Adamas Pharmaceuticals Inc

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Nov 10, 2021. Its latest SEC filing is a SC 13G/A from Feb 15, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Sold medicines for Parkinson’s disease and drug-induced movement reactions, and earned royalties from an Alzheimer’s disease medicine marketed by a partner.

How Did They Make Money?

Specialty pharmacies and distributors paid for GOCOVRI when the products were delivered. The company also earned royalties on NAMZARIC sales made by its licensee.

FY2020 revenue

Who Were Their Customers?

Specialty pharmacies and limited specialty distributors bought GOCOVRI, which they dispensed to patients; Allergan marketed NAMZARIC in the United States under an exclusive license.

Customers above 10% of revenue, FY2020

of revenue from one customer

FY2019: 98% from one customer

Did Revenues Turn Into Profits?

No. It lost $57.4M in FY2020.

Operating income, FY2020

−59% of revenue

▼ −52% (Loss) vs FY2019 (−$92.2M, −169%)

Net income, FY2020

−77% of revenue

▼ −45% (Loss) vs FY2019 (−$105.2M, −193%)

Free cash flow, FY2020

−68% of revenue

▼ −37% (Loss) vs FY2019 (−$80.8M, −148%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q3 FY2021, the three months to Sep 30, 2021

Revenue: ▲ +28%; vs $20.2M in Q3 FY2020
Net income: ▲ +64% (Loss); vs −$11.9M in Q3 FY2020

Nov 24, 2021 Supernus acquired Adamas in a merger Adamas became a wholly owned subsidiary of Supernus after the tender offer and merger closed.

Grew. Revenue grew 130.2x in 4 years, from $572K in FY2016 to $74.5M in FY2020, about 238% a year.

Broader product portfolio The older report described GOCOVRI and a pipeline of investigational medicines, while the latest report also described OSMOLEX ER as an acquired and commercialized medicine and NAMZARIC royalties.

A second GOCOVRI indication The older report described GOCOVRI as a treatment for dyskinesia; the latest report also described its use as an add-on treatment for OFF episodes in Parkinson’s disease.

Who Did They Compete With?

Competes with Merck &, Schwartz Pharma, Amneal Pharmaceuticals, AbbVie, Acorda, GlaxoSmithKline, Boehringer Ingelheim Pharmaceuticals, UCB, Sunovion, Somerset Pharmaceuticals, Teva Pharmaceuticals Industries, Newron Pharmaceuticals, Kyowa Kirin, Neurocrine Biosciences, Novartis, Valeant, Mitsubishi Tanabe, Bial-Portela CSA, Genervon Biopharmaceuticals, and Pharma Two B

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