Amarin Q3 revenue falls 20% to $39.6M as profit returns
International partner-network in-market demand rose an estimated 55% year over year; Amarin reported a 47% U.S. IPE market share in Q3 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Amarin Corporation plc (AMRN) reported Q3 2026 total net revenue of $39.6 million, down 20% from $49.7 million, and GAAP net income of $0.245 million versus a $7.738 million net loss in Q3 2025. Operating expenses were $18.5 million, down 44% year over year.
Net cash provided by operating activities was $9.2 million in Q3. Cash, cash equivalents and short-term investments totaled $323.4 million as of September 30, 2026, and debt was $0. In-market demand increased an estimated 68% in Europe and 55% across global partner markets year over year; U.S. IPE market share was 47%.
For Q4, Amarin expects positive net cash provided by operating activities and further operating-expense reductions. It expects approximately $330 million in cash, cash equivalents and short-term investments for FY 2026, and U.S. volumes to remain broadly stable for the rest of the year.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 GAAP net income reached $0.245 million, versus a $7.738 million loss.
Negative
- Moderate pointQ3 total net revenue fell 20% to $39.6 million year over year.
Filing Explained
Q3 2026 brought positive GAAP net income, but Amarin still reported an operating loss.
This 8-K furnishes Amarin’s Q3 results: it reports GAAP net income alongside an operating loss, so positive bottom-line income did not mean operations were profitable.
Amarin says it continues working with Barclays, its exclusive financial adviser, on efforts it describes as aimed at maximizing shareholder value.
8-K Event Classification
Key Figures
Key Terms
non-GAAP adjusted net (loss) income financial
in-market demand financial
icosapent ethyl medical
API purchasing terms technical
Earnings Snapshot
For Q4, Amarin expects positive net cash provided by operating activities and further operating-expense reductions. FY 2026 cash, cash equivalents and short-term investments are expected to be approximately $330 million; U.S. volumes are expected to remain broadly stable for the rest of FY 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did AMRN report in Q3 2026?
Did AMRN make a profit in Q3 2026?
Where did AMRN launch VAZKEPA in October 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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Not applicable |
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(Address of principal executive offices) |
(Zip Code) |
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Registrant’s telephone number, including area code: +
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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 |
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2026, Amarin Corporation plc (“Amarin”) issued a press release announcing its financial results for the three and nine months ended September 30, 2026 and 2025 (the “Press Release”). A copy of the Press Release is furnished herewith as Exhibit 99.1.
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 (the “Securities Act”), if such subsequent filing specifically references the information furnished pursuant to Item 2.02 of this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Press Release (results of operations), dated October 28, 2026 (furnished herewith) |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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* * *
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.
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Date: October 28, 2026 |
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Amarin Corporation plc |
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By: |
/s/ Aaron Berg
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Aaron Berg |
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President and Chief Executive Officer |
Exhibit 99.1
Amarin Reports 2026 Third Quarter Financial Results, Achieves Positive Net Income
DUBLIN, Ireland and BRIDGEWATER, N.J., October 28, 2026 -- Amarin Corporation plc (NASDAQ: AMRN), a company committed to advancing the science of cardiovascular disease worldwide, today announced financial results for the third quarter ended September 30, 2026 (Q3 2026) highlighting profitable third quarter results, strong momentum in its fully partnered international business strategy and continued U.S. market share leadership.
Delivering On Our Performance Objectives
“Our results in the third quarter demonstrate the continued positive trajectory in our operational, financial and strategic transformation, underscoring the progress we are making to strengthen our business, expand the value of our VASCEPA®/VAZKEPA® (icosapent ethyl, or IPE) franchise and deliver long-term shareholder value,” said Aaron Berg, President & Chief Executive Officer. “International in-market demand grew at a double-digit pace across our partner network reflecting increased adoption by patients and prescribers, and we maintained leadership in the U.S. IPE market amid pricing pressure from generic competition.”
($ in millions) |
Q4 2025 |
Q1 2026 |
Q2 2026 |
Q3 2026 |
FY 2026 Expectations |
Operating Expense Reduction from Prior Year Period, Excluding Restructuring Charges |
(41)% |
(38)% |
(38)% |
(22)% |
Further reductions in Q4 |
Net Cash Provided by Operating Activities |
$7.0 |
$6.4 |
$6.6 |
$9.2 |
Positive for Q4 |
Cash, Cash Equivalents & Short-Term Investments |
$302.6 |
$307.8 |
$314.6 |
$323.4 |
~$330 |
Inventory |
$195.9 |
$183.6 |
$164.1 |
$158.9 |
Maintain disciplined approach that aligns with demand and reflects improved contracting |
Debt |
$0 |
$0 |
$0 |
$0 |
Remain debt free |
Global Commercial Momentum and Continued U.S. Market Leadership
Financial Highlights
($ in millions) |
Q3 2026 |
Q3 2025 |
% Change |
9 Mos. 2026 |
9 Mos. 2025 |
% Change |
Total Net Revenue |
$39.6 |
$49.7 |
(20)% |
$126.9 |
$164.4 |
(23)% |
Operating Expenses |
$18.5 |
$33.3 |
(44)% |
$74.6 |
$141.5 |
(47)% |
Operating Loss |
$(2.4) |
$(11.1) |
79% |
$(25.7) |
$(43.8) |
41% |
Operating Margin %* |
(6)% |
(22)% |
16 pts |
(20)% |
(27)% |
7 pts |
Net Loss |
$0.2 |
$(7.7) |
103% |
$(17.9) |
$(37.6) |
52% |
Net Margin |
1% |
(16)% |
16 pts |
(14)% |
(23)% |
9 pts |
*Operating margin is calculated as operating loss divided by total net revenue
Peter Fishman, Amarin’s Chief Financial Officer, said, “We reported our first profitable quarter in over two years, reflecting our lower expense base and the absence of charges following the completion of our previously announced $70 million cost savings initiatives. We generated positive free cash flow for the fourth consecutive quarter. Our cash balance now exceeds $323 million and our balance sheet remains debt-free.”
He continued, “We are encouraged by the in-market demand growth for VASCEPA/VAZKEPA across Europe and the rest of the world, reflecting its expanding market presence. We expect this growth to support increased partner supply purchases and related revenue over time as our partner-led sales model matures. The timing and level of product revenue will continue to reflect factors outside our direct control, including partner inventory levels, ordering patterns, as well as market access and pricing. In the U.S., we have efficiently maintained a market leading position in a highly competitive environment which continues to further strengthen our financial foundation.”
Financial Performance
Comparisons to comparable 2025 periods, unless otherwise stated
Revenues
($ in millions) |
Q3 2026 |
Q3 2025 |
% Change |
9 Mos. 2026 |
9 Mos. 2025 |
% Change |
Product Revenue, net: |
|
|
|
|
|
|
U.S. |
$28.5 |
$40.9 |
(30)% |
$96.4 |
$113.0 |
(15)% |
Europe |
$3.7 |
$4.1 |
(9)% |
$14.1 |
$16.1 |
(12)% |
Rest-of-World (ROW) |
$4.7 |
$3.6 |
29% |
$8.8 |
$7.1 |
24% |
Total Product Revenue, net |
$36.9 |
$48.6 |
(24)% |
$119.3 |
$136.2 |
(12)% |
Licensing & Royalties |
$2.7 |
$1.1 |
139% |
$7.6 |
$28.2 |
(73)% |
Total Net Revenue |
$39.6 |
$49.7 |
(20)% |
$126.9 |
$164.4 |
(23)% |
Total Net Revenue: U.S. sales of VASCEPA declined by 30% due largely to lower net pricing associated with changes in customer mix, driven largely by continued generic competition. Sales in Europe also decreased, which reflected launch inventory purchases in last year’s third quarter associated with the commencement of our partnered strategy; ROW sales rose 29% due to the strength and execution of our partners in their respective markets. The Company expects combined in-market demand across all its global partner markets to continue to grow on a sequential quarterly basis.
Licensing and royalty revenue in Q3 2026 rose 139% to $2.7 million and reflected increased partner sales within their respective territories.
Operating Expenses
Comparisons to comparable 2025 periods, unless otherwise stated
($ in millions) |
Q3 2026 |
Q3 2025 |
% Change |
9 Mos. 2026 |
9 Mos. 2025 |
% Change |
COGS |
$23.4 |
$27.5 |
(15)% |
$78.0 |
$66.7 |
17% |
SG&A |
$14.3 |
$19.7 |
(27)% |
$57.6 |
$94.9 |
(39)% |
R&D |
$4.2 |
$4.2 |
0% |
$13.6 |
$14.4 |
(5)% |
Restructuring |
-- |
$9.4 |
NM |
$3.4 |
$32.2 |
(90)% |
Total Operating Expenses* |
$18.5 |
$33.3 |
(44)% |
$74.6 |
$141.5 |
(47)% |
* Total operating expenses reflect the sum of SG&A, R&D, and Restructuring expenses.
NM – Not Meaningful
COGS: Decreased 15% to $23.4 million, reflecting lower product volumes and the positive effect of more favorable API purchasing terms. We expect these API-related benefits to increase as production volumes grow, driving further cost efficiencies.
SG&A: Decreased 27% to $14.3 million, reflecting the benefits of our Global Restructuring activities completed in Q2 2026 in connection with the execution of the Recordati agreement.
R&D: Consistent with the prior year period.
A Stronger Platform for Strategic Value Creation
Mr. Berg continued, “Our financial results demonstrate the tremendous progress we have made to date, and we believe Amarin is in a stronger position than at any point in our recent history. Building on that and guided by a clear mandate to maximize shareholder value, we continue to work closely with Barclays, our exclusive financial advisor, and remain focused on working through these efforts in a timely and disciplined manner.”
Exploring Additional Therapeutic Applications for IPE
On October 25, 2026, we announced findings from the EPA for Metastasis Trial 2 (EMT2), which was an investigator-initiated Phase 3 trial sponsored and conducted by the University of Leeds and funded by Yorkshire Cancer Research and presented as a late breaker at the European Society for Medical Oncology (ESMO) 2026 Congress in Madrid, Spain. Read the full press release here.
The research presented by the Chief Investigator, Professor Mark Hull, added to the scientific understanding of VAZKEPA/VASCEPA, and its potential role as an add-on therapy in improving outcomes for patients undergoing liver resection and standard of care treatment for colorectal cancer liver metastases (CRCLM). The investigational medicinal product used in EMT2 was VASCEPA in the same dosage utilized in the landmark REDUCE-IT cardiovascular outcomes study.
“Our focus remains on patients and their unmet needs, and we are energized by the potential of new possibilities for VASCEPA suggested by the outcome of this study,” said Mr. Berg. “We have long believed that we have a special molecule in IPE, and this study reinforces that conviction by pointing to potential new therapeutic applications for VASCEPA/VAZKEPA. Patent protection in Europe through 2039 provides a durable foundation to evaluate opportunities with high unmet patient needs and their potential to deliver long-term value for patients and shareholders."
Third Quarter 2026 Financial Results Conference Call and Webcast Information
Amarin will host a conference call on October 28, 2026, at 8:00 a.m. ET to discuss this information. The conference call can be accessed on the investor relations section of the Company's website at www.amarincorp.com, or via telephone by dialing 888-506-0062 within the United States, 973-528-0011 from outside the United States, and referencing conference ID 314562. A replay of the webcast will be made available until April 28, 2027. To listen to a replay of the call, dial 877-481-4010 from within the United States and 919-882-2331 from outside of the United States, and reference conference ID 54490. A replay of the call will also be available through the Company's website shortly after the call.
About Amarin
At the Heart of Amarin Corporation is a singular focus on advancing cardiovascular disease prevention worldwide. Our flagship oral prescription therapy, VASCEPA® (icosapent ethyl or IPE), is the U.S. market leader across all available IPE products and has been prescribed more than 32 million times globally. Through our independent U.S. commercial operations and global commercial partnerships, Amarin supports access to VASCEPA/VAZKEPA® across nearly 100 markets worldwide. For more information, visit www.amarincorp.com and follow Amarin on LinkedIn, X, Facebook. To be added to the Company's email list and receive news directly, please visit https://investors.amarincorp.com/email-alerts.
About VASCEPA®/VAZKEPA® (icosapent ethyl) Capsules
VASCEPA (icosapent ethyl) capsules are the first prescription treatment approved by the U.S. Food and Drug Administration (FDA) comprised solely of the active ingredient, icosapent ethyl (IPE), a unique form of eicosapentaenoic acid. VASCEPA was launched in the United States in January 2020 as the first drug approved by the U.S. FDA for treatment of the studied high-risk patients with persistent cardiovascular risk despite being on statin therapy. VASCEPA was initially launched in the United States in 2013 based on the drug’s initial FDA approved indication for use as an adjunct therapy to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Since launch, VASCEPA has been prescribed more than thirty million times. VASCEPA is covered by most major medical insurance plans. In addition to the United States, VASCEPA is approved and sold in Canada, China, Australia, Lebanon, the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, and Kuwait. In Europe, in March 2021 marketing authorization was granted to icosapent ethyl in the European Union for the reduction of risk of cardiovascular events in patients at high cardiovascular risk, under the brand name VAZKEPA. In April 2021 marketing authorization for VAZKEPA was granted in the United Kingdom (applying to England, Scotland, Wales, and Northern Ireland). VAZKEPA is currently approved and sold in Europe in Sweden, Finland, England/Wales, Spain, Netherlands, Scotland, Greece, Portugal, Italy, Slovenia, Romania, Denmark and Austria.
United States Indications and Limitation of Use
VASCEPA is indicated:
The effect of VASCEPA on the risk for pancreatitis in patients with severe hypertriglyceridemia has not been determined.
Important Safety Information
FULL U.S. FDA-APPROVED VASCEPA PRESCRIBING INFORMATION CAN BE FOUND AT WWW.VASCEPA.COM.
Europe
For further information about the Summary of Product Characteristics (SmPC) for VAZKEPA® in Europe, please visit: https://www.ema.europa.eu/en/documents/product-information/vazkepa-epar-product-information_en.pdf
Globally, prescribing information varies; refer to the individual country product label for complete information.
Use of Non-GAAP Adjusted Financial Information
Included in this press release are non-GAAP adjusted financial information as defined by U.S. Securities and Exchange Commission Regulation G. The GAAP financial measure is most directly comparable to each non-GAAP adjusted financial measure used or discussed, and a reconciliation of the differences between each non-GAAP adjusted financial measure and the comparable GAAP financial measure, is included in this press release after the condensed consolidated financial statements.
Non-GAAP adjusted net (loss) income was derived by taking GAAP net loss and adjusting it for non-cash stock-based compensation expense, restructuring expense and other one-time expenses. Management uses these non-GAAP adjusted financial measures for internal reporting and forecasting purposes, when publicly providing its business outlook, to evaluate the company’s performance and to evaluate and compensate the company’s executives. The company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP adjusted financial measures provide investors with a better understanding of the company’s historical results from its core business operations.
While management believes that these non-GAAP adjusted financial measures provide useful supplemental information to investors regarding the underlying performance of the company’s business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. Non-GAAP measures have limitations in that they do not reflect all the amounts associated with the company’s results of operations as determined in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future.
Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including beliefs about Amarin’s outlook for achievements in 2026 and beyond; Amarin’s overall efforts to expand access and reimbursement to VASCEPA/VAZKEPA across global markets; expectations regarding potential market dynamics, payer behavior, and the competitive landscape; and the overall potential and future success of VASCEPA/VAZKEPA and Amarin that are based on the beliefs and assumptions and information currently available to Amarin. All statements other than statements of historical fact contained in this press release are forward-looking statements. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. A further list and description of these risks, uncertainties and other risks associated with an investment in Amarin can be found in Amarin’s filings with the U.S.
Securities and Exchange Commission, including Amarin’s annual report on Form 10-K for the fiscal year ended 2025 and subsequent quarterly reports on Form 10-Q. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Amarin undertakes no obligation to update or revise the information contained in its forward-looking statements, whether as a result of new information, future events or circumstances or otherwise.
Amarin Contact Information
Media Inquiries:
Amarin Corporation plc
PR@amarincorp.com
Investor Inquiries:
Devin Sullivan & Conor Rodriguez
The Equity Group on Behalf of Amarin
devin.sullivan.ext@amarincorp.com or conor.rodriguez.ext@amarincorp.com
Investor.relations@amarincorp.com
-Tables to Follow-
CONSOLIDATED BALANCE SHEET DATA |
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|||||||
(U.S. GAAP) |
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|||||||
Unaudited |
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|||||||
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September 30, 2026 |
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December 31, 2025 |
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(in thousands) |
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ASSETS |
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Current Assets: |
|
|
|
|
|
|
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Cash and cash equivalents |
|
$ |
156,512 |
|
|
$ |
134,660 |
|
Restricted cash |
|
|
201 |
|
|
|
201 |
|
Short-term investments |
|
|
166,867 |
|
|
|
167,929 |
|
Accounts receivable, net |
|
|
111,573 |
|
|
|
126,832 |
|
Inventory |
|
|
158,850 |
|
|
|
195,910 |
|
Prepaid and other current assets |
|
|
18,872 |
|
|
|
24,350 |
|
Total current assets |
|
|
612,875 |
|
|
|
649,882 |
|
Operating lease right-of-use asset |
|
|
6,082 |
|
|
|
6,461 |
|
Other long-term assets |
|
|
3,669 |
|
|
|
1,067 |
|
Intangible asset, net |
|
|
11,455 |
|
|
|
13,365 |
|
TOTAL ASSETS |
|
$ |
634,081 |
|
|
$ |
670,775 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
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Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
40,429 |
|
|
$ |
45,355 |
|
Accrued expenses and other current liabilities |
|
|
134,707 |
|
|
|
149,104 |
|
Total current liabilities |
|
|
175,136 |
|
|
|
194,459 |
|
Long-Term Liabilities: |
|
|
|
|
|
|
||
Long-term operating lease liability |
|
|
5,353 |
|
|
|
6,080 |
|
Other long-term liabilities |
|
|
9,180 |
|
|
|
10,955 |
|
Total liabilities |
|
|
189,669 |
|
|
|
211,494 |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Common stock |
|
|
316,272 |
|
|
|
310,184 |
|
Additional paid-in capital |
|
|
1,923,521 |
|
|
|
1,923,801 |
|
Treasury stock |
|
|
(70,120 |
) |
|
|
(67,360 |
) |
Accumulated deficit |
|
|
(1,725,261 |
) |
|
|
(1,707,344 |
) |
Total stockholders’ equity |
|
|
444,412 |
|
|
|
459,281 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
634,081 |
|
|
$ |
670,775 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS DATA |
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(U.S. GAAP) |
|
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Unaudited |
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||||||||||||||
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|
|
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|
||||
|
|
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|
|
|
|
|
|
|
|
|||||
|
Three months ended September 30, |
|
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Nine months ended September 30, |
|
||||||||||
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(in thousands, except per share amounts) |
|
|
(in thousands, except per share amounts) |
|
||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Product revenue, net |
$ |
36,890 |
|
|
$ |
48,558 |
|
|
$ |
119,293 |
|
|
$ |
136,210 |
|
Licensing and royalty revenue |
|
2,660 |
|
|
|
1,112 |
|
|
|
7,600 |
|
|
|
28,217 |
|
Total revenue, net |
|
39,550 |
|
|
|
49,670 |
|
|
|
126,893 |
|
|
|
164,427 |
|
Less: Cost of goods sold |
|
23,369 |
|
|
|
27,462 |
|
|
|
77,954 |
|
|
|
66,728 |
|
Gross margin |
|
16,181 |
|
|
|
22,208 |
|
|
|
48,939 |
|
|
|
97,699 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative (1) |
|
14,336 |
|
|
|
19,697 |
|
|
|
57,637 |
|
|
|
94,944 |
|
Research and development (1) |
|
4,205 |
|
|
|
4,208 |
|
|
|
13,643 |
|
|
|
14,435 |
|
Restructuring |
|
— |
|
|
|
9,406 |
|
|
|
3,363 |
|
|
|
32,165 |
|
Total operating expenses |
|
18,541 |
|
|
|
33,311 |
|
|
|
74,643 |
|
|
|
141,544 |
|
Operating loss |
|
(2,360 |
) |
|
|
(11,103 |
) |
|
|
(25,704 |
) |
|
|
(43,845 |
) |
Interest income, net |
|
2,371 |
|
|
|
2,783 |
|
|
|
7,845 |
|
|
|
8,277 |
|
Other income, net |
|
304 |
|
|
|
205 |
|
|
|
1,583 |
|
|
|
372 |
|
Income (loss) from operations before taxes |
|
315 |
|
|
|
(8,115 |
) |
|
|
(16,276 |
) |
|
|
(35,196 |
) |
(Provision for) benefit from income taxes |
|
(70 |
) |
|
|
377 |
|
|
|
(1,641 |
) |
|
|
(2,378 |
) |
Net income (loss) |
$ |
245 |
|
|
$ |
(7,738 |
) |
|
$ |
(17,917 |
) |
|
$ |
(37,574 |
) |
Earnings (loss) per Ordinary Share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
0.00 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.09 |
) |
Diluted |
$ |
0.00 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.09 |
) |
Weighted average Ordinary Shares: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
417,766 |
|
|
|
415,531 |
|
|
|
420,178 |
|
|
|
414,607 |
|
Diluted |
|
427,856 |
|
|
|
415,531 |
|
|
|
420,178 |
|
|
|
414,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) - Excluding non-cash stock-based compensation, selling, general and administrative expenses were $13,255 and $17,938 for the three months ended September 30, 2026 and 2025, respectively, and research and development expenses were $3,910 and $3,613, respectively, for the same periods. |
|
||||||||||||||
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) |
|
||||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||||
Net income (loss) for EPS1 - GAAP |
|
245 |
|
|
|
(7,738 |
) |
|
|
|
(17,917 |
) |
|
|
|
(37,574 |
) |
|
Stock-based compensation expense |
|
|
1,377 |
|
|
|
2,354 |
|
|
|
|
5,773 |
|
|
|
|
12,720 |
|
Restructuring |
|
|
— |
|
|
|
9,406 |
|
|
|
|
3,363 |
|
|
|
|
32,165 |
|
Litigation-Related Charges |
|
|
— |
|
|
|
— |
|
|
|
|
9,400 |
|
|
|
|
— |
|
Licensing Agreement Fees |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
5,038 |
|
ADS Ratio Change Fees |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
2,015 |
|
Net income for EPS1 - non-GAAP |
|
$ |
1,622 |
|
|
$ |
4,022 |
|
|
|
$ |
619 |
|
|
|
$ |
14,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
1basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per Ordinary Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic - non-GAAP |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
|
$ |
0.00 |
|
|
|
$ |
0.03 |
|
Diluted - non-GAAP |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
|
$ |
0.00 |
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic - non-GAAP |
|
$ |
0.08 |
|
|
$ |
0.19 |
|
|
|
$ |
0.03 |
|
|
|
$ |
0.69 |
|
Diluted - non-GAAP |
|
$ |
0.08 |
|
|
$ |
0.19 |
|
|
|
$ |
0.03 |
|
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average Ordinary Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
417,766 |
|
|
|
415,531 |
|
|
|
|
420,178 |
|
|
|
|
414,607 |
|
Diluted |
|
|
427,856 |
|
|
|
416,117 |
|
|
|
|
431,312 |
|
|
|
|
415,127 |
|