2021 Q1 Form 10-Q Financial Statement

#000162828021008918 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $7.978M $1.840M
YoY Change 333.59% -98.73%
Cost Of Revenue $1.800M $0.00
YoY Change
Gross Profit $6.200M $1.800M
YoY Change 244.44%
Gross Profit Margin 77.71% 97.83%
Selling, General & Admin $61.06M $41.55M
YoY Change 46.95% 241.1%
% of Gross Profit 984.9% 2308.5%
Research & Development $27.95M $34.70M
YoY Change -19.45% -25.06%
% of Gross Profit 450.87% 1927.89%
Depreciation & Amortization $153.0K $106.0K
YoY Change 44.34% 49.3%
% of Gross Profit 2.47% 5.89%
Operating Expenses $90.80M $76.29M
YoY Change 19.03% 30.43%
Operating Profit -$82.82M -$74.45M
YoY Change 11.25% -185.64%
Interest Expense $8.125M $4.171M
YoY Change 94.8%
% of Operating Profit
Other Income/Expense, Net $14.00K $368.0K
YoY Change -96.2% -18.22%
Pretax Income -$90.90M -$78.20M
YoY Change 16.24% -189.47%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$90.94M -$78.25M
YoY Change 16.21% -189.55%
Net Earnings / Revenue -1139.82% -4252.66%
Basic Earnings Per Share -$3.50 -$2.84
Diluted Earnings Per Share -$3.50 -$2.84
COMMON SHARES
Basic Shares Outstanding 25.99M shares 27.52M shares
Diluted Shares Outstanding 25.99M shares 27.52M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.9M $157.3M
YoY Change 38.51% -31.15%
Cash & Equivalents $217.9M $149.4M
Short-Term Investments $7.931M
Other Short-Term Assets $12.40M $13.40M
YoY Change -7.46% 100.0%
Inventory $20.03M $1.841M
Prepaid Expenses
Receivables $17.26M
Other Receivables $5.000M
Total Short-Term Assets $272.6M $172.6M
YoY Change 57.9% -26.6%
LONG-TERM ASSETS
Property, Plant & Equipment $1.123M $1.447M
YoY Change -22.39% 20.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $6.031M $7.013M
YoY Change -14.0% 439.46%
TOTAL ASSETS
Total Short-Term Assets $272.6M $172.6M
Total Long-Term Assets $6.031M $7.013M
Total Assets $278.6M $179.6M
YoY Change 55.09% -24.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.34M $15.11M
YoY Change 100.75% -54.61%
Accrued Expenses $58.70M $48.20M
YoY Change 21.78% 111.4%
Deferred Revenue $2.543M $1.170M
YoY Change 117.35%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.89M $73.45M
YoY Change 33.27% 22.42%
LONG-TERM LIABILITIES
Long-Term Debt $271.7M $0.00
YoY Change
Other Long-Term Liabilities $1.290M $156.4M
YoY Change -99.18% 11071.43%
Total Long-Term Liabilities $1.290M $156.4M
YoY Change -99.18% 11071.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.89M $73.45M
Total Long-Term Liabilities $1.290M $156.4M
Total Liabilities $548.0M $229.9M
YoY Change 138.38% 273.8%
SHAREHOLDERS EQUITY
Retained Earnings -$928.2M -$773.5M
YoY Change 20.0%
Common Stock $26.00K $28.00K
YoY Change -7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $55.00M
YoY Change
Treasury Stock Shares 1.994M shares
Shareholders Equity -$269.4M -$50.25M
YoY Change
Total Liabilities & Shareholders Equity $278.6M $179.6M
YoY Change 55.09% -24.04%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$90.94M -$78.25M
YoY Change 16.21% -189.55%
Depreciation, Depletion And Amortization $153.0K $106.0K
YoY Change 44.34% 49.3%
Cash From Operating Activities -$89.07M -$69.35M
YoY Change 28.44% -175.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $191.0K
YoY Change -100.0% 1.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 $26.78M
YoY Change -100.0% -41.64%
Cash From Investing Activities $0.00 $26.59M
YoY Change -100.0% -41.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.045M $26.01M
YoY Change -92.14% 1458.66%
NET CHANGE
Cash From Operating Activities -$89.07M -$69.35M
Cash From Investing Activities $0.00 $26.59M
Cash From Financing Activities $2.045M $26.01M
Net Change In Cash -$87.02M -$16.74M
YoY Change 419.73% -112.04%
FREE CASH FLOW
Cash From Operating Activities -$89.07M -$69.35M
Capital Expenditures $0.00 $191.0K
Free Cash Flow -$89.07M -$69.54M
YoY Change 28.09% -176.0%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
217939000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
150314000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
408000 USD
CY2021Q1 espr Non Cash Right Of Use Asset
NonCashRightOfUseAsset
4000 USD
CY2020Q1 espr Non Cash Right Of Use Asset
NonCashRightOfUseAsset
91000 USD
CY2021Q1 espr Offering Costs Incurred But Not Yet Paid
OfferingCostsIncurredButNotYetPaid
445000 USD
CY2020Q1 espr Offering Costs Incurred But Not Yet Paid
OfferingCostsIncurredButNotYetPaid
0 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Risk</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, 2021 and December 31, 2020, eight customers accounted for all of the Company's net trade receivables.</span></div>
CY2021Q1 espr Number Of Sources Of Revenue
NumberOfSourcesOfRevenue
2 revenue_source
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
17505000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
13788000 USD
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2078000 USD
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2028000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
447000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
320000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
20030000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
16136000 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
206804000 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
206804000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
281783000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
281783000 USD
CY2021Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 USD
CY2021Q1 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
0 USD
CY2020Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
0 USD
CY2020Q4 espr Revenue Interest Liability
RevenueInterestLiability
176604000 USD
CY2021Q1 espr Payments From Revenue Interest Purchase Agreement
PaymentsFromRevenueInterestPurchaseAgreement
573000 USD
CY2021Q1 espr Revenue Interest Liability
RevenueInterestLiability
180956000 USD
CY2020Q4 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
46000000.0 USD
CY2020Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
55000000.0 USD
CY2020Q4 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
46000000.0 USD
CY2020Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
55000000.0 USD
CY2020Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1994198 shares
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
17255000 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
12388000 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
18415000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
458000 shares
CY2021Q1 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
5000000 USD
CY2020Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
0 USD
CY2021Q1 espr Prepaid Inventory Current
PrepaidInventoryCurrent
7603000 USD
CY2020Q4 espr Prepaid Inventory Current
PrepaidInventoryCurrent
5957000 USD
CY2021Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
4305000 USD
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
5609000 USD
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
34163000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
23954000 USD
CY2021Q1 us-gaap Litigation Reserve
LitigationReserve
18250000 USD
CY2020Q4 us-gaap Litigation Reserve
LitigationReserve
0 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11243000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15161000 USD
CY2021Q1 espr Accrued Variable Consideration Current
AccruedVariableConsiderationCurrent
10082000 USD
CY2020Q4 espr Accrued Variable Consideration Current
AccruedVariableConsiderationCurrent
5025000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4845000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3183000 USD
CY2021Q1 us-gaap Interest Payable Current
InterestPayableCurrent
4169000 USD
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1369000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
177000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
52000 USD
CY2021Q1 espr Accrued Liabilities And Employee Related Liabilities Current
AccruedLiabilitiesAndEmployeeRelatedLiabilitiesCurrent
48766000 USD
CY2020Q4 espr Accrued Liabilities And Employee Related Liabilities Current
AccruedLiabilitiesAndEmployeeRelatedLiabilitiesCurrent
24790000 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4176518 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
40.24
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M10D
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
32.12
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
431675 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
54.06
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
172268 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.49
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4030575 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.90
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y9M
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19711000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4030575 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
38.90
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y9M
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
19711000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3025257 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
36.81
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y9M
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
19711000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13148231 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5219216 shares
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
217939000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
149386000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
304962000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
166130000 USD
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
928000 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
928000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
217939000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
150314000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
304962000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
167058000 USD

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