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, 2020
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 Number 001-31938
ACORDA THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
13-3831168 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
420 Saw Mill River Road, Ardsley, New York |
|
10502 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: (914) 347-4300
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
|
|
|
Common Stock $0.001 par value |
|
ACOR |
|
Nasdaq Global Market |
|
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 Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
Class |
|
Outstanding at July 31, 2020 |
|
Common Stock, $0.001 par value per share |
|
47,979,115 shares |
ACORDA THERAPEUTICS, INC.
TABLE OF CONTENTS
This Quarterly Report on Form 10-Q contains forward‑looking statements relating to future events and our future performance within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Stockholders are cautioned that such statements involve risks and uncertainties, including: we may not be able to successfully market Inbrija or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures and take other actions which are necessary for us to continue as a going concern; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of Inbrija to meet market demand; third party payers (including governmental agencies) may not reimburse for the use of Inbrija or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for Inbrija, Ampyra and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of Ampyra (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of Inbrija (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s beliefs and assumptions. All statements, other than statements of historical facts, included in this report regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make, and investors should not place undue reliance on these statements. In addition to the risks and uncertainties described above, we have included important factors in the cautionary statements included in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, particularly in the “Risk Factors” section (as updated by the disclosures in our subsequent quarterly reports, including this report), that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. Forward-looking statements in this report are made only as of the date hereof, and we do not assume any obligation to publicly update any forward-looking statements as a result of developments occurring after the date of this report.
We and our subsidiaries own several registered trademarks in the U.S. and in other countries. These registered trademarks include, in the U.S., the marks “Acorda Therapeutics,” our stylized Acorda Therapeutics logo, “Biotie Therapies,” “Ampyra,” “Inbrija,” and “ARCUS.” Also, our marks “Fampyra” and “Inbrija” are registered marks in the European Community Trademark Office and we have registrations or pending applications for these marks in other jurisdictions. Our trademark portfolio also includes several registered trademarks and pending trademark applications in the U.S. and worldwide for potential product names or for disease awareness activities. Third party trademarks, trade names, and service marks used in this report are the property of their respective owners.
PART I
Item 1. Financial Statements
ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
|
(In thousands, except share data) |
|
June 30, 2020 |
|
|
December 31, 2019 |
|
||
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
40,577 |
|
|
$ |
62,085 |
|
|
Restricted cash |
|
|
13,015 |
|
|
|
12,836 |
|
|
Short term investments |
|
|
25,410 |
|
|
|
63,754 |
|
|
Trade accounts receivable, net of allowances of $538 and $682, as of June 30, 2020 and December 31, 2019, respectively |
|
|
14,773 |
|
|
|
22,083 |
|
|
Prepaid expenses |
|
|
28,396 |
|
|
|
11,574 |
|
|
Inventory, net |
|
|
32,940 |
|
|
|
25,221 |
|
|
Other current assets |
|
|
2,911 |
|
|
|
3,560 |
|
|
Total current assets |
|
|
158,022 |
|
|
|
201,113 |
|
|
Property and equipment, net of accumulated depreciation |
|
|
141,685 |
|
|
|
142,527 |
|
|
Intangible assets, net of accumulated amortization |
|
|
382,505 |
|
|
|
402,329 |
|
|
Right of use asset, net of accumulated amortization |
|
|
21,166 |
|
|
|
23,450 |
|
|
Restricted cash |
|
|
24,819 |
|
|
|
30,270 |
|
|
Other assets |
|
|
11 |
|
|
|
29 |
|
|
Total assets |
|
$ |
728,208 |
|
|
$ |
799,718 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
14,631 |
|
|
$ |
26,257 |
|
|
Accrued expenses and other current liabilities |
|
|
37,477 |
|
|
|
39,077 |
|
|
Current portion of loans payable |
|
|
67,478 |
|
|
|
603 |
|
|
Current portion of liability related to sale of future royalties |
|
|
8,470 |
|
|
|
10,836 |
|
|
Current portion of lease liabilities |
|
|
7,896 |
|
|
|
7,746 |
|
|
Current portion of acquired contingent consideration |
|
|
2,276 |
|
|
|
1,866 |
|
|
Total current liabilities |
|
|
138,228 |
|
|
|
86,385 |
|
|
Convertible senior notes |
|
|
131,756 |
|
|
|
192,774 |
|
|
Derivative liability |
|
|
23,953 |
|
|
|
59,409 |
|
|
Non-current portion of acquired contingent consideration |
|
|
67,724 |
|
|
|
78,434 |
|
|
Non-current portion of lease liabilities |
|
|
20,277 |
|
|
|
22,996 |
|
|
Non-current portion of loans payable |
|
|
25,532 |
|
|
|
25,495 |
|
|
Deferred tax liability |
|
|
17,075 |
|
|
|
9,581 |
|
|
Non-current portion of liability related to sale of future royalties |
|
|
11,769 |
|
|
|
13,565 |
|
|
Other non-current liabilities |
|
|
989 |
|
|
|
259 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value. Authorized 1,000,000 shares at June 30, 2020 and December 31, 2019; no shares issued as of June 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
— |
|
|
Common stock, $0.001 par value. Authorized 80,000,000 shares at June 30, 2020 and December 31, 2019; issued 47,734,146 and 47,730,396 shares, including those held in treasury, as of June 30, 2020 and December 31, 2019, respectively |
|
|
48 |
|
|
|
48 |
|
|
Treasury stock at cost (29,304 shares at June 30, 2020 and December 31, 2019) |
|
|
(638 |
) |
|
|
(638 |
) |
|
Additional paid-in capital |
|
|
983,420 |
|
|
|
979,388 |
|
|
Accumulated deficit |
|
|
(690,702 |
) |
|
|
(666,809 |
) |
|
Accumulated other comprehensive (loss) income |
|
|
(1,223 |
) |
|
|
(1,169 |
) |
|
Total stockholders’ equity |
|
|
290,905 |
|
|
|
310,820 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
728,208 |
|
|
$ |
799,718 |
|
See accompanying Unaudited Notes to Consolidated Financial Statements
1
ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited)
|
(In thousands, except per share data) |
|
Three-month period ended June 30, 2020 |
|
|
Three-month period ended June 30, 2019 |
|
|
Six-month period ended June 30, 2020 |
|
|
Six-month period ended June 30, 2019 |
|
||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net product revenues |
|
$ |
30,794 |
|
|
$ |
47,191 |
|
|
$ |
55,465 |
|
|
$ |
88,525 |
|
|
Royalty revenues |
|
|
2,824 |
|
|
|
2,862 |
|
|
|
6,251 |
|
|
|
5,665 |
|
|
Total net revenues |
|
|
33,618 |
|
|
|
50,053 |
|
|
|
61,716 |
|
|
|
94,190 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
6,658 |
|
|
|
9,397 |
|
|
|
10,501 |
|
|
|
18,196 |
|
|
Research and development |
|
|
5,255 |
|
|
|
18,959 |
|
|
|
12,960 |
|
|
|
34,987 |
|
|
Selling, general and administrative |
|
|
38,656 |
|
|
|
50,195 |
|
|
|
79,764 |
|
|
|
102,921 |
|
|
Amortization of intangible assets |
|
|
7,691 |
|
|
|
7,691 |
|
|
|
15,382 |
|
|
|
10,255 |
|
|
Asset impairment |
|
|
— |
|
|
|
— |
|
|
|
4,131 |
|
|
|
— |
|
|
Change in fair value of derivative liability |
|
|
(8,928 |
) |
|
|
— |
|
|
|
(35,456 |
) |
|
|
— |
|
|
Changes in fair value of acquired contingent consideration |
|
|
(6,164 |
) |
|
|
(12,800 |
) |
|
|
(9,847 |
) |
|
|
(5,400 |
) |
|
Total operating expenses |
|
|
43,168 |
|
|
|
73,442 |
|
|
|
77,435 |
|
|
|
160,959 |
|
|
Operating loss |
|
|
(9,550 |
) |
|
|
(23,389 |
) |
|
|
(15,719 |
) |
|
|
(66,769 |
) |
|
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and amortization of debt discount expense |
|
|
(7,484 |
) |
|
|
(5,378 |
) |
|
|
(15,050 |
) |
|
|
(11,801 |
) |
|
Interest income |
|
|
178 |
|
|
|
1,498 |
|
|
|
490 |
|
|
|
2,994 |
|
|
Other income (expense) |
|
|
8 |
|
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
Realized loss on foreign currency transactions |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(7 |
) |
|
|
(16 |
) |
|
Total other expense, net |
|
|
(7,300 |
) |
|
|
(3,883 |
) |
|
|
(14,601 |
) |
|
|
(8,823 |
) |
|
Loss before taxes |
|
|
(16,850 |
) |
|
|
(27,272 |
) |
|
|
(30,320 |
) |
|
|
(75,592 |
) |
|
Benefit from (Provision for) income taxes |
|
|
(571 |
) |
|
|
(214 |
) |
|
|
6,427 |
|
|
|
501 |
|
|
Net loss |
|
$ |
(17,421 |
) |
|
$ |
(27,486 |
) |
|
$ |
(23,893 |
) |
|
$ |
(75,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share—basic |
|
$ |
(0.37 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.50 |
) |
|
$ |
(1.58 |
) |
|
Net loss per share—diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.50 |
) |
|
$ |
(1.58 |
) |
|
Weighted average common shares outstanding used in computing net loss per share—basic |
|
|
47,705 |
|
|
|
47,486 |
|
|
|
47,704 |
|
|
|
47,480 |
|
|
Weighted average common shares outstanding used in computing net loss per share—diluted |
|
|
47,705 |
|
|
|
47,486 |
|
|
|
47,704 |
|
|
|
47,480 |
|
See accompanying Unaudited Notes to Consolidated Financial Statements
2
ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Loss
(unaudited)
|
(In thousands) |
|
Three-month period ended June 30, 2020 |
|
|
Three-month period ended June 30, 2019 |
|
|
Six-month period ended June 30, 2020 |
|
|
Six-month period ended June 30, 2019 |
|
||||
|
Net loss |
|
$ |
(17,421 |
) |
|
$ |
(27,486 |
) |
|
$ |
(23,893 |
) |
|
$ |
(75,091 |
) |
|
Other comprehensive (loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(464 |
) |
|
|
1,128 |
|
|
|
(78 |
) |
|
|
(481 |
) |
|
Unrealized (loss) income on available for sale debt securities |
|
|
60 |
|
|
|
114 |
|
|
|
24 |
|
|
|
292 |
|
|
Other comprehensive income (loss), net of tax |
|
|
(404 |
) |
|
|
1,242 |
|
|
|
(54 |
) |
|
|
(189 |
) |
|
Comprehensive loss |
|
$ |
(17,825 |
) |
|
$ |
(26,244 |
) |
|
$ |
(23,947 |
) |
|
$ |
(75,280 |
) |
See accompanying Unaudited Notes to Consolidated Financial Statements
3
ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
|
|
|
Common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(In thousands) |
|
Number of shares |
|
|
Par value |
|
|
Treasury stock |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
|
|
Accumulated other comprehensive (loss) income |
|
|
Total stockholders equity |
|
|||||||
|
Balance at December 31, 2019 |
|
|
47,730 |
|
|
$ |
48 |
|
|
$ |
(638 |
) |
|
$ |
979,388 |
|
|
$ |
(666,809 |
) |
|
$ |
(1,169 |
) |
|
$ |
310,820 |
|
|
Compensation expense for issuance of stock options to employees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,976 |
|
|
|
— |
|
|
|
— |
|
|
|
1,976 |
|
|
Compensation expense for issuance of restricted stock to employees |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Purchase of Treasury Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
350 |
|
|
|
350 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,472 |
) |
|
|
— |
|
|
|
(6,472 |
) |
|
Balance at March 31, 2020 |
|
|
47,734 |
|
|
$ |
48 |
|
|
$ |
(638 |
) |
|
$ |
981,364 |
|
|
|
(673,281 |
) |
|
$ |
(819 |
) |
|
$ |
306,674 |
|
|
Compensation expense for issuance of stock options to employees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,056 |
|
|
|
— |
|
|
|
— |
|
|
|
2,056 |
|
|
Compensation expense for issuance of restricted stock to employees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Adjustments to Treasury Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Purchase of Treasury Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other comprehensive (loss) income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(404 |
) |
|
|
(404 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,421 |
) |
|
|
— |
|
|
|
(17,421 |
) |
|
Balance at June 30, 2020 |
|
|
47,734 |
|
|
$ |
48 |
|
|
$ |
(638 |
) |
|
$ |
983,420 |
|
|
$ |
(690,702 |
) |
|
$ |
(1,223 |
) |
|
$ |
290,905 |
|
See accompanying Unaudited Notes to Consolidated Financial Statements
4
ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders’ Equity (Continued)
(unaudited)
|
|
|
Common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(In thousands) |
|
Number of shares |
|
|
Par value |
|
|
Treasury stock |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
|
|
Accumulated other comprehensive (loss) income |
|
|
Total stockholders equity |
|
|||||||
|
Balance at December 31, 2018 |
|
|
47,508 |
|
|
$ |
48 |
|
|
$ |
(2,133 |
) |
|
$ |
1,005,105 |
|
|
$ |
(393,843 |
) |
|
$ |
2,806 |
|
|
$ |
611,983 |
|
|
Compensation expense for issuance of stock options to employees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,745 |
|
|
|
— |
|
|
|
— |
|
|
|
2,745 |
|
|
Compensation expense for issuance of restricted stock to employees |
|
|
49 |
|
|
|
— |
|
|
|
— |
|
|
922 |
|
|
|
— |
|
|
|
— |
|
|
|
922 |
|
|
|
Exercise of stock options |
|
|
2 |
|
|
|
— |
|
|
|
|
|
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
24 |
|
|
|
Purchase of Treasury Stock |
|
|
4 |
|
|
|
— |
|
|
|
(52 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(52 |
) |
|
Other comprehensive (loss) income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,431 |
) |
|
|
(1,431 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,605 |
) |
|
|
— |
|
|
|
(47,605 |
) |
|
Balance at March 31, 2019 |
|
|
47,563 |
|
|
$ |
48 |
|
|
$ |
(2,185 |
) |
|
$ |
1,008,796 |
|
|
$ |
(441,448 |
) |
|
$ |
1,375 |
|
|
$ |
566,586 |
|
|
Compensation expense for issuance of stock options to employees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,180 |
|
|
|
— |
|
|
|
— |
|
|
|
3,180 |
|
|
Compensation expense for issuance of restricted stock to employees |
|
34 |
|
|
|
— |
|
|
|
— |
|
|
|
1,354 |
|
|
|
— |
|
|
|
— |
|
|
|
1,354 |
|
|
|
Adjustments to Treasury Stock |
|
|
(65 |
) |
|
|
— |
|
|
|
1,586 |
|
|
|
(1,586 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Purchase of Treasury Stock |
|
|
3 |
|
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39 |
) |
|
Other comprehensive (loss) income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,242 |
|
|
|
1,242 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,486 |
) |
|
|
— |
|
|
|
(27,486 |
) |
|
Balance at June 30, 2019 |
|
|
47,535 |
|
|
$ |
48 |
|
|
$ |
(638 |
) |
|
$ |
1,011,744 |
|
|
$ |
(468,934 |
) |
|
$ |
2,617 |
|
|
$ |
544,837 |
|
See accompanying Unaudited Notes to Consolidated Financial Statements
5
ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
|
(In thousands) |
|
Six-month period ended June 30, 2020 |
|
|
Six-month period ended June 30, 2019 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(23,893 |
) |
|
$ |
(75,091 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
4,032 |
|
|
|
8,201 |
|
|
Amortization of net premiums and discounts on investments |
|
|
(47 |
) |
|
|
(1,001 |
) |
|
Amortization of debt discount and debt issuance costs |
|
|
8,107 |
|
|
|
8,497 |
|
|
Depreciation and amortization expense |
|
|
20,675 |
|
|
|
14,878 |
|
|
Asset impairment |
|
|
4,131 |
|
|
|
— |
|
|
Change in acquired contingent consideration obligation |
|
|
(9,847 |
) |
|
|
(5,400 |
) |
|
Non-cash royalty revenue |
|
|
(5,501 |
) |
|
|
(4,985 |
) |
|
Deferred tax (benefit) provision |
|
|
7,379 |
|
|
|
(3,551 |
) |
|
Change in derivative liability |
|
|
(35,456 |
) |
|
|
— |
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Decrease in accounts receivable |
|
|
7,310 |
|
|
|
2,420 |
|
|
(Increase) decrease in prepaid expenses and other current assets |
|
|
(16,174 |
) |
|
|
17,383 |
|
|
(Increase) decrease in inventory |
|
|
(7,719 |
) |
|
|
929 |
|
|
Decrease in other assets |
|
|
17 |
|
|
|
— |
|
|
Decrease in accounts payable, accrued expenses and other current liabilities |
|
|
(13,009 |
) |
|
|
(54,583 |
) |
|
(Decrease) increase in other non-current liabilities |
|
|
446 |
|
|
|
(84 |
) |
|
Net cash used in operating activities |
|
|
(59,549 |
) |
|
|
(92,387 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(4,222 |
) |
|
|
(57,270 |
) |
|
Purchases of intangible assets |
|
|
— |
|
|
|
— |
|
|
Purchases of investments |
|
|
— |
|
|
|
(107,899 |
) |
|
Proceeds from maturities of investments |
|
|
38,415 |
|
|
|
111,942 |
|
|
Net cash provided by (used in) investing activities |
|
|
34,193 |
|
|
|
(53,227 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Debt issuance costs |
|
|
(981 |
) |
|
|
— |
|
|
Proceeds from issuance of common stock and option exercises |
|
|
— |
|
|
|
24 |
|
|
Purchase of treasury stock |
|
|
— |
|
|
|
(91 |
) |
|
Repayment of loans payable |
|
|
(597 |
) |
|
|
(614 |
) |
|
Net cash used in financing activities |
|
|
(1,578 |
) |
|
|
(681 |
) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
152 |
|
|
|
40 |
|
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(26,782 |
) |
|
|
(146,255 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
105,192 |
|
|
|
294,351 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
78,410 |
|
|
$ |
148,096 |
|