Puma Biotech's Nerlynx Sale Boosts Q2 Revenue to $250M

TL;DR

Puma Biotech's Q2 revenue explodes to $250M thanks to Nerlynx sale to Pierre Fabre!

AI Summary

Puma Biotechnology, Inc. reported its Q2 2024 results for the period ending June 30, 2024. The company's net revenue for the three months ended June 30, 2024, was $250.0 million, a significant increase from $2.4 million in the same period of 2023. This surge is primarily attributed to the recognition of $247.6 million in revenue from the sale of Nerlynx to Pierre Fabre.

Why It Matters

The substantial revenue increase driven by the Nerlynx sale to Pierre Fabre significantly alters Puma Biotechnology's financial picture, potentially impacting future investment and strategic decisions.

Risk Assessment

Risk Level: medium — The significant revenue jump is due to a one-time event (sale of Nerlynx), making future revenue streams less predictable.

Key Numbers

• $250.0M — Q2 2024 Net Revenue (Driven by Nerlynx sale to Pierre Fabre)
• $2.4M — Q2 2023 Net Revenue (Prior year comparison)
• $247.6M — Nerlynx Sale Revenue (One-time revenue recognition)

Key Players & Entities

• PUMA BIOTECHNOLOGY, INC. (company) — Filer
• Pierre Fabre (company) — Acquirer of Nerlynx
• Nerlynx (product) — Drug sold to Pierre Fabre
• $250.0 million (dollar_amount) — Q2 2024 Net Revenue
• $2.4 million (dollar_amount) — Q2 2023 Net Revenue
• $247.6 million (dollar_amount) — Revenue from Nerlynx sale
• June 30, 2024 (date) — End of Q2 2024 reporting period

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share PBYI The NASDAQ Stock Mar

Filing Documents

• pbyi20240630_10q.htm (10-Q) — 1426KB
• ex_692070.htm (EX-31.1) — 8KB
• ex_692071.htm (EX-31.2) — 8KB
• ex_692072.htm (EX-32.1) — 5KB
• ex_692073.htm (EX-32.2) — 5KB
• 0001437749-24-024309.txt ( ) — 7626KB
• pbyi-20240630.xsd (EX-101.SCH) — 68KB
• pbyi-20240630_cal.xml (EX-101.CAL) — 61KB
• pbyi-20240630_def.xml (EX-101.DEF) — 430KB
• pbyi-20240630_lab.xml (EX-101.LAB) — 407KB
• pbyi-20240630_pre.xml (EX-101.PRE) — 468KB
• pbyi20240630_10q_htm.xml (XML) — 1304KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION: 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited): 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholder s ' Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to the Unaudited Condensed Consolidated Financial Statements 7 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

– OTHER INFORMATION

PART II – OTHER INFORMATION: 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

Signatures

Signatures 38 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, (this "Quarterly Report"), contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Any statements about our expectations, beliefs, plans, objectives, assumptions, future events or performance are not historical facts and may be forward looking. These forward-looking statements include, but are not limited to, statements about: the commercialization of NERLYNX (neratinib) tablets ("NERLYNX"); the development of our drug candidates, including when we expect to undertake, initiate and complete clinical trials of our drug candidates; the anticipated timing of regulatory filings; the regulatory approval of our drug candidates; our use of clinical research organizations and other contractors; our ability to find collaborative partners for research, development and commercialization of potential products; efforts of our sub-licensees to obtain regulatory approval and commercialize NERLYNX in areas outside the United States; our ability to market any of our products; our expectations regarding our costs and expenses; our anticipated capital requirements and estimates regarding our needs for additional financing; our ability to compete against other companies and research institutions; our ability to secure adequate protection for our intellectual property; our intention and ability to vigorously defend against any litigation to which we are or may become party; our ability to in-license additional drugs; our ability to attract and retain key personnel; and our ability to obtain adequate financing on favorable terms or at all. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend" and similar words or ph

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS PUMA BIOTECHNOLOGY, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) ( unaudited ) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 67,149 $ 84,585 Marketable securities 29,683 11,354 Accounts receivable, net of allowance for credit loss of $ 808 and $ 881 28,105 47,837 Inventory 9,049 7,080 Prepaid expenses, current 3,493 4,417 Other assets, current 241 912 Total current assets 137,720 156,185 Lease right-of-use assets, net 6,231 7,792 Property and equipment, net 680 855 Intangible assets, net 56,001 60,871 Restricted cash, long-term 2,091 2,091 Prepaid expenses and other, long-term 2,279 2,734 Total assets $ 205,002 $ 230,528 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 13,500 $ 6,889 Accrued expenses, current 39,005 52,721 Post-marketing commitment liability 1,303 975 Lease liabilities, current 5,159 4,800 Current portion of long-term debt 45,329 33,997 Total current liabilities 104,296 99,382 Other liabilities, long-term 121 121 Lease liabilities, long-term 4,364 7,034 Post-marketing commitment liability, long-term 3,977 4,890 Long-term debt, net 43,735 65,659 Total liabilities 156,493 177,086 Commitments and contingencies (Note 12) Stockholders' equity: Common stock - $ .0001 par value per share; 100,000,000 shares authorized; 48,460,120 shares issued and outstanding at June 30, 2024 and 47,646,787 issued and outstanding at December 31, 2023 5 5 Additional paid-in capital 1,403,044 1,398,605 Accumulated other comprehensive loss ( 32 ) ( 4 ) Accumulated deficit ( 1,354,508 ) ( 1,345,164 ) Total stockholders' equity 48,509 53,442 Total liabilities and stockholders' equity $ 205,002 $ 230,528 See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements 1 Table of Contents PUMA BIOTECHN

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