Amicus Therapeutics Files Q2 2024 10-Q Report

TL;DR

Amicus Therapeutics filed its Q2 2024 10-Q. Financials and operations detailed.

AI Summary

Amicus Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business developments are presented within this report.

Why It Matters

This filing provides investors with a detailed look at Amicus Therapeutics' financial health and operational progress during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Amicus Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for the 10-Q filing.)
• 20240808 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of the fiscal year 2024.)
• 2023-01-01 to 2023-06-30 — Prior Year Year-to-Date Period (Covers the first six months of the fiscal year 2023 for comparison.)
• 2024-04-01 to 2024-06-30 — Q2 2024 Period (Specific financial data for the second quarter of 2024.)

Key Players & Entities

• AMICUS THERAPEUTICS, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• PHILADELPHIA (location) — Business Address City
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• fold-20240630.htm (10-Q) — 1031KB
• firstamendmenttoamicuswuxi.htm (EX-10.1) — 29KB
• fold-06302024xex311.htm (EX-31.1) — 11KB
• fold-06302024xex312.htm (EX-31.2) — 11KB
• fold-06302024xex321.htm (EX-32.1) — 8KB
• 0001178879-24-000009.txt ( ) — 5452KB
• fold-20240630.xsd (EX-101.SCH) — 28KB
• fold-20240630_cal.xml (EX-101.CAL) — 63KB
• fold-20240630_def.xml (EX-101.DEF) — 105KB
• fold-20240630_lab.xml (EX-101.LAB) — 495KB
• fold-20240630_pre.xml (EX-101.PRE) — 322KB
• fold-20240630_htm.xml (XML) — 775KB

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 June 3 0 , 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and 2023 4 Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 3 0 , 2024 and 2023 5 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 3 0 , 2024 and 2023 6 Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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 18

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 209,335 $ 246,994 Investments in marketable securities 50,727 39,206 Accounts receivable 85,174 87,632 Inventories 81,320 59,696 Prepaid expenses and other current assets 35,145 49,533 Total current assets 461,701 483,061 Operating lease right-of-use assets, net 22,611 26,312 Property and equipment, less accumulated depreciation of $ 27,844 and $ 25,429 at June 30, 2024 and December 31, 2023, respectively 31,161 31,667 Intangible assets, less accumulated amortization of $ 4,147 and $ 2,510 at June 30, 2024 and December 31, 2023, respectively 18,853 20,490 Goodwill 197,797 197,797 Other non-current assets 17,361 18,553 Total Assets $ 749,484 $ 777,880 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 32,057 $ 15,120 Accrued expenses and other current liabilities 127,897 144,245 Operating lease liabilities 8,112 8,324 Total current liabilities 168,066 167,689 Long-term debt 388,939 387,858 Operating lease liabilities 47,007 48,877 Other non-current liabilities 12,949 13,282 Total liabilities 616,961 617,706 Commitments and contingencies Stockholders' equity: Common stock, $ 0.01 par value, 500,000,000 shares authorized, 296,428,877 and 293,594,209 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,923 2,918 Additional paid-in capital 2,868,925 2,836,018 Accumulated other comprehensive income (loss): Foreign currency translation adjustment 8,991 5,429 Unrealized loss on available-for-sale securities ( 197 ) ( 188 ) Warrants 71 71 Accumulated deficit ( 2,748,190 ) ( 2,684,074 ) Total stockholders' equity 132,523 160,174 Total Liabilities and Stockholders' Equity $ 749,484 $ 777,880 See accompanying Notes

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View this 10-Q filing on SEC EDGAR