ACORDA THERAPEUTICS INC

CIK:0001008848|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total net revenues	$ 20,289	$ 22,258
Costs and expenses:
Cost of sales	3,707	3,234
Research and development	954	1,386
Selling, general and administrative	28,371	22,514
Amortization of intangible assets	644	7,691
Changes in fair value of acquired contingent consideration	6,241	(1,091)
Total operating expenses	39,917	33,734
Operating loss	(19,628)	(11,476)
Other income (expense), net:
Interest and amortization of debt discount expense	(8,436)	(7,571)
Interest income	207	93
Other income	11	92
Realized loss on foreign currency transactions	565
Total other expense, net	(7,653)	(7,386)
Loss before taxes	(27,281)	(18,862)
(Provision for) benefit from income taxes	(114)	2,038
Net loss	$ (27,395)	$ (16,824)
Net loss per share—basic	$ (22.06)	$ (13.54)
Net loss per share—diluted	$ (22.06)	$ (13.54)
Weighted average common shares outstanding used in computing net loss per share—basic	1,242	1,242
Weighted average common shares outstanding used in computing net loss per share—diluted	1,242	1,242
Net Product Revenues
Revenues:
Total net revenues	$ 17,880	$ 18,719
Royalty Revenues
Revenues:
Total net revenues	2,386	3,528
License revenues
Revenues:
Total net revenues	$ 23	$ 11

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (27,395)	$ (16,824)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	130	71
Amortization of debt discount and debt issuance costs	5,331	4,465
Depreciation and amortization expense	882	7,913
Change in acquired contingent consideration obligation	6,241	(1,091)
Deferred tax (benefit) provision		(2,038)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	8,110	4,688
Decrease (increase) in prepaid expenses and other current assets	(4,119)	2,871
Decrease (increase) in inventory	2,036	(713)
Decrease (increase) in other assets	(540)	(1,251)
Increase (decrease) in accounts payable, accrued expenses, and other current liabilities	(10,260)	(4,676)
Increase (decrease) in other non-current liabilities	(601)	(433)
Net cash used in operating activities	(20,185)	(7,018)
Cash flows from financing activities:
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(93)	97
Net decrease in cash, cash equivalents and restricted cash	(20,278)	(6,921)
Cash, cash equivalents and restricted cash at beginning of period	30,615	44,675
Cash, cash equivalents and restricted cash at end of period	10,337	37,754
Supplemental disclosure:
Cash paid for taxes	$ 15	$ 6

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 9,364	$ 29,979
Restricted cash	718	381
Trade accounts receivable, net of allowances of $1,143 and $962, as of March 31, 2024 and December 31, 2023, respectively	9,188	17,298
Prepaid expenses	12,617	5,211
Inventory, net	14,119	16,155
Other current assets	2,447	5,770
Total current assets	48,453	74,794
Property and equipment, net of accumulated depreciation	1,893	2,079
Intangible assets, net of accumulated amortization	22,343	22,987
Right of use asset, net of accumulated amortization	3,941	4,221
Restricted cash	255	255
Other non-current assets	4,690	4,189
Total assets	81,575	108,525
Current liabilities:
Accounts payable	9,932	13,373
Accrued expenses and other current liabilities	17,665	24,310
Convertible senior notes	191,474	186,143
Current portion of lease liabilities	1,599	1,588
Current portion of acquired contingent consideration	2,972	2,132
Deferred revenue	294	227
Total current liabilities	223,936	227,773
Non-current portion of acquired contingent consideration	32,528	27,368
Non-current portion of lease liabilities	2,847	3,166
Deferred tax liability	0	0
Other non-current liabilities	8,035	8,174
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share. Authorized 1,000,000 shares at March 31,2024 and December 31, 2023; no shares issued as of March 31,2024 and December 31, 2023, respectively
Common stock, $0.001 par value per share. Authorized 3,083,333 shares at March 31,2024 and December 31, 2023; issued 1,242,376 shares,including those held in treasury, as of March 31, 2024 and December 31, 2023, respectively	1	1
Treasury stock at cost (278 shares at March 31, 2024 and December 31, 2023)	(638)	(638)
Additional paid-in capital	1,030,513	1,030,383
Accumulated deficit	(1,216,522)	(1,189,127)
Accumulated other comprehensive income (loss)	875	1,425
Total stockholders’ equity	(185,771)	(157,956)
Total liabilities and stockholders’ equity	$ 81,575	$ 108,525