Amended Current Report Filing (8-k/a)

Date : 11/05/2019 @ 10:29PM
Source : Edgar (US Regulatory)
Stock : Amarin Corp PLC (AMRN)
Quote : 21.91  0.1 (0.46%) @ 6:02PM

Amended Current Report Filing (8-k/a)

AMARIN CORP PLCUK true 0000897448 0000897448 2019-11-05 2019-11-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K/A

(Amendment No. 1)

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 5, 2019

 

Amarin Corporation plc

(Exact name of registrant as specified in its charter)

 

 

 

 

 

England and Wales

0-21392

Not applicable

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

 

 

 

77 Sir John Rogerson’s Quay, Block C,

Grand Canal Docklands, Dublin 2, Ireland

Not applicable

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: +353 1 6699 020

 

Not Applicable

Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

 

Title of each class

Trading Symbol

Name of each exchange on which registered

American Depositary Shares (ADS(s)), each ADS representing the right to receive one (1) Ordinary Share of Amarin Corporation plc

AMRN

NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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.  

 

 


Explanatory Note

Amarin Corporation plc (the “Company”) is filing this Amendment No. 1 to the Current Report on Form 8-K solely to correct a clerical error in the consolidated statement of operations data and the reconciliation of GAAP net income (loss) included in a press release issued on November 5, 2019 announcing its financial results for the three and nine months ended September 30, 2019 (the “Press Release”), which was furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated November 5, 2019 (the “Original Form 8-K”).  While the Company’s Form 10-Q for the quarter ended September 30, 2019 and the Press Release accurately reflect the Company’s financial performance, due to a clerical error, the Original Form 8-K incorrectly presented certain financial data in the consolidated statement of operations data and the reconciliation of GAAP net income (loss) for the three and nine months ended September 30, 2019. Except as amended below, all other information in the Original Form 8-K remains unchanged.

Item  2.02Results of Operations and Financial Condition

 

On November 5, 2019, the Company issued the Original Form 8-K announcing its financial results for the three and nine months ended September 30, 2019.  The following presents the corrected consolidated statement of operations data and the reconciliation of


GAAP net income (loss) for the three and nine months ended September 30, 2019, which shall be deemed to amend and restate the corresponding sections in the Original Form 8-K. 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS DATA

 

(U.S. GAAP)

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

(in thousands, except per share amounts)

 

 

(in thousands, except per share amounts)

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenue, net

$

112,250

 

 

$

54,973

 

 

$

285,347

 

 

$

151,286

 

Licensing revenue

 

158

 

 

 

350

 

 

 

1,131

 

 

 

598

 

Total revenue, net

 

112,408

 

 

 

55,323

 

 

 

286,478

 

 

 

151,884

 

Less: Cost of goods sold

 

25,444

 

 

 

13,541

 

 

 

65,354

 

 

 

37,035

 

Gross margin

 

86,964

 

 

 

41,782

 

 

 

221,124

 

 

 

114,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative (1)

 

82,559

 

 

 

49,960

 

 

 

227,598

 

 

 

147,310

 

Research and development (1)

 

8,923

 

 

 

14,072

 

 

 

23,295

 

 

 

43,993

 

Total operating expenses

 

91,482

 

 

 

64,032

 

 

 

250,893

 

 

 

191,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(4,518

)

 

 

(22,250

)

 

 

(29,769

)

 

 

(76,454

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

1,146

 

 

 

(2,163

)

 

 

238

 

 

 

(6,188

)

Other expense, net

 

(90

)

 

 

(58

)

 

 

(182

)

 

 

(134

)

Loss from operations before taxes

 

(3,462

)

 

 

(24,471

)

 

 

(29,713

)

 

 

(82,776

)

(Provision for) benefit from income taxes

 

 

 

 

 

 

 

Net loss

$

(3,462

)

 

$

(24,471

)

 

$

(29,713

)

 

$

(82,776

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.01

)

 

$

(0.08

)

 

$

(0.09

)

 

$

(0.28

)

Diluted

$

(0.01

)

 

$

(0.08

)

 

$

(0.09

)

 

$

(0.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

350,994

 

 

 

295,595

 

 

 

336,938

 

 

 

291,526

 

Diluted

 

350,994

 

 

 

295,595

 

 

 

336,938

 

 

 

291,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Excluding non-cash stock-based compensation, selling, general and administrative expenses were $75,803 and $44,357 for the three months ended September 30, 2019 and 2018, respectively, and research and development expenses were $7,716 and $13,024, respectively, for the same periods. Excluding non-cash stock-based compensation as well as co-promotion fees paid to the company's U.S. co-promotion partner, selling, general and administrative expenses were $75,803 and $33,200 for the three months ended September 30, 2019 and 2018, respectively.

 

 

 

 

 


RECONCILIATION OF NON-GAAP NET INCOME (LOSS)

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

(in thousands, except per share amounts)

 

 

(in thousands, except per share amounts)

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for EPS1 - GAAP

 

$

(3,462

)

 

 

$

(24,471

)

 

 

$

(29,713

)

 

 

$

(82,776

)

 

Non-cash stock-based compensation expense

 

 

7,963

 

 

 

 

6,651

 

 

 

 

22,729

 

 

 

 

14,032

 

Adjusted net income (loss) for EPS1 - non-GAAP

 

$

4,501

 

 

 

$

(17,820

)

 

 

$

(6,984

)

 

 

$

(68,744

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic - non-GAAP

 

$

0.01

 

 

 

$

(0.06

)

 

 

$

(0.02

)

 

 

$

(0.24

)

Diluted - non-GAAP

 

 

0.01

 

 

 

 

(0.06

)

 

 

 

(0.02

)

 

 

 

(0.24

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

350,994

 

 

 

 

295,595

 

 

 

 

336,938

 

 

 

 

291,526

 

Diluted

 

 

392,612

 

 

 

 

295,595

 

 

 

 

336,938

 

 

 

 

291,526

 

 

The information in this report furnished pursuant to Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references the information furnished pursuant to Item 2.02 of this report.

 

Item  9.01Financial Statements and Exhibits

(d) Exhibits

 

 

 

Exhibit No.

 

Description

 

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

*     *      *


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

Date: November 5, 2019

 

Amarin Corporation plc

 

 

 

 

 

 

By:

/s/ John F. Thero

 

 

 

 

John F. Thero

 

 

 

President and Chief Executive Officer

 

 

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