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

TL;DR

<b>Esperion Therapeutics filed its 2023 10-K, detailing financial performance and corporate events.</b>

AI Summary

Esperion Therapeutics, Inc. (ESPR) filed a Annual Report (10-K) with the SEC on February 27, 2024. Esperion Therapeutics reported its 2023 fiscal year results, filing its annual 10-K on February 27, 2024. The company's business address is 3891 Ranchero Drive, Suite 150, Ann Arbor, MI 48108. Esperion Therapeutics was formerly known as HDL THERAPEUTICS INC, with a name change date of 2008-05-13. Key financial events include a Securities Purchase Agreement on 2023-03-19 and Warrant Amendment Agreements on 2023-03-22. Subsequent events noted are a minimum commitment offering on 2024-01-02 and another commitment offering on 2024-01-18.

Why It Matters

For investors and stakeholders tracking Esperion Therapeutics, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Esperion's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's trajectory. The inclusion of subsequent events like commitment offerings offers insight into recent financing activities and potential future capital raises.

Risk Assessment

Risk Level: — Esperion Therapeutics, Inc. shows moderate risk based on this filing. The company's financial disclosures in the 10-K, while comprehensive, do not provide specific revenue or net income figures in the provided snippet, making a definitive assessment of financial health challenging without further detail.

Analyst Insight

Investors should review the full 10-K filing to analyze Esperion Therapeutics' detailed financial statements, risk factors, and management discussion for a complete understanding of the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-27 — Filing Date (Filed as of Date)
• 2008-05-13 — Date of Name Change (Former Company)

Key Players & Entities

• Esperion Therapeutics, Inc. (company) — Filer name
• HDL THERAPEUTICS INC (company) — Former company name
• Ann Arbor (location) — Business address city
• MI (location) — Business address state

FAQ

Industry Context

Esperion Therapeutics operates in the pharmaceutical preparations industry, focusing on developing and commercializing treatments for cardiovascular diseases.

Regulatory Implications

As a publicly traded pharmaceutical company, Esperion is subject to extensive regulation by the Securities and Exchange Commission (SEC) and other health authorities.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section for potential challenges and uncertainties facing the company.
3. Investigate the subsequent events to understand recent financing activities and their implications.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-27: Filing Date — Date the 10-K was officially submitted
• 2023-03-19: Securities Purchase Agreement — Significant corporate financing event
• 2023-03-22: Warrant Amendment Agreements — Modification of warrant terms

Year-Over-Year Comparison

This filing represents the company's comprehensive annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value ESPR NASDAQ Stock Market LLC
• $1.39 — , 2023, based upon the closing price of $1.39 of the registrant's common stock as rep

Filing Documents

• espr-20231231.htm (10-K) — 1816KB
• exhibit44.htm (EX-4.4) — 25KB
• ex-231q42023.htm (EX-23.1) — 11KB
• ex-311q42023.htm (EX-31.1) — 10KB
• ex-312q42023.htm (EX-31.2) — 10KB
• ex-321q42023.htm (EX-32.1) — 6KB
• a971compensationrecoverypo.htm (EX-97.1) — 28KB
• espr-20231231_g1.jpg (GRAPHIC) — 70KB
• 0001628280-24-007066.txt (&nbsp;) — 9055KB
• espr-20231231.xsd (EX-101.SCH) — 74KB
• espr-20231231_cal.xml (EX-101.CAL) — 66KB
• espr-20231231_def.xml (EX-101.DEF) — 364KB
• espr-20231231_lab.xml (EX-101.LAB) — 908KB
• espr-20231231_pre.xml (EX-101.PRE) — 602KB
• espr-20231231_htm.xml (XML) — 942KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 72 I tem 1 C. C ybersecurity 72 Item 2.

Properties

Properties 72 Item 3.

Legal Proceedings

Legal Proceedings 73 Item 4. Mine Safety Disclosures 73 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 74 Item 6. Reserved 75 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 76 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 86 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III Item 10. Directors, Executive Officers and Corporate Governance 89 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13. Certain Relationships and Related Transactions, and Director Independence 89 Item 14. Principal Accounting Fees and Services 89 PART IV Item 15. Exhibits and Financial Statement Schedules 90 Item 16. Form 10-K Summary 90

Signatures

Signatures 94 From time to time, we may use our website, our X (formerly Twitter) account (@EsperionInc) or our LinkedIn profile at www.linkedin.com/company/esperion-therapeutics to distribute material information. Our financial and other material information is routinely posted to and accessible on the Investors & Media section of our website, available at www.esperion.com. Investors are encouraged to review the Investors & Media section of our website because we may post material information on that site that is not otherwise disseminated by us. Information that is contained in and can be accessed through our website or our LinkedIn page is not incorporated into, and does not form a part of, this Annual Report on Form 10-K. We use various trademarks and trade names in our business, including without limitation our corporate name and logo. This Annual Report on Form 10-K may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this Annual Report on Form 10-K is not intended to, and does not imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks and trade names in this Annual Report on Form 10-K may be referred to without the and symbols, but the omission of such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. 1 Table of Contents Summary of Material Risks Associated with Our Business Our business is subject to numerous risks and uncertainties that you should be aware of before making an investment decision, including those highlighted in the section entitled "Risk Factors." These risks include, but are not limited to, the following: We depend almost entirely on the success of two products, bempedoic acid tablet and the bempedoic acid

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about: our ability to successfully commercialize NEXLETOL (bempedoic acid) tablet and NEXLIZET (bempedoic acid and ezetimibe) tablet in the United States and any other jurisdictions where we may receive marketing approval in the future; our ability and the timeline to obtain and maintain regulatory approval for our approved drugs or obtain and maintain regulatory approval for any of our current or future drug candidates, and any related restrictions, limitations, and/or warnings in the labels of NEXLETOL, NEXLIZET, NILEMDO (bempedoic acid) tablet and NUSTENDI (bempedoic acid and ezetimibe) tablet, or any of our current or future drug candidates that may receive marketing approval; the rate and degree of market acceptance for our approved drugs or any current or future drug candidate for which we may receive marketin

Business

Item 1. Business Overview Esperion is a pharmaceutical company currently focused on developing and commercializing accessible, oral, once-daily, non-statin medicines for patients struggling with elevated low-density lipoprotein cholesterol, or LDL-C. Through commercial execution and completion of our CLEAR Outcomes trial as well as advancing our pre-clinical pipeline, we continue to evolve into a differentiated, global biotech. Our team of experts are dedicated to lowering LDL-cholesterol through the discovery, development and commercialization of innovative medicines and their combinations with established medicines. Our first two products were approved by the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), and Swiss Agency for Therapeutic Products (Swissmedic), in 2020. NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe) tablets are oral, once-daily, non-statin medicines for the treatment of primary hyperlipidemia in adults with heterozygous familial hypercholesterolemia (HeFH) or atherosclerotic cardiovascular disease (ASCVD), who require additional lowering of LDL-C. We completed a global cardiovascular outcomes trial, or CVOT, —known as C holesterol L owering via B E mpedoic Acid, an A CL-inhibiting R egimen (CLEAR) Outcomes. The trial was designed to evaluate whether treatment with bempedoic acid reduced the risk of cardiovascular events in adult patients who are statin averse and who have CVD or are at high risk for CVD. We initiated the CLEAR Outcomes CVOT in December 2016 and fully enrolled the study with nearly 14,000 patients in August 2019. The primary endpoint of the study was the effect of bempedoic acid on four types of major adverse cardiovascular events, or MACE (cardiovascular death, non-fatal myocardial infarction, non-fatal stroke, or coronary revascularization; also referred to as "four-component MACE"). CLEAR Outcomes was an event-driven trial and concluded once the predetermined number of MACE en

View Full Filing

View this 10-K filing on SEC EDGAR