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Esperion Therapeutics Inc. (ESPR-0.98%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing a net loss of $51.7 million for the year, compared to a net loss of $209.2 million in the previous year. This improvement was primarily due to increased product sales and collaboration revenue.
Esperion reported net product sales of $115.7 million for NEXLETOL and NEXLIZET, an increase from $78.3 million in 2023. The increase is attributed to growth in prescription volumes.
Collaboration revenue rose significantly to $216.6 million, driven by a settlement agreement with Daiichi Sankyo Europe GmbH and a milestone payment from Otsuka Pharmaceutical Co., Ltd.
Research and development expenses decreased to $46.2 million from $86.1 million in 2023, primarily due to reduced costs associated with the CLEAR Outcomes study.
Selling, general, and administrative expenses increased to $163.1 million, reflecting higher commercial headcount and promotional costs for the expanded labels of NEXLETOL and NEXLIZET.
Interest expense was $59.3 million, slightly up from $59.0 million in 2023, related to various financial arrangements including a new royalty sale agreement and convertible notes.
The company also reported a loss on extinguishment of debt and exchange transaction of $54.9 million, related to the termination of a revenue interest purchase agreement and a convertible notes exchange transaction.
Esperion's cash and cash equivalents stood at $144.8 million as of December 31, 2024. The company anticipates that its current cash resources, along with expected future revenues, are sufficient to fund operations for the near term future.
The filing also discusses potential risks, including competition, regulatory challenges, and the need for additional capital to support ongoing operations and future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Esperion Therapeutics Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.