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ACOR Acorda Therapeutics

Acorda Therapeutics, Inc. is an American biotechnology company based in Ardsley, New York. The company develops therapies that improve neurological function in people with Parkinson’s disease, multiple sclerosis and other neurological disorders. Acorda Therapeutics manufactures and markets the drugs Inbrija and Ampyra in the United States. Inbrija is administered by inhalation and is indicated for the intermittent treatment of off episodes in patients with Parkinson's disease currently taking carbidopa/levodopa. Inbrija is approved by the FDA and the EU.

ACOR stock data

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Calendar

16 Mar 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 102.9M 102.9M 102.9M 102.9M 102.9M 102.9M
Cash burn (monthly) (positive/no burn) 191.33K 28.72M 8.37M (positive/no burn) 5.08M
Cash used (since last report) n/a 657.44K 98.68M 28.76M n/a 17.47M
Cash remaining n/a 102.24M 4.21M 74.13M n/a 85.43M
Runway (months of cash) n/a 534.3 0.1 8.9 n/a 16.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 Mar 21 Burkhard Blank Common Stock Grant Aquire A No No 0 11,125 0 18,527
3 Mar 21 Ron Cohen Common Stock Grant Aquire A No No 0 29,000 0 135,830
3 Mar 21 Lauren M Sabella Common Stock Grant Aquire A No No 0 11,125 0 13,732
1 Dec 20 David Lawrence Common Stock Payment of exercise Dispose F No No 0.6464 1,141 737.54 13,811

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 48 63 -23.8%
Opened positions 10 5 +100.0%
Closed positions 25 25
Increased positions 7 9 -22.2%
Reduced positions 16 29 -44.8%
13F shares
Current Prev Q Change
Total value 39.71M 13.05M +204.3%
Total shares 20.16M 17.56M +14.8%
Total puts 86.9K 38.41K +126.2%
Total calls 142.8K 130.6K +9.3%
Total put/call ratio 0.6 0.3 +106.9%
Largest owners
Shares Value Change
Ubs Oconnor 5.32M $22.04M NEW
Renaissance Technologies 4.09M $2.82M +6.4%
Acadian Asset Management 2.05M $1.42M +11.8%
Vanguard 1.82M $1.26M -36.4%
Canyon Capital Advisors 1.5M $6.21M NEW
BLK Blackrock 1.09M $756K +0.7%
Jacobs Levy Equity Management 1.08M $745K +21.9%
Point72 Asset Management 903.36K $623K -54.8%
FHI Federated Hermes 641.18K $2.66M -0.3%
IVZ Invesco 549.37K $379K -4.1%
Largest transactions
Shares Bought/sold Change
Ubs Oconnor 5.32M +5.32M NEW
Canyon Capital Advisors 1.5M +1.5M NEW
Point72 Asset Management 903.36K -1.1M -54.8%
Vanguard 1.82M -1.04M -36.4%
Gsa Capital Partners 0 -672.16K EXIT
Dimensional Fund Advisors 0 -431.39K EXIT
Geode Capital Management 0 -362.58K EXIT
Arrowstreet Capital, Limited Partnership 0 -286.5K EXIT
TROW T. Rowe Price 0 -266.3K EXIT
Renaissance Technologies 4.09M +247.32K +6.4%

Financial report summary

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Risks
  • We have a history of operating losses and may not be able to achieve or sustain profitability in the future; we are substantially dependent on our ability to successfully market and sell Inbrija (levodopa inhalation powder).
  • We may not have sufficient cash flow from our business to continue to sufficiently fund our operations and pay our substantial debt
  • Our most recent restructuring and associated organizational changes may not adequately reduce our expenses, may lead to additional workforce attrition, and may cause operational disruptions.
  • Operating our business and servicing our debt requires a significant amount of cash, and we may need to obtain additional funding in the future if we do not have sufficient cash flow from our business to continue to sufficiently fund our operations and pay our substantial debt.
  • The indenture governing our convertible senior secured notes due 2024 contains restrictions that may make it more difficult to execute our strategy or to effectively compete.
  • An event of default under the indenture governing our convertible senior secured notes due 2024 could adversely affect our liquidity and our ability to retain title to our assets, including our intellectual property.
  • The commercial success of Inbrija (levodopa inhalation powder) and any other future products are highly dependent on market acceptance among physicians, patients and the medical community, adequate reimbursement by governmental and other third party payers, and other factors.
  • We operate in the highly-regulated pharmaceutical industry.
  • We have no manufacturing capabilities for our products or product candidates, and we are dependent upon third-parties to supply the materials for, and to manufacture, our products and product candidates.
  • We completed the sale of our Chelsea, Massachusetts manufacturing operations in February 2021, and accordingly we rely on Catalent as our sole supplier for the manufacture of Inbrija (levodopa inhalation powder) and the manufacture of any ARCUS product candidates we may seek to further develop.
  • Our global supply agreement with Catalent contains substantial long-term financial commitments.
  • We do not have back-up manufacturing capability for Inbrija or any ARCUS product candidates, and if Catalent fails to timely perform under our global supply agreement our business, financial condition, results of operations and prospects could be harmed.
  • Catalent may not successfully complete the expansion of the Chelsea, Massachusetts manufacturing facility.
  • We may incur significant liability if we fail to comply with stringent FDA marketing and promotion regulations and those in other applicable markets.
  • The identification of new side effects from Inbrija (levodopa inhalation powder) or any other marketed drug products, or side effects from those products that are more frequent or severe than in the past, could harm our business by leading to a significant decrease in sales or to the withdrawal of marketing approval in the U.S. and/or in other jurisdictions.
  • We are subject to periodic unannounced inspections by the FDA and other regulatory authorities related to other regulatory requirements that apply to drugs manufactured or distributed by us.
  • We rely on specialty pharmacies to dispense our products, deliver customer support, and provide us with related services, and our business could be harmed and we could be subject to liabilities if these services are performed inadequately or in a manner that does not comply with applicable laws and regulations.
  • We are dependent on our existing collaborations, and may need additional collaborations, to develop and commercialize products outside of the U.S.
  • We do not currently receive any royalties from Biogen for sales of Fampyra, and we cannot predict whether and when we will receive additional Fampyra royalties.
  • Our collaborators will need to obtain and maintain regulatory approval in foreign jurisdictions where they seek to market or are currently marketing our products.
  • Drug development programs, particularly those in early stages of development, may never be commercialized.
  • Drug products in development must undergo rigorous clinical testing, the results of which are uncertain and could substantially delay or prevent us from bringing them to market.
  • If we proceed with research and development programs, we will rely on third party contract research organizations, medical centers and others to perform preclinical and non-clinical testing and clinical trials, and research and development programs could be harmed if these third parties do not perform in an acceptable and legally compliant manner.
  • If we market products in a manner that violates healthcare fraud and abuse laws, or if we violate false claims laws or fail to comply with our reporting and payment obligations under the Medicaid drug rebate program or other governmental pricing programs, or other applicable legal requirements, we may be subject to civil or criminal penalties or additional reimbursement requirements and sanctions, which could harm our business, financial condition, results of operations and growth prospects.
  • Legislative or regulatory reform of the healthcare system may affect our ability to sell our products profitably.
  • Our existing or potential products may not be commercially viable in the U.S. if we fail to obtain or maintain an adequate level of reimbursement for these products by Medicaid, Medicare or other third party payers.
  • The United Kingdom’s withdrawal from the European Union, generally referred to as “Brexit,” could make it more difficult for us to do business in Europe or have other adverse effects on our business.
  • State pharmaceutical compliance and reporting requirements may expose us to regulatory and legal action by state governments or other government authorities.
  • Our inability to attract and retain key management and other personnel, or maintain access to expert advisors, may hinder our ability to execute our business plan.
  • We and our third party contract manufacturers must comply with environmental, health and safety laws and regulations, and failure to comply with these laws and regulations could expose us to significant costs or liabilities.
  • If we cannot protect, maintain and, if necessary, enforce our intellectual property, our ability to develop and commercialize our products will be severely limited.
  • Our business could be harmed by requirements to publicly disclose our clinical trial data.
  • If third parties successfully claim that we infringe their patents or proprietary rights, our ability to continue to develop and successfully commercialize our product candidates could be delayed or prevented.
  • Our stock price may be volatile and you may lose all or a part of your investment.
  • Future sales of our common stock could cause our stock price to decline, and future issuances of common stock could cause substantial dilution.
  • If our officers, directors and largest stockholders choose to act together, they may be able to control the outcome of stockholder vote.
  • Certain provisions of Delaware law, our Certificate of Incorporation, and our Bylaws may delay or prevent an acquisition of us that stockholders may consider favorable or may prevent efforts by our stockholders to change our directors or our management, which could decrease the value of your shares.
  • Because we do not intend to pay dividends in the foreseeable future, you will benefit from an investment in our common stock only if it appreciates in value.
  • Our ability to use net operating loss carry forwards to reduce future tax payments may be limited if taxable income does not reach sufficient levels or if there is a change in ownership of Acorda.
  • We may have exposure to additional tax liabilities, which could have a material impact on our results of operations and financial position.
  • We may expand our business through the acquisition of companies or businesses or in-licensing product candidates that could disrupt our business and harm our financial condition.
  • We face an inherent risk of liability in the event that the use or misuse of our products results in personal injury or death.
  • We may be the subject of litigation, which, if adversely determined, could harm our business and operating results.
  • We depend on sophisticated information technology systems to operate our business and a cyber attack or other breach of these systems, or a system error, could have a material adverse effect on our business and results of operations.
Management Discussion
  • We recognize product sales of Inbrija following receipt of product by companies in our distribution network, which for Inbrija primarily includes specialty pharmacies, which deliver the medication to patients by mail, and ASD Specialty Healthcare, Inc. (an AmeriSource Bergen affiliate). We recognized net revenue from the sale of Inbrija of $24.2 million and $15.3 million for the years ended December 31, 2020 and 2019, respectively. The increase in Inbrija net revenue was due to an increase in net volume of $8.9 million.
  • Discounts and allowances which are included as an offset in net revenue consist of allowances for customer credits, including estimated chargebacks, rebates, returns and discounts. Discounts and allowances are recorded following shipment of our products to our customers. Adjustments are recorded for estimated chargebacks, rebates, and discounts. Discounts and allowances also consist of discounts provided to Medicare beneficiaries whose prescription drug costs cause them to be subject to the Medicare Part D coverage gap (i.e., the “donut hole”). Payment of coverage gap discounts is required under the Affordable Care Act, the health care reform legislation enacted in 2010. Discounts and allowances may increase as a percentage of sales as we enter into new managed care contracts in the future.
  • We believe that first and fourth quarter revenue for our products is subject to certain recurring seasonal factors relating to the commencement of a new calendar year. For example, some patients refill their prescriptions earlier ahead of the new year, in the fourth quarter, in anticipation of the year-end reset of health plan deductibles and the Medicare donut hole, or a year-end switch of their insurance plans or pharmacy benefit providers. Also, we believe specialty pharmacies may increase their stock, within contractual limits, to account for the holidays and new year. These factors may seasonally have a positive impact on fourth quarter revenues and a negative impact on first quarter revenues. Also, discounts and allowances typically are highest in the first quarter, and lowest in the fourth quarter, and when this occurs this increases fourth quarter revenues, and decreases first quarter revenues, on a relative basis. In the case of the fourth quarter of 2020, we believe our transition from a network of several specialty pharmacies to Alliance Rx Walgreens Prime, or Walgreens, as the sole specialty pharmacy for U.S. sales of Inbrija was another factor that positively impacted Inbrija net sales on a one-time basis, as Walgreens initiated stocking for newly-transferred patients during the quarter.
Content analysis
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Patents

APP
Utility
Sustained Release Compositions of 4-AMINOPYRIDINE
25 Mar 21
The present invention generally relates to sustained release 4-aminopyridine tablets, which include a core and a coating.
APP
Utility
Method for Achieving Desired Glial Growth Factor 2 Plasma Levels
4 Mar 21
The present invention relates to administering glial growth factor 2 (GGF2) to a patient in need thereof, to achieve serum levels of GGF2 within a desired therapeutic window determined based on the disease or disorder afflicting the patient.
APP
Utility
Methods of Using Sustained Release Aminopyridine Compositions
14 Jan 21
A pharmaceutical composition which comprises a therapeutically effective amount of a aminopyridine dispersed in a release matrix, including, for example, a composition that can be formulated into a stable, sustained-release oral dosage formulation, such as a tablet which provides, upon administration to a patient, a therapeutically effective plasma level of the aminopyridine for a period of at about 12 hours and the use of the composition to treat various neurological diseases, including multiple sclerosis.
APP
Utility
Methods for Treating Dependence
9 Dec 20
Provided are methods of treating patients suffering from or susceptible to at least one symptom of abuse of, dependence on, or withdrawal from at least one substance with Compound A.
APP
Utility
Sustained Release Aminopyridine Composition
25 Nov 20
A pharmaceutical composition which comprises a therapeutically effective amount of a aminopyridine dispersed in a release matrix, including, for example, a composition that can be formulated into a stable, sustained-release oral dosage formulation, such as a tablet which provides, upon administration to a patient, a therapeutically effective plasma level of the aminopyridine for a period of at least 12 hours, preferably 24 hours or more and the use of the composition to treat various neurological diseases.