$ESPR
Esperion Therapeutics, Inc.

2020 Q1 Form 10-Q Financial Statement

#000110465920057549 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.840M $145.4M
YoY Change -98.73%
Cost Of Revenue $0.00
YoY Change
Gross Profit $1.800M
YoY Change
Gross Profit Margin 97.83%
Selling, General & Admin $41.55M $12.18M
YoY Change 241.1% 103.03%
% of Gross Profit 2308.5%
Research & Development $34.70M $46.31M
YoY Change -25.06% 13.11%
% of Gross Profit 1927.89%
Depreciation & Amortization $106.0K $71.00K
YoY Change 49.3% 18.33%
% of Gross Profit 5.89%
Operating Expenses $76.29M $58.49M
YoY Change 30.43% 24.73%
Operating Profit -$74.45M $86.93M
YoY Change -185.64% -285.37%
Interest Expense $4.171M $0.00
YoY Change -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $368.0K $450.0K
YoY Change -18.22%
Pretax Income -$78.20M $87.40M
YoY Change -189.47% -289.59%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$78.25M $87.38M
YoY Change -189.55% -289.42%
Net Earnings / Revenue -4252.66% 60.09%
Basic Earnings Per Share -$2.84 $3.26
Diluted Earnings Per Share -$2.84 $3.07
COMMON SHARES
Basic Shares Outstanding 27.52M shares 26.84M shares
Diluted Shares Outstanding 27.52M shares 28.45M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.3M $228.5M
YoY Change -31.15% 15.87%
Cash & Equivalents $149.4M $174.8M
Short-Term Investments $7.931M $53.70M
Other Short-Term Assets $13.40M $6.700M
YoY Change 100.0% 59.52%
Inventory $1.841M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $172.6M $235.2M
YoY Change -26.6% 16.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.447M $1.200M
YoY Change 20.58% 200.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.013M $1.300M
YoY Change 439.46% -96.96%
TOTAL ASSETS
Total Short-Term Assets $172.6M $235.2M
Total Long-Term Assets $7.013M $1.300M
Total Assets $179.6M $236.5M
YoY Change -24.04% -3.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.11M $33.30M
YoY Change -54.61% 177.5%
Accrued Expenses $48.20M $22.80M
YoY Change 111.4% 30.29%
Deferred Revenue $1.170M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.45M $60.00M
YoY Change 22.42% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $156.4M $1.400M
YoY Change 11071.43%
Total Long-Term Liabilities $156.4M $1.400M
YoY Change 11071.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.45M $60.00M
Total Long-Term Liabilities $156.4M $1.400M
Total Liabilities $229.9M $61.50M
YoY Change 273.8% 105.0%
SHAREHOLDERS EQUITY
Retained Earnings -$773.5M
YoY Change
Common Stock $28.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$50.25M $175.0M
YoY Change
Total Liabilities & Shareholders Equity $179.6M $236.5M
YoY Change -24.04% -3.15%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$78.25M $87.38M
YoY Change -189.55% -289.42%
Depreciation, Depletion And Amortization $106.0K $71.00K
YoY Change 49.3% 18.33%
Cash From Operating Activities -$69.35M $91.69M
YoY Change -175.63% -312.15%
INVESTING ACTIVITIES
Capital Expenditures $191.0K $189.0K
YoY Change 1.06%
Acquisitions
YoY Change
Other Investing Activities $26.78M $45.89M
YoY Change -41.64% 51.55%
Cash From Investing Activities $26.59M $45.70M
YoY Change -41.81% 50.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $26.01M 1.669M
YoY Change 1458.66% -82.03%
NET CHANGE
Cash From Operating Activities -$69.35M 91.69M
Cash From Investing Activities $26.59M 45.70M
Cash From Financing Activities $26.01M 1.669M
Net Change In Cash -$16.74M 139.1M
YoY Change -112.04% -3909.75%
FREE CASH FLOW
Cash From Operating Activities -$69.35M $91.69M
Capital Expenditures $191.0K $189.0K
Free Cash Flow -$69.54M $91.50M
YoY Change -176.0% -311.71%

Facts In Submission

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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in accordance with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net revenues, expenses and related disclosures. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Concentration of Risk</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to concentrations of credit risk. The Company has established guidelines for investment of its excess cash and believes the guidelines maintain safety and liquidity through diversification of counterparties and maturities.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company relies on third-party manufacturers and suppliers for manufacturing and supply of its products. The instability of manufacturers to fulfill supply requirements of the Company could materially impact future operating results. A change in the relationship with the suppliers or manufacturer, or an adverse change in their business could materially impact the Company. Although there are potential sources of supply other than the Company's existing suppliers, new suppliers are required to qualify under applicable regulatory requirements.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The Company enters into a limited number of distribution agreements with distributors and specialty pharmacies. The Company's net product sales are with these customers. As of March 31, 2020, one customer accounted for all of the Company's net trade receivables.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1143000
CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
523000
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
175000
CY2020Q1 us-gaap Inventory Net
InventoryNet
1841000
CY2020Q1 espr Investments And Cash Amortized Cost
InvestmentsAndCashAmortizedCost
139791000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2020Q1 espr Investments And Cash Fair Value Disclosure
InvestmentsAndCashFairValueDisclosure
139800000
CY2019Q4 espr Investments And Cash Amortized Cost
InvestmentsAndCashAmortizedCost
62589000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
23000
CY2019Q4 espr Investments And Cash Fair Value Disclosure
InvestmentsAndCashFairValueDisclosure
62612000
CY2020Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2020Q1 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
0
CY2020Q1 espr Deferred Credits And Other Liabilities Fair Value Disclosure
DeferredCreditsAndOtherLiabilitiesFairValueDisclosure
161700000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M13D
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7343000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7818000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
11451000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3842000
CY2020Q1 espr Accrued Inventory Current
AccruedInventoryCurrent
1563000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3213000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
211000
CY2020Q1 espr Accrued Liabilities And Employee Related Liabilities Current
AccruedLiabilitiesAndEmployeeRelatedLiabilitiesCurrent
23570000
CY2019Q4 espr Accrued Liabilities And Employee Related Liabilities Current
AccruedLiabilitiesAndEmployeeRelatedLiabilitiesCurrent
11871000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4677929
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
39.31
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M25D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
109054000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
234940
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
61.14
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
43282
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
48.24
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
40133
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
25.21
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4829454
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
40.41
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
31070000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4829454
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
40.41
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y7M13D
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
31070000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3160857
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
34.92
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M2D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
28706000
CY2020Q1 espr Operating Lease Increase Decrease In Right Of Use Assets
OperatingLeaseIncreaseDecreaseInRightOfUseAssets
4000000.0
CY2020Q1 espr Operating Lease Increase Decrease In Operating Lease Liabilities
OperatingLeaseIncreaseDecreaseInOperatingLeaseLiabilities
4100000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
200000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1589000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1975000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1928000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
471000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5963000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
331000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5632000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-78249000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
87379000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27519229
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26842785
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1606982
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27519229
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28449767
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.84
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.26
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.84
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.07
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5219216
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2322387
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
149386000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
174836000
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
928000
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
1193000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
150314000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
176029000

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