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CONCERT PHARMACEUTICALS, INC.

concertpharma.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 7, 2022. Its latest SEC filing is a 15-12G from Mar 16, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Develops an oral drug candidate to treat adults with moderate to severe alopecia areata, and licenses deuterium-modified drug candidates to pharmaceutical partners.

How Did They Make Money?

Concert earns revenue from drug-candidate licenses, patent assignments and intellectual-property sales. License payments can include upfront and milestone amounts; research and development work is paid as performed, and royalties are due when licensed products sell.

FY2021 revenue by product or service revenue
SegmentShareRevenue
License and research and development revenue
0.1%
FY2018: 100%
Other revenue
100%

Who Were Their Customers?

Concert works with pharmaceutical companies through licensing and development collaborations; nonprofit organizations are also named in its revenue arrangements, alongside patent assignments and intellectual-property sales.

Did Revenues Turn Into Profits?

No. It lost $80.1M in FY2021.

Operating income, FY2021
−238% of revenue
▼ −7% (Loss) vs FY2020 (−$72.6M, −919%)
Net income, FY2021
−246% of revenue
▼ −7% (Loss) vs FY2020 (−$74.8M, −946%)
Free cash flow, FY2021
−170% of revenue
▲ +20% (Loss) vs FY2020 (−$69.2M, −876%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▼ −99%
vs $543K in Q3 FY2021
Net income
▼ −8% (Loss)
vs −$26.7M in Q3 FY2021
Other revenue share of revenue vs 99.3% in Q3 FY2021
  • Mar 6, 2023 Sun Pharma completed its acquisition of Concert and delisted its shares Concert became a wholly owned indirect subsidiary of Sun Pharma, and Concert's CEO and CFO resigned.
  • Jan 19, 2023 Sun Pharma agreed to acquire Concert for cash and contingent payments The agreement provided for an upfront cash payment and additional payments tied to deuruxolitinib sales milestones.

Shrank. Revenue fell 77% in 4 years, from $143.9M in FY2017 to $32.6M in FY2021, about 31% a year.

Revenue over time
License and research and development revenue Other revenue Product and Service, Other
$200M$100M$0

Who Did They Compete With?

Competes with Eli Lilly and and Pfizer

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