AMARIN CORP PLC\UK [AMRN] Filings

10-Q 1 amrn-20230630.htm 10-Q 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 000-21392

Amarin Corporation plc

(Exact Name of Registrant as Specified in its Charter)

England and Wales

Not applicable

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

Iconic Offices, The Greenway, Block C Ardilaun Court, 
112 – 114 St Stephens Green

Dublin 2, Ireland

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: +353 (0) 1 6699 020

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
American Depositary Shares (ADS(s)), each ADS representing the right to receive one (1) Ordinary Share of Amarin Corporation plc	AMRN	NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

407,909,197 common shares were outstanding as of July 31, 2023, including 387,502,130 shares held as American Depositary Shares (ADSs), each representing one Ordinary Share, 50 pence par value per share, and 20,407,067 Ordinary Shares.

INDEX TO FORM 10-Q


		Page

	PART I – Financial Information

Item 1.	Financial Statements (unaudited):
	Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	3
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022	4
	Condensed Consolidated Statement of Changes in Stockholders’ Equity for the six months ended June 30, 2023 and 2022	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	39

	PART II – Other Information

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 5.	Other Information	75
Item 6.	Exhibits	76

SIGNATURES		77

PART I

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands, except share amounts)


	June 30, 2023			December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	232,995		$	217,666
Restricted cash		524			523
Short-term investments		79,919			91,695
Accounts receivable, net		122,730			130,990
Inventory		227,021			228,732
Prepaid and other current assets		43,306			19,492
Total current assets		706,495			689,098
Property, plant and equipment, net		179			874
Long-term investments		67			1,275
Long-term inventory		122,318			163,620
Operating lease right-of-use asset		8,978			9,074
Other long-term assets		1,604			458
Intangible asset, net		20,377			21,780
TOTAL ASSETS	$	860,018		$	886,179
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	54,309		$	64,602
Accrued expenses and other current liabilities		214,598			192,678
Current deferred revenue		2,025			2,199
Total current liabilities		270,932			259,479
Long-Term Liabilities:
Long-term deferred revenue		3,331			13,147
Long-term operating lease liability		9,472			10,015
Other long-term liabilities		7,155			8,205
Total liabilities		290,890			290,846
Commitments and contingencies (Note 5)
Stockholders’ Equity:
Common stock, £0.50 par, unlimited authorized; 417,092,401 shares issued, 408,133,807 shares outstanding as of June 30, 2023; 412,333,087 shares issued, 404,346,256 shares outstanding as of December 31, 2022		301,906			299,002
Additional paid-in capital		1,891,957			1,885,352
Treasury stock; 8,958,594 shares as of June 30, 2023; 7,986,831 shares as of December 31, 2022		(63,464	)		(61,770	)
Accumulated deficit		(1,561,271	)		(1,527,251	)
Total stockholders’ equity		569,128			595,333
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	860,018		$	886,179

See notes to condensed consolidated financial statements.

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share amounts)


	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Product revenue, net	$	65,187		$	93,796		$	149,841		$	187,782
Licensing and royalty revenue		14,980			644			16,301			1,288
Total revenue, net		80,167			94,440			166,142			189,070
Less: Cost of goods sold		23,199			35,810			48,993			58,049
Less: Cost of goods sold - restructuring inventory		14,300			15,000			26,554			15,000
Gross margin		42,668			43,630			90,595			116,021
Operating expenses:
Selling, general and administrative		50,953			86,893			110,540			177,540
Research and development		5,642			9,356			11,323			19,407
Restructuring		10,032			10,213			10,032			10,213
Total operating expenses		66,627			106,462			131,895			207,160
Operating loss		(23,959	)		(62,832	)		(41,300	)		(91,139	)
Interest income, net		3,001			288			5,222			491
Other income (expense), net		3,043			(2,255	)		3,667			(2,501	)
Loss from operations before taxes		(17,915	)		(64,799	)		(32,411	)		(93,149	)
Income tax benefit (provision)		355			(5,157	)		(1,609	)		(8,370	)
Net loss	$	(17,560	)	$	(69,956	)	$	(34,020	)	$	(101,519	)
Loss per share:
Basic	$	(0.04	)	$	(0.18	)	$	(0.08	)	$	(0.26	)
Diluted	$	(0.04	)	$	(0.18	)	$	(0.08	)	$	(0.26	)
Weighted average shares:
Basic		407,848			398,187			407,017			397,997
Diluted		407,848			398,187			407,017			397,997

See notes to condensed consolidated financial statements.

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except share amounts)


	Common Shares		Treasury Shares			Common Stock		Additional Paid-in Capital			Treasury Stock			Accumulated Deficit			Total
December 31, 2022		412,333,087		(7,986,831	)	$	299,002	$	1,885,352		$	(61,770	)	$	(1,527,251	)	$	595,333
Exercise of stock options		1,232,263		—			744		1,127			—			—			1,871
Vesting of restricted stock units		2,514,948		(827,523	)		1,539		(1,539	)		(1,507	)		—			(1,507	)
Stock-based compensation		—		—			—		5,556			—			—			5,556
Loss for the period		—		—			—		—			—			(16,460	)		(16,460	)
March 31, 2023		416,080,298		(8,814,354	)	$	301,285	$	1,890,496		$	(63,277	)	$	(1,543,711	)	$	584,793
Issuance of common stock under employee stock purchase plan		205,861		—			127		113			—			—			240
Exercise of stock options		6,000		—			4		3			—			—			7
Vesting of restricted stock units		800,242		(144,240	)		490		(490	)		(187	)		—			(187	)
Stock-based compensation		—		—			—		1,835			—			—			1,835
Loss for the period		—		—			—		—			—			(17,560	)		(17,560	)
June 30, 2023		417,092,401		(8,958,594	)	$	301,906	$	1,891,957		$	(63,464	)	$	(1,561,271	)	$	569,128


	Common Shares		Treasury Shares			Common Stock		Additional Paid-in Capital			Treasury Stock			Accumulated Deficit			Total
December 31, 2021		404,084,775		(7,486,767	)	$	294,027	$	1,855,246		$	(60,726	)	$	(1,421,448	)	$	667,099
Exercise of stock options		10,602		—			6		24			—			—			30
Vesting of restricted stock units		493,381		(161,083	)		331		(331	)		(535	)		—			(535	)
Stock-based compensation		—		—			—		6,078			—			—			6,078
Loss for the period		—		—			—		—			—			(31,563	)		(31,563	)
March 31, 2022		404,588,758		(7,647,850	)	$	294,364	$	1,861,017		$	(61,261	)	$	(1,453,011	)	$	641,109
Issuance of common stock under employee stock purchase plan		265,214		—			166		217			—			—			383
Exercise of stock options		14,645		—			9		10			—			—			19
Vesting of restricted stock units		187,835		(61,551	)		120		(120	)		(158	)		—			(158	)
Stock-based compensation		—		—			—		8,646			—			—			8,646
Loss for the period		—		—			—		—			—			(69,956	)		(69,956	)
June 30, 2022		405,056,452		(7,709,401	)	$	294,659	$	1,869,770		$	(61,419	)	$	(1,522,967	)	$	580,043

See notes to condensed consolidated financial statements.

AMARIN CORPORATION PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)


	Six months ended June 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(34,020	)	$	(101,519	)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation and amortization		94			288
(Accretion) amortization of investments		(1,853	)		575
Stock-based compensation		7,391			14,724
Amortization of intangible asset		1,403			1,273
Changes in assets and liabilities:
Accounts receivable, net		8,260			19,711
Inventory		43,013			(80,094	)
Prepaid and other current assets		(23,814	)		(9,907	)

AMARIN CORP PLC\UK [AMRN] Filings
10-Q	[2023-08-02]
10-Q	[2023-05-03]
10-K	[2023-03-01]
10-Q	[2022-10-27]
10-Q	[2022-08-03]
10-Q	[2022-05-04]
10-K	[2022-03-01]
10-Q	[2021-11-03]
10-Q	[2021-08-05]
10-Q	[2021-04-29]
10-K	[2021-02-25]
10-Q	[2020-11-05]
10-Q	[2020-08-04]
10-Q	[2020-04-30]
10-K	[2020-02-25]
10-Q	[2019-11-05]
10-Q	[2019-07-31]
10-Q	[2019-05-01]
10-K	[2019-02-27]
10-Q	[2018-11-01]
10-Q	[2018-08-01]
10-Q	[2018-05-02]
10-K	[2018-02-27]
10-Q	[2017-11-01]
10-Q	[2017-08-02]
10-Q	[2017-05-03]
10-K	[2017-03-01]
10-Q	[2016-11-03]
10-Q	[2016-08-04]
10-Q	[2016-05-05]
10-K	[2016-02-25]
10-Q	[2015-11-04]
10-Q	[2015-08-06]
10-Q	[2015-05-08]
10-K	[2015-03-03]
10-Q	[2014-11-06]
10-Q	[2014-08-07]
10-Q	[2014-05-09]
10-K	[2014-02-27]
10-Q	[2013-11-07]
10-Q	[2013-08-08]
10-Q	[2013-05-09]
10-K	[2013-02-28]
10-Q	[2012-11-08]
10-Q	[2012-08-08]
10-Q	[2012-05-08]
10-K	[2012-02-29]