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

TL;DR

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

AI Summary

HALOZYME THERAPEUTICS, INC. (HALO) filed a Annual Report (10-K) with the SEC on February 20, 2024. Halozyme Therapeutics, Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 12390 El Camino Real, San Diego, CA 92130. The company's phone number is (858) 794-8889. Halozyme Therapeutics, Inc. is classified under SIC code 2836 for Biological Products (No Diagnostic Substances).

Why It Matters

For investors and stakeholders tracking HALOZYME THERAPEUTICS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Halozyme's financial health, strategic initiatives, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K are essential for understanding revenue streams, operational costs, and any potential liabilities or opportunities impacting the company's valuation and market position.

Risk Assessment

Risk Level: medium — HALOZYME THERAPEUTICS, INC. shows moderate risk based on this filing. The company's reliance on a limited number of key products and strategic partnerships, as detailed in its 10-K, presents a medium risk due to potential disruptions or changes in these relationships.

Analyst Insight

Investors should closely examine the revenue breakdown and growth trends for Halozyme's key products and collaborative agreements to assess the sustainability of its business model.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 2836 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• HALOZYME THERAPEUTICS, INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date
• 12390 EL CAMINO REAL (address) — Business street address
• SAN DIEGO (location) — Business city
• CA (location) — Business state
• 92130 (postal_code) — Business zip code
• (858) 794-8889 (phone_number) — Business phone

FAQ

Industry Context

Halozyme Therapeutics operates within the biotechnology sector, focusing on the development and commercialization of drug delivery technologies.

Regulatory Implications

As a publicly traded company, Halozyme Therapeutics is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as this 10-K.

What Investors Should Do

1. Review the detailed financial statements in the 10-K to understand revenue, expenses, and profitability for FY2023.
2. Analyze the business overview and risk factors sections to identify key operational and strategic challenges and opportunities.
3. Compare the current year's financial performance with previous years to identify trends and assess growth trajectory.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a year-end summary compared to previous quarterly and annual reports.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 Par Value HALO The NASDAQ Stock Market,

Filing Documents

• halo-20231231.htm (10-K) — 2156KB
• ex1028severancepolicy.htm (EX-10.28) — 6KB
• ex211subsidiaries2023.htm (EX-21.1) — 6KB
• ex231auditorconsent2023.htm (EX-23.1) — 6KB
• ex31110qq42023.htm (EX-31.1) — 13KB
• ex31210qq42023.htm (EX-31.2) — 13KB
• ex3210qq42023.htm (EX-32) — 14KB
• ex97halozymetherapeuticsin.htm (EX-97) — 17KB
• halo-20231231_g1.jpg (GRAPHIC) — 15KB
• halo-20231231_g2.jpg (GRAPHIC) — 206KB
• halo-20231231_g3.jpg (GRAPHIC) — 64KB
• halo-20231231_g4.jpg (GRAPHIC) — 78KB
• 0001159036-24-000008.txt (&nbsp;) — 13118KB
• halo-20231231.xsd (EX-101.SCH) — 76KB
• halo-20231231_cal.xml (EX-101.CAL) — 134KB
• halo-20231231_def.xml (EX-101.DEF) — 429KB
• halo-20231231_lab.xml (EX-101.LAB) — 1092KB
• halo-20231231_pre.xml (EX-101.PRE) — 727KB
• halo-20231231_htm.xml (XML) — 1942KB

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 42

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 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 45

(Reserved)

Item 6. (Reserved) 47

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 48

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 60

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60

Controls and Procedures

Item 9A. Controls and Procedures 61

Other Information

Item 9B. Other Information 63

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 63

Executive Compensation

Item 11. Executive Compensation 64

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 64

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 65

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 65 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 66

Form 10-K Summary

Item 16. Form 10-K Summary 70

SIGNATURES

SIGNATURES 71 3 Summary of Risk Factors Our business is subject to a number of risks and uncertainties, including those described under the heading "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K. These risks include the following: Risks Related To Our Business Failure or delay in receiving and maintaining regulatory approval for our partnered or proprietary product candidates would substantially impact our ability to generate revenues or the timing of such revenues. Use of our partnered or proprietary products and product candidates could be associated with adverse events. Disruptions in the supply of bulk rHuPH20 or other components by our manufacturers or vendors could delay or suspend development or commercialization efforts and harm our business results associated with operations and collaborations. Inability of third parties to perform necessary services for our products, such as distribution, invoicing and storage services could impact our business performance. If we or any party to a key collaboration agreement fail to perform material obligations under such agreement, or if a key collaboration agreement is terminated for any reason, our business could suffer. Any adverse development regarding the rHuPH20 enzyme could substantially impact multiple areas of our business, including current and potential ENHANZE collaborations and revenues, as well as any proprietary programs. Additional applications of our ENHANZE technology or acquiring new technologies may require the use of additional resources, result in increased expense and ultimately may not be successful. Our partnered or proprietary product candidates may not receive regulatory approvals or their development may be delayed which may materially adversely affect our business, financial condition and results of operations. Failure of our third-party partners to supply certain proprietary materials that are essential components of partnered products or product candida

Business

Item 1. Business Overview Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE drug delivery technology ("ENHANZE") with our proprietary enzyme rHuPH20, our commercially-validated solution is used to facilitate the subcutaneous ("SC") delivery of injected drugs and fluids, with the goal of reducing the treatment burden for patients. We license our technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with our partners' proprietary compounds. We also develop, manufacture and commercialize, for ourselves or with our partners, drug-device combination products using our advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. Our ENHANZE partners' approved products and product candidates are based on rHuPH20, our patented recombinant human hyaluronidase enzyme. rHuPH20 works by breaking down hyaluronan ("HA"), a naturally occurring carbohydrate that is a major component of the extracellular matrix of the SC space. This temporarily reduces the barrier to bulk fluid flow allowing for improved and more rapid SC delivery of high dose, high volume injectable biologics, such as monoclonal antibodies and other large therapeutic molecules, as well as small molecules and fluids. We refer to the application of rHuPH20 to facilitate the delivery of other drugs or fluids as ENHANZE. We license the ENHANZE technology to form collaborations with biopharmaceutical companies that develop or market drugs requiring or benefiting from injection via the SC route of administration. In the development of proprietary intravenous ("IV") drugs combined with our ENHANZE technology, data have been generated supporting the potential for ENHANZE to reduce pa

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