10-Q
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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, 2021

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.)

 

77 Sir John Rogerson’s Quay, Block C,

Grand Canal Docklands

 

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.    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.

 

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).    Yes  ☐    No  

395,302,404 common shares were outstanding as of July 30, 2021, including 395,105,527 shares held as American Depositary Shares (ADSs), each representing one Ordinary Share, 50 pence par value per share and 196,877 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, 2021 and December 31, 2020

 

3

 

 

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020

 

4

 

 

Condensed Consolidated Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2021 and 2020

 

5

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

 

6

 

 

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

 

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

 

24

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

39

Item 4.

 

Controls and Procedures

 

39

 

 

 

PART II – Other Information

 

 

 

Item 1.

 

Legal Proceedings

 

40

Item 1A.

 

Risk Factors

 

40

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

81

Item 5.

 

Other Information

 

82

Item 6.

 

Exhibits

 

83

 

SIGNATURES

 

84

 

 

2


 

PART I

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share amounts)

 

 

 

 

June 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

327,016

 

 

$

186,964

 

Restricted cash

 

 

3,917

 

 

 

3,915

 

Short-term investments

 

 

181,910

 

 

 

313,969

 

Accounts receivable, net

 

 

182,259

 

 

 

154,574

 

Inventory

 

 

272,455

 

 

 

188,864

 

Prepaid and other current assets

 

 

28,426

 

 

 

30,947

 

Total current assets

 

 

995,983

 

 

 

879,233

 

Property, plant and equipment, net

 

 

1,713

 

 

 

2,016

 

Long-term investments

 

 

14,158

 

 

 

62,469

 

Operating lease right-of-use asset

 

 

7,861

 

 

 

8,054

 

Other long-term assets

 

 

456

 

 

 

432

 

Intangible asset, net

 

 

24,820

 

 

 

13,817

 

TOTAL ASSETS

 

$

1,044,991

 

 

$

966,021

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

141,251

 

 

$

105,876

 

Accrued expenses and other current liabilities

 

 

226,545

 

 

 

198,641

 

Current deferred revenue

 

 

2,643

 

 

 

2,926

 

Total current liabilities

 

 

370,439

 

 

 

307,443

 

Long-Term Liabilities:

 

 

 

 

 

 

Long-term deferred revenue

 

 

14,825

 

 

 

15,706

 

Long-term operating lease liability

 

 

8,875

 

 

 

9,153

 

Other long-term liabilities

 

 

5,528

 

 

 

6,214

 

Total liabilities

 

 

399,667

 

 

 

338,516

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Common stock, £0.50 par, unlimited authorized; 402,255,276 shares issued, 395,222,188 shares outstanding as of June 30, 2021; 398,425,000 shares issued, 392,538,081 shares outstanding as of December 31, 2020

 

 

292,782

 

 

 

290,115

 

Additional paid-in capital

 

 

1,834,548

 

 

 

1,817,649

 

Treasury stock; 7,033,088 shares as of June 30, 2021; 5,886,919 shares as of December 31, 2020

 

 

(59,011

)

 

 

(51,082

)

Accumulated deficit

 

 

(1,422,995

)

 

 

(1,429,177

)

Total stockholders’ equity

 

 

645,324

 

 

 

627,505

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,044,991

 

 

$

966,021

 

 

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,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Product revenue, net

$

153,773

 

 

$

133,724

 

 

$

295,156

 

 

$

285,928

 

Licensing and royalty revenue

 

715

 

 

 

1,593

 

 

 

1,502

 

 

 

4,382

 

Total revenue, net

 

154,488

 

 

 

135,317

 

 

 

296,658

 

 

 

290,310

 

Less: Cost of goods sold

 

32,155

 

 

 

28,797

 

 

 

60,481

 

 

 

63,604

 

Gross margin

 

122,333

 

 

 

106,520

 

 

 

236,177

 

 

 

226,706

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

107,203

 

 

 

92,395

 

 

 

213,001

 

 

 

226,332

 

Research and development

 

6,357

 

 

 

9,969

 

 

 

15,734

 

 

 

20,247

 

Total operating expenses

 

113,560

 

 

 

102,364

 

 

 

228,735

 

 

 

246,579

 

Operating income (loss)

 

8,773

 

 

 

4,156

 

 

 

7,442

 

 

 

(19,873

)

Interest income, net

 

285

 

 

 

151

 

 

 

756

 

 

 

1,359

 

Other (expense) income, net

 

(191

)

 

 

108

 

 

 

(333

)

 

 

17

 

Income (loss) from operations before taxes

 

8,867

 

 

 

4,415

 

 

 

7,865

 

 

 

(18,497

)

Income tax (provision) benefit

 

(1,059

)

 

 

 

 

 

(1,683

)

 

 

2,359

 

Net income (loss)

$

7,808

 

 

$

4,415

 

 

$

6,182

 

 

$

(16,138

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.02

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.04

)

Diluted

$

0.02

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.04

)

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

395,899

 

 

 

384,663

 

 

 

395,272

 

 

 

373,300

 

Diluted

 

401,767

 

 

 

399,664

 

 

 

402,778

 

 

 

373,300

 

 

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)

 

 

 

 

Preferred
Shares

 

 

Common
Shares

 

 

Treasury
Shares

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Treasury
Stock

 

 

Accumulated
Deficit

 

 

Total

 

December 31, 2020

 

 

 

 

 

398,425,000

 

 

 

(5,886,919

)

 

$

 

 

$

290,115

 

 

$

1,817,649

 

 

$

(51,082

)

 

$

(1,429,177

)

 

$

627,505

 

Exercise of stock options

 

 

 

 

 

783,320

 

 

 

 

 

 

 

 

 

536

 

 

 

1,523

 

 

 

 

 

 

 

 

 

2,059

 

Vesting of restricted stock units

 

 

 

 

 

2,447,405

 

 

 

(1,003,965

)

 

 

 

 

 

1,709

 

 

 

(1,709

)

 

 

(7,252

)

 

 

 

 

 

(7,252

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,925

 

 

 

 

 

 

 

 

 

13,925

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,626

)

 

 

(1,626

)

March 31, 2021

 

 

 

 

 

401,655,725

 

 

 

(6,890,884

)

 

$

 

 

$

292,360

 

 

$

1,831,388

 

 

$

(58,334

)

 

$

(1,430,803

)

 

$

634,611

 

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

226,402

 

 

 

 

 

 

 

 

 

161

 

 

 

867

 

 

 

 

 

 

 

 

 

1,028

 

Exercise of stock options

 

 

 

 

 

27,139

 

 

 

 

 

 

 

 

 

19

 

 

 

56

 

 

 

 

 

 

 

 

 

75

 

Vesting of restricted stock units

 

 

 

 

 

346,010

 

 

 

(142,204

)

 

 

 

 

 

242

 

 

 

(242

)

 

 

(677

)

 

 

 

 

 

(677

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,479

 

 

 

 

 

 

 

 

 

2,479

 

Income for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,808

 

 

 

7,808

 

June 30, 2021

 

 

 

 

 

402,255,276

 

 

 

(7,033,088

)

 

$

 

 

$

292,782

 

 

$

1,834,548

 

 

$

(59,011

)

 

$

(1,422,995

)

 

$

645,324

 

 

 

 

 

Preferred
Shares

 

 

Common
Shares

 

 

Treasury
Shares

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Treasury
Stock

 

 

Accumulated
Deficit

 

 

Total

 

December 31, 2019

 

 

289,317,460

 

 

 

365,014,893

 

 

 

(4,910,992

)

 

$

21,850

 

 

$

269,173

 

 

$

1,764,317

 

 

$

(35,900

)

 

$

(1,411,177

)

 

$

608,263

 

Exercise of stock options

 

 

 

 

 

412,465

 

 

 

 

 

 

 

 

 

269

 

 

 

1,037

 

 

 

 

 

 

 

 

 

1,306

 

Vesting of restricted stock units

 

 

 

 

 

1,951,448

 

 

 

(759,832

)

 

 

 

 

 

1,274

 

 

 

(1,274

)

 

 

(13,831

)

 

 

 

 

 

(13,831

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,591

 

 

 

 

 

 

 

 

 

10,591

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,553

)

 

 

(20,553

)

March 31, 2020

 

 

289,317,460

 

 

 

367,378,806

 

 

 

(5,670,824

)

 

$

21,850

 

 

$

270,716

 

 

$

1,774,671

 

 

$

(49,731

)

 

$

(1,431,730

)

 

$

585,776

 

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

123,608

 

 

 

 

 

 

 

 

 

76

 

 

 

772

 

 

 

 

 

 

 

 

 

848

 

Conversion of Series A Convertible Stock, net

 

 

(237,713,680

)

 

 

23,771,368

 

 

 

 

 

 

(14,684

)

 

 

14,684

 

 

 

(238

)

 

 

 

 

 

 

 

 

(238

)

Exercise of stock options

 

 

 

 

 

148,290

 

 

 

 

 

 

 

 

 

92

 

 

 

260

 

 

 

 

 

 

 

 

 

352

 

Vesting of restricted stock units

 

 

 

 

 

167,240

 

 

 

(70,971

)

 

 

 

 

 

104

 

 

 

(104

)

 

 

(521

)

 

 

 

 

 

(521

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,131

 

 

 

 

 

 

 

 

 

12,131

 

Income for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,415

 

 

 

4,415

 

June 30, 2020

 

 

51,603,780

 

 

 

391,589,312

 

 

 

(5,741,795

)

 

$

7,166

 

 

$

285,672

 

 

$

1,787,492

 

 

$

(50,252

)

 

$

(1,427,315

)

 

$

602,763

 

 

 

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,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income (loss)

 

$

6,182

 

 

$

(16,138

)

Adjustments to reconcile income (loss) to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

299

 

 

 

296

 

Amortization of investments

 

 

1,126

 

 

 

33

 

Stock-based compensation

 

 

16,404

 

 

 

22,722

 

Amortization of debt discount and debt issuance costs

 

 

 

 

 

490

 

Amortization of intangible asset

 

 

997

 

 

 

720

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(27,685

)

 

 

(8,555

)

Inventory

 

 

(83,591

)

 

 

(48,075

)

Prepaid and other current assets

 

 

2,521

 

 

 

(10,273

)

Other long-term assets

 

 

(24

)

 

 

 

Interest receivable

 

 

672

 

 

 

(1,312

)

Accrued interest payable

 

 

 

 

 

(240

)

Deferred revenue

 

 

(1,164

)

 

 

(633

)

Accounts payable and other current liabilities

 

 

51,279

 

 

 

65,530

 

Other long-term liabilities

 

 

(773

)

 

 

1,159

 

Net cash (used in) provided by operating activities

 

 

(33,757

)

 

 

5,724

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Sale and maturities of securities

 

 

253,084

 

 

 

131,440

 

Purchases of securities

 

 

(74,510

)

 

 

(527,479

)

Disposal (purchase) of furniture, fixtures and equipment

 

 

4

 

 

 

(251

)

Net cash provided by (used in) investing activities

 

 

178,578

 

 

 

(396,290

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from issuance of common stock, net of transaction costs

 

 

1,028

 

 

 

848

 

Proceeds from exercise of stock options, net of transaction costs

 

 

2,134

 

 

 

1,658

 

Payment of transaction costs for conversion of preferred stock

 

 

 

 

 

(238

)

Payment on debt from royalty-bearing instrument

 

 

 

 

 

(27,925

)

Taxes paid related to stock-based awards

 

 

(7,929

)

 

 

(14,352

)

Net cash used in financing activities

 

 

(4,767

)

 

 

(40,009

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND
   RESTRICTED CASH

 

 

140,054

 

 

 

(430,575

)

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

 

 

190,879

 

 

 

648,495

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

330,933

 

 

$

217,920

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash received (paid) during the year for:

 

 

 

 

 

 

Interest

 

$

 

 

$

(1,193