espr-20220630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-35986

Esperion Therapeutics, Inc.

(Exact name of registrant as specified in its charter)


Delaware						26-1870780
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

3891 Ranchero Drive, Suite 150

Ann Arbor, MI 48108

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code:

(734) 887-3903

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

ESPR

NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of August 1, 2022, there were 66,551,549 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.

Table of Contents

Esperion Therapeutics, Inc.

INDEX


			Page

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Balance Sheets at June 3 0 , 2022 and December 31, 2021			3
Condensed Statements of Operations and Comprehensive Loss for the three and six month periods ended June 3 0 , 2022 and 2021			4
Condensed Statements of Stockholders’ Deficit for the three an d six month periods ended June 3 0 , 2022 and 2021			5
Condensed Statements of Cash Flows for the six month periods ended June 3 0 , 2022 and 2021			6
Notes to Condensed 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			36

Item 4. Controls and Procedures			36

PART II — OTHER INFORMATION

Item 1. Legal Proceedings			38

Item 1A. Risk Factors			38

Item 6. Exhibits			40

Signatures			43

Table of Contents

Esperion Therapeutics, Inc.

Condensed Balance Sheets

(in thousands, except share data)


	June 30, 2022		December 31, 2021
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	122,940	$	208,892
Short-term investments	62,905		50,441
Accounts receivable	27,844		22,934
Prepaid clinical development costs	373		1,138
Inventories, net	29,232		34,394
Other prepaid and current assets	9,184		11,173
Total current assets	252,478		328,972

Restricted cash	50,000		50,000
Property and equipment, net	361		664
Right of use operating lease assets	1,085		1,898
Intangible assets	56		56
Total assets	$	303,980	$	381,590

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	12,832	$	17,559
Accrued clinical development costs	11,420		7,013
Other accrued liabilities	30,066		30,410
Revenue interest liability	21,972		11,295
Deferred revenue from collaborations	5,028		5,683
Operating lease liabilities	957		1,392
Total current liabilities	82,275		73,352

Convertible notes, net of issuance costs	259,080		258,280
Revenue interest liability	253,977		245,744
Operating lease liabilities	135		524
Deferred revenue from collaborations	211		634

Total liabilities	595,678		578,534
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized and no shares issued or outstanding as of June 30, 2022 and December 31, 2021	—		—
Common stock, $0.001 par value; 240,000,000 shares authorized as of June 30, 2022 and 120,000,000 shares authorized as of December 31, 2021; 66,590,172 shares issued at June 30, 2022 and 62,873,694 shares issued at December 31, 2021	65		61
Additional paid-in capital	992,964		964,401
Treasury stock, at cost; 1,994,198 shares at June 30, 2022 and December 31, 2021	(54,998)		(54,998)
Accumulated other comprehensive loss	(297)		(31)
Accumulated deficit	(1,229,432)		(1,106,377)
Total stockholders’ deficit	(291,698)		(196,944)
Total liabilities and stockholders’ deficit	$	303,980	$	381,590

See accompanying notes to the condensed financial statements.

Table of Contents

Esperion Therapeutics, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)

SEC Form 10-Q filed by Esperion Therapeutics Inc.