Evolus, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Evolus, Inc. has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Evolus, Inc. (EOLS) filed a Annual Report (10-K) with the SEC on March 7, 2024. Evolus, Inc. filed its 2023 Form 10-K on March 7, 2024, reporting on the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Pharmaceutical Preparations industry (SIC 2834). Key dates include the fiscal year end of December 31, 2023, and the filing date of March 7, 2024. The filing covers periods from January 1, 2023, to December 31, 2023, and comparative periods. The company's principal business address is 520 Newport Center Drive, Suite 1200, Newport Beach, CA 92660.

Why It Matters

For investors and stakeholders tracking Evolus, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Evolus, Inc.'s financial health, operational activities, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed information within the filing, including financial statements and risk factors, is essential for understanding the company's compliance with SEC regulations and its market competitiveness in the pharmaceutical preparations sector.

Risk Assessment

Risk Level: medium — Evolus, Inc. shows moderate risk based on this filing. The company's business involves intellectual property disputes, as indicated by references to 'IntellectualPropertyDisputesJeuveauMember', suggesting potential legal and financial risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Evolus, Inc.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-07 — Filing Date (10-K submission date)
• 91 — Public Document Count (Total documents in submission)
• 001-38381 — SEC File Number (Company's SEC file number)

Key Players & Entities

• Evolus, Inc. (company) — Filer name
• Newport Beach (company) — Business address city
• DE (company) — State of incorporation
• 2834 (company) — Standard Industrial Classification
• SCHAEON LLC (company) — Related entity
• Symatese U.S. Agreement (company) — Agreement name
• Symatese Europe Agreement (company) — Agreement name
• Jeuveau (company) — Product/Dispute context

FAQ

Risk Factors

• Intellectual Property Disputes [medium — legal]: The company is involved in intellectual property disputes related to Jeuveau, which could impact its business and financial results.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date Evolus, Inc. submitted its 10-K to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Evolus, Inc.)

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value per share EOLS The Nasdaq Sto
• $7.27 — on stock on the Nasdaq Global Market of $7.27 per share for such date. As of March
• $3.9 billion — 3 Switzerland - 2023 United States* - $3.9 billion Europe** - $0.7 billion Evolysse TM
• $0.7 billion — ited States* - $3.9 billion Europe** - $0.7 billion Evolysse TM Product Candidate in Reg
• $2.2 billion — es - Anticipated 2025 United States* - $2.2 billion Europe** - $1.6 billion 4 Table of
• $1.6 billion — ited States* - $2.2 billion Europe** - $1.6 billion 4 Table of Contents *Source: Medi
• $19.7 billion — aesthetic products were estimated to be $19.7 billion globally. Through 2027, the total sales
• $26.8 billion — expected to expand by 7.5% per year to $26.8 billion. Within this market, the facial injecta
• $9.5 billion — and dermal fillers, is estimated to be $9.5 billion in 2023 and is expected to grow to $13.
• $13.3 billion — lion in 2023 and is expected to grow to $13.3 billion in 2027. We believe that the medical a

Filing Documents

• eols-20231231.htm (10-K) — 1605KB
• exhibit4312312310k.htm (EX-4.3) — 33KB
• ex-101evolus.htm (EX-10.1) — 40KB
• ex-102evolusinc.htm (EX-10.2) — 38KB
• ex-104evolusinc.htm (EX-10.4) — 30KB
• ex-105evolusinc.htm (EX-10.5) — 32KB
• ex1035.htm (EX-10.35) — 232KB
• ex1036.htm (EX-10.36) — 68KB
• exhibit21112312310k.htm (EX-21.1) — 5KB
• exhibit23112312310k.htm (EX-23.1) — 8KB
• exhibit31112312310k.htm (EX-31.1) — 11KB
• exhibit31212312310k.htm (EX-31.2) — 10KB
• exhibit32112312310k.htm (EX-32.1) — 7KB
• ex97recoupmentpolicy.htm (EX-97) — 15KB
• eols-20231231_g1.jpg (GRAPHIC) — 96KB
• eols-20231231_g2.jpg (GRAPHIC) — 45KB
• eols-20231231_g3.jpg (GRAPHIC) — 77KB
• eols-20231231_g4.jpg (GRAPHIC) — 115KB
• eols-20231231_g5.jpg (GRAPHIC) — 122KB
• 0001570562-24-000041.txt (&nbsp;) — 9379KB
• eols-20231231.xsd (EX-101.SCH) — 50KB
• eols-20231231_cal.xml (EX-101.CAL) — 95KB
• eols-20231231_def.xml (EX-101.DEF) — 241KB
• eols-20231231_lab.xml (EX-101.LAB) — 714KB
• eols-20231231_pre.xml (EX-101.PRE) — 483KB
• eols-20231231_htm.xml (XML) — 928KB

Risk Factors

Item 1A Risk Factors 19

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 47

Cybersecurity

Item 1C Cybersecurity 47

Properties

Item 2 Properties 47

Legal Proceedings

Item 3 Legal Proceedings 47

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 48 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49

[Reserved]

Item 6 [Reserved] 51

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 52

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 63

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 97

Controls and Procedures

Item 9A Controls and Procedures 98

Other Information

Item 9B Other Information 100

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 100 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 100

Executive Compensation

Item 11 Executive Compensation 100

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 100

Principal Accounting Fees and Services

Item 14 Principal Accounting Fees and Services 100 PART IV

Exhibits, Financial Statement Schedules

Item 15 Exhibits, Financial Statement Schedules 101

Form 10-K Summary

Item 16 Form 10-K Summary 104

Signatures

Signatures i Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, or Annual Report, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve risks and uncertainties, including statements regarding future events, our business, financial condition, results of operations and prospects, our plans and expectations regarding regulatory approval, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, or other comparable terms intended to identify statements about the future. The forward-looking statements included herein are based on our current expectations, assumptions, estimates and projections, which we believe to be reasonable, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to, those made below under "Summary of Risk Factors" and in Item 1A Risk Factors in this Annual Report. You should carefully consider these risks, as well as the additional risks described in other documents we file with the U.S. Securities and Exchange Commission ("SEC") in the future, including subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, which may from time to time amend, supplement or supersede t

Business

Item 1. Business. Overview We are a global performance beauty company with a customer-centric approach to delivering breakthrough products. Our primary market is the cash-pay aesthetic market, which consists of medical products that consumers pay for directly out of pocket. Our customers are aesthetic practitioners who are properly licensed to deliver our products. By avoiding the regulatory burdens that accompany reimbursed products and pursuing an aesthetic-only non-reimbursed product strategy, we believe that we create flexibility to deliver a unique value proposition to our customers. We utilize this flexibility to drive customer adoption efforts through programs such as our consumer loyalty program, co-branded marketing programs, promotional events and pricing strategies. Our Products and Product Candidates Our currently commercially available product and our product candidates represent two of the largest product categories within medical aesthetics, injectable neurotoxins and injectable dermal fillers, respectively. Jeuveau is our commercially available proprietary 900 kilodalton, or kDa, purified botulinum toxin type A formulation indicated for the temporary improvement in the appearance of moderate to severe glabellar lines, also known as "frown lines," in adults. Jeuveau offers a 900kDa botulinum toxin alternative to BOTOX (onabotulinumtoxinA). We believe aesthetic practitioners generally prefer the performance characteristics of the complete 900 kDa neurotoxin complex and are accustomed to injecting this formulation. Jeuveau is bolstered by the results from our TRANSPARENCY global clinical program which included more than 2,100 patients and provides robust data to physicians evaluating the purchase of Jeuveau . We believe the comprehensive TRANSPARENCY clinical data set, including a head-to-head Phase III study comparing Jeuveau and BOTOX, provides physicians with confidence in recommending Jeuveau to their patients. Jeuveau is currently available

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View this 10-K filing on SEC EDGAR