05:08 PM EDT, 03/14/2024 (MT Newswires) -- Cipher Pharmaceuticals ( CPHRF ) on Thursday said its fourth-quarter profit fell 61% on charges.

The company said it earned US$7.7 million, or US$0.32 per share, in the period, down from a profit of US$19.7 million, or US$0.78 in the year-prior quarter.

Cipher said the drop was "largely attributable to the recognition of previously unrecognized deferred tax losses in Q4 2022".

Revenue edged up to US$4.92 million from US$4.91 million.

"Cipher's performance has clearly demonstrated that the Company's base business is, and will continue to be, a reliable generator of free cash flow. Our cash balance grew by $11 million or 38.1%, now totaling nearly $40 million , putting the Company on strong footing as it enters a period of substantial growth ahead, both organically through our pipeline and our strategy to pursue accretive acquisitions from our growing list of opportunities in what we believe is a buyer's market," interim chief executive Craig Mull said in a release.

The company's shares closed up C$0.02 to C$7.13 on the Toronto Stock Exchange.