Acorda Therapeutics(ACOR)2024-05-14 12:24Financial Performance - U.S. net revenue for Inbrija was 5.6 million for the same quarter in 2023, representing a decline of approximately 16.1%[99] - U.S. net revenue for Ampyra was 12.6 million for the same quarter in 2023, indicating a decrease of about 8.7%[102] - Inbrija net revenues from U.S. sales decreased to 5.6 million in Q1 2023[127] - Ex-U.S. Inbrija sales generated 0.5 million in Q1 2023, reflecting significant growth[120] - Ampyra net revenues were 12.6 million in Q1 2023[128] - The company recognized 3.5 million in Q1 2023[131] - Cost of sales increased to 3.2 million in Q1 2023, driven by higher inventory costs[132] - The company incurred a net loss of 20.2 million for the three-month period ending March 31, 2024, primarily due to the net loss and changes in working capital[155] Bankruptcy and Financial Condition - The company filed for bankruptcy under Chapter 11 on April 1, 2024, to maximize value for stakeholders and ensure uninterrupted product availability[96] - The company is exploring strategic alternatives, including a potential sale of assets under Section 363 of the Bankruptcy Code[97] - The company is subject to substantial costs associated with the administration of the Chapter 11 Proceedings, which may impact its financial condition[97] - The company filed for bankruptcy under Chapter 11 on April 1, 2024, impacting its operations and financial condition[140] - The company believes its existing cash and cash equivalents are insufficient to cover cash flow requirements, raising substantial doubt about its ability to continue as a going concern[144] - The company has incurred and expects to incur significant professional fees and costs related to the Chapter 11 Proceedings[154] Cash and Assets - As of March 31, 2024, the company had cash, cash equivalents, and restricted cash of approximately 9.4 million, down from 207.0 million as of March 31, 2024, significantly exceeding the price agreed for the Purchased Assets[144] - The fair value of the conversion features of the 2024 Notes was determined to be 15.5 million for Inbrija in 2024 under the new manufacturing services agreement with Catalent[108] - The termination of the collaboration agreement with Biogen will allow the company to regain global commercialization rights to Fampyra effective January 1, 2025[104] Expenses - Research and development expenses decreased by approximately 1.0 million in Q1 2024 compared to Q1 2023[134] - General and administrative expenses increased by 19.9 million in Q1 2024, primarily due to higher legal costs[136] Tax and Valuation - The effective income tax rate for Q1 2024 was 0.4%, down from 10.8% in Q1 2023, due to changes in the valuation allowance on deferred tax assets[138] Market and Product Information - Approximately 40% of people with Parkinson's in the U.S. experience OFF periods, with an estimated 1 million diagnosed in the U.S. and 1.2 million in Europe[99] - The ARCUS platform allows for the delivery of higher doses of medication through inhalation, which is utilized in the Inbrija product[117] - The 2024 Notes are convertible into shares at an adjusted conversion price of approximately $420.00 per share, with a maximum of 969,102 shares potentially issuable[147] - The company’s common stock has been delisted from Nasdaq, triggering a make-whole fundamental change for the 2024 Notes[146]