Ireland (State or Other Jurisdiction of Incorporation) | 000-28508 (Commission File Number) | 98-1341933 (I.R.S. Employer Identification No.) | ||||
Block 10-1 Blanchardstown Corporate Park, Ballycoolin Dublin 15, Ireland (Address of Principal Executive Offices) | Not Applicable (Zip Code) |
99.1 | Press release dated November 5, 2018, issued by Avadel Pharmaceuticals plc * | |
99.2 | Presentation materials dated November 5, 2018, issued by Avadel Pharmaceuticals plc* |
Revenues by product: | ||||||||
Three Months Ended September 30, | ||||||||
($ in 000s) | 2018 | 2017 | ||||||
Bloxiverz | $ | 3,656 | $ | 9,920 | ||||
Vazculep | 8,759 | 9,573 | ||||||
Akovaz | 5,991 | 18,561 | ||||||
Noctiva | 1,047 | — | ||||||
Other | 373 | 1,093 | ||||||
Product sales | 19,826 | 39,147 | ||||||
License revenue | — | 528 | ||||||
Total revenues | $ | 19,826 | $ | 39,675 |
Operating expenses: | ||||||||
Three Months Ended September 30, | ||||||||
($ in 000s) | 2018 | 2017 | ||||||
Cost of products | $ | 3,120 | $ | 3,790 | ||||
Research and development expenses (R&D) | 11,402 | 8,095 | ||||||
Selling, general and administrative expenses (SG&A) | 24,829 | 11,563 |
GAAP earnings (loss): | ||||||||
Three Months Ended September 30, | ||||||||
($ in 000s except for per share) | 2018 | 2017 | ||||||
Net (loss) income | $ | (15,771 | ) | $ | 21,679 | |||
Net (loss) income per share - diluted | (0.43 | ) | 0.52 |
Adjusted earnings (loss) (1): | ||||||||
Three Months Ended September 30, | ||||||||
($ in 000s except for per share) | 2018 | 2017 | ||||||
Adjusted net (loss) income | $ | (23,969 | ) | $ | 3,747 | |||
Adjusted net (loss) income per share - diluted | (0.65 | ) | 0.09 |
Contacts: | Michael F. Kanan |
Chief Financial Officer | |
Phone: (636) 449-1844 | |
Email: mkanan@avadel.com | |
Lauren Stival | |
Sr. Director, Investor Relations & Corporate Communications | |
Phone: (636) 449-5866 | |
Email: lstival@avadel.com |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | ||||||||||||||||
Product sales | $ | 19,826 | $ | 39,147 | $ | 82,103 | $ | 138,009 | ||||||||
License revenue | — | 528 | 246 | 484 | ||||||||||||
Total revenues | 19,826 | 39,675 | 82,349 | 138,493 | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of products | 3,120 | 3,790 | 13,224 | 12,253 | ||||||||||||
Research and development expenses | 11,402 | 8,095 | 33,243 | 22,093 | ||||||||||||
Selling, general and administrative expenses | 24,829 | 11,563 | 77,159 | 35,804 | ||||||||||||
Intangible asset amortization | 1,620 | 564 | 4,996 | 1,692 | ||||||||||||
Gain - changes in fair value of related party contingent consideration | (7,115 | ) | (9,906 | ) | (17,036 | ) | (30,107 | ) | ||||||||
Restructuring costs | 65 | (549 | ) | 268 | 3,173 | |||||||||||
Total operating expenses | 33,921 | 13,557 | 111,854 | 44,908 | ||||||||||||
Operating (loss) income | (14,095 | ) | 26,118 | (29,505 | ) | 93,585 | ||||||||||
Investment and other income, net | 208 | 977 | 845 | 2,562 | ||||||||||||
Interest expense | (3,000 | ) | (263 | ) | (7,577 | ) | (789 | ) | ||||||||
Other income - changes in fair value of related party payable | 425 | 768 | 1,432 | 2,988 | ||||||||||||
(Loss) income before income taxes | (16,462 | ) | 27,600 | (34,805 | ) | 98,346 | ||||||||||
Income tax (benefit) provision | (691 | ) | 5,921 | (3,360 | ) | 21,830 | ||||||||||
Net (loss) income | $ | (15,771 | ) | $ | 21,679 | $ | (31,445 | ) | $ | 76,516 | ||||||
Net (loss) income per share - basic | $ | (0.43 | ) | $ | 0.54 | $ | (0.84 | ) | $ | 1.87 | ||||||
Net (loss) income per share - diluted | (0.43 | ) | 0.52 | (0.84 | ) | 1.81 | ||||||||||
Weighted average number of shares outstanding - basic | 36,904 | 40,061 | 37,410 | 40,839 | ||||||||||||
Weighted average number of shares outstanding - diluted | 36,904 | 41,339 | 37,410 | 42,194 |
September 30, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,837 | $ | 16,564 | ||||
Marketable securities | 107,425 | 77,511 | ||||||
Accounts receivable | 9,725 | 14,785 | ||||||
Inventories | 6,030 | 6,157 | ||||||
Prepaid expenses and other current assets | 6,859 | 8,958 | ||||||
Total current assets | 147,876 | 123,975 | ||||||
Property and equipment, net | 2,288 | 3,001 | ||||||
Goodwill | 18,491 | 18,491 | ||||||
Intangible assets, net | 69,339 | 92,289 | ||||||
Research and development tax credit receivable | 6,168 | 5,272 | ||||||
Other non-current assets | 24,844 | 10,249 | ||||||
Total assets | $ | 269,006 | $ | 253,277 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 107 | $ | 111 | ||||
Current portion of long-term related party payable | 10,979 | 25,007 | ||||||
Accounts payable | 11,399 | 7,477 | ||||||
Deferred revenue | 1,720 | 2,007 | ||||||
Accrued expenses | 20,698 | 50,926 | ||||||
Other current liabilities | 2,116 | 1,011 | ||||||
Total current liabilities | 47,019 | 86,539 | ||||||
Long-term debt, less current portion | 114,382 | 156 | ||||||
Long-term related party payable, less current portion | 27,713 | 73,918 | ||||||
Other non-current liabilities | 14,150 | 7,084 | ||||||
Total liabilities | 203,264 | 167,697 | ||||||
Shareholders’ equity: | ||||||||
Preferred shares, $0.01 nominal value; 50,000 shares authorized at September 30, 2018 and December 31, 2017, respectively; none issued or outstanding at September 30, 2018 and December 31, 2017, respectively | — | — | ||||||
Ordinary shares, nominal value of $0.01; 500,000 shares authorized; 42,420 issued and 37,012 outstanding at September 30, 2018 and 41,463 issued and 39,346 outstanding at December 31, 2017 | 424 | 414 | ||||||
Treasury shares, at cost, 5,408 and 2,117 shares held at September 30, 2018 and December 31, 2017, respectively | (49,998 | ) | (22,361 | ) | ||||
Additional paid-in capital | 433,097 | 393,478 | ||||||
Accumulated deficit | (294,130 | ) | (262,685 | ) | ||||
Accumulated other comprehensive loss | (23,651 | ) | (23,266 | ) | ||||
Total shareholders’ equity | 65,742 | 85,580 | ||||||
Total liabilities and shareholders’ equity | $ | 269,006 | $ | 253,277 |
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net (loss) income | $ | (31,445 | ) | $ | 76,516 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 5,625 | 2,664 | ||||||
Amortization of premiums on marketable securities | 2,889 | 653 | ||||||
Remeasurement of related party acquisition-related contingent consideration | (17,036 | ) | (30,107 | ) | ||||
Remeasurement of related party financing-related contingent consideration | (1,432 | ) | (2,988 | ) | ||||
Amortization of debt discount and debt issuance costs | 3,402 | — | ||||||
Change in deferred tax and income tax deferred charge | (4,675 | ) | 322 | |||||
Stock-based compensation expense | 7,190 | 6,019 | ||||||
Other adjustments | 117 | (1,076 | ) | |||||
Net changes in assets and liabilities | ||||||||
Accounts receivable | 5,059 | (6,240 | ) | |||||
Inventories | (548 | ) | (2,612 | ) | ||||
Prepaid expenses and other current assets | 2,194 | 1,924 | ||||||
Research and development tax credit receivable | (1,350 | ) | (1,576 | ) | ||||
Accounts payable & other current liabilities | 4,312 | 804 | ||||||
Accrued expenses | (11,660 | ) | 9,324 | |||||
Accrued income taxes | (228 | ) | 5,826 | |||||
Earn-out payments for related party contingent consideration in excess of acquisition-date fair value | (16,254 | ) | (24,729 | ) | ||||
Royalty payments for related party payable in excess of original fair value | (2,362 | ) | (3,446 | ) | ||||
Other assets and liabilities | (1,988 | ) | (800 | ) | ||||
Net cash (used in) provided by operating activities | (58,190 | ) | 30,478 | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (167 | ) | (533 | ) | ||||
Purchase of intangible asset | (20,000 | ) | (52,139 | ) | ||||
Proceeds from sales of marketable securities | 308,015 | 153,398 | ||||||
Purchases of marketable securities | (341,036 | ) | (115,893 | ) | ||||
Net cash used in investing activities | (53,188 | ) | (15,167 | ) | ||||
Cash flows from financing activities: | ||||||||
Earn-out payments for related party contingent consideration | (645 | ) | (961 | ) | ||||
Proceeds from debt issuance | 143,750 | — | ||||||
Payments for debt issuance costs | (6,190 | ) | — | |||||
Share repurchases | (27,637 | ) | (16,707 | ) | ||||
Proceeds from the issuance of ordinary shares and warrants | 3,488 | 376 | ||||||
Other financing activities, net | (31 | ) | — | |||||
Net cash provided by (used in) financing activities | 112,735 | (17,292 | ) | |||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | (84 | ) | 215 | |||||
Net change in cash and cash equivalents | 1,273 | (1,766 | ) | |||||
Cash and cash equivalents at January 1, | 16,564 | 39,215 | ||||||
Cash and cash equivalents at September 30, | $ | 17,837 | $ | 37,449 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Revenues by Product: | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Bloxiverz | $ | 3,656 | $ | 9,920 | $ | 16,691 | $ | 37,541 | ||||||||
Vazculep | 8,759 | 9,573 | 33,097 | 29,906 | ||||||||||||
Akovaz | 5,991 | 18,561 | 28,083 | 65,110 | ||||||||||||
Noctiva | 1,047 | — | 2,002 | — | ||||||||||||
Other | 373 | 1,093 | 2,230 | 5,452 | ||||||||||||
Total product sales | 19,826 | 39,147 | 82,103 | 138,009 | ||||||||||||
License revenue | — | 528 | 246 | 484 | ||||||||||||
Total revenues | $ | 19,826 | $ | 39,675 | $ | 82,349 | $ | 138,493 |
GAAP to Non-GAAP adjustments for the three-months ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Restructuring impacts | Equity securities unrealized (gain)/loss impact | Amortization of debt discount and debt issuance costs | Contingent related party payable fair value remeasurements | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Product sales | $ | 19,826 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 19,826 | ||||||||||||||||||||
License revenue | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total revenues | 19,826 | — | — | — | — | — | — | — | — | 19,826 | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of products | 3,120 | — | — | — | — | — | — | — | — | 3,120 | ||||||||||||||||||||||||||||||
Research and development expenses | 11,402 | — | — | — | — | — | — | — | — | 11,402 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 24,829 | — | — | — | — | — | — | — | — | 24,829 | ||||||||||||||||||||||||||||||
Intangible asset amortization | 1,620 | (1,620 | ) | — | — | — | — | — | — | (1,620 | ) | — | ||||||||||||||||||||||||||||
Gain - changes in fair value of related party contingent consideration | (7,115 | ) | — | — | — | — | — | 7,115 | 3,182 | 10,297 | 3,182 | |||||||||||||||||||||||||||||
Restructuring costs | 65 | — | — | (65 | ) | — | — | — | — | (65 | ) | — | ||||||||||||||||||||||||||||
Total operating expenses | 33,921 | (1,620 | ) | — | (65 | ) | — | — | 7,115 | 3,182 | 8,612 | 42,533 | ||||||||||||||||||||||||||||
Operating (loss) income | (14,095 | ) | 1,620 | — | 65 | — | — | (7,115 | ) | (3,182 | ) | (8,612 | ) | (22,707 | ) | |||||||||||||||||||||||||
Investment and other income, net | 208 | — | 7 | — | (53 | ) | — | — | — | (46 | ) | 162 | ||||||||||||||||||||||||||||
Interest expense | (3,000 | ) | — | — | — | — | 1,383 | — | — | 1,383 | (1,617 | ) | ||||||||||||||||||||||||||||
Other income - changes in fair value of related party payable | 425 | — | — | — | — | — | (425 | ) | (484 | ) | (909 | ) | (484 | ) | ||||||||||||||||||||||||||
(Loss) income before income taxes | (16,462 | ) | 1,620 | 7 | 65 | (53 | ) | 1,383 | (7,540 | ) | (3,666 | ) | (8,184 | ) | (24,646 | ) | ||||||||||||||||||||||||
Income tax (benefit) provision | (691 | ) | 341 | — | — | 4 | — | (186 | ) | (145 | ) | 14 | (677 | ) | ||||||||||||||||||||||||||
Net (loss) income | $ | (15,771 | ) | $ | 1,279 | $ | 7 | $ | 65 | $ | (57 | ) | $ | 1,383 | $ | (7,354 | ) | $ | (3,521 | ) | $ | (8,198 | ) | $ | (23,969 | ) | ||||||||||||||
Net income (loss) per share - diluted(1) | $ | (0.43 | ) | $ | 0.03 | $ | — | $ | — | $ | — | $ | 0.04 | $ | (0.20 | ) | $ | (0.10 | ) | $ | (0.22 | ) | $ | (0.65 | ) | |||||||||||||||
Weighted average number of shares outstanding - diluted | 36,904 | 36,904 | 36,904 | 36,904 | 36,904 | 36,904 | 36,904 | 36,904 | 36,904 | 36,904 |
GAAP to Non-GAAP adjustments for the three-months ended September 30, 2017 | ||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Restructuring impacts | Contingent related party payable fair value remeasurements | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Product sales | $ | 39,147 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39,147 | ||||||||||||||||
License revenue | 528 | — | — | — | — | — | — | 528 | ||||||||||||||||||||||||
Total revenues | 39,675 | — | — | — | — | — | — | 39,675 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Cost of products | 3,790 | — | — | — | — | — | — | 3,790 | ||||||||||||||||||||||||
Research and development expenses | 8,095 | — | — | — | — | — | — | 8,095 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 11,563 | — | — | — | — | — | — | 11,563 | ||||||||||||||||||||||||
Intangible asset amortization | 564 | (564 | ) | — | — | — | — | (564 | ) | — | ||||||||||||||||||||||
Gain - changes in fair value of related party contingent consideration | (9,906 | ) | — | — | — | 9,906 | 7,264 | 17,170 | 7,264 | |||||||||||||||||||||||
Restructuring costs | (549 | ) | — | — | 549 | — | — | 549 | — | |||||||||||||||||||||||
Total operating expenses | 13,557 | (564 | ) | — | 549 | 9,906 | 7,264 | 17,155 | 30,712 | |||||||||||||||||||||||
Operating income (loss) | 26,118 | 564 | — | (549 | ) | (9,906 | ) | (7,264 | ) | (17,155 | ) | 8,963 | ||||||||||||||||||||
Investment and other income, net | 977 | — | 133 | — | — | — | 133 | 1,110 | ||||||||||||||||||||||||
Interest expense | (263 | ) | — | — | — | — | — | — | (263 | ) | ||||||||||||||||||||||
Other income - changes in fair value of related party payable | 768 | — | — | — | (768 | ) | (963 | ) | (1,731 | ) | (963 | ) | ||||||||||||||||||||
Income (loss) before income taxes | 27,600 | 564 | 133 | (549 | ) | (10,674 | ) | (8,227 | ) | (18,753 | ) | 8,847 | ||||||||||||||||||||
Income tax provision (benefit) | 5,921 | 201 | — | — | (507 | ) | (515 | ) | (821 | ) | 5,100 | |||||||||||||||||||||
Net income (loss) | $ | 21,679 | $ | 363 | $ | 133 | $ | (549 | ) | $ | (10,167 | ) | $ | (7,712 | ) | $ | (17,932 | ) | $ | 3,747 | ||||||||||||
Net income (loss) per share - diluted(1) | $ | 0.52 | $ | 0.01 | $ | — | $ | (0.01 | ) | $ | (0.25 | ) | $ | (0.19 | ) | $ | (0.43 | ) | $ | 0.09 | ||||||||||||
Weighted average number of shares outstanding - diluted | 41,339 | 41,339 | 41,339 | 41,339 | 41,339 | 41,339 | 41,339 | 41,339 |
GAAP to Non-GAAP adjustments for the nine-months ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Restructuring impacts | Equity securities unrealized (gain)/loss impact | Amortization of debt discount and debt issuance costs | Contingent related party payable fair value remeasurements | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Product sales | $ | 82,103 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 82,103 | ||||||||||||||||||||
License revenue | 246 | — | — | — | — | — | — | — | — | 246 | ||||||||||||||||||||||||||||||
Total revenues | 82,349 | — | — | — | — | — | — | — | — | 82,349 | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of products | 13,224 | — | — | — | — | — | — | — | — | 13,224 | ||||||||||||||||||||||||||||||
Research and development expenses | 33,243 | — | — | — | — | — | — | — | — | 33,243 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 77,159 | — | — | — | — | — | — | — | — | 77,159 | ||||||||||||||||||||||||||||||
Intangible asset amortization | 4,996 | (4,996 | ) | — | — | — | — | — | — | (4,996 | ) | — | ||||||||||||||||||||||||||||
Gain - changes in fair value of related party contingent consideration | (17,036 | ) | — | — | — | — | — | 17,036 | 14,032 | 31,068 | 14,032 | |||||||||||||||||||||||||||||
Restructuring costs | 268 | — | — | (268 | ) | — | — | — | — | (268 | ) | — | ||||||||||||||||||||||||||||
Total operating expenses | 111,854 | (4,996 | ) | — | (268 | ) | — | — | 17,036 | 14,032 | 25,804 | 137,658 | ||||||||||||||||||||||||||||
Operating (loss) income | (29,505 | ) | 4,996 | — | 268 | — | — | (17,036 | ) | (14,032 | ) | (25,804 | ) | (55,309 | ) | |||||||||||||||||||||||||
Investment and other income, net | 845 | — | (153 | ) | — | 133 | — | — | — | (20 | ) | 825 | ||||||||||||||||||||||||||||
Interest expense | (7,577 | ) | — | — | — | — | 3,402 | — | — | 3,402 | (4,175 | ) | ||||||||||||||||||||||||||||
Other income - changes in fair value of related party payable | 1,432 | — | — | — | — | — | (1,432 | ) | (2,032 | ) | (3,464 | ) | (2,032 | ) | ||||||||||||||||||||||||||
(Loss) income before income taxes | (34,805 | ) | 4,996 | (153 | ) | 268 | 133 | 3,402 | (18,468 | ) | (16,064 | ) | (25,886 | ) | (60,691 | ) | ||||||||||||||||||||||||
Income tax (benefit) provision | (3,360 | ) | 1,050 | — | — | (1 | ) | — | (534 | ) | (618 | ) | (103 | ) | (3,463 | ) | ||||||||||||||||||||||||
Net (loss) income | $ | (31,445 | ) | $ | 3,946 | $ | (153 | ) | $ | 268 | $ | 134 | $ | 3,402 | $ | (17,934 | ) | $ | (15,446 | ) | $ | (25,783 | ) | $ | (57,228 | ) | ||||||||||||||
Net income (loss) per share - diluted(1) | $ | (0.84 | ) | $ | 0.11 | $ | — | $ | 0.01 | $ | — | $ | 0.09 | $ | (0.48 | ) | $ | (0.41 | ) | $ | (0.69 | ) | $ | (1.53 | ) | |||||||||||||||
Weighted average number of shares outstanding - diluted | 37,410 | 37,410 | 37,410 | 37,410 | 37,410 | 37,410 | 37,410 | 37,410 | 37,410 | 37,410 |
GAAP to Non-GAAP adjustments for the nine-months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Exclude | Include | |||||||||||||||||||||||||||||||||||||||
GAAP | Intangible asset amortization | Foreign exchange (gain)/loss | Restructuring impacts | Purchase accounting adjustments - FSC | License revenue adjustment | Contingent related party payable fair value remeasurements | Contingent related party payable paid/accrued | Total adjustments | Adjusted GAAP | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||
Product sales | $ | 138,009 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 138,009 | ||||||||||||||||||||
License revenue | 484 | — | — | — | — | 1,100 | — | — | 1,100 | 1,584 | ||||||||||||||||||||||||||||||
Total revenues | 138,493 | — | — | — | — | 1,100 | — | — | 1,100 | 139,593 | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||
Cost of products | 12,253 | — | — | — | (46 | ) | — | — | — | (46 | ) | 12,207 | ||||||||||||||||||||||||||||
Research and development expenses | 22,093 | — | — | — | — | — | — | — | — | 22,093 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 35,804 | — | — | — | — | — | — | — | — | 35,804 | ||||||||||||||||||||||||||||||
Intangible asset amortization | 1,692 | (1,692 | ) | — | — | — | — | — | — | (1,692 | ) | — | ||||||||||||||||||||||||||||
Gain - changes in fair value of related party contingent consideration | (30,107 | ) | — | — | — | — | — | 30,107 | 25,396 | 55,503 | 25,396 | |||||||||||||||||||||||||||||
Restructuring costs | 3,173 | — | — | (3,173 | ) | — | — | — | — | (3,173 | ) | — | ||||||||||||||||||||||||||||
Total operating expenses | 44,908 | (1,692 | ) | — | (3,173 | ) | (46 | ) | — | 30,107 | 25,396 | 50,592 | 95,500 | |||||||||||||||||||||||||||
Operating income (loss) | 93,585 | 1,692 | — | 3,173 | 46 | 1,100 | (30,107 | ) | (25,396 | ) | (49,492 | ) | 44,093 | |||||||||||||||||||||||||||
Investment and other income, net | 2,562 | — | 127 | — | — | — | — | — | 127 | 2,689 | ||||||||||||||||||||||||||||||
Interest expense | (789 | ) | — | — | — | — | — | — | — | — | (789 | ) | ||||||||||||||||||||||||||||
Other income - changes in fair value of related party payable | 2,988 | — | — | — | — | — | (2,988 | ) | (3,428 | ) | (6,416 | ) | (3,428 | ) | ||||||||||||||||||||||||||
Income (loss) before income taxes | 98,346 | 1,692 | 127 | 3,173 | 46 | 1,100 | (33,095 | ) | (28,824 | ) | (55,781 | ) | 42,565 | |||||||||||||||||||||||||||
Income tax provision (benefit) | 21,830 | 603 | — | — | 17 | — | (1,776 | ) | (1,822 | ) | (2,978 | ) | 18,852 | |||||||||||||||||||||||||||
Net income (loss) | $ | 76,516 | $ | 1,089 | $ | 127 | $ | 3,173 | $ | 29 | $ | 1,100 | $ | (31,319 | ) | $ | (27,002 | ) | $ | (52,803 | ) | $ | 23,713 | |||||||||||||||||
Net income (loss) per share - diluted(1) | $ | 1.81 | $ | 0.03 | $ | — | $ | 0.08 | $ | — | $ | 0.03 | $ | (0.74 | ) | $ | (0.64 | ) | $ | (1.25 | ) | $ | 0.56 | |||||||||||||||||
Weighted average number of shares outstanding - diluted | 42,194 | 42,194 | 42,194 | 42,194 | 42,194 | 42,194 | 42,194 | 42,194 | 42,194 | 42,194 |
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