Amicus Therapeutics Files Q3 2024 10-Q

TL;DR

Amicus Therapeutics filed its Q3 2024 10-Q, showing financial and operational details.

AI Summary

Amicus Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and balance sheet information are presented, reflecting the company's ongoing activities in the pharmaceutical sector.

Why It Matters

This filing provides investors with the latest financial health and operational status of Amicus Therapeutics, crucial for understanding its performance and future prospects in the rare disease therapeutics market.

Risk Assessment

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

Key Players & Entities

• AMICUS THERAPEUTICS, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• 001-33497 (other) — SEC File Number

FAQ

Key Financial Figures

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

Filing Documents

• fold-20240930.htm (10-Q) — 1063KB
• fold-09302024xex311.htm (EX-31.1) — 11KB
• fold-09302024xex312.htm (EX-31.2) — 11KB
• fold-09302024xex321.htm (EX-32.1) — 8KB
• 0001178879-24-000013.txt ( ) — 5653KB
• fold-20240930.xsd (EX-101.SCH) — 32KB
• fold-20240930_cal.xml (EX-101.CAL) — 63KB
• fold-20240930_def.xml (EX-101.DEF) — 119KB
• fold-20240930_lab.xml (EX-101.LAB) — 519KB
• fold-20240930_pre.xml (EX-101.PRE) — 336KB
• fold-20240930_htm.xml (XML) — 806KB

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 Septem ber 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Inc ome ( Loss ) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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 19

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 233,647 $ 246,994 Investments in marketable securities 16,110 39,206 Accounts receivable 98,073 87,632 Inventories 115,338 59,696 Prepaid expenses and other current assets 35,306 49,533 Total current assets 498,474 483,061 Operating lease right-of-use assets, net 23,144 26,312 Property and equipment, less accumulated depreciation of $ 29,324 and $ 25,429 at September 30, 2024 and December 31, 2023, respectively 30,438 31,667 Intangible assets, less accumulated amortization of $ 4,974 and $ 2,510 at September 30, 2024 and December 31, 2023, respectively 18,026 20,490 Goodwill 197,797 197,797 Other non-current assets 18,678 18,553 Total Assets $ 786,557 $ 777,880 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,481 $ 15,120 Accrued expenses and other current liabilities 136,116 144,245 Operating lease liabilities 8,541 8,324 Total current liabilities 158,138 167,689 Long-term debt 389,494 387,858 Operating lease liabilities 46,623 48,877 Other non-current liabilities 13,477 13,282 Total liabilities 607,732 617,706 Commitments and contingencies Stockholders' equity: Common stock, $ 0.01 par value, 500,000,000 shares authorized, 298,691,094 and 293,594,209 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,942 2,918 Additional paid-in capital 2,905,760 2,836,018 Accumulated other comprehensive income (loss): Foreign currency translation adjustment 25,159 5,429 Unrealized loss on available-for-sale securities ( 188 ) ( 188 ) Warrants 71 71 Accumulated deficit ( 2,754,919 ) ( 2,684,074 ) Total stockholders' equity 178,825 160,174 Total Liabilities and Stockholders' Equity $ 786,557 $ 777,880 S

View Full Filing

View this 10-Q filing on SEC EDGAR