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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 |
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. Yes ☒ No ☐
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). Yes ☒ No ☐
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.
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Large accelerated filer |
|
☒ |
|
Accelerated filer |
☐ |
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|
|
|
|
|
Non-accelerated filer |
|
☐ |
|
Smaller reporting company |
☐ |
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|
|
|
|
|
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). Yes ☐ No ☒
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
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 |
|
|
|
19,711 |
|
Inventory |
|
|
43,013 |
|
|
|
(80,094 |
) |
Prepaid and other current assets |
|
|
(23,814 |
) |
|
|
(9,907 |
) |
Other long-term assets |
|
|
(522 |
) |
|
|
— |
|
Interest receivable |
|
|
104 |
|
|
|
229 |
|
Deferred revenue |
|
|
(9,990 |
) |
|
|
(701 |
) |
Accounts payable and other current liabilities |
|
|
11,627 |
|
|
|
(8,657 |
) |
Other long-term liabilities |
|
|
(1,497 |
) |
|
|
647 |
|
Net cash provided by (used in) operating activities |
|
