Announcement • Aug 14
First Motion for Exclusivity Period Extension Approved For Acorda Therapeutics, Inc. The US Bankruptcy Court granted an order for the extension of the exclusivity periods for Acorda Therapeutics, Inc. on August 13, 2024. As per the order, the debtor’s exclusivity period to file its plan and to solicit votes on its plan, have been extended by 60 days i.e. up to September 30, 2024, and November 29, 2024, respectively. Announcement • Aug 13
Acorda Therapeutics Files Form 15 Acorda Therapeutics, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.001 per share. Announcement • Jul 12
Merz Pharmaceuticals, LLC completed the acquisition of Substantially all of the assets of Acorda Therapeutics, Inc. for approximately $190 million. Merz Pharmaceuticals, LLC entered into an asset purchase agreement to acquire Substantially all of the assets of Acorda Therapeutics, Inc. for approximately $190 million on March 31, 2024. The acquisition is subjected to the approval by regulatory board, court approval and antitrust regulations. Baker & McKenzie LLP acted as a legal advisor to Acorda Therapeutics. Ernst & Young LLP, Investment Banking Arm acted as a financial advisor to Acorda Therapeutics. Scott Talmadge, Adam Golden, Sarah Ghulamhussain, Christopher Stothers, Jenny Leahy, Meghan Rissmiller, Aimen Mir, Stephanie Brown Cripps, Christine Lyon, Joe Soltis, Brock DahlGian Luca Zampa and Sanjay Murti of Freshfields Bruckhaus Deringer US LLP acted as a legal advisor to Merz Pharmaceuticals. Deloitte has acted as financial and tax advisors. Morgan Stanley acts as investment banker to Acorda Therapeutics. Perella Weinberg Partners acts as a investment banker to Merz Pharmaceuticals. Ducera Partners LLC acted as investment banker to Acorda Therapeutics. Leerink Partners LLC acted as a investment banker to Acorda Therapeutics. As on June 12, 2024 the transaction has been approved by the court.
Merz Pharmaceuticals, LLC completed the acquisition of Substantially all of the assets of Acorda Therapeutics, Inc. on July 10, 2024. Announcement • Jul 04
Solicitation Version of First amended Disclosure Statement Approved for Acorda Therapeutics, Inc. The US Bankruptcy Court approved the solicitation version of the first amended disclosure statement of Acorda Therapeutics, Inc. on July 3, 2024. The debtor had filed its solicitation version of amended disclosure statement in the Court on July 2, 2024. June 28, 2024 has been fixed as voting record date. The deadline to vote on the plan and the plan objection deadline is July 31, 2024. The confirmation hearing for the plan has been scheduled for August 7, 2024. Announcement • Apr 27
Nasdaq Files Form 25 with the U.S. Securities and Exchange Commission to Delist Acorda Therapeutics's Common Stock from Nasdaq, Effective on May 5, 2024 As previously disclosed, on April 3, 2024, Acorda Therapeutics, Inc. (the ‘Company’) was notified by the Listing Qualifications Department of the Nasdaq Stock Market, LLC (‘Nasdaq’) that Nasdaq had determined to commence proceedings to delist the Company’s common stock, $0.001 par value per share (the ‘Common Stock’) from Nasdaq. The Company did not appeal the determination and, therefore, the Company’s Common Stock ceased trading on the Nasdaq on April 12, 2024 and began trading on the Pink Open Market under the symbol ‘ACORQ.’ On April 25, 2024, Nasdaq filed a Form 25 with the U.S. Securities and Exchange Commission to delist the Common Stock from Nasdaq. The delisting of the Common Stock from Nasdaq will become effective on May 5, 2024 and the Common Stock will be deregistered under Section 12(b) of the Exchange Act 90 days after the Form 25 filing, after which the company’s common stock will remain registered under Section 12(g) of the Exchange Act. Announcement • Apr 17
Acorda Therapeutics Announces Delisting from Nasdaq Acorda Therapeutics, Inc. announced that its common stock is no longer listed on the Nasdaq Stock Market. The delisting is a result of the company’s failure to demonstrate compliance with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1 as a result of the company’s commencement of Chapter 11 proceedings and Nasdaq Listing Rule 5450(b)(1)(A) for failure to maintain stockholders’ equity of at least $10 million. Trading in the company’s common stock on the Nasdaq exchange was suspended on April 12, 2024. The Company’s common stock is quoted on the OTC Pink Open Market platform operated by OTC Markets Group Inc. since April 12, 2024 under the ‘ACORQ’ ticker symbol. Announcement • Apr 12
Acorda Therapeutics, Inc.(OTCPK:ACOR.Q) dropped from NASDAQ Composite Index Acorda Therapeutics, Inc removed Announcement • Apr 03
Merz Pharmaceuticals, LLC entered into an asset purchase agreement to acquire Substantially all of the Companys assets of Acorda Therapeutics, Inc. for approximately $190 million. Merz Pharmaceuticals, LLC entered into an asset purchase agreement to acquire Substantially all of the Companys assets of Acorda Therapeutics, Inc. for approximately $190 million on March 31, 2024. Baker & McKenzie LLP acted as a legal advisor to Acorda Therapeutics. Ernst & Young LLP, Investment Banking Arm acted as a financial advisor to Acorda Therapeutics. Freshfields Bruckhaus Deringer US LLP acted as a legal advisor to Merz Pharmaceuticals. Deloitte has acted as financial and tax advisors. Morgan Stanley acts as investment banker to Acorda Therapeutics. Perella Weinberg Partners acts as a investment banker to Merz Pharmaceuticals. Ducera Partners LLC acted as investment banker to Acorda Therapeutics. Leerink Partners LLC acted as a investment banker to Acorda Therapeutics. Announcement • Mar 26
Acorda Therapeutics, Inc. to Report Q4, 2023 Results on Apr 01, 2024 Acorda Therapeutics, Inc. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Apr 01, 2024 New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (US$18.4m market cap). Reported Earnings • Nov 16
Third quarter 2023 earnings released: US$7.16 loss per share (vs US$11.41 loss in 3Q 2022) Third quarter 2023 results: US$7.16 loss per share (improved from US$11.41 loss in 3Q 2022). Revenue: US$27.7m (down 17% from 3Q 2022). Net loss: US$8.89m (loss narrowed 36% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Announcement • Nov 15
Acorda Therapeutics, Inc. Provides Revenue Guidance for the Full Year 2023 Acorda Therapeutics, Inc. provides revenue guidance for the full year 2023. For the full year 2023, the Company reaffirms INBRIJA U.S. net revenue guidance to be $34-$38 million and AMPYRA net revenue guidance to be $65-$70 million. Announcement • Nov 07
Acorda Therapeutics Announces Biopas Laboratories Submission to Regulatory Agencies in Six Latin American Countries for Approval of INBRIJA Acorda Therapeutics, Inc. announced the submission of new regulatory filings for the approval of INBRIJA® (levodopa inhalation powder) in six countries in Latin America by its partner Biopas Laboratories (Biopas). INBRIJA is indicated in the United States for the intermittent treatment of OFF episodes in adult patients with Parkinson's disease (PD) treated with carbidopa/levodopa. Biopas has submitted for marketing approval of INBRIJA in Argentina, Colombia, Costa Rica, Ecuador, Panama and Peru. It expects to submit additional regulatory filings for approval of INBRIJA in Chile in late 2023 and in Mexico and Brazil in 2024. New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Market cap is less than US$100m (US$21.1m market cap). Announcement • Aug 11
Acorda Therapeutics, Inc. Reaffirms Revenue Guidance for the Full Year 2023 Acorda Therapeutics, Inc. reaffirmed revenue guidance for the full year 2023. For the period, the company reaffirms net revenue to be $65 million to $70 million. Reported Earnings • Aug 09
Second quarter 2023 earnings released: US$7.55 loss per share (vs US$55.63 loss in 2Q 2022) Second quarter 2023 results: US$7.55 loss per share (improved from US$55.63 loss in 2Q 2022). Revenue: US$29.7m (down 4.4% from 2Q 2022). Net loss: US$9.38m (loss narrowed 80% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Announcement • Jun 27
Acorda Therapeutics Regains Compliance with Nasdaq Minimum Bid Price Requirement Acorda Therapeutics, Inc. announced that it has received notification from the Nasdaq Stock Market informing the Company that as of June 20, 2023 it has regained compliance with the minimum bid price requirement set in Nasdaq Listing Rule 5450(a)(1). Acorda is now in compliance with all applicable listing standards and will continue to be listed and traded on the Nasdaq Global Select Market. Announcement • Jun 06
Acorda Therapeutics Announces Completion of Reverse Stock Split to Enable the Company to Regain Compliance with the Minimum Closing Price Required to Maintain Continued Listing on the Nasdaq Global Select Market Acorda Therapeutics, Inc. announced that it has completed the previously announced 1-for-20 reverse stock split of its outstanding and authorized shares of common stock. The reverse stock split became effective at 4:01 p.m. Eastern Time June 5, 2023, and the Company's common stock will begin trading on a split-adjusted basis at the market open on June 5, 2023. The reverse stock split was effected to enable the Company to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on The Nasdaq Global Select Market. On November 11, 2022, the Company's stockholders authorized the board of directors to effect a reverse stock split by a ratio of any whole number in the range of 1-for-2 to 1-for-20 and a corresponding reduction in the number of authorized shares of common stock. The board of directors subsequently approved the reverse stock split and authorized the filing of the Company's amended and restated certificate of incorporation, as previously announced on May 31, 2023. Announcement • Jun 02
Acorda Therapeutics to Conduct 1-for-20 Reverse Stock Split to Regain Compliance with the Minimum Closing Price Required to Maintain Continued Listing Acorda Therapeutics, Inc. announced that it will conduct a reverse stock split of its outstanding and authorized shares of common stock at a ratio of 1-for-20. The reverse stock split will become effective at 4:01 p.m. Eastern Time, on June 2, 2023. The company’s common stock will begin trading on a post-split basis at the market open on June 5, 2023. The reverse stock split is being effected to regain compliance with the $1.00 per share minimum closing price required to maintain continued listing on The Nasdaq Global Select Market. The reverse stock split will apply equally to all outstanding shares of the common stock, and each stockholder will hold the same percentage of common stock outstanding immediately following the reverse stock split as that stockholder held immediately prior to the reverse stock split, except for adjustments that may result from the treatment of fractional shares. The Company will not issue any fractional shares in connection with the reverse stock split, and the number of shares issued will be rounded up to the next whole share. The reverse stock split will not modify the rights or preferences of the common stock. As a result of the proportionate reduction in the number of authorized shares of common stock, the reverse stock split will result in the number of authorized shares of common stock being reduced from 61,666,666 to 3,083,333. As previously reported in the company’s Current Report on Form 8-K filed on November 14, 2022, on November 11, 2022, the company’s stockholders approved a proposal to authorize the company’s board of directors to approve an amendment and restatement of the company’s certificate of incorporation to effect a reverse stock split of the company’s common stock by a ratio of any whole number in the range of 1-for-2 to 1-for-20, and a corresponding reduction in the number of authorized shares of the company’s common stock, within one year following the conclusion of the Special Meeting of Stockholders on November 11, 2022. Reported Earnings • May 12
First quarter 2023 earnings released: US$0.69 loss per share (vs US$1.85 loss in 1Q 2022) First quarter 2023 results: US$0.69 loss per share (improved from US$1.85 loss in 1Q 2022). Revenue: US$22.3m (down 1.2% from 1Q 2022). Net loss: US$16.8m (loss narrowed 31% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • May 12
Acorda Therapeutics, Inc. Reaffirms Earnings Guidance for the Year 2023 Acorda Therapeutics, Inc. reaffirmed earnings guidance for the year 2023. For the full year 2023, the company continues to target INBRIJA U.S. net revenue to be $38 million - $42 million and AMPYRA net revenue to be $65 million - $70 million. Reported Earnings • Mar 11
Full year 2022 earnings released: US$3.35 loss per share (vs US$9.79 loss in FY 2021) Full year 2022 results: US$3.35 loss per share (improved from US$9.79 loss in FY 2021). Revenue: US$118.6m (down 8.1% from FY 2021). Net loss: US$65.9m (loss narrowed 37% from FY 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Acorda Therapeutics Receives Nasdaq Extension to Meet Minimum Bid Price Requirement Acorda Therapeutics, Inc. announced that the Nasdaq Hearings Panel has granted the Company's extension request until June 20, 2023 to regain compliance with the Nasdaq's minimum $1 bid price per share requirement. "We are pleased Nasdaq has granted us this extension," said Ron Cohen, M.D., Acorda's President and Chief Executive Officer. "We have announced a detailed business plan and long-term financial guidance to demonstrate what we believe is a path to growing shareholder value in Acorda. The key components of that plan are continued fiscal discipline, growing the Inbrija trajectory, and maintaining the Ampyra brand. We believe that it is in the best interests of our shareholders that we achieve compliance with the bid price rule organically by executing on that plan." If at any time before June 20, 2023 the bid price of Acorda's stock closes at or above $1 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Nasdaq Listing Rules. In the event that the Company cannot regain compliance organically during the extension period, the Company has committed to effecting a reverse stock split, which was authorized by shareholders in November 2022. Reported Earnings • Nov 18
Third quarter 2022 earnings released: US$0.57 loss per share (vs US$2.43 loss in 3Q 2021) Third quarter 2022 results: US$0.57 loss per share (improved from US$2.43 loss in 3Q 2021). Revenue: US$33.5m (up 6.5% from 3Q 2021). Net loss: US$13.9m (loss narrowed 49% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Non-Executive Chairman John Kelley was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 02
Third quarter 2022 earnings released: US$0.57 loss per share (vs US$2.43 loss in 3Q 2021) Third quarter 2022 results: US$0.57 loss per share (improved from US$2.43 loss in 3Q 2021). Revenue: US$33.5m (up 6.5% from 3Q 2021). Net loss: US$13.9m (loss narrowed 49% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: US$2.78 loss per share (vs US$2.29 loss in 2Q 2021) Second quarter 2022 results: US$2.78 loss per share (down from US$2.29 loss in 2Q 2021). Revenue: US$31.1m (down 2.3% from 2Q 2021). Net loss: US$46.7m (loss widened 104% from 2Q 2021). Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: US$1.93 loss per share (up from US$3.53 loss in 1Q 2021). Revenue: US$22.5m (down 22% from 1Q 2021). Net loss: US$25.6m (loss narrowed 24% from 1Q 2021). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 56%. Board Change • May 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Non-Executive Chairman John Kelley was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 11
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$9.95 loss per share (up from US$12.32 loss in FY 2020). Revenue: US$129.1m (down 16% from FY 2020). Net loss: US$104.0m (loss widened 4.4% from FY 2020). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 56%. Board Change • Dec 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Independent Non-Executive Chairman John Kelley was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$2.43 loss per share (vs US$0.92 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$31.5m (down 41% from 3Q 2020). Net loss: US$27.1m (down 468% from profit in 3Q 2020). Executive Departure • Aug 26
Independent Director Barry Greene has left the company On the 20th of August, Barry Greene's tenure as Independent Director ended after 14.6 years in the role. As of June 2021, Barry still personally held only 213.00 shares (US$1.0k worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 6.58 years. Executive Departure • Aug 26
Independent Director Catherine D. Strader has left the company On the 22nd of August, Catherine D. Strader's tenure as Independent Director ended after 4.5 years in the role. We don't have any record of a personal shareholding under Catherine D.'s name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 6.58 years. Reported Earnings • Aug 09
Second quarter 2021 earnings released: US$2.29 loss per share (vs US$2.19 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$31.8m (down 5.5% from 2Q 2020). Net loss: US$22.9m (loss widened 31% from 2Q 2020). Reported Earnings • May 09
First quarter 2021 earnings released: US$3.53 loss per share (vs US$0.81 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: US$28.9m (up 2.7% from 1Q 2020). Net loss: US$33.5m (loss widened 417% from 1Q 2020). Major Estimate Revision • Mar 11
Analysts increase revenue estimates to US$95.7m The 2021 consensus revenue estimate increased from US$64.5m. Earning per share (EPS) estimate also saw an improvement, with analysts raising their estimates from -US$14.61 to -US$12.17 for the same period. The Biotechs industry in the US is expected to see an average net income growth of 6.6% next year. The consensus price target increased from US$4.00 to US$5.00. Share price is down by 14% to US$5.39 over the past week. Reported Earnings • Mar 06
Full year 2020 earnings released: US$12.32 loss per share (vs US$34.47 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: US$153.0m (down 21% from FY 2019). Net loss: US$99.6m (loss narrowed 64% from FY 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 68% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 153%. Over the next year, revenue is expected to shrink by 58% compared to a 1,454% growth forecast for the Biotechs industry in the US. Price Target Changed • Feb 05
Price target lowered to US$19.50 Down from US$22.00, the current price target is an average from 3 analysts. The new target price is 172% above the current share price of US$7.16. As of last close, the stock is down 43% over the past year. Is New 90 Day High Low • Jan 15
New 90-day high: US$6.70 The company is up 67% from its price of US$4.01 on 16 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 19% over the same period. Major Estimate Revision • Jan 15
Analysts increase EPS estimates to -US$2.88 The 2020 consensus revenue estimate increased from US$133.1m to US$139.5m. Analysts raised their EPS forecasts from -US$4.95 to -US$2.88 in 2020. The Biotechs industry in the US is expected to see an average net income growth of 11% next year. The consensus price target increased from US$22.00 to US$23.00. Share price is up 53% to US$6.37 over the past week.