espr-20250630

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, 2025


☐			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 8, 2025, there were 201,622,825 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.

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Esperion Therapeutics, Inc.

INDEX


			Page

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Balance Sheets at June 3 0 , 2025 and December 31, 2024			3
Condensed Statements of Operations and Comprehensive (Loss) Income for the three and six month periods ended June 30 , 2025 and 2024			4
Condensed Statements of Stockholders’ Deficit for the three and six month periods ended June 30 , 2025 and 2024			5
Condensed Statements of Cash Flows for the six month periods ended June 30 , 2025 and 2024			6
Notes to Condensed Financial Statements			7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			29

Item 3. Quantitative and Qualitative Disclosures About Market Risk			39

Item 4. Controls and Procedures			40

PART II — OTHER INFORMATION

Item 1. Legal Proceedings			41

Item 1A. Risk Factors			41

Item 5. Other Information			45

Item 6. Exhibits			46

Signatures			47

From time to time, we may use our website, our X (formerly Twitter) account (@EsperionInc) or our LinkedIn profile at www.linkedin.com/company/esperion-therapeutics to distribute material information. Our financial and other material information is routinely posted to and accessible on the Investors & Media section of our website, available at www.esperion.com. Investors are encouraged to review the Investors & Media section of our website because we may post material information on that site that is not otherwise disseminated by us. Information that is contained in and can be accessed through our website or our LinkedIn page is not incorporated into, and does not form a part of, this Quarterly Report on Form 10-Q.

We use various trademarks and trade names in our business, including without limitation our corporate name and logo. This Quarterly Report on Form 10-Q may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names or products in this Quarterly Report on Form 10-Q is not intended to, and does not imply a relationship with, or endorsement or sponsorship by us. Solely for convenience, the trademarks and trade names in this Quarterly Report on Form 10-Q may be referred to without the ® and ™ symbols, but the omission of such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto.

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Esperion Therapeutics, Inc.

Condensed Balance Sheets

(in thousands, except share data)


	June 30, 2025		December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	86,061	$	144,761

Accounts receivable, net	107,746		80,142
Inventories, net	114,466		94,491
Prepaid clinical development costs	4,170		586
Prepaid inventory costs	24,772		13,863
Other prepaid and current assets	5,380		4,155
Total current assets	342,595		337,998


Property and equipment, net	201		254
Right of use operating lease assets	4,233		5,513
Intangible assets	56		56
Total assets	$	347,085	$	343,821

Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$	74,704	$	51,650
Convertible notes, net of issuance costs	54,766		54,575
Accrued clinical development costs	1,209		5,035
Accrued variable consideration	61,299		56,535
Other accrued liabilities	15,455		19,593
Royalty sale liability	66,312		47,586
Deferred revenue from collaborations	22,313		8,518
Operating lease liabilities	2,738		2,741
Total current liabilities	298,796		246,233

Convertible notes, net of issuance costs	96,998		96,745
Royalty sale liability	229,600		246,024
Long-term debt	146,452		140,971
Operating lease liabilities	1,312		2,570
Other long-term liabilities	7,436		—

Total liabilities	780,594		732,543
Commitments and contingencies (Note 5)
Stockholders’ deficit:
Preferred stock, $0.001 par value; 5,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024	—		—
Common stock, $0.001 par value; 480,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 202,149,464 shares issued at June 30, 2025 and 197,846,661 shares issued at December 31, 2024	200		196
Additional paid-in capital	1,275,498		1,267,109
Treasury stock, at cost; 1,994,198 shares at June 30, 2025 and December 31, 2024	(54,998)		(54,998)

Accumulated deficit	(1,654,209)		(1,601,029)
Total stockholders’ deficit	(433,509)		(388,722)
Total liabilities and stockholders’ deficit	$	347,085	$	343,821

See accompanying notes to the condensed financial statements.

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Esperion Therapeutics, Inc.

Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
Product sales, net	$	40,274	$	28,302	$	75,187	$	53,058
Collaboration revenue	42,111		45,532		72,193		158,511
Total Revenues	82,385		73,834		147,380		211,569

Operating expenses:
Cost of goods sold	28,543		15,609		60,081		25,684
Research and development	7,238		11,461		19,795		24,864
Selling, general and administrative	39,509		44,185		82,505		86,173
Total operating expenses	75,290		71,255		162,381		136,721

Income (loss) from operations	7,095		2,579		(15,001)		74,848

Interest expense	(20,486)		(13,723)		(39,917)		(27,747)
Loss on extinguishment of debt	—		(53,235)		—		(53,235)
Other income, net	666		2,454		1,738		5,231
Net loss	$	(12,725)	$	(61,925)	$	(53,180)	$	(903)

Net loss per common share - basic and diluted	$	(0.06)	$	(0.33)	$	(0.27)	$	(0.01)


Weighted-average shares outstanding - basic and diluted	197,546,239		188,793,816		196,841,011		179,026,191




Comprehensive loss	$	(12,725)	$	(61,925)	$	(53,180)	$	(903)

See accompanying notes to the condensed financial statements.

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Esperion Therapeutics, Inc.

Condensed Statements of Stockholders’ Deficit

(in thousands, except share data)

(unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Stockholders' Deficit
	Shares	Amount
Balance at December 31, 2023	118,210,315	$	118	$	1,149,170	$	(1,549,284)	$	—	$	(54,998)	$	(454,994)
Vesting of restricted stock units and performance-based restricted stock units	439,783	1		—		—		—		—		1

Stock-based compensation	—	—		3,235		—		—		—		3,235
Issuance of common stock from offering, net of issuance costs	65,205,000	65		90,607		—		—		—		90,672
Exercise of warrants	4,000,000	4		5,762		—		—		—		5,766

Net income	—	—		—		61,022		—		—		61,022
Balance at March 31, 2024	187,855,098	$	188	$	1,248,774	$	(1,488,262)	$	—	$	(54,998)	$	(294,298)
Vesting of restricted stock units	479,921	1		—		—		—		—		1
Stock-based compensation	—	—		2,931		—		—		—		2,931
Exercise of stock options	17,606	—		29		—		—		—		29
Exercise of warrants	6,272,783	6		9,036		—		—		—		9,042
Net loss	—	—		—		(61,925)		—		—		(61,925)
Balance at June 30, 2024	194,625,408	$	195	$	1,260,770	$	(1,550,187)	$	—	$	(54,998)	$	(344,220)


	Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Stockholders' Deficit
	Shares	Amount
Balance at December 31, 2024	195,852,463	$	196	$	1,267,109	$	(1,601,029)	$	—	$	(54,998)	(388,722)
Vesting of restricted stock units	461,779	1		—		—		—		—		1
Vesting of ESPP shares	346,129	—		500		—		—		—		500
Stock-based compensation	—	—		2,465		—		—		—		2,465

Net loss	—	—		—		(40,455)		—		—		(40,455)
Balance at March 31, 2025	196,660,371	$	197	$	1,270,074	$	(1,641,484)	$	—	$	(54,998)	$	(426,211)
Vesting of restricted stock units	829,390	—		—		—		—		—		—

Stock-based compensation	—	—		2,669		—		—		—		2,669
Issuance of common stock from ATM program, net of issuance costs	2,665,505	3		2,755		—		—		—		2,758
Net loss	—	—		—		(12,725)		—		—		(12,725)
Balance at June 30, 2025	200,155,266	$	200	$	1,275,498	$	(1,654,209)	$

SEC Form 10-Q filed by Esperion Therapeutics Inc.