Civica

What it reported doing in 2024

Fill - finish facilitythe covid-19 pandemic, which resulted in a spike in demand for medications in hospitals managing significant patient surges, brought to light the dependence of the united states on foreign manufacturers of generic, essential, life-saving medications; especially sterile injectables. In an effort to on-shore end-to-end manufacturing of such sterile injectables, and as a national security measure, biomedical advanced research and development authority ("barda"), a u.s. Department of health and human services ("hhs") government office responsible for the procurement and development of medical countermeasures, principally against bioterrorism, including chemical, biological, radiological and nuclear threats, as well as pandemic influenza and emerging diseases, awarded contract no. 75a50120c00092 ("prime contract") to phlow corp., ("phlow") to create end-to-end manufacturing in the united states. Phlow is a Delaware public benefit corporation engaged in the business of the research, development, and commercialization of pharmaceutical products. Phlow subcontracted certain of its obligations under the prime contract to civica whereby civica will qualify, design, build, equip, operate, and own a 120,000 square foot, two-story, cgmp compliant aseptic fill-finish facility ("fill-finish facility"), to be funded, at least partially, with $100,000,000 provided by barda. The fill-finish facility will be capable of, among other things, providing at least 90 million aseptic or terminally sterilized vials and 50 million pre-filled syringes annually. The facility is complete along with submission of the application for the approval of the facility. The first products, and commencement of commercial production, are anticipated in 2026. Civica intends to use the fill-finish facility to, among other things, (1) manufacture sterile injectables in furtherance of its generic drug distribution program identified previously, (2) support the needs of the u.s. Government for any future pandemics or similar emergencies, (3) provide surplus manufacturing capacity to other u.s.-based sterile injectable manufacturers who serve the needs of the country for shortage medications, and (4) produce low-cost insulin for the us market to alleviate distress that affordability challenges cause to patients.

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 77.1%; rating input score 77
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 93.3%; rating input score 93; 44th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -74.2%; rating input score 1; 1st percentile among comparable filings
• Total-asset coverage ratio: 2.5; rating input score 70; 70th percentile among comparable filings
• Liabilities to assets ratio: 1.07; rating input score 5; 5th percentile among comparable filings
• Officer compensation ratio: 4.5%; rating input score 20; 20th percentile among comparable filings

Growth

• Program expense growth: 34.5% per year; rating input score 100; 97th percentile among comparable filings
• Revenue growth: 8.7% per year; rating input score 100; 71st percentile among comparable filings
• Asset growth: 22.9% per year; rating input score 100; 95th percentile among comparable filings