Debtor in Posession Financing - Total Liabilities Not Subject to Compromise $ 8,027,226 Liabilities Subject to Compromise 117,760,278 Total Equity $ (92,528,586) Total Liabilities + Equity $ 33,258,918 Notes Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 4 of 7

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RVL PHARMACEUTICALS, INC. Case No. 23-11705 Debtor Reporting Period: October 12, 2023 through October 31, 2023 MOR-3 Part 4: Statement of Operations - Unaudited 10/12/23 - 10/31/23 $ in USD - Rounded to Nearest Whole Dollar RVL PHARMACEUTICALS, INC. Gross Profit Net Product Sales $ 1,226,936 Cost of Goods Sold (323,195) Gross Profit $ 903,740 Expenses: Selling, General and Administrative Expenses (1,681,881) Research and Development Expenses (9,032) Other Operating Expenses (159,753) Total Operating Expenses $ (1,850,666) Reorganization Items (445,010) Interest Expense and Fees - Profit (loss) Before Income Tax $ (1,391,936) Provision for Taxes - Profit (Loss) $ (1,391,936) Notes Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 5 of 7

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RVL PHARMACEUTICALS, INC. Case No. 23-11705 Debtor Reporting Period: October 12, 2023 through October 31, 2023 MOR-4 Part 7c: Payments to Insiders $ in USD - Rounded to Nearest Whole Dollar Part 7c: Payments to Insiders Date of Payment Account Used Amount 10/18/2023 3535 40,537 Salary + Benefits 10/27/2023 3535 100,000 Wind Down Costs to RevitaLid Pharmaceutical PLC 10/31/2023 3535 39,991 Salary + Benefits Total Payments to Insiders $ 180,529 Notes Reason for Payment Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 6 of 7

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RVL PHARMACEUTICALS, INC. Case No. 23-11705 Debtor Reporting Period: October 12, 2023 through October 31, 2023 MOR-5 Part 7g: Post-Petition Borrowings $ in USD - Rounded to Nearest Whole Dollar Part 7g: Post-Petition Borrowings On October 13, 2023 an interim order was approved for Debtor In Possession Financing [docket entry 40] granting the Debtors use of $7.5 million of a proposed $17.5 million Debtor In Possession financing facility. The remaining and final $10 million in DIP financing was subsequently approved by the Court's final order approved on November 9, 2023 [docket entry 88]. Post-petition borrowing of the Debtor during the period represents an intercompany loan from Debtor affilitate, RevitaLid Pharmaceutical Corporation, to downstream the $7.5 million proceeds from the interim draw on the DIP financing. Case 23-11704-BLS Doc 134-1 Filed 11/21/23 Page 7 of 7