$ESPR
Esperion Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000162828023037195 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $32.25M $33.97M
YoY Change 71.38% 78.97%
Cost Of Revenue $11.45M $13.40M
YoY Change 175.29% 105.96%
Gross Profit $20.80M $20.60M
YoY Change 41.89% 65.14%
Gross Profit Margin 64.49% 60.64%
Selling, General & Admin $45.42M $33.24M
YoY Change 88.18% 33.21%
% of Gross Profit 218.4% 161.36%
Research & Development $17.74M $14.89M
YoY Change -46.29% -48.92%
% of Gross Profit 85.31% 72.26%
Depreciation & Amortization $6.000K $30.00K
YoY Change -93.48% -71.43%
% of Gross Profit 0.03% 0.15%
Operating Expenses $63.17M $61.50M
YoY Change 10.48% 1.48%
Operating Profit -$42.37M -$27.53M
YoY Change -0.34% -33.85%
Interest Expense -$14.16M $15.00M
YoY Change 5.42% 5.95%
% of Operating Profit
Other Income/Expense, Net $180.0K $1.278M
YoY Change -60.44% 93.93%
Pretax Income -$56.34M -$41.30M
YoY Change 1.54% -25.07%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$56.34M -$41.25M
YoY Change 1.54% -25.16%
Net Earnings / Revenue -174.71% -121.43%
Basic Earnings Per Share -$0.37
Diluted Earnings Per Share -$0.50 -$0.37
COMMON SHARES
Basic Shares Outstanding 113.7M shares 107.0M shares
Diluted Shares Outstanding 111.9M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.25M $114.8M
YoY Change -50.71% -39.37%
Cash & Equivalents $82.25M $114.8M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $4.700M $9.300M
YoY Change -56.85% -18.49%
Inventory $65.62M $51.44M
Prepaid Expenses
Receivables $48.49M $42.62M
Other Receivables $0.00 $0.00
Total Short-Term Assets $201.1M $218.2M
YoY Change -18.49% -16.64%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $6.000K
YoY Change -100.0% -97.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.731M $3.078M
YoY Change 276.67% -93.97%
TOTAL ASSETS
Total Short-Term Assets $201.1M $218.2M
Total Long-Term Assets $4.731M $3.078M
Total Assets $205.8M $221.3M
YoY Change -17.0% -29.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.72M $26.21M
YoY Change 37.66% 41.09%
Accrued Expenses $64.28M $54.80M
YoY Change 56.77% 36.71%
Deferred Revenue $25.40M $19.72M
YoY Change 624.32% 387.59%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $156.2M $137.7M
YoY Change 69.24% 67.23%
LONG-TERM LIABILITIES
Long-Term Debt $261.6M $261.2M
YoY Change 0.65% 0.66%
Other Long-Term Liabilities $243.0M $232.4M
YoY Change 10.69% -12.33%
Total Long-Term Liabilities $504.6M $493.6M
YoY Change 5.25% -5.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $156.2M $137.7M
Total Long-Term Liabilities $504.6M $493.6M
Total Liabilities $660.8M $631.3M
YoY Change 15.58% 4.02%
SHAREHOLDERS EQUITY
Retained Earnings -$1.549B -$1.493B
YoY Change 15.62% 16.22%
Common Stock $118.0K $112.0K
YoY Change 57.33% 55.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$455.0M -$410.0M
YoY Change
Total Liabilities & Shareholders Equity $205.8M $221.3M
YoY Change -17.0% -29.26%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$56.34M -$41.25M
YoY Change 1.54% -25.16%
Depreciation, Depletion And Amortization $6.000K $30.00K
YoY Change -93.48% -71.43%
Cash From Operating Activities -$37.06M -$19.32M
YoY Change -12.75% -54.89%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.471M -4.310M
YoY Change -114.73% -109.31%
NET CHANGE
Cash From Operating Activities -37.06M -19.32M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 4.471M -4.310M
Net Change In Cash -32.58M -23.63M
YoY Change -61.49% -164.81%
FREE CASH FLOW
Cash From Operating Activities -$37.06M -$19.32M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
258892000 usd
CY2020 espr Number Of Products Approved
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2 product
CY2019Q3 espr Number Of Study Patients
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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>
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 September 30, 2023 and December 31, 2022, eleven customers accounted for all of the Company's net trade receivables.</span></div>
espr Number Of Sources Of Revenue
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2 revenue_source
CY2023Q3 us-gaap Accrued Investment Income Receivable
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0 usd
CY2022Q4 us-gaap Interest Payable Current
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290000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6548000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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2095000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
35201000 usd
CY2023Q1 espr Potential Proceeds From Partner Milestone Payments
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300000000 usd
CY2023Q1 espr Potential Proceeds From Partner Milestone Payments
PotentialProceedsFromPartnerMilestonePayments
300000000 usd
CY2023Q2 espr Potential Proceeds From Partner Milestone Payments
PotentialProceedsFromPartnerMilestonePayments
300000000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
88776000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
88776000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
152562000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
152560000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q3 espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0 usd
espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0 usd
espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0 usd
CY2022Q3 espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0 usd
CY2022 espr One Time Partial Call
OneTimePartialCall
50000000 usd
CY2023Q3 espr Revenue Interest Payments Redemption Percentage
RevenueInterestPaymentsRedemptionPercentage
2.25
CY2023Q3 espr Revenue Interest Payments Redemption Value
RevenueInterestPaymentsRedemptionValue
400000000 usd
CY2023Q3 espr Revenue Interest Payments Remaining Redemption Value
RevenueInterestPaymentsRemainingRedemptionValue
377200000 usd
CY2020Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
55000000 usd
CY2020Q4 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
46000000 usd
CY2020Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
55000000 usd
CY2020Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1994198 shares
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
448698 shares
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8246000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9053000 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6773000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2547000 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
3975000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
279000 usd
CY2023Q3 espr Accrued Liabilities And Employee Related Liabilities Current
AccruedLiabilitiesAndEmployeeRelatedLiabilitiesCurrent
19284000 usd
CY2022Q4 espr Accrued Liabilities And Employee Related Liabilities Current
AccruedLiabilitiesAndEmployeeRelatedLiabilitiesCurrent
13204000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3842737 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.75
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M9D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1658000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1550200 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1686746 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
36.05
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3706191 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3706191 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
13.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y8M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1563571 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
25.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M7D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2900000 usd
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
50000000 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
70135033 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
36964286 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
85867716 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
51380538 shares
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
114833000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159399000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
124775000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
208892000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
50000000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114833000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
209399000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
124775000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
258892000 usd

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