Acorda Therapeutics, Inc.

Reported figures for Q3 2023 included INBRIJA U.S. net sales of $8.1 million, up 4% versus Q3 2022, and up 15% for the first three quarters versus the prior-year period. INBRIJA new prescription request forms were up 32% in Q3 and 38% year to date; dispense cartons were up 4% in Q3 and 6.5% year to date; and TRx was up 10% in Q3 and 11% year to date. AMPYRA U.S. net revenue was $15.7 million, down 26% year over year, while the first-three-quarter decline was 17%. CFO commentary added that net global INBRIJA revenue was up 6.7% in Q3 and 12.3% year to date, SG&A was essentially flat versus last year and down $12.5 million, or 15.6%, year to date, and Q3 cash was $600,000 behind the prior-year ending balance. Additional U.S. revenue included $1.4 million in INBRIJA ex-U.S. sales and $2.5 million in AMPYRA royalties, for $3.9 million total. Management reaffirmed 2023 guidance for INBRIJA U.S. net revenue of $34 million to $38 million, AMPYRA U.S. net revenue of $65 million to $70 million, adjusted operating expense of $93 million to $98 million, and ending cash of $39 million to $42 million.

Ron Cohen emphasized that INBRIJA’s prescription trends are improving and that the company’s commercial programs are having the intended effect. He pointed to the targeted TV campaign, stronger new prescription request forms, and operational adjustments in Europe as evidence of progress, while noting that Germany required changes because of its hospital-based initiation process. He also stressed fiscal discipline, further OpEx efficiencies, and ongoing discussions with convertible debt holders about next year’s debt maturity.

Michael Gesser highlighted that net global INBRIJA revenue increased 6.7% year over year in Q3 and 12.3% year to date, and that SG&A was flat versus the prior-year quarter and down $12.5 million, or 15.6%, year to date. He said the company is working toward cash flow neutrality and reported Q3 2023 cash was $600,000 behind the Q3 2022 ending balance. He reiterated full-year guidance for INBRIJA, AMPYRA, adjusted operating expense, and ending cash.

Analysts asked when the company expects to be cash flow positive, and management said it typically gives that projection at the year-end call after budgets and forecasts are complete. On performance forecasting and accountability, management said AMPYRA has historically tracked well, while INBRIJA was harder to forecast during the pandemic because of disrupted physician access and training; Ron Cohen said conditions have normalized and forecasting should improve. In response to the question on the 2024 notes, management said it is maintaining open, constructive conversations with convertible bondholders to find a collaborative solution.