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Form 10-Q AMARIN CORP PLC\UK For: Jun 30

August 2, 2023 7:07 AM EDT
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-21392

 

Amarin Corporation plc

(Exact Name of Registrant as Specified in its Charter)

 

England and Wales

 

Not applicable

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

Iconic Offices, The Greenway, Block C Ardilaun Court,

112 – 114 St Stephens Green

Dublin 2, Ireland

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s telephone number, including area code: +353 (0) 1 6699 020

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

American Depositary Shares (ADS(s)), each ADS
representing the right to receive one (1) Ordinary Share of

Amarin Corporation plc

AMRN

NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo

407,909,197 common shares were outstanding as of July 31, 2023, including 387,502,130 shares held as American Depositary Shares (ADSs), each representing one Ordinary Share, 50 pence par value per share, and 20,407,067 Ordinary Shares.

 

 

 


 

INDEX TO FORM 10-Q

 

 

 

 

Page

 

 

 

PART I – Financial Information

 

 

 

Item 1.

 

Financial Statements (unaudited):

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022

 

3

 

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022

 

4

 

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2023 and 2022

 

5

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022

 

6

 

 

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

39

Item 4.

 

Controls and Procedures

 

39

 

 

 

PART II – Other Information

 

 

 

Item 1.

 

Legal Proceedings

 

41

Item 1A.

 

Risk Factors

 

41

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

75

Item 5.

 

Other Information

 

75

Item 6.

 

Exhibits

 

76

 

SIGNATURES

 

77

 

2


 

PART I

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share amounts)

 

 

June 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

232,995

 

 

$

217,666

 

Restricted cash

 

 

524

 

 

 

523

 

Short-term investments

 

 

79,919

 

 

 

91,695

 

Accounts receivable, net

 

 

122,730

 

 

 

130,990

 

Inventory

 

 

227,021

 

 

 

228,732

 

Prepaid and other current assets

 

 

43,306

 

 

 

19,492

 

Total current assets

 

 

706,495

 

 

 

689,098

 

Property, plant and equipment, net

 

 

179

 

 

 

874

 

Long-term investments

 

 

67

 

 

 

1,275

 

Long-term inventory

 

 

122,318

 

 

 

163,620

 

Operating lease right-of-use asset

 

 

8,978

 

 

 

9,074

 

Other long-term assets

 

 

1,604

 

 

 

458

 

Intangible asset, net

 

 

20,377

 

 

 

21,780

 

TOTAL ASSETS

 

$

860,018

 

 

$

886,179

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

54,309

 

 

$

64,602

 

Accrued expenses and other current liabilities

 

 

214,598

 

 

 

192,678

 

Current deferred revenue

 

 

2,025

 

 

 

2,199

 

Total current liabilities

 

 

270,932

 

 

 

259,479

 

Long-Term Liabilities:

 

 

 

 

 

 

Long-term deferred revenue

 

 

3,331

 

 

 

13,147

 

Long-term operating lease liability

 

 

9,472

 

 

 

10,015

 

Other long-term liabilities

 

 

7,155

 

 

 

8,205

 

Total liabilities

 

 

290,890

 

 

 

290,846

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Common stock, £0.50 par, unlimited authorized; 417,092,401 shares issued, 408,133,807 shares outstanding as of June 30, 2023; 412,333,087 shares issued, 404,346,256 shares outstanding as of December 31, 2022

 

 

301,906

 

 

 

299,002

 

Additional paid-in capital

 

 

1,891,957

 

 

 

1,885,352

 

Treasury stock; 8,958,594 shares as of June 30, 2023; 7,986,831 shares as of December 31, 2022

 

 

(63,464

)

 

 

(61,770

)

Accumulated deficit

 

 

(1,561,271

)

 

 

(1,527,251

)

Total stockholders’ equity

 

 

569,128

 

 

 

595,333

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

860,018

 

 

$

886,179

 

 

See notes to condensed consolidated financial statements.

3


 

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Product revenue, net

$

65,187

 

 

$

93,796

 

 

$

149,841

 

 

$

187,782

 

Licensing and royalty revenue

 

14,980

 

 

 

644

 

 

 

16,301

 

 

 

1,288

 

Total revenue, net

 

80,167

 

 

 

94,440

 

 

 

166,142

 

 

 

189,070

 

Less: Cost of goods sold

 

23,199

 

 

 

35,810

 

 

 

48,993

 

 

 

58,049

 

Less: Cost of goods sold - restructuring inventory

 

14,300

 

 

 

15,000

 

 

 

26,554

 

 

 

15,000

 

Gross margin

 

42,668

 

 

 

43,630

 

 

 

90,595

 

 

 

116,021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

50,953

 

 

 

86,893

 

 

 

110,540

 

 

 

177,540

 

Research and development

 

5,642

 

 

 

9,356

 

 

 

11,323

 

 

 

19,407

 

Restructuring

 

10,032

 

 

 

10,213

 

 

 

10,032

 

 

 

10,213

 

Total operating expenses

 

66,627

 

 

 

106,462

 

 

 

131,895

 

 

 

207,160

 

Operating loss

 

(23,959

)

 

 

(62,832

)

 

 

(41,300

)

 

 

(91,139

)

Interest income, net

 

3,001

 

 

 

288

 

 

 

5,222

 

 

 

491

 

Other income (expense), net

 

3,043

 

 

 

(2,255

)

 

 

3,667

 

 

 

(2,501

)

Loss from operations before taxes

 

(17,915

)

 

 

(64,799

)

 

 

(32,411

)

 

 

(93,149

)

Income tax benefit (provision)

 

355

 

 

 

(5,157

)

 

 

(1,609

)

 

 

(8,370

)

Net loss

$

(17,560

)

 

$

(69,956

)

 

$

(34,020

)

 

$

(101,519

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.04

)

 

$

(0.18

)

 

$

(0.08

)

 

$

(0.26

)

Diluted

$

(0.04

)

 

$

(0.18

)

 

$

(0.08

)

 

$

(0.26

)

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

407,848

 

 

 

398,187

 

 

 

407,017

 

 

 

397,997

 

Diluted

 

407,848

 

 

 

398,187

 

 

 

407,017

 

 

 

397,997

 

See notes to condensed consolidated financial statements.

4


 

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except share amounts)

 

 

Common
Shares

 

 

Treasury
Shares

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Treasury
Stock

 

 

Accumulated
Deficit

 

 

Total

 

December 31, 2022

 

 

412,333,087

 

 

 

(7,986,831

)

 

$

299,002

 

 

$

1,885,352

 

 

$

(61,770

)

 

$

(1,527,251

)

 

$

595,333

 

Exercise of stock options

 

 

1,232,263

 

 

 

 

 

 

744

 

 

 

1,127

 

 

 

 

 

 

 

 

 

1,871

 

Vesting of restricted stock units

 

 

2,514,948

 

 

 

(827,523

)

 

 

1,539

 

 

 

(1,539

)

 

 

(1,507

)

 

 

 

 

 

(1,507

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

5,556

 

 

 

 

 

 

 

 

 

5,556

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,460

)

 

 

(16,460

)

March 31, 2023

 

 

416,080,298

 

 

 

(8,814,354

)

 

$

301,285

 

 

$

1,890,496

 

 

$

(63,277

)

 

$

(1,543,711

)

 

$

584,793

 

Issuance of common stock under employee stock purchase plan

 

 

205,861

 

 

 

 

 

 

127

 

 

 

113

 

 

 

 

 

 

 

 

 

240

 

Exercise of stock options

 

 

6,000

 

 

 

 

 

 

4

 

 

 

3

 

 

 

 

 

 

 

 

 

7

 

Vesting of restricted stock units

 

 

800,242

 

 

 

(144,240

)

 

 

490

 

 

 

(490

)

 

 

(187

)

 

 

 

 

 

(187

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

1,835

 

 

 

 

 

 

 

 

 

1,835

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,560

)

 

 

(17,560

)

June 30, 2023

 

 

417,092,401

 

 

 

(8,958,594

)

 

$

301,906

 

 

$

1,891,957

 

 

$

(63,464

)

 

$

(1,561,271

)

 

$

569,128

 

 

 

 

Common
Shares

 

 

Treasury
Shares

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Treasury
Stock

 

 

Accumulated
Deficit

 

 

Total

 

December 31, 2021

 

 

404,084,775

 

 

 

(7,486,767

)

 

$

294,027

 

 

$

1,855,246

 

 

$

(60,726

)

 

$

(1,421,448

)

 

$

667,099

 

Exercise of stock options

 

 

10,602

 

 

 

 

 

 

6

 

 

 

24

 

 

 

 

 

 

 

 

 

30

 

Vesting of restricted stock units

 

 

493,381

 

 

 

(161,083

)

 

 

331

 

 

 

(331

)

 

 

(535

)

 

 

 

 

 

(535

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

6,078

 

 

 

 

 

 

 

 

 

6,078

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,563

)

 

 

(31,563

)

March 31, 2022

 

 

404,588,758

 

 

 

(7,647,850

)

 

$

294,364

 

 

$

1,861,017

 

 

$

(61,261

)

 

$

(1,453,011

)

 

$

641,109

 

Issuance of common stock under employee stock purchase plan

 

 

265,214

 

 

 

 

 

 

166

 

 

 

217

 

 

 

 

 

 

 

 

 

383

 

Exercise of stock options

 

 

14,645

 

 

 

 

 

 

9

 

 

 

10

 

 

 

 

 

 

 

 

 

19

 

Vesting of restricted stock units

 

 

187,835

 

 

 

(61,551

)

 

 

120

 

 

 

(120

)

 

 

(158

)

 

 

 

 

 

(158

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

8,646

 

 

 

 

 

 

 

 

 

8,646

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,956

)

 

 

(69,956

)

June 30, 2022

 

 

405,056,452

 

 

 

(7,709,401

)

 

$

294,659

 

 

$

1,869,770

 

 

$

(61,419

)

 

$

(1,522,967

)

 

$

580,043

 

 

See notes to condensed consolidated financial statements.

5


 

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Six months ended June 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(34,020

)

 

$

(101,519

)

Adjustments to reconcile loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

94

 

 

 

288

 

(Accretion) amortization of investments

 

 

(1,853

)

 

 

575

 

Stock-based compensation

 

 

7,391

 

 

 

14,724

 

Amortization of intangible asset

 

 

1,403

 

 

 

1,273

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

8,260