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AVDL Avadel Pharmaceuticals

Avadel Pharmaceuticals plc is a biopharmaceutical company primarily focused on the development and FDA approval of FT218, an investigational, once-nightly, extended-release formulation of sodium oxybate designed to treat excessive daytime sleepiness and cataplexy in adults with narcolepsy.

Company profile

Ticker
AVDL
Exchange
Website
CEO
Gregory Divis
Employees
Location
Fiscal year end
Former names
FLAMEL TECHNOLOGIES SA
SEC CIK

AVDL stock data

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Calendar

10 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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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) 59.17M 59.17M 59.17M 59.17M 59.17M 59.17M
Cash burn (monthly) 4.18M 1.19M 4.94M 208.25K 7.8M 5.04M
Cash used (since last report) 11.66M 3.33M 13.76M 580.22K 21.74M 14.05M
Cash remaining 47.52M 55.84M 45.42M 58.59M 37.43M 45.12M
Runway (months of cash) 11.4 46.8 9.2 281.4 4.8 8.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Feb 21 Kim Richard J Stock Option ADSs Grant Aquire A No No 8.99 350,000 3.15M 350,000
21 Dec 20 Geoffrey Michael Glass ADSs Gift Dispose G No No 0 18,600 0 47,100
21 Dec 20 Geoffrey Michael Glass Stock Option ADSs Gift Aquire G No No 8.48 42,000 356.16K 0
21 Dec 20 Geoffrey Michael Glass Stock Option ADSs Gift Aquire G No No 2.03 60,000 121.8K 0
8 Dec 20 Divis Gregory J Stock Option ADSs Grant Aquire A No No 6.79 500,000 3.4M 500,000
8 Dec 20 Thomas S Mchugh Stock Option ADSs Grant Aquire A No No 6.79 200,000 1.36M 200,000

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 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
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Financial report summary

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Risks
  • We have broad discretion in the use of our cash and may not use it effectively.
  • Servicing our 2023 Notes may require a significant amount of cash, and we may not have sufficient cash or the ability to raise the funds necessary to settle exchanges of the 2023 Notes in cash, repay the Notes at maturity, or repurchase the 2023 Notes as required following a fundamental change.
  • The conditional exchange feature of the 2023 Notes, if triggered, may adversely affect our financial condition and operating results.
  • The accounting method for convertible and exchangeable debt securities that may be settled in cash, such as the 2023 Notes, could have a material effect on our reported financial results.
  • Exchanges of the 2023 Notes will dilute the ownership interest of Avadel’s existing shareholders and holders of the ADSs, including holders who had previously exchanged their 2023 Notes and received ADSs upon exchange, to the extent our exchange obligation includes ADSs.
  • The fundamental change repurchase feature of the 2023 Notes may delay or prevent an otherwise beneficial takeover attempt of Avadel.
  • If we pay dividends, the dividends may be subject to Irish dividend withholding tax
  • Provisions of our articles of association could delay or prevent a third-party’s effort to acquire us.
  • Irish law differs from the laws in effect in the U.S. and might afford less protection to the holders of ADSs.
  • Judgments of U.S. courts, including those predicated on the civil liability provisions of the federal securities laws of the U.S., may not be enforceable in Irish courts.
  • Holders of ADSs have fewer rights than shareholders and have to act through the Depositary to exercise those rights.
  • U.S. Holders of ordinary shares or ADSs may suffer adverse U.S. tax consequences if we are classified as a passive foreign investment company.
Management Discussion
  • Total product sales were $22,334 for the year ended December 31, 2020, compared to $59,215 for the same prior year period. The decline in product sales is driven by the sale of the Hospital Products on June 30, 2020 as well as increased competition.
  • Cost of products decreased by $6,383, or 52.6% during the year ended December 31, 2020 compared to the prior year driven by the June 30, 2020 sale of the Hospital Products.
  • Research and development (“R&D”) expenses decreased by $12,475 or 37.9% during the year ended December 31, 2020 as compared to the same period in 2019. The decline was driven by lower R&D expenses related to the development of FT218 of approximately $8,700 due to the completion of the Phase 3 clinical study during the first quarter of 2020, as well as lower payroll, benefits and share-based compensation of approximately $3,800 related to the 2019 Corporate and French restructuring plans. See Note 19: Restructuring Costs. The Company continues to invest a substantial portion of R&D in its FT218 development program.
Content analysis
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Positive
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Constraining
Legalese
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Readability
H.S. sophomore Avg
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