Amicus Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Amicus Therapeutics, Inc. has filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

AMICUS THERAPEUTICS, INC. (FOLD) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Amicus Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 3675 Market Street, Philadelphia, PA. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components like common stock, additional paid-in capital, and retained earnings are detailed for various periods.

Why It Matters

For investors and stakeholders tracking AMICUS THERAPEUTICS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Amicus Therapeutics, Inc. Understanding the details within this report is crucial for assessing the company's financial health, performance trends, and potential future outlook.

Risk Assessment

Risk Level: low — AMICUS THERAPEUTICS, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or high-risk events.

Analyst Insight

Review the detailed financial statements and segment information to understand revenue drivers and cost structures for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2024-03-31 — Quarter End Date (Q1 2024)

Key Players & Entities

• AMICUS THERAPEUTICS, INC. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 3675 MARKET STREET (address) — BUSINESS ADDRESS
• PHILADELPHIA (city) — BUSINESS ADDRESS
• PA (state) — BUSINESS ADDRESS
• 19104 (zip_code) — BUSINESS ADDRESS
• 200422823 (irs_number) — IRS NUMBER

FAQ

Industry Context

Amicus Therapeutics operates in the pharmaceutical preparations industry, focusing on developing and commercializing treatments for rare metabolic diseases.

Regulatory Implications

The filing is a standard 10-Q, a mandatory SEC filing for publicly traded companies to report quarterly financial performance.

What Investors Should Do

1. Analyze revenue trends for key products like Galafold and Pombiliti/Opfolda.
2. Review the balance sheet for changes in assets, liabilities, and equity compared to the previous quarter.
3. Examine any disclosures related to ongoing clinical trials or regulatory updates.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial data compared to the previous year's Q1 and the end-of-year 2023 report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FOLD NASDAQ Global Market

Filing Documents

• fold-20240331.htm (10-Q) — 789KB
• fold-03312024xex311.htm (EX-31.1) — 11KB
• fold-03312024xex312.htm (EX-31.2) — 11KB
• fold-03312024xex321.htm (EX-32.1) — 8KB
• 0001178879-24-000006.txt (&nbsp;) — 4804KB
• fold-20240331.xsd (EX-101.SCH) — 27KB
• fold-20240331_cal.xml (EX-101.CAL) — 61KB
• fold-20240331_def.xml (EX-101.DEF) — 103KB
• fold-20240331_lab.xml (EX-101.LAB) — 470KB
• fold-20240331_pre.xml (EX-101.PRE) — 310KB
• fold-20240331_htm.xml (XML) — 653KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Consolidated Financial Statements and Notes (unaudited)

Item 1. Consolidated Financial Statements and Notes (unaudited) 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION 23

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks, uncertainties, and assumptions. Forward-looking statements are all statements, other than statements of historical facts, that discuss our current expectation and projections relating to our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans, and objectives of management. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "can," "could," "estimate," "expect," "forecast," "intend," "likely," "may," "might," "outlook," "plan," "potential," "predict," "project," "seek," "should," "will," "would," the negatives or plurals thereof, and other words and terms of similar meaning, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements: the scope, progress, results and costs of clinical trials for our drug candidates; the cost of manufacturing drug supply for our commercial, clinical and preclinical studies, including the cost of manufacturing Pombiliti (also referred to as "ATB200" or "cipaglucosidase alfa"); the future results of preclinical research and subsequent clinical trials for pipeline candidates we may identify from time to time, including our ability to obtain regulatory approvals and commercialize such therapies; the costs, timing, and outcome of

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS AND NOTES (UNAUDITED) Amicus Therapeutics, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 209,761 $ 246,994 Investments in marketable securities 29,842 39,206 Accounts receivable 76,433 87,632 Inventories 60,759 59,696 Prepaid expenses and other current assets 54,444 49,533 Total current assets 431,239 483,061 Operating lease right-of-use assets, net 23,003 26,312 Property and equipment, less accumulated depreciation of $ 26,563 and $ 25,429 at March 31, 2024 and December 31, 2023, respectively 32,421 31,667 Intangible assets, less accumulated amortization of $ 3,328 and $ 2,510 at March 31, 2024 and December 31, 2023, respectively 19,672 20,490 Goodwill 197,797 197,797 Other non-current assets 17,657 18,553 Total Assets $ 721,789 $ 777,880 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 9,210 $ 15,120 Accrued expenses and other current liabilities 124,622 144,245 Operating lease liabilities 8,270 8,324 Total current liabilities 142,102 167,689 Long-term debt 388,391 387,858 Operating lease liabilities 47,831 48,877 Other non-current liabilities 12,771 13,282 Total liabilities 591,095 617,706 Commitments and contingencies Stockholders' equity: Common stock, $ 0.01 par value, 500,000,000 shares authorized, 296,159,417 and 293,594,209 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,922 2,918 Additional paid-in capital 2,853,550 2,836,018 Accumulated other comprehensive loss: Foreign currency translation adjustment 6,847 5,429 Unrealized loss on available-for-sale securities ( 203 ) ( 188 ) Warrants 71 71 Accumulated deficit ( 2,732,493 ) ( 2,684,074 ) Total stockholders' equity 130,694 160,174 Total Liabilities and Stockholders' Equity $ 721,789 $ 777,880 See accompanying Notes to Con

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