Esperion Therapeutics Reports $51.7 Million Net Loss for 2024, Improved from $209.2 Million in 2023

Esperion Therapeutics, Inc. reported a net loss of $51.7 million for the year ended December 31, 2024, compared to a net loss of $209.2 million for the year ended December 31, 2023. This improvement was primarily driven by a $157.5 million increase in income from operations, resulting from a significant increase in collaboration revenue and increased net product sales. Collaboration revenue increased by $178.6 million to $216.6 million in 2024, largely due to a settlement with Daiichi Sankyo Europe GmbH (DSE) and a milestone payment from Otsuka Pharmaceutical Co., Ltd. Net product sales also rose by $37.4 million to $115.7 million, reflecting increased prescription volumes of NEXLETOL and NEXLIZET.

Research and development expenses decreased by $39.9 million to $46.2 million in 2024 compared to 2023, primarily due to reduced costs associated with the CLEAR Outcomes cardiovascular outcomes trial. Conversely, selling, general, and administrative expenses increased by $20.6 million to $163.1 million, reflecting increased commercial headcount, bonuses, and promotional costs related to the launch of expanded indications for NEXLETOL and NEXLIZET. Interest expense increased slightly to $59.3 million in 2024, primarily due to the addition of interest expense related to a royalty purchase agreement and a new term loan. A $54.9 million loss on extinguishment of debt and exchange transaction was also recorded in 2024, related to the termination of a revenue interest purchase agreement and an exchange transaction of convertible notes.

Significant strategic developments during the year included a royalty purchase agreement with OMERS for $304.7 million, the repurchase of revenue interests under a revenue interest purchase agreement for $343.8 million, and a credit agreement for a $150 million term loan. The company also entered into exchange and subscription agreements for convertible notes, resulting in the issuance of $100 million in 2030 notes. Furthermore, Esperion entered into a license and distribution agreement with CSL Seqirus for commercialization rights in Australia and New Zealand and a license and collaboration agreement with Neopharm for commercialization rights in Israel. The company also filed supplemental NDAs for product approvals in Canada and anticipates filings in Australia and Israel by its partners.

As of December 31, 2024, Esperion had 304 full-time employees. The company's cash and cash equivalents totaled $144.8 million at the end of 2024. The company anticipates continued operating losses in the near term, and plans to fund operations through a combination of product sales, collaboration agreements, and potential future financings. The company's outlook includes continued commercialization efforts for NEXLETOL and NEXLIZET, advancement of its preclinical pipeline, and potential business development activities to commercialize additional products. The company also anticipates the approval and launch of its products in additional territories. However, the company notes several significant risks, including competition, regulatory hurdles, and the need for additional capital.