Our cash position increased to more than $105 million as of September 30, 2021, up from approximately $93 million at June 30, 2021.
So with that, let's turn to the restructuring and cost reduction plan we announced earlier today.
Again, our plan retains our core strategies while further optimizing our operations, improving efficiencies and reducing costs.
The plan will be implemented in phases, and we expect we will be completed in about 18 months.
Key elements of the plan include, first, consolidating our manufacturing footprint from two facilities to 1.
This includes reducing headcount and eliminating development formerly dedicated to the Carmel site and discontinuing future development programs targeting liquid generic medications as we no longer see adequately scaled returns in that sector.
Ultimately, the plan is expected to result in a workforce reduction of approximately 11% from current levels.
Another 3% or so of the workforce, mainly at the plant, we expect not to replace as attrition occurs.
In total, we anticipate cost savings approximately $20 million annually.
We currently have approximately 12 ANDAs pending at the FDA, including partner products, plus three additional products that are approved and pending launch.
We also have more than 20 products in development and expect to add more from both external and internal efforts.
With regard to our large, durable partnered product pipeline, I'll provide an update on two of the 5, starting with our generic ADVAIR DISKUS product.
We have revised down our fiscal 2022 guidance to reflect the increasingly competitive environment for a base oral generics portfolio.
The plan is expected to be completed in approximately 18 months and generate annual cost savings of approximately $20 million.
For the 2022 first quarter, net sales were $101.5 million compared with $126.5 million for the first quarter of last year.
Gross profit was $20.6 million or 20% of net sales compared with $34.4 million or 27% of net sales for the prior year first quarter.
Interest expense increased to $12.8 million from $11.2 million.
Net loss was $10.6 million or $0.27 per share versus net income of $2.2 million or $0.06 per diluted share.
Adjusted EBITDA was $10.0 million.
At September 30, 2021, cash and cash equivalents totaled approximately $105 million, up from $93 million at June 30.
Accordingly, we expect to maintain a healthy cash position of $80 million plus through the end of fiscal 2022.
As for our liquidity, we also have access to our $45 million credit facility, which to date, we have not drawn upon.
For fiscal 2022, we now expect net sales in the range of $370 million to $400 million, down from $400 million to $440 million.
Adjusted gross margin, as a percentage of net sales, of approximately 19% to 21%, down from approximately 23% to 25%.
Adjusted R&D expense in the range of $25 million to $28 million, down from $26 million to $29 million.
Adjusted SG&A expense ranging from $55 million to $58 million, down from $58 million to $61 million.
Adjusted interest expense of approximately $52 million, unchanged.
The full year adjusted effective tax rate in the range of 22% to 23%, up from 21% to 22%.
Adjusted EBITDA in the range of $22 million to $32 million, down from $40 million to $55 million.
And lastly, capital expenditures to be approximately $10 million to $14 million, down from $12 million to $18 million.

Summary:
So with that, let's turn to the restructuring and cost reduction plan we announced earlier today.
Again, our plan retains our core strategies while further optimizing our operations, improving efficiencies and reducing costs.
The plan will be implemented in phases, and we expect we will be completed in about 18 months.
This includes reducing headcount and eliminating development formerly dedicated to the Carmel site and discontinuing future development programs targeting liquid generic medications as we no longer see adequately scaled returns in that sector.
Ultimately, the plan is expected to result in a workforce reduction of approximately 11% from current levels.
In total, we anticipate cost savings approximately $20 million annually.
We also have more than 20 products in development and expect to add more from both external and internal efforts.
We have revised down our fiscal 2022 guidance to reflect the increasingly competitive environment for a base oral generics portfolio.
The plan is expected to be completed in approximately 18 months and generate annual cost savings of approximately $20 million.
Gross profit was $20.6 million or 20% of net sales compared with $34.4 million or 27% of net sales for the prior year first quarter.
Net loss was $10.6 million or $0.27 per share versus net income of $2.2 million or $0.06 per diluted share.
For fiscal 2022, we now expect net sales in the range of $370 million to $400 million, down from $400 million to $440 million.
The full year adjusted effective tax rate in the range of 22% to 23%, up from 21% to 22%.
And lastly, capital expenditures to be approximately $10 million to $14 million, down from $12 million to $18 million.