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Acorda Therapeutics (ACOR)

Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® (levodopa inhalation powder) is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda's innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

Company profile

Ticker
ACOR
Exchange
Website
CEO
Ron Cohen
Employees
Location
Fiscal year end
SEC CIK
Subsidiaries
Acorda Therapeutics Limited • Acorda Therapeutics Ireland Limited • Biotie Therapies AG • Biotie Therapies GmbH • Biotie Therapies, Inc. • Biotie Therapies Ltd. • Biotie Therapies International • Civitas Therapeutics, Inc. • MS Research • Neuronex, Inc. ...

ACOR stock data

Calendar

13 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 51.46M 51.46M 51.46M 51.46M 51.46M 51.46M
Cash burn (monthly) 4.59M 8.08M 8.09M 8.06M 4.55M 2.34M
Cash used (since last report) 20.21M 35.6M 35.62M 35.51M 20.02M 10.31M
Cash remaining 31.24M 15.86M 15.83M 15.95M 31.43M 41.14M
Runway (months of cash) 6.8 2.0 2.0 2.0 6.9 17.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Jun 22 Jensen Peder Non-Employee Stock Option Common Stock Grant Acquire A No No 0.3699 10,000 3.7K 10,000
10 Jun 22 Kelley John P Non-Employee Stock Option Common Stock Grant Acquire A No No 0.3699 10,000 3.7K 10,000
10 Jun 22 Panem Sandra PHD Non-Employee Stock Option Common Stock Grant Acquire A No No 0.3699 10,000 3.7K 10,000
10 Jun 22 Randall Lorin Non-Employee Stock Option Common Stock Grant Acquire A No No 0.3699 10,000 3.7K 10,000
17 Mar 22 Ron Cohen Common Stock Sell Dispose S No No 1.7014 2,289 3.89K 129,601
25.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 37 36 +2.8%
Opened positions 4 36 -88.9%
Closed positions 3 0 NEW
Increased positions 3 0 NEW
Reduced positions 10 0 NEW
13F shares Current Prev Q Change
Total value 5.42M 9.48M -42.8%
Total shares 3.37M 3.97M -15.1%
Total puts 0 74.4K EXIT
Total calls 38.4K 68.8K -44.2%
Total put/call ratio 1.1
Largest owners Shares Value Change
Renaissance Technologies 707.22K $1.14M -1.0%
Canyon Capital Advisors 649.03K $1.05M 0.0%
Acadian Asset Management 467.74K $751K 0.0%
Point72 Asset Management 464.28K $747K 0.0%
Vanguard 341.55K $549K 0.0%
Bridgeway Capital Management 244.09K $393K 0.0%
BLK Blackrock 165.47K $266K -0.7%
WFC Wells Fargo & Co. 49.88K $80K +0.0%
Geode Capital Management 46.72K $75K 0.0%
Millennium Management 40.92K $66K -55.0%
Largest transactions Shares Bought/sold Change
Highbridge Capital Management 0 -282.19K EXIT
FHI Federated Hermes 755 -98.03K -99.2%
IVZ Invesco 0 -77.87K EXIT
Millennium Management 40.92K -50.04K -55.0%
BAC Bank Of America 1 -30.4K -100.0%
Dimensional Fund Advisors 19.75K -24.75K -55.6%
Blair William & Co 0 -23.84K EXIT
Citadel Advisors 0 -14.46K EXIT
Jane Street 13.51K +13.51K NEW
Renaissance Technologies 707.22K -6.94K -1.0%

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.
  • We may not have sufficient cash flow from our business to continue to sufficiently fund our operations and pay our substantial debt.
  • Our restructurings and associated organizational changes may not adequately reduce our expenses, may lead to additional workforce attrition, and may cause operational disruptions.
  • We may not have the ability to raise the funds necessary to settle conversions of our convertible notes or to repurchase notes upon a fundamental change.
  • 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 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 face risks related to health epidemics, including the COVID-19 global pandemic, that could adversely affect our operations or financial results.
  • 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 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.
  • We may incur significant liability if we or our contract sales representatives, promotional partners, distributors, or collaborators fail to comply with stringent U.S. FDA and foreign marketing and promotion regulations.
  • The identification of new side effects from Inbrija 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., EU and/or other jurisdictions.
  • Regulatory approval of our products could be withdrawn and our business could be harmed if we fail to comply with safety and adverse event monitoring, documentation, investigation and reporting requirements.
  • 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 third parties such as through collaboration and distribution agreements to develop and commercialize products outside of the U.S.
  • Our collaborators and distributors will need to obtain and maintain regulatory approval in foreign jurisdictions where they seek to market or are currently marketing our products.
  • We do not have any active drug development programs and may never commercialize any new products.
  • 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 or our contract sales representatives, promotional partners, collaborators or distributors market products in a manner that violates healthcare fraud and abuse laws, if we or any of them violate false claims laws, or if we 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 success of our existing and potential products in the EU substantially depends on achieving adequate government reimbursement.
  • The United Kingdom’s withdrawal from the European Union, generally referred to as “Brexit,” could have adverse effects on our business.
  • If our competitors develop and market products that are more effective, safer or more convenient than our approved products, or obtain marketing approval before we obtain approval of future products, our commercial opportunity will be reduced or eliminated.
  • 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.
  • 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.
  • We are dependent on our license agreements and if we fail to meet our obligations under these license agreements, or our agreements are terminated for any reason, we may lose our rights to our in-licensed patents and technologies.
  • Our stock price may be volatile and you may lose all or a part of your investment.
  • We cannot predict the effect that our reverse stock split will have on the market price for shares of our common stock.
  • Future sales of our common stock could cause our stock price to decline, and future issuances of common stock could cause substantial dilution.
  • 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 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 revenues from the sale of Inbrija of $3.7 million and $5.0 million for the three-month periods ended March 31, 2022 and 2021, respectively, a decrease of $1.3 million or 26%. The decrease in Inbrija net revenues of $1.3 million was composed of a decrease in volume of $0.3 million and an increase in discount and allowance adjustments of $1.2 million, partially offset by an increase in price of $0.2 million for the three-month period ended March 31, 2022. Consistent with trends in previous years, we anticipated declines in first quarter net sales given patient overstocking in the fourth quarter, insurance resetting at the beginning of each year, and quarterly true-up discounts and allowances as discussed below.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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