Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AMRN | ||
Entity Registrant Name | AMARIN CORP PLC\UK | ||
Entity Central Index Key | 0000897448 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 2,644.9 | ||
Entity File Number | 0-21392 | ||
Entity Incorporation, State or Country Code | X0 | ||
Entity Address, Address Line One | 77 Sir John Rogerson’s Quay | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line Two | Block C | ||
Entity Address, Address Line Three | Grand Canal Docklands | ||
Entity Address, City or Town | Dublin | ||
Entity Address, Postal Zip Code | 2 | ||
Entity Address, Country | IE | ||
City Area Code | 353 (0) 1 | ||
Local Phone Number | 6699 020 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of each class | American Depositary Shares (ADS(s)), each ADSrepresenting the right to receive one (1) Ordinary Share of Amarin Corporation plc | ||
Name of each exchange on which registered | NASDAQ | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain information required to be disclosed in Part III of this report is incorporated by reference from the registrant’s definitive proxy statement to be filed not later than 120 days after the end of the fiscal year covered by this report. | ||
American Depositary Shares | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 393,436,525 | ||
Ordinary Shares | |||
Document And Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 198,942 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 186,964,000 | $ 644,588,000 |
Restricted cash | 3,915,000 | 3,907,000 |
Short-term investments | 313,969,000 | |
Accounts receivable, net | 154,574,000 | 116,430,000 |
Inventory | 188,864,000 | 76,769,000 |
Prepaid and other current assets | 30,947,000 | 13,311,000 |
Total current assets | 879,233,000 | 855,005,000 |
Property, plant and equipment, net | 2,016,000 | 2,361,000 |
Long-term investments | 62,469,000 | |
Operating lease right-of-use asset | 8,054,000 | 8,511,000 |
Other long-term assets | 432,000 | 1,074,000 |
Intangible asset, net | 13,817,000 | 15,258,000 |
TOTAL ASSETS | 966,021,000 | 882,209,000 |
Current Liabilities: | ||
Accounts payable | 105,876,000 | 49,950,000 |
Accrued expenses and other current liabilities | 198,641,000 | 139,826,000 |
Debt from royalty-bearing instrument | 0 | 50,130,000 |
Current deferred revenue | 2,926,000 | 2,342,000 |
Total current liabilities | 307,443,000 | 242,248,000 |
Long-Term Liabilities: | ||
Long-term deferred revenue | 15,706,000 | 18,504,000 |
Long-term operating lease liability | 9,153,000 | 9,443,000 |
Other long-term liabilities | 6,214,000 | 3,751,000 |
Total liabilities | 338,516,000 | 273,946,000 |
Commitments and contingencies (Note 8) | ||
Stockholders’ Equity: | ||
Series A Convertible Preferred Stock, £0.05 par, unlimited authorized; nil shares issued and nil outstanding at December 31, 2020 and 289,317,460 shares issued and outstanding at December 31, 2019 (equivalent to 28,931,746 ordinary shares upon future consolidation and redesignation at a 10:1 ratio) | 21,850,000 | |
Common stock, £0.50 par, unlimited authorized; 398,425,000 issued, 392,538,081 outstanding at December 31, 2020; 365,014,893 issued, 360,103,901 outstanding at December 31, 2019 | 290,115,000 | 269,173,000 |
Additional paid-in capital | 1,817,649,000 | 1,764,317,000 |
Treasury stock; 5,886,919 shares at December 31, 2020; 4,910,992 shares at December 31, 2019 | (51,082,000) | (35,900,000) |
Accumulated deficit | (1,429,177,000) | (1,411,177,000) |
Total stockholders’ equity | 627,505,000 | 608,263,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 966,021,000 | $ 882,209,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - £ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | £ 0.05 | £ 0.05 |
Preferred stock, shares authorized, unlimited | Unlimited | Unlimited |
Preferred stock, issued | 289,317,460 | |
Preferred stock, shares outstanding | 0 | 289,317,460 |
Preferred stock, equivalent ordinary shares upon future consolidation outstanding | 28,931,746 | |
Common stock, par value | £ 0.50 | £ 0.50 |
Common stock, shares authorized, unlimited | Unlimited | Unlimited |
Common stock, issued | 398,425,000 | 365,014,893 |
Common stock, outstanding | 392,538,081 | 360,103,901 |
Treasury stock, shares | 5,886,919 | 4,910,992 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenue, net | $ 614,060 | $ 429,755 | $ 229,214 |
Less: Cost of goods sold | 131,444 | 96,019 | 54,543 |
Gross margin | 482,616 | 333,736 | 174,671 |
Operating expenses: | |||
Selling, general and administrative | 463,312 | 323,623 | 226,996 |
Research and development | 38,959 | 34,392 | 55,900 |
Total operating expenses | 502,271 | 358,015 | 282,896 |
Operating loss | (19,655) | (24,279) | (108,225) |
Interest income | 4,901 | 8,499 | 1,074 |
Interest expense | (2,605) | (6,626) | (8,872) |
Other income (expense), net | 104 | (75) | (326) |
Loss from operations before taxes | (17,255) | (22,481) | (116,349) |
Provision for income taxes | (745) | (164) | (96) |
Net loss | $ (18,000) | $ (22,645) | $ (116,445) |
Loss per share: | |||
Basic | $ (0.05) | $ (0.07) | $ (0.39) |
Diluted | $ (0.05) | $ (0.07) | $ (0.39) |
Weighted average shares outstanding: | |||
Basic | 381,759 | 342,538 | 297,237 |
Diluted | 381,759 | 342,538 | 297,237 |
Product Revenue, Net | |||
Total revenue, net | $ 607,025 | $ 427,391 | $ 228,371 |
Licensing and Royalty Revenue | |||
Total revenue, net | $ 7,035 | $ 2,364 | $ 843 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Shares | Common Shares | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Balance at Dec. 31, 2017 | $ (65,100) | $ 24,364 | $ 208,768 | $ (4,229) | $ 977,866 | $ (1,271,869) | ||
Balance (Accounting Standards Update 2014-09) at Dec. 31, 2017 | $ (218) | $ (218) | ||||||
Balance (in shares) at Dec. 31, 2017 | 328,184,640 | 272,719,044 | (1,697,033) | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201409Member | |||||||
Balance at Dec. 31, 2017 | (65,318) | $ 24,364 | $ 208,768 | $ (4,229) | 977,866 | $ (1,272,087) | ||
Balance (in shares) at Dec. 31, 2017 | 328,184,640 | 272,719,044 | (1,697,033) | |||||
Issuance of common stock, net of transaction costs | 264,840 | $ 21,744 | 243,096 | |||||
Issuance of common stock, net of transaction costs (shares) | 31,727,550 | |||||||
Issuance of common stock under employee stock purchase plan | 1,043 | $ 203 | 840 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 312,257 | |||||||
Exchange of exchangeable senior notes, net of transaction costs | 29,369 | $ 5,011 | 24,358 | |||||
Exchange of exchangeable senior notes, net of transaction costs (in shares) | 7,716,046 | |||||||
Conversion of Series A Convertible Preferred Stock, net | (39) | $ (2,514) | $ 2,514 | (39) | ||||
Conversion of Series A Convertible Preferred Stock, net (in shares) | (38,867,180) | 3,886,718 | ||||||
Exercise of stock options | 26,402 | $ 5,309 | 21,093 | |||||
Exercise of stock options (in shares) | 8,138,305 | |||||||
Vesting of restricted stock units | (6,184) | $ 3,114 | $ (6,184) | (3,114) | ||||
Vesting of restricted stock units (in shares) | 4,610,943 | (1,563,817) | ||||||
Stock-based compensation | 18,662 | 18,662 | ||||||
Loss for the period | (116,445) | (116,445) | ||||||
Balance at Dec. 31, 2018 | 152,330 | $ 21,850 | $ 246,663 | $ (10,413) | 1,282,762 | (1,388,532) | ||
Balance (in shares) at Dec. 31, 2018 | 289,317,460 | 329,110,863 | (3,260,850) | |||||
Issuance of common stock, net of transaction costs | 440,108 | $ 15,879 | 424,229 | |||||
Issuance of common stock, net of transaction costs (shares) | 25,555,556 | |||||||
Issuance of common stock under employee stock purchase plan | 2,165 | $ 79 | 2,086 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 123,031 | |||||||
Issuance of common stock for milestone payment | 6,216 | $ 173 | 6,043 | |||||
Issuance of common stock for milestone payment (in shares) | 257,713 | |||||||
Exercise of stock options | 24,478 | $ 3,876 | 20,602 | |||||
Exercise of stock options (in shares) | 5,997,919 | |||||||
Vesting of restricted stock units | (25,487) | $ 2,503 | $ (25,487) | (2,503) | ||||
Vesting of restricted stock units (in shares) | 3,969,811 | (1,650,142) | ||||||
Stock-based compensation | 31,098 | 31,098 | ||||||
Loss for the period | (22,645) | (22,645) | ||||||
Balance at Dec. 31, 2019 | 608,263 | $ 21,850 | $ 269,173 | $ (35,900) | 1,764,317 | (1,411,177) | ||
Balance (in shares) at Dec. 31, 2019 | 289,317,460 | 365,014,893 | (4,910,992) | |||||
Issuance of common stock under employee stock purchase plan | 1,957 | $ 225 | 1,732 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 347,153 | |||||||
Conversion of Series A Convertible Preferred Stock, net | (504) | $ (21,850) | $ 18,020 | 3,326 | ||||
Conversion of Series A Convertible Preferred Stock, net (in shares) | (289,317,460) | 28,931,746 | ||||||
Exercise of stock options | $ 5,158 | $ 1,062 | 4,096 | |||||
Exercise of stock options (in shares) | 1,623,000 | 1,623,460 | ||||||
Vesting of restricted stock units | $ (15,182) | $ 1,635 | $ (15,182) | (1,635) | ||||
Vesting of restricted stock units (in shares) | 2,507,748 | (975,927) | ||||||
Stock-based compensation | 45,813 | 45,813 | ||||||
Loss for the period | (18,000) | (18,000) | ||||||
Balance at Dec. 31, 2020 | $ 627,505 | $ 290,115 | $ (51,082) | $ 1,817,649 | $ (1,429,177) | |||
Balance (in shares) at Dec. 31, 2020 | 398,425,000 | (5,886,919) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (18,000) | $ (22,645) | $ (116,445) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 597 | 180 | 23 |
Amortization of investments | 1,602 | ||
Stock-based compensation | 45,813 | 30,917 | 18,806 |
Amortization of debt discount and debt issuance costs | 635 | 1,644 | 2,183 |
Amortization of intangible asset | 1,441 | 679 | 646 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (38,144) | (49,907) | (21,205) |
Inventory | (112,095) | (18,967) | (27,542) |
Prepaid and other current assets | (17,636) | (10,366) | 510 |
Other long-term assets | 642 | (900) | |
Interest receivable | (1,329) | ||
Accrued interest payable | (428) | (210) | (310) |
Deferred revenue | (2,214) | 136 | 1,656 |
Accounts payable, accrued expenses and other current liabilities | 114,741 | 65,913 | 37,602 |
Other long-term liabilities | 2,629 | (5,840) | 9,373 |
Net cash used in operating activities | (21,746) | (9,366) | (94,703) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Sale and maturities of securities | 301,989 | ||
Purchases of securities | (678,700) | ||
Purchases of furniture, fixtures and equipment | (252) | (2,478) | (58) |
Net cash used in investing activities | (376,963) | (2,478) | (58) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of common stock, net of transaction costs | 440,108 | 264,840 | |
Proceeds from issuance of common stock under employee stock purchase plan | 1,957 | 2,165 | 1,043 |
Proceeds from exercise of stock options, net of transaction costs | 5,158 | 24,478 | 26,402 |
Payment of transaction costs for conversion of preferred stock | (504) | (39) | |
Payment on debt from royalty-bearing instrument | (50,336) | (31,652) | (14,690) |
Transaction costs related to exchange of exchangeable senior notes | (121) | ||
Taxes related to stock-based awards | (15,182) | (25,487) | (6,184) |
Net cash (used in) provided by financing activities | (58,907) | 409,612 | 271,251 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (457,616) | 397,768 | 176,490 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 648,495 | 250,727 | 74,237 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 190,879 | 648,495 | 250,727 |
Cash paid during the year for: | |||
Interest | 2,043 | 4,591 | 21,527 |
Income taxes | 207 | 67 | 850 |
Supplemental disclosure of non-cash transactions: | |||
Laxdale milestone | 8,457 | ||
Initial recognition of operating lease right-of-use asset | $ 8,995 | ||
Exchange of exchangeable senior notes into common stock | 29,490 | ||
Conversion of Series A Convertible Preferred Stock into common stock | $ 18,020 | $ 2,514 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | (1) Nature of Business and Basis of Presentation Nature of Business Amarin Corporation plc, or Amarin, or the Company, is a pharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health and reduce cardiovascular risk. The Company’s lead product, VASCEPA ® > ® On March 30, 2020, the United States District Court for the District of Nevada, or the Nevada Court, ruled in favor of two generics companies in Amarin’s patent litigation related to its abbreviated new drug applications, or ANDAs, that seek FDA approval for sale of generic versions of VASCEPA for the original indication of VASCEPA as an adjunct to diet to reduce TG levels in adult patients with severe ( > en banc en banc In August 2020, the Company announced plans to launch icosapent ethyl under the brand name VAZKEPA ® In November 2020, the Company announced topline results from the Phase 3 clinical trial of VASCEPA conducted by the Company’s partner in China. On February 9, 2021, the Company announced that regulatory review processes for approval of VASCEPA in Mainland China and Hong Kong have commenced. The Chinese National Medical Products Administration, or NMPA, has accepted for review the new drug application for VASCEPA based on the results from the Phase 3 clinical trial and the results from the Company’s prior studies of VASCEPA. The Hong Kong Department of Health is evaluating VASCEPA based on current approvals in the United States and Canada. The Company currently has strategic collaborations to develop and commercialize VASCEPA in select territories outside the United States. Amarin is responsible for supplying VASCEPA to all markets in which the product is sold, including in Canada, Lebanon and the United Arab Emirates where the drug is promoted and sold via collaboration with third-party companies that compensate Amarin for such supply. Amarin is not responsible for providing any generic company with drug product. The Company operates in one business segment. Basis of Presentation The consolidated financial statements included herein have been prepared by the Company in accordance with accounting principles generally accepted in the United States and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. The consolidated financial statements reflect all adjustments of a normal and recurring nature that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of the Company’s consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles, or GAAP , requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The results of operations for the years ended December 31, 2020 , 2019 and 2018 are not necessarily indicative of the results for any future period. Certain numbers presented throughout this document may not add precisely to the totals provided due to rounding. Absolute and percentage changes are calculated using the underlying amounts in thousands. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements of the Company and subsidiaries have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business, as well as the current global pandemic, COVID-19. At December 31, 2020, the Company had Total assets of $966.0 million, of which $563.4 million consisted of cash and liquid short-term and long-term investments. More specifically, the Company had Current assets of $879.2 million, including Cash and cash equivalents of $187.0 million, Short-term investments of $314.0 million, Accounts receivable, net, of $154.6 million and Inventory of $188.9 million. In addition, at December 31, 2020, the Company had Long-term investments of $62.5 million. At December 31, 2020, the Company had no debt outstanding. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates Accounting estimates are based on historical experience and other factors that are considered reasonable under the circumstances. Estimates are used in determining such items as provisions for sales returns, rebates and incentives, chargebacks, and other sales allowances; depreciable/amortizable lives; asset impairments; valuation allowance on deferred taxes; probabilities of achievement of performance conditions for certain equity awards; amounts recorded for licensing revenue; contingencies and accruals; and valuations of derivative and long-term debt instruments. Because of the uncertainties inherent in such estimates, actual results may differ from these estimates. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Use of Forecasted Financial Information in Accounting Estimates The use of forecasted financial information is inherent in many of the Company’s accounting estimates including, but not limited to, determining the estimated fair values of derivatives, debt instrument and intangible assets, evaluating the need for valuation allowances for deferred tax assets, and assessing the Company’s ability to continue as a going concern. Such forecasted financial information is comprised of numerous assumptions regarding the Company’s future revenues, cash flows, and operational results. Management believes that its financial forecasts are reasonable and appropriate based upon current facts and circumstances. Because of the inherent nature of forecasts, however, actual results may differ from these forecasts. Management regularly reviews the information related to these forecasts and adjusts the carrying amounts of the applicable assets prospectively, if and when actual results differ from previous estimates. Revenue Recognition In accordance with Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers Distribution Costs The Company records distribution costs related to shipping product to its customers, primarily through the use of common carriers or external distribution services, in Cost of goods sold. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, deposits with banks and short-term highly liquid money market instruments with remaining maturities at the date of purchase of 90 days or less. Restricted cash represents cash and cash equivalents pledged to guarantee repayment of certain expenses which may be incurred for business travel under corporate credit cards held by employees. Accounts Receivable, net Accounts receivable, net, comprised of trade receivables, are generally due within 30 days and are stated at amounts due from customers. The Company recognizes an allowance for losses on accounts receivable in an amount equal to the estimated probable losses net of any recoveries. The allowance is based primarily on assessment of specific identifiable customer accounts considered at risk or uncollectible, as well as an analysis of current receivables aging and expected future write-offs. The expense associated with the allowance for doubtful accounts is recognized as Selling, general, and administrative expense. The Company has not historically experienced any significant credit losses. All customer accounts are actively managed and no losses in excess of amounts reserved are currently expected; however, the Company is monitoring the potential negative impact of COVID-19 on the Company’s customers’ ability to meet their financial obligations. The following table summarizes the impact of accounts receivable reserves on the gross trade accounts receivable balances at December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Gross trade accounts receivable $ 203,875 $ 149,567 Trade allowances (36,242 ) (29,261 ) Chargebacks $ (12,114 ) (3,876 ) Allowance for doubtful accounts (945 ) — Accounts receivable, net $ 154,574 $ 116,430 Inventory The Company states inventories at the lower of cost or net realizable value. Cost is determined based on actual cost using the average cost method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. An allowance is established when management determines that certain inventories may not be saleable. If inventory cost exceeds expected net realizable value due to obsolescence, damage or quantities in excess of expected demand, changes in price levels or other causes, the Company will reduce the carrying value of such inventory to net realizable value and recognize the difference as a component of cost of goods sold in the period in which it occurs. The Company capitalizes inventory purchases of saleable product from approved suppliers while inventory purchases from suppliers prior to regulatory approval are included as a component of research and development expense. The Company expenses inventory identified for use as marketing samples when they are packaged. The average cost reflects the actual purchase price of VASCEPA active pharmaceutical ingredient, or API. Long-Lived Asset Impairment The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. If impairment is indicated, the assets are written down to fair value. Fair value is determined based on discounted forecasted cash flows or appraised values, depending on the nature of the assets. Intangible Asset, net Intangible asset, net consists of milestone payments to the former shareholders of Laxdale Limited, or Laxdale, related to the 2004 acquisition of the rights to VASCEPA, which is the result of VASCEPA receiving marketing approval in the U.S. for the first indication in 2012 and the expanded label in 2019 and is amortized over its estimated useful life on a straight-line basis. See Note 8—Commitments and Contingencies for further information regarding other obligations related to the acquisition of Laxdale Limited. Costs for Patent Litigation and Legal Proceedings Costs for patent litigation or other legal proceedings are expensed as incurred and included in Selling, general and administrative expense. Research and Development Costs The Company charges research and development costs to operations as incurred. Research and development expenses are comprised of costs incurred by the Company in performing research and development activities, including: salary and benefits; stock-based compensation expense; laboratory supplies and other direct expenses; contractual services, including clinical trial and pharmaceutical development costs; commercial supply investment in its drug candidates; and infrastructure costs, including facilities costs and depreciation expense. In addition, research and development costs include the costs of product supply received from suppliers when such receipt by the Company is prior to regulatory approval of the supplier, as well as license fees related to the Company’s strategic collaboration with Mochida Pharmaceutical Co., Ltd., or Mochida. Selling, General and Administrative Costs The Company charges selling, general and administrative costs to operations as incurred. Selling, general and administrative costs include salaries and benefits, stock-based compensation expense, and costs of programs and infrastructure necessary for the general conduct of the Company’s business, including those incurred as a result of the commercialization of VASCEPA in the United States as well as co-promotion fees to Kowa Pharmaceuticals America, Inc. which in 2018 included costs for accrual of tail co-promotion fees. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts and tax bases of assets and liabilities and operating loss carryforwards and other tax attributes using enacted rates expected to be in effect when those differences reverse. Valuation allowances are provided against deferred tax assets that are not more likely than not to be realized. Deferred tax assets and liabilities are classified as non-current in the consolidated balance sheet. The Company provides reserves for potential payments of tax to various tax authorities and does not recognize tax benefits related to uncertain tax positions and other issues. Tax benefits for uncertain tax positions are based on a determination of whether a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized, assuming that the matter in question will be decided based on its technical merits. The Company’s policy is to record interest and penalties in the provision for income taxes, as applicable. The Company regularly assesses its ability to realize deferred tax assets. Changes in historical earnings performance, future earnings projections, and changes in tax laws, among other factors, may cause the Company to adjust its valuation allowance on deferred tax assets, which would impact the Company’s income tax expense in the period in which it is determined that these factors have changed. Excess tax benefits and deficiencies that arise upon vesting or exercise of share-based payments are recognized as an income tax benefit and expense, respectively, in the statement of operations. Excess income tax benefits are classified as cash flows from operating activities and cash paid to taxing authorities arising from the withholding of shares from employees are classified as cash flows from financing activities. The Company’s and its subsidiaries’ income tax returns are periodically examined by various tax authorities, including the Internal Revenue Service, or IRS, and states. The Company is currently under audit by the IRS for the Company’s 2018 U.S. income tax return and by the New Jersey Department of Treasury for the years 2012 to 2015. Although the outcome of tax audits is always uncertain and could result in significant cash tax payments, the Company does not believe the outcome of these audits will have a material adverse effect on its consolidated financial position or results of operations. Loss per Share Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as common stock options calculated using the treasury stock method and convertible notes using the “if-converted” method. In periods with reported net operating losses, all common stock options are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. The Company’s preferred stock is entitled to receive dividends on an as-if-converted basis in the same form as dividends actually paid on common shares. Accordingly, the preferred stock is considered a participating security and the Company is required to apply the two-class method to consider the impact of the preferred stock on the calculation of basic and diluted earnings per share. The Company is currently in a net loss position and is therefore not required to present the two-class method, however, in the event the Company is in a net income position, the two-class method must be applied by allocating all earnings during the period to common shares and preferred stock based on their contractual entitlements assuming all earnings were distributed. The calculation of net loss and the number of shares used to compute basic and diluted net loss per share for the years ended December 31, 2020, 2019, and 2018 are as follows: In thousands 2020 2019 2018 Net loss—basic and diluted $ (18,000 ) $ (22,645 ) $ (116,445 ) Weighted average shares outstanding—basic and diluted 381,759 342,538 297,237 Net loss per share—basic and diluted $ (0.05 ) $ (0.07 ) $ (0.39 ) For the years ended December 31, 2020, 2019 and 2018, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: In thousands 2020 2019 2018 Stock options 16,664 15,619 19,263 Restricted stock and restricted stock units 7,710 6,921 9,633 Preferred stock (if converted) — 28,932 28,932 Stock options are anti-dilutive during periods of net earnings when the exercise price of the stock options exceeds the market price of the underlying shares on the last day of the reporting period. Restricted stock and restricted stock units are anti-dilutive during periods of net earnings when underlying performance-based vesting requirements were not achieved as of the last day of the reporting period. Debt Instruments Debt instruments are initially recorded at fair value, with coupon interest and amortization of debt issuance discounts recognized in the consolidated statement of operations as interest expense each period in which such instruments are outstanding. The Company records debt issuance costs related to a recognized debt liability in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability and amortized to interest expense using the effective interest method over the expected term of the related debt. Unamortized debt issuance costs related to the extinguishment of debt are expensed at the time the debt is extinguished and recorded in Other income (expense), net, in the consolidated statements of operations. If the Company issues shares to discharge the liability, the debt obligation is derecognized and common stock and additional paid-in capital are recognized upon the issuance of those shares. Stock-Based Compensation Stock-based compensation cost is generally measured at the grant date, based on the fair value of the award, and is recognized as compensation expense over the requisite service period. For awards with performance conditions, if the achievement of the performance conditions is deemed probable, the Company recognizes compensation expense based on the fair value of the award over the estimated service period. The Company reassesses the probability of achievement of the performance conditions for such awards each reporting period. The Company estimates the level of forfeitures expected to occur based on its historical data and records compensation cost only for those awards that are ultimately expected to vest. See Note 11—Stock Incentive Plans and Stock-Based Compensation for further discussion. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, short-term and long-term investments, and accounts receivable. The Company maintains substantially all of its cash and cash equivalents in financial institutions believed to be of high-credit quality. A significant portion of the Company’s sales are to wholesalers in the pharmaceutical industry. The Company monitors the creditworthiness of customers to whom it grants credit terms and has not experienced any credit losses. The Company does not require collateral or any other security to support credit sales. Three customers individually accounted for 10% or more of the Company’s gross product sales. Customers A, B, and C accounted for 38%, 29%, and 25%, respectively, of gross product sales for the year ended December 31, 2020 and represented 31%, 18%, and 37%, respectively, of the gross accounts receivable balance as of December 31, 2020. Customers A, B, and C accounted for 36%, 29% and 25%, respectively, of gross product sales for the year ended December 31, 2019 and represented 35%, 20%, and 37%, respectively, of the gross accounts receivable balance as of December 31, 2019. The Company has not experienced any significant write-offs of its accounts receivable. Concentration of Suppliers The Company has contractual freedom to source the API for VASCEPA and to procure other services supporting its supply chain and has entered into supply agreements with multiple suppliers. The Company’s supply of product for commercial sale and clinical trials is dependent upon relationships with third-party manufacturers and suppliers. The Company cannot provide assurance that its efforts to procure uninterrupted supply of VASCEPA to meet market demand will continue to be successful or that it will be able to renew current supply agreements on favorable terms or at all. Significant alteration to or disruption or termination of the Company’s current supply chain, including as a result of COVID-19, or the Company’s failure to enter into new and similar agreements in a timely fashion, if needed, could have a material adverse effect on its business, condition (financial and other), prospects or results of operations. The Company currently has manufacturing agreements with multiple independent FDA-approved API manufacturers and several independent FDA-approved API encapsulators and packagers for VASCEPA manufacturing. Each of these companies has qualified and validated its manufacturing processes and is capable of manufacturing VASCEPA. There can be no guarantee that these or other suppliers with which the Company may contract in the future to manufacture VASCEPA or VASCEPA API will remain qualified to do so to its specifications or that these and any future suppliers will have the manufacturing capacity to meet anticipated demand for VASCEPA. Foreign Currency Monetary assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at period-end exchange rates. Gains and losses from the remeasurement are included in Other income (expense), net in the consolidated statements of operations. For transactions settled during the applicable period, gains and losses are included in Other income (expense), net in the consolidated statements of operations. Certain amounts payable pursuant to supply contracts are denominated in currencies other than the U.S. dollar. Fair Value of Financial Instruments The Company provides disclosure of financial assets and financial liabilities that are carried at fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements may be classified based on the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities using the following three levels: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3—Unobservable inputs that reflect the Company’s estimates of the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The following tables present information about the estimated fair value of the Company’s assets and liabilities as of December 31, 2020 and 2019 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Asset: Money Market Fund $ 88,266 $ 88,266 $ — $ — U.S. Treasury Shares 48,356 48,356 — — Corporate Bonds 179,864 — 179,864 — Commercial Paper 106,650 — 106,650 — Agency Securities 20,782 — 20,782 — Repo Securities 10,000 — 10,000 — Asset Backed Securities 8,599 — 8,599 — Certificate of Deposit 6,125 — 6,125 — Non-US Government 5,240 — 5,240 — Total $ 473,882 $ 136,622 $ 337,260 $ — December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Asset: Money Market Fund $ 10,078 $ 10,078 $ — $ — The carrying amount of the Company’s cash and cash equivalents approximates fair value because of their short-term nature. The cash and cash equivalents consist of cash, deposits with banks and short-term highly liquid money market instruments with remaining maturities at the date of the purchase of 90 days or less. The Company’s held-to-maturity investments are stated at amortized cost, which approximates fair value. The Company does not intend to sell these investment securities and the contractual maturities are not greater than 24 months. Those with maturities greater than 90 days and less than twelve months are included in short-term investments on its consolidated balance sheet. Those with remaining maturities in excess of twelve months are included in long-term investments on its consolidated balance sheet. Unrealized gains or losses on held-to-maturity securities are not recognized until maturity, except other-than-temporary unrealized losses which are recognized in earnings in the period incurred. The Company evaluates securities with unrealized losses to determine whether such losses are other than temporary. The unrealized gain for the year ended December 31, 2020 and 2019 was $0.5 million and nil, respectively. Interest on investments is reported in interest income. The carrying amounts of accounts payable and accrued liabilities approximate fair value because of their short-term nature. The carrying amounts and the estimated fair values of the debt from royalty-bearing instrument as of December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 In thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt from royalty-bearing instrument $ — $ — $ 49,702 $ 50,400 The estimated fair value of the debt from royalty-bearing instrument was calculated utilizing the same Level 3 inputs utilized in valuing the related derivative liability (see Derivative Liabilities below). The carrying value of the debt from royalty-bearing instrument was net of the unamortized debt discounts and issuance costs as of both December 31, 2020 and 2019. Derivative Liabilities Derivative financial liabilities are recorded at fair value, with gains and losses arising for changes in fair value recognized in the consolidated statement of operations at each period end while such instruments are outstanding. If the Company issues shares to discharge the liability, the derivative financial liability is derecognized and common stock and additional paid-in capital are recognized on the issuance of those shares. Long-Term Debt Redemption Feature The Company’s December 2012 royalty-bearing instrument financing arrangement (discussed in Note 7—Debt) was repaid in quarterly increments from 2013 through 2020. After the quarterly payment in the fourth quarter of 2020, the instrument has been fully repaid. This royalty-bearing instrument contained a redemption feature whereby, upon a change of control, the Company would have be en required to repay $ 150.0 million, less any previously repaid amount. The Company determined this redemption feature was an embedded derivative, which was carried at fair value and was classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs. The fair value of the embedded derivative was calculated using a probability-weighted model incorporating management estimates of future revenues and for a potential change in control, and by determining the fair value of the debt with and without the change in control provision included. As of December 31, 2020, having fully repaid the royalty-bearing instrument, the fair value and carrying value are both nil. The fair value of this derivative liability was remeasured at each reporting period, with changes in fair value recognized in the consolidated statement of operations. As of December 31, 2019, the fair value of the derivative was determined to be nil based on underlying assumptions, and the debt was valued by comparing debt issues of similar companies with (i) remaining terms of between 1.9 and 7.3 years Segment and Geographical Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company currently operates in one business segment, which is the development and commercialization of VASCEPA. A single management team that reports to the Company’s chief decision-maker, who is the Chief Executive Officer, comprehensively manages the business. Accordingly, the Company does not have separately reportable segments. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, and are early adopted by the Company or adopted as of the specified effective date. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments The Company also considered the following recent accounting pronouncement which was not yet adopted as of December 31, 2020: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The Company believes that the impact of other recently issued but not yet adopted accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to the Company’s operations. |
Intangible Asset
Intangible Asset | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Asset | (3) Intangible Asset Intangible asset consists of the historical acquisition cost of certain technology rights for VASCEPA. Upon approval by FDA on December 13, 2019 of a new indication of VASCEPA, a milestone for £ In thousands December 31, 2020 December 31, 2019 Technology rights $ 20,081 $ 20,081 Accumulated amortization (6,264 ) (4,823 ) Intangible asset, net $ 13,817 $ 15,258 Amortization expense for the years ended December 31, 2020 and 2019 was $1.4 million and $0.7 million, respectively. Estimated future amortization expense, based upon the Company’s intangible asset, as of December 31, 2020 is as follows: In thousands Year Ending December 31, Amount 2021 $ 1,442 2022 1,442 2023 1,442 2024 1,442 2025 1,442 Thereafter 6,607 Total $ 13,817 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | (4) Inventory The Company capitalizes its purchases of saleable inventory of VASCEPA from suppliers that have been qualified by the FDA. Inventories as of December 31, 2020 and 2019 consist of the following: In thousands December 31, 2020 December 31, 2019 Raw materials $ 50,657 $ 19,455 Work in process 30,388 12,031 Finished goods 107,819 45,283 Inventory $ 188,864 $ 76,769 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | (5) Property, Plant and Equipment Property, plant and equipment as of December 31, 2020 and 2019 consist of the following: In thousands Useful Life (in years) December 31, 2020 December 31, 2019 Furniture and fixtures 5 $ 1,699 $ 1,636 Leasehold improvements lesser of useful life or lease term 1,026 714 Software 3 - 5 617 617 Computer equipment 3 - 5 290 290 Construction in progress — 123 Property, plant and equipment 3,632 3,380 Accumulated depreciation and amortization (1,616 ) (1,019 ) Property, plant and equipment, net $ 2,016 $ 2,361 The Company provides for depreciation and amortization using the straight-line method by charges to operations in amounts that depreciate the cost of the fixed asset over its estimated useful life. Depreciation expense for the years ended December 31, 2020, 2019, and 2018 were $0.6 million, $0.2 million, and less than $0.1 million, respectively. Upon retirement or sale of assets, the cost of the assets disposed and the related accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is credited or expensed to operations. Repairs and maintenance costs are expensed as incurred. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | (6) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following as of December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Payroll and payroll-related expenses $ 22,772 $ 21,204 Sales and marketing accruals 6,220 8,221 Accrued revenue allowances 140,863 93,815 All other 28,786 16,586 Accrued expenses and other current liabilities $ 198,641 $ 139,826 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt Debt from Royalty-Bearing Instrument—December 2012 Financing On December 6, 2012, the Company entered into a Purchase and Sale Agreement with BioPharma Secured Debt Fund II Holdings Cayman LP, or BioPharma. Under this agreement, the Company granted to BioPharma a security interest in future receivables associated with the VASCEPA patent rights, in exchange for $100.0 million received at the closing of the agreement which occurred in December 2012. In the agreement, the Company agreed to repay BioPharma up to $150.0 million with such repayment based on a portion of net revenues and receivables generated from VASCEPA. On December 20, 2017, BioPharma assigned all rights under this agreement to CPPIB Credit Europe S.à r.l., or CPPIB. As of December 31, 2020, the $150.0 million was repaid in full to CPPIB and as such, the Company has no outstanding debt. During the year ended December 31, 2020, the Company made repayments under the agreement of $52.4 million to CPPIB, with the final payment owed to CPPIB being made in November 2020 for $9.6 million. During the year ended December 31, 2020, the Company recorded cash and non-cash interest expense of $1.6 million and $0.6 million, respectively, in connection with the royalty-bearing instrument. During the year ended December 31, 2019, the Company recorded $4.4 million and $1.6 million of cash and non-cash interest expense, respectively, in connection with the royalty-bearing instrument. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies Litigation On February 22, 2019, a purported investor in the Company’s publicly traded securities filed a putative class action lawsuit against Amarin Corporation plc, the chief executive officer and chief scientific officer in the U.S. District Court for the District of New Jersey, Debendra Sharma v. Amarin Corporation plc, John F. Thero and Steven Ketchum Richard Borghesi v. Amarin Corporation plc, John F. Thero and Steven Ketchum In re Amarin Corporation PLC Securities Litigation Co-Lead Plaintiffs filed a consolidated amended complaint, or Amended Complaint, on July 22, 2019 that adds as defendants the Company’s current chief medical officer and the Company’s former chief executive officer, who is a current director. The Amended Complaint alleges that from September 24, 2018 to November 9, 2018 the Company misled investors by releasing topline results for the REDUCE-IT study without disclosing data on biomarker increases in the placebo group as compared with baseline measurement. The Amended Complaint alleges that these data suggest that the mineral oil placebo used in the REDUCE-IT study may have interfered with statin absorption in the placebo group, which they allege may have increased adverse outcomes in the placebo group. The Amended Complaint further alleges that these purported misrepresentations and omissions inflated the share price. Based on these allegations, the suit asserts claims under the Securities Exchange Act of 1934 and seeks unspecified monetary damages and attorneys’ fees and costs. A court determination on the Company’s motion to dismiss this litigation is pending. The Company believes that it has valid defenses and will vigorously defend against the claims, but cannot predict the outcome. The Company is unable to reasonably estimate the loss exposure, if any, associated with these claims. The Company has insurance coverage that is anticipated to cover any significant loss exposure that may arise from this action after payment by the Company of the associated deductible obligation. In September and October 2016, the Company received paragraph IV certification notices from four companies contending to varying degrees that certain of its patents are invalid, unenforceable and/or will not be infringed by the manufacture, use, sale or offer for sale of a generic form of VASCEPA as described in those companies’ ANDAs. The Company filed patent infringement lawsuits against three of these four ANDA applicants. In October 2016, Amarin filed a lawsuit against Roxane Laboratories, Inc. and related parties (collectively, “Roxane”) in the Nevada Court. The case against Roxane was captioned Amarin Pharma, Inc. et al. v. Roxane Laboratories, Inc. et al. , Civ. A. No. 2:16-cv-02525 (D. Nev.). According to a stipulation filed with the Nevada Court , in December 2016, Roxane transferred its ANDA to West-Ward Pharmaceuticals International Limited, which then designated West-Ward Pharmaceuticals Corp. (or together with West-Ward Pharmaceuticals International Limited, West-Ward) as its agent for FDA communications. In view of the ANDA transfer, in February 2017, West-Ward replaced Roxane and related parties as Defendants in the above-referenced case. The case against West-Ward was then captioned Amarin Pharma, Inc. et al. v. West-Ward Pharmaceuticals Corp. et al. , Civ. A. No. 2:16-cv-02525 (D. Nev.). In November 2016, the Company filed a lawsuit against Dr. Reddy’s Laboratories, Inc. and Dr. Reddy’s Laboratories, Ltd. (collectively, “DRL”) in the U.S. District Court for the District of Nevada. The case against DRL is captioned Amarin Pharma, Inc. et al. v. Dr. Reddy’s Laboratories, Inc. et al. , Civ. A. No. 2:16-cv-02562 (D. Nev.). In November 2016, the Company filed a lawsuit against Teva Pharmaceuticals USA, Inc. and Teva Pharmaceuticals Industries Limited (collectively, “Teva”) in the Nevada Court . The case against Teva was captioned Amarin Pharma, Inc. et al. v. Teva Pharmaceuticals USA, Inc. et al. , Civ. A. No. 2:16-cv-02658. In all three lawsuits, the Company sought , among other remedies, an order enjoining each defendant from marketing generic versions of VASCEPA before the last to expire of the asserted patents in 2030. The fourth ANDA applicant referenced above is Apotex Inc., or Apotex, which sent the Company a paragraph IV certification notice in September 2016. The notice reflected that Apotex made a paragraph IV notice as to some, but not all, of the patents listed in the Orange Book for VASCEPA. In October 2016, the Company introduced to the market a 0.5-gram dose strength of VASCEPA. In August 2017, as anticipated, the Company received a paragraph IV certification notice from Teva contending that certain of its patents are invalid, unenforceable and/or will not be infringed by the manufacture, use, sale or offer for sale of a generic form of the 0.5-gram dose strength of VASCEPA, as described in the Teva ANDA. This Teva ANDA was filed as an amendment to the 1-gram Teva ANDA and is related to patents already at issue in the 1-gram VASCEPA patent litigation. This certification followed the related listing in the Orange Book of patents associated with the 0.5-gram product in June 2017. This June 2017 listing was within the five-year, post NDA-approval period during which the Hatch-Waxman Amendments require a paragraph IV certification of patent invalidity or non-infringement under the Hatch-Waxman, five-year, NCE regulatory scheme. Accordingly, in October 2017, the Company filed a patent infringement lawsuit against Teva in the U.S. District Court for the District of Nevada. The case was captioned Amarin Pharma, Inc. et al. v. Teva Pharmaceuticals USA, Inc. et al., On May 24, 2018, the Company entered into a settlement agreement with Teva that resolved its ANDA patent litigation as it relates to Teva’s as amended ANDA for both the 1-gram and 0.5-gram dose strengths of VASCEPA. As part of the settlement agreement, Teva may, subject to procurement of product supply, sell a generic version of VASCEPA in the United States now that the U.S. Federal Circuit Court of Appeals issued its mandate following our Nevada Court trial appeal lost at the level. The settlement agreement with Teva also substantially resolved litigation with Teva that could have ensued related to the December 2019 cardiovascular risk reduction indication of VASCEPA based on the REDUCE-IT study. In July 2018, as anticipated, the Company received a paragraph IV certification notice from DRL contending that certain of its patents are invalid, unenforceable and/or will not be infringed by the manufacture, use, sale or offer for sale of a generic form of the 0.5-gram dose strength of VASCEPA, as described in the DRL ANDA. This DRL ANDA was filed as an amendment to the 1-gram DRL ANDA and is related to patents already at issue in the 1-gram VASCEPA patent litigation. This certification followed the related listing in the Orange Book of patents associated with the 0.5-gram product in June 2017. This June 2017 listing was within the five-year, post NDA-approval period during which the Hatch-Waxman Amendments require a paragraph IV certification of patent invalidity or non-infringement lawsuit against DRL in the U.S. District Court for the District of Nevada. The case is captioned Amarin Pharma, Inc. et al. v. Dr. Reddy’s Laboratories, Inc. et al., The trial for the ANDA patent litigation against defendants DRL and Hikma, and certain of their respective affiliates, or the Defendants, took place in the Nevada Court (case no.: 2:16-cv-02525-MMD-NJK (consolidated with 2:16-cv=02562=MMD-NJK). Following conclusion of the trial in late January 2020, the Nevada Court, on March 30, 2020, decided in favor of the Defendants, ruling that the relevant patents are invalid due to obviousness. Amarin appealed this decision to the Federal Circuit (case no.: 20-1723). In June 2020, the Company entered into a settlement agreement with Apotex that resolved patent litigation that was expected to result from the ANDA filed by Apotex with the FDA, which ANDA was amended in May 2020, seeking approval of a generic form of VASCEPA capsules based on the MARINE study. As part of the settlement agreement, Apotex may, subject to FDA approval of its ANDA and procurement of product supply, sell a generic version of VASCEPA with MARINE indication labeling in the United States now that the U.S. Federal Circuit Court of Appeals issued its mandate following our Nevada Court trial appeal loss at the level (the same such date provided for under the 2018 settlement agreement with Teva). The settlement agreement with Apotex also substantially resolved litigation with Apotex that could have ensued related to the December 2019 cardiovascular risk reduction indication of VASCEPA based on the REDUCE-IT study. Apotex may amend its label under our settlement agreement to include the REDUCE-IT indication after expiration of the associated Hatch-Waxman Act regulatory exclusivity expires in December 2022. On September 3, 2020, the U.S. Court of Appeal for the Federal Circuit upheld the March 2020 trial ruling by the Nevada Court in favor of Hikma and DRL. On October 2, 2020, the Company filed a combined petition for panel rehearing or rehearin en banc In November 2020, the Company filed a new patent infringement lawsuit against Hikma in the United States District Court in Delaware. The complaint alleges that Hikma has induced the infringement of VASCEPA-related cardiovascular risk reduction U.S. Patent Nos. 9,700,537 (Composition for preventing the occurrence of cardiovascular event in multiple risk patient), 8,642,077 (Stable pharmaceutical composition and methods of using same), and 10,568,861 (Methods of reducing the risk of a cardiovascular event in a subject at risk for cardiovascular disease) by making, selling, offering to sell and importing generic icosapent ethyl capsules in or into the United States. The Company is seeking remedies including a permanent injunction against Hikma’s unlawful inducement of infringing uses of its generic product to reduce cardiovascular risk and monetary damages in an amount sufficient to compensate the Company for such infringement. In January 2021, the Company expanded the scope of the VASCEPA CV risk reduction patent infringement lawsuit against Hikma to include a health care insurance provider in the United States, Health Net, LLC. Through insurance coverage and economic incentives the Company alleges that Health Net, LLC has actively induced pharmacies to dispense, and patients to use, Hikma generic icosapent ethyl capsules in infringement of the related patents. The Company intends to vigorously enforce its intellectual property rights relating to VASCEPA, but cannot predict the outcome of these lawsuits or any subsequently filed lawsuits. In June 2020, the Company received a civil investigative demand, or CID, from the U.S. Department of Justice, or the DOJ, informing the Company that the DOJ is investigating whether aspects of its promotional speaker programs and copayment waiver program during the period from January 1, 2015 to the present violated the U.S. Anti-Kickback Statute and the U.S. False Claims Act in relation to the sale and marketing of VASCEPA by the Company and its previous co-marketing partner, Kowa Pharmaceuticals America, Inc. The CID requires the Company to produce documents and answer written questions, or interrogatories, relevant to the specified time period. Amarin is cooperating with the DOJ and cannot predict when the investigation will be resolved, the outcome of the investigation or its potential impact on the Company’s business. In addition to the above, in the ordinary course of business, the Company is from time to time involved in lawsuits, claims, investigations, proceedings, and threats of litigation relating to intellectual property, commercial arrangements and other matters. Milestone and Supply Purchase Obligations The Company entered into long-term supply agreements with multiple FDA-approved API suppliers and encapsulators. Certain supply agreements require annual minimum volume commitments by the Company and certain volume shortfalls may require payments for such shortfalls. These agreements include requirements for the suppliers to meet certain product specifications and qualify their materials and facilities with applicable regulatory authorities including the FDA. The Company has incurred certain costs associated with the qualification of product produced by these suppliers. Pursuant to the supply agreements, there is a total of approximately $326.1 million that is potentially payable over the term of such agreements based on minimum purchase obligations. The Company continues to meet its contractual purchase obligations. Under the 2004 share repurchase agreement with Laxdale upon receipt of marketing approval in Europe for the first indication for VASCEPA (or first indication of any product containing intellectual property acquired from Laxdale in 2004), the Company must make an aggregate stock or cash payment to the former shareholders of Laxdale (at the sole option of each of the sellers) of £7.5 million (approximately $10.2 million as of December 31, 2020). Also under the Laxdale agreement, upon receipt of a marketing approval in Europe for a further indication of VASCEPA (or further indication of any other product acquired from Laxdale in 2004 ), the Company must make an aggregate stock or cash payment (at the sole option of each of the sellers) of £ million (approximately $6.8 million as of December 31, 2020 ) for the potential market approval . The Company has no provision for any of the obligations above since the amounts are either not paid or payable as of December 31, 2020. Marketing Obligations As of December 31, 2020, the Company had certain marketing commitments, consisting of communication costs related to the direct-to-consumer activities, totaling approximately $7.3 million. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | (9) Equity Preferred Stock As of December 31, 2020, the Company had no preferred stock outstanding. On March 5, 2015, the Company entered into a subscription agreement with four institutional investors, or the Purchasers, including both existing and new investors, for the private placement of 352,150,790 restricted American Depositary Shares, each representing one (1) share of Amarin’s Series A Convertible Preference Shares, par value £0.05 per share, in the capital of the Company, or Series A Preference Shares, resulting in gross proceeds to the Company of $52.8 million, before deducting estimated offering expenses of approximately $0.7 million. For each restricted American Depositary Share, the Purchasers paid a negotiated price of $0.15 (equating to $1.50 on an as-if-converted-to-ordinary-shares basis). The closing of the private placement occurred on March 30, 2015. As of December 31, 2020, all such Series A Preference Shares, as well as the Series A Preference Shares issued in the second private placement as discussed below, had been converted to ordinary shares at the request of the holders such that none remain outstanding. Each ten (10) Series A Preference Shares were able to be consolidated and redesignated as one (1) ordinary share, par value £0.50 Except as otherwise provided in the Series A Preference Share Terms or as required by applicable law, the Series A Preference Shares had no voting rights. However, as long as any Series A Preference Shares were outstanding, the Company could not, without the approval of the holders of seventy-five percent (75%) of the then outstanding Series A Preference Shares, alter or change adversely the powers, preferences or rights attaching to the Series A Preference Shares or enter into any agreement with respect to the foregoing. Holders of the Series A Preference Shares were entitled to receive, and the Company was required to pay, dividends (other than dividends in the form of ordinary shares) on the Series A Preference Shares equal (on an as-if-converted-to-ordinary-shares basis) to and in the same form as dividends (other than dividends in the form of ordinary shares) actually paid on ordinary shares when, as and if such dividends (other than dividends in the form of ordinary shares) were paid on the ordinary shares. The restricted American Depositary Shares and Series A Preference Shares were sold in a transaction exempt from the registration requirements under the Securities Act of 1933, as amended, or the Securities Act. The Company filed a registration statement with the SEC covering the resale of the restricted American Depositary Shares and the ADSs representing ordinary shares created by the consolidation and redesignation of the Series A Preference Shares’ or the Registrable Securities, on April 9, 2015, which was declared effective by the SEC on May 1, 2015. In addition, the Company agreed to use its commercially reasonable best efforts to keep the registration, and any qualification, exemption or compliance under state securities laws which the Company determines to obtain, continuously effective, and to keep the Registration Statement free of any material misstatements or omissions, until the earlier of (a) March 11, 2017 or (b) the date on which all Registrable Securities held by Purchasers may be sold or transferred in compliance with Rule 144 under the Securities Act, without any volume or manner of sale restrictions. On March 30, 2015, in connection with the closing of the private placement, and pursuant to a pre-existing contractual right to participate in certain private placement transactions effected by the Company, the Company entered into a separate subscription agreement with an existing investor, Sofinnova Venture Partners VII L.P., or Sofinnova, for the purchase of an additional $5.8 million of restricted American Depositary Shares, each representing one (1) share of the Company’s Series A Preference Shares, at the same price per share and otherwise on substantially the same terms as the initial private placement, or the Second Private Placement. In accordance with applicable marketplace rules of the NASDAQ Stock Market, the consummation of the Second Private Placement was conditioned upon approval by the Company’s shareholders at a future meeting of the Company’s shareholders. Such approval was received at the Company’s Annual General Meeting of Shareholders on July 6, 2015 and as a result, the closing of the Second Private Placement occurred on July 10, 2015. The Company issued 38,867,180 restricted ADSs, each representing one Series A Preference Share, which could be consolidated and redesignated from time to time up to a maximum of 3,886,718 ordinary shares, each ordinary share to be represented by one ADS. For each restricted ADS, Sofinnova paid a negotiated price of $ 0.15 (equating to $ 1.50 on an as-if-converted-to-ordinary-shares basis) resulting in gross proceeds to the Company of $ 5.8 million. The Company filed another registration statement with the SEC covering the resale of these restricted American Depositary Shares and the ADSs representing ordinary shares created by the consolidation and redesignation of the Series A Preference Shares, or the Sofinnova Registrable Securities, on July 24, 2015, which was declared effective by the SEC on August 7, 2015. In addition, the Company agreed to use its commercially reasonable best efforts to keep the registration, and any qualification, exemption or compliance under state securities laws which the Company determines to obtain, continuously effective, and to keep the registration statement free of any material misstatements or omissions, until the earlier of (a) July 10, 2017 or (b) the date on which all Sofinnova Registrable Securities held by Sofinnova may be sold or transferred in compliance with Rule 144 under the Securities Act, without any volume or manner of sale restrictions. During the years ended December 31, 2020, 2018, and 2015, the Company issued 28,931,746, 3,886,718, and 6,283,333 ADSs, respectively, upon consolidation and redesignation of Series A Preference Shares at the request of the holders, such that no Series A Preference Shares remained outstanding as of December 31, 2020. Common Stock During the year ended December 31, 2020, other than as described elsewhere in this Annual Report on Form 10-K, including in the Notes to Consolidated Financial Statements, the Company did not engage in any transactions involving its common stock. Refer to Preferred Stock Incentive Equity Awards below On December 13, 2019, in connection with approval by the FDA for a new indication of Vascepa, the Company was required to make an aggregate milestone payment of £5 million On July 18, 2019, the Company completed a public offering of 22,222,223 ADSs with each ADS representing one ordinary share of the Company, at a price of $18.00 per ADS, $17.235 per ADS after commission. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 3,333,333 ADSs at the same price per ADS. On July 29, 2019, the underwriters exercised the full option. This public offering, including the exercised option, resulted in gross proceeds of approximately $460.0 million and, after deducting customary commissions and offering expenses, net proceeds to the Company of approximately $440.1 million. On November 29, 2018, the Company completed a public offering of 11,111,112 ADSs, with each ADS representing one ordinary share of the Company. The underwriters purchased the ADSs from the Company at a price of $17.575 per ADS after commission, resulting in net proceeds to the Company of approximately $194.8 million, after deducting customary commissions and offering expenses. On February 1, 2018, the Company completed a public offering of 19,178,082 ADSs, with each ADS representing one ordinary share of the Company. The Company also granted the underwriters a 30-day option to purchase an additional 2,876,712 ADSs, which was partially exercised on March 5, 2018 for issuance of 1,438,356 ADSs. The underwriters purchased the ADSs from the Company at a price of $3.41 per ADS after commission, resulting in net proceeds to the Company of approximately $70.0 million, after deducting customary commissions and offering expenses. Incentive Equity Awards The Company issues incentive equity awards, including incentive and non-qualified stock options and restricted stock units, under the Amarin Corporation plc 2020 Stock Incentive Plan, or the 2020 Plan, which is the successor to the Amarin Corporation plc 2011 Stock Incentive Plan, as amended, or the 2011 Plan, and the Amarin Corporation plc 2002 Stock Option Plan, as amended, or the 2002 Plan , and together with the 2020 Plan and 2011 Plan, the Plans . Refer to Note 11—Stock Incentive Plans and Stock Based Compensation for further information regarding the Company’s incentive equity plans and awards. As of December 31, 2020, there were an aggregate of 16,664,260 stock options and 7,710,388 restricted stock units, or RSUs, outstanding, representing approximately 4% and 2%, respectively, of outstanding shares on a fully diluted basis. During the years ended December 31, 2020 and 2019, the Company issued 1,623,460 and 5,997,919 shares, respectively, as a result of the exercise of stock options, resulting in gross and net proceeds of $5.2 million during the year ended December 31, 2020 and $24.5 million during the year ended December 31, 2019. During the years ended December 31, 2020 and 2019, the Company issued 2,507,748 and 3,969,811 common shares, respectively, related to the vesting of RSUs of which 975,927 and 1,650,142 shares, respectively, were retained as treasury shares as settlement During the years ended December 31, 2020 and 2019, the Company granted a total of 2,890,450 and 2,589,400 stock options, respectively, and 1,811,470 and 782,802 RSUs, respectively, to employees under the Plans. The RSUs typically vest annually over a three-year four-year In addition, during the years ended December 31, 2020 and 2019, the Company granted a total of 210,764 and 58,721 stock options, respectively, and 164,657 and 45,163 RSUs, respectively, three-year |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (10) Income Taxes Interest and penalties related to any uncertain tax positions have historically been insignificant. The Company recognizes interest and penalties related to uncertain tax positions within the provision for income taxes. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $5.6 million and nil as of December 31, 2020 and 2019, respectively. The following is a reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: In thousands 2020 2019 2018 Beginning uncertain tax benefits $ 26,743 $ 6,815 $ 1,734 Prior year—increases 2,428 295 296 Prior year—decreases (5,391 ) — (762 ) Current year—increases 254 19,633 5,547 Ending uncertain tax benefits $ 24,034 $ 26,743 $ 6,815 The Company files income tax returns in the United States, Ireland and United Kingdom, or UK. The Company remains subject to tax examinations in the following jurisdictions as of December 31, 2020: Jurisdiction Tax Years United States—Federal 2017-2020 United States—State 2012-2020 Ireland 2016-2020 United Kingdom 2019-2020 The Company does not expect any gross liabilities to expire in 2021 based on statutory lapses or audits. The components of loss from operations before taxes were as follows for the years ended December 31, 2020, 2019 and 2018: In thousands 2020 2019 2018 United States $ 14,915 $ 10,269 $ (13,583 ) Ireland and United Kingdom (32,170 ) (32,750 ) (102,766 ) $ (17,255 ) $ (22,481 ) $ (116,349 ) The provision for income taxes shown in the accompanying consolidated statements of operations consists of the following for fiscal 2020, 2019 and 2018: In thousands 2020 2019 2018 Current: United States—Federal $ 45 $ — $ 4 United States—State 700 164 92 Total current $ 745 $ 164 $ 96 Deferred: United States—Federal 1,972 1,777 (1,968 ) United States—State 1,956 (914 ) (1,325 ) Ireland and United Kingdom (26,793 ) 1,278 (5,435 ) Change in valuation allowance 22,865 (2,141 ) 8,728 Total deferred $ — $ — $ — Provision for income taxes $ 745 $ 164 $ 96 The provision for income taxes differs from the amount computed by applying the statutory income tax rate to income before taxes due to the following for fiscal 2020, 2019 and 2018: In thousands 2020 2019 2018 Benefits from taxes at statutory rate $ (4,314 ) $ (5,620 ) $ (29,087 ) Rate differential 128 3,009 9,796 Change in valuation reserves 22,865 (2,141 ) 8,728 Derivative liabilities — — 337 Nondeductible employee compensation 6,122 5,472 3,058 Stock option/RSU windfall (3,262 ) (14,342 ) (7,684 ) ISO Disqualifying Disposition Windfall (253 ) (2,849 ) — Research and development credits (6,225 ) (1,607 ) (1,438 ) Tax return to provision adjustments (138 ) (3,222 ) 6,736 Net Operating Loss Carryback (2,465 ) — — Cumulative translation adjustment (10,852 ) 2,025 5,711 Permanent and other (4,283 ) (443 ) (404 ) Non-deductible interest expense — — 267 Tax reserves 3,422 18,799 4,956 Corscianto Liquidation — 1,727 — Long-term debt from royalty-bearing instrument — (644 ) (880 ) Provision for income taxes $ 745 $ 164 $ 96 The Company is subject to a corporate tax rate in Ireland of 25% for non-trading activities and 12.5% for trading activities. For the years ended December 31, 2020, 2019, and 2018, the Company applied the statutory corporate tax rate of 25% for Amarin Corporation plc, reflecting the non-trading tax rate in Ireland. However, for Amarin Pharmaceuticals Ireland Limited, a wholly-owned subsidiary of Amarin Corporation plc, the Company applied the 12.5% Irish trading tax rate. In the table above, the Company used Amarin Corporation plc’s 25% tax rate as the starting point for the reconciliation since it is the parent entity of the business. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, was enacted in the United States. Among other provisions, the CARES Act allows businesses to carry back net operating losses arising in years 2018 to 2020 to the five prior tax years. We recorded an income tax benefit of $2.5 million for the year ended December 31, 2020 as a result of these loss carrybacks and an income tax benefit of nil for the years ended December 31, 2019 and 2018, respectively. In April 2016, the Company adopted ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Share-Based Payment Accounting The income tax effect of each type of temporary difference comprising the net deferred tax asset as of December 31, 2020 and 2019 is as In thousands December 31, 2020 December 31, 2019 Deferred tax assets: Net operating losses $ 125,859 $ 118,220 Stock-based compensation 7,565 7,111 Tax credits 14,690 9,149 Lease Liability 2,219 2,715 Other reserves and accrued liabilities 14,702 5,580 Gross deferred tax assets 165,035 142,775 Less: valuation allowance (160,841 ) (137,976 ) Total deferred tax assets 4,194 4,799 Deferred tax liabilities: Depreciation and amortization (2,399 ) (2,544 ) Lease Asset (1,784 ) (2,242 ) Other liabilities (11 ) (13 ) Total deferred tax liabilities (4,194 ) (4,799 ) Net deferred tax assets $ — $ — The Company assesses whether it is more-likely-than-not that the Company will realize its deferred tax assets. The Company determined that it was more-likely-than-not that the Irish, U.S., UK, and Israeli net operating losses and the related deferred tax assets would not be realized in future periods and a full valuation allowance has been provided for all periods. The following table reflects the activity in the valuation allowance for the years ended December 31, 2020 and 2019: In thousands 2020 2019 Beginning valuation allowance $ 137,976 $ 140,117 Increase (decrease) as reflected in income tax expense 12,453 (114 ) Cumulative translation adjustment 10,412 (2,027 ) Ending valuation allowance $ 160,841 $ 137,976 During 2020, the Company recorded adjustments to its deferred tax accounts related to the impact of foreign exchange rate changes and to reconcile the financial statement accounts to the amounts expected to result in future income and deductions under local law, primarily as it relates to Irish net operating losses and deferred taxes for stock compensation. These adjustments were fully offset with valuation allowances based on the Company’s position with respect to the realizability of its recorded deferred tax assets. The Company has combined U.S., Irish, UK, and Israeli net operating loss carryforwards of $900.5 million, which do not expire. The total net operating loss carryforwards increased by approximately $38.7 million from the prior year primarily as a result of current year losses generated by the Company’s U.S. and Irish subsidiaries, the impact of foreign exchange rate changes, and adjustments to reconcile the financial statement accounts to the amounts reported on the filed 2019 foreign tax returns. As of December 31, 2020, there are no earnings that have been retained indefinitely for reinvestment by foreign subsidiary; therefore, no provision has been made for income taxes that would be payable upon the distribution of such earnings or the recovery of the Company’s investment in its subsidiaries as the amount of the related unrecognized deferred income tax liability is zero. The Company's and its subsidiaries' income tax returns are periodically examined by various taxing authorities. The Company is currently under audit by the IRS for the Company’s 2018 U.S. income tax return and by the New Jersey Department of Treasury for the years 2012 to 2015. Although the outcome of tax audits is always uncertain and could result in significant cash tax payments, the Company does not believe the outcome of these audits will have a material adverse effect on the Company's consolidated financial position or results of operations. |
Stock Incentive Plans and Stock
Stock Incentive Plans and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plans and Stock-Based Compensation | (11) Stock Incentive Plans and Stock-Based Compensation On March 16, 2020, the Company’s Board of Directors, upon the recommendation of the Remuneration Committee, adopted, subject to shareholder approval, the 2020 Stock Incentive Plan, or 2020 Plan, which was subsequently approved by the Company’s shareholders on July 13, 2020 at the Annual General Meeting of Shareholders. The 2020 Plan is the successor to the Company’s 2011 Stock Option Plan, as amended, or the 2011 Plan, which was set to expire on July 12, 2021, and the Company’s 2002 Stock Option Plan, as amended, or the 2002 Plan, and together with the 2020 Plan and 2011 Plan, the Plans. The maximum number of the Company’s Ordinary Shares of £0.50 each or any ADS’s, as to be issued under the 2020 Plan shall not exceed the sum of (i) 20,000,000 shares and (ii) the number of Shares that remained available for grants under the Company’s 2011 Plan as of July 13, 2020. If any award over shares granted and outstanding under the Plans expires or is forfeited, surrendered, canceled or otherwise terminated, the shares may be made available for subsequent grants under the Plan. The award of stock options (both incentive and non-qualified options) and restricted stock units, and awards of unrestricted shares to Directors are permitted. The 2020 Plan is administered by the Remuneration Committee of the Company’s Board of Directors and expires on July 13, 2030. Stock Options Under the terms of the Plans, stock options typically vest over a four-year ten-year In thousands (except per share amounts and years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2020 15,619 $ 6.43 Granted 3,101 14.43 Forfeited (403 ) 15.53 Expired (30 ) 13.82 Exercised (1,623 ) 3.18 Outstanding as of December 31, 2020 16,664 8.00 6.5 years $ 23,174 Exercisable as of December 31, 2020 11,533 5.46 5.6 years $ 22,110 Vested and expected to vest as of December 31, 2020 16,408 $ 7.91 6.5 years $ 23,121 Available for future grant as of December 31, 2020 21,885 The weighted average grant date fair value of stock options granted during the years ended December 31, 2020, 2019, and 2018 was $14.43, $17.07, and $7.82, respectively. The total grant date fair value of options vested during the years ended December 31, 2020, 2019, and 2018 was $22.5 million, $14.5 million, and $7.7 million, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company received proceeds from the exercise of options of $5.2 million, $24.5 million, and $26.4 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2020, 2019, and 2018 was $9.0 million, $90.5 million, and $69.7 million, respectively, calculated as the difference between the quoted stock price of the Company’s common stock as of the reporting date and the exercise prices of the underlying awards. As of December 31, 2020, there was $45.6 million of unrecognized stock-based compensation expense related to unvested stock option share-based compensation arrangements granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 2.5 years. The Company recognizes compensation expense for the fair values of those awards which have graded vesting on a straight-line basis. The fair value of stock options on the date of grant was estimated using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected stock price volatility was calculated based on the historical volatility of the Company’s common stock over the expected life of the option. The expected life was determined using the simplified method based on the term and vesting period. The risk-free interest rate is based on zero-coupon U.S. Treasury securities with a maturity term approximating the expected life of the option at the date of grant. No dividend yield has been assumed as the Company does not currently pay dividends on its common stock and does not anticipate doing so in the foreseeable future. Estimated forfeitures are based on the Company’s historical forfeiture activity. Employee stock options generally vest over a four-year For 2020, 2019, and 2018, the Company used the following assumptions to estimate the fair value of share-based payment awards: 2020 2019 2018 Risk-free interest rate 0.33% - 1.74% 1.55% - 2.95% 2.18% - 3.00% Expected dividend yield 0.00% 0.00% 0.00% Expected option life (years) 6.25 6.25 6.25 Expected volatility 84% - 99% 92% - 94% 71% - 92% Restricted Stock Units The Plans also allow for granting of restricted stock unit awards under the terms of the Plans. The restricted stock units vest based upon a time-based service condition, a performance condition, or both. The probability that any performance criteria will be achieved is assessed by management and compensation expense for such awards is only recorded to the extent that the attainment of the performance criteria is deemed to be probable. Restricted stock units are recorded as compensation expense based on fair value, representing the market value of the Company’s common stock on the date of grant. The fair value of restricted stock units is amortized on a straight-line basis through the statement of operations over the service period until the shares have vested. The following table presents the restricted stock unit activity for the years ended December 31, 2020 and 2019: In thousands (except per share amounts) Shares Weighted Average Grant Date Fair Value Outstanding as of January 1, 2020 6,921 6.34 Granted 3,460 13.12 Vested (2,508 ) 5.12 Forfeited (163 ) 11.72 Outstanding as of December 31, 2020 7,710 $ 9.67 The Company recorded compensation expense in relation to restricted stock units of $23.4 million, $14.6 million, and $10.6 million for the years ended December 31, 2020, 2019, and 2018 respectively. The following table presents the stock-based compensation expense related to stock-based awards for the years ended December 31, 2020, 2019, and 2018: In thousands 2020 2019 2018 Research and development $ 6,568 $ 4,615 $ 2,898 Selling, general and administrative 39,245 26,302 15,908 Stock-based compensation expense $ 45,813 $ 30,917 $ 18,806 Employee Stock Purchase Plan On March 13, 2017, the Board adopted, subject to shareholder approval, the Amarin Corporation plc 2017 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders on May 15, 2017. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code. The maximum fair market value of stock which can be purchased by a participant in a calendar year is $25,000. Under the ESPP, an aggregate of 3,000,000 ordinary shares (each ordinary share to be represented by one ADS) are reserved and available for issuance, which were registered with the SEC on August 2, 2017, for sale to eligible employees. Subject to certain exclusions, any employee of the Company’s U.S. subsidiary, Amarin Pharma, Inc., who works at least 20 hours per week and has been employed for at least six months as of the first day of the applicable offering period is eligible to participate in the ESPP. Eligible employees may authorize payroll deductions of up to 15 percent of their base pay to be withheld to purchase ordinary shares, subject to terms and limitations of the plan, at a price equal to 85 percent of the lower of the fair market values of the Company’s ordinary shares as of the beginning or the end of six-month offering periods. For the offering periods ended on the last business day on or before each of May 31, 2020 and November 30, 2020, the Company issued 123,608 shares and 223,545 shares, respectively, at a purchase price of $5.83 per share and $4.22 per share, respectively. For the offering periods ended on the last business day on or before each of May 31, 2019 and November 30, 2019, the Company issued 47,358 shares and 75,673 shares, respectively, at a purchase price of $15.02 per share and $14.92 per share, respectively. As of December 31, 2020, 2,217,559 shares were reserved for future issuance under the ESPP. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | (12) Defined Contribution Plan The Company makes available a 401(k) plan for its U.S. employees. Under the 401(k) plan, employees may make contributions which are eligible for a discretionary percentage match, in cash, as defined in the 401(k) plan and determined by the Board of Directors. The Company recognized $1.7 million, $1.1 million and $0.7 million of related compensation expense for the year ended December 31, 2020, 2019 and 2018, respectively. |
Co-Promotion Agreement
Co-Promotion Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Co Promotion Agreement [Abstract] | |
Co-Promotion Agreement | (13) Co-Promotion Agreement On March 31, 2014, the Company entered into a Co-Promotion Agreement, or the Agreement, with Kowa Pharmaceuticals America, Inc. related to the commercialization of VASCEPA capsules in the United States. The Company and Kowa Pharmaceuticals America, Inc. intentionally designed the Agreement to naturally end as of December 31, 2018 and mutually agreed not to renew the Agreement. During 2018, which was the last year of the co-promotion of VASCEPA by Kowa Pharmaceuticals America, Inc., the Company incurred expense for co-promotion tail payments which are calculated as a percentage of the 2018 co-promotion fee, which was eighteen and a half percent (18.5%) of VASCEPA gross margin in 2018. The accrued tail payments are paid over three years with declining amounts each year. Kowa Pharmaceuticals America, Inc. was eligible to receive $17.8 million in co-promotion tail payments, the present value of which $16.6 million, was fully accrued as of December 31, 2018. As of December 31, 2020 and 2019, a net payable to Kowa Pharmaceuticals America, Inc. of $3.8 million and $10.0 million, respectively, of which $3.2 million and $6.5 million, respectively, was classified as current on the consolidated balance sheets, representing the remaining accrued co-promotion tail payments. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | (14) Revenue Recognition The Company sells VASCEPA principally to a limited number of major wholesalers, as well as selected regional wholesalers and specialty pharmacy providers in the United States, or collectively, its distributors or its customers, that in turn resell VASCEPA to retail pharmacies for subsequent resale to patients and healthcare providers. Patients are required to have a prescription in order to purchase VASCEPA. In addition to distribution agreements with distributors, the Company enters into arrangements with health care providers and payors that provide for government-mandated and/or privately-negotiated rebates, chargebacks and discounts with respect to the purchase of the Company’s product. Revenues from product sales are recognized when the distributor obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the distributor. Payments from distributors are generally received 30-60 days from the date of sale. The Company evaluates the creditworthiness of each of its distributors to determine whether revenues can be recognized upon delivery, subject to satisfaction of the other requirements, or whether recognition is required to be delayed until receipt of payment. The Company calculates gross product revenues generally based on the wholesale acquisition cost that the Company charges its distributors for VASCEPA. Reserves for Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from (a) trade allowances, such as invoice discounts for prompt pay and distributor fees, (b) estimated government and private payor rebates and chargebacks and discounts, such as Medicaid reimbursements, (c) reserves for expected product returns and (d) estimated costs of incentives that are offered within contracts between the Company and its distributors , health care providers, payors and other indirect customers relating to the Company’s sales of its product. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the d istributor) or as a current liability (if the amount is payable to a party other than a d istributor). Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Trade Allowances: The Company generally provides invoice discounts on VASCEPA sales to its distributors for prompt payment and fees for distribution services, such as fees for certain data that distributors provide to the Company. The payment terms for sales to distributors generally include a 2% discount for prompt payment while the fees for distribution services are based on contractual rates agreed with the respective distributors. Based on historical data, the Company expects its distributors to earn these discounts and fees, and deducts the full amount of these discounts and fees from its gross product revenues and accounts receivable at the time such revenues are recognized. Rebates, Chargebacks and Discounts: The Company contracts with Medicaid, Medicare, other government agencies and various private organizations, or collectively, Third-party Payors, so that VASCEPA will be eligible for purchase by, or partial or full reimbursement from, such Third-party Payors. The Company estimates the rebates, chargebacks and discounts it will provide to Third-party Payors and deducts these estimated amounts from its gross product revenues at the time the revenues are recognized. The Company estimates these reserves based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are recorded in the same period the revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability, which is included in accrued expenses and other current liabilities on the consolidated balance sheets. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. The Company estimates the rebates, chargebacks and discounts that it will provide to Third-party Payors based upon (i) the Company’s contracts with these Third-party Payors, (ii) the government-mandated discounts applicable to government-funded programs, (iii) information obtained from the Company’s distributors and (iv) information obtained from other third parties regarding the payor mix for VASCEPA. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. Product Returns: The Company’s distributors have the right to return unopened unprescribed VASCEPA during the 18-month period beginning six months prior to the labeled expiration date and ending twelve months after the labeled expiration date. The expiration date for VASCEPA 1-gram and 0.5-gram size capsules is currently four years and three years, respectively, after being converted into capsule form, which is the last step in the manufacturing process for VASCEPA and generally occurs within a few months before VASCEPA is delivered to distributors. The Company estimates future product returns on sales of VASCEPA based on: (i) data provided to the Company by its distributors (including weekly reporting of distributors’ sales and inventory held by distributors that provided the Company with visibility into the distribution channel in order to determine what quantities were sold to retail pharmacies and other providers), (ii) information provided to the Company from retail pharmacies, (iii) data provided to the Company by a third-party data provider which collects and publishes prescription data, and other third parties, (iv) historical industry information regarding return rates for similar pharmaceutical products, (v) the estimated remaining shelf life of VASCEPA previously shipped and currently being shipped to distributors and (vi) contractual agreements intended to limit the amount of inventory maintained by the Company’s distributors. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the consolidated balance sheets. Other Incentives: Other incentives that the Company offers to indirect customers include co-pay mitigation rebates provided by the Company to commercially insured patients who have coverage for VASCEPA and who reside in states that permit co-pay mitigation programs. The Company’s co-pay mitigation program is intended to reduce each participating patient’s portion of the financial responsibility for VASCEPA’s purchase price to a specified dollar amount. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, the Company estimates the average co-pay mitigation amounts and the percentage of patients that it expects to participate in the program in order to establish its accruals for co-pay mitigation rebates. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the consolidated balance sheets. The Company adjusts its accruals for co-pay mitigation rebates based on actual redemption activity and estimates regarding the portion of issued co-pay mitigation rebates that it estimates will be redeemed. The following tables summarize activity in each of the net product revenue allowance and reserve categories described above for the years ended December 31, 2020 and 2019: In thousands Trade Allowances Rebates, Chargebacks and Discounts Product Returns Other Incentives Total Balance as of January 1, 2019 $ 19,495 $ 41,634 $ 2,948 $ 1,167 $ 65,244 Provision related to current period sales 92,378 403,865 2,430 47,169 545,842 Provision related to prior period sales — (324 ) — — (324 ) Credits/payments made for current period sales (63,288 ) (312,790 ) 5 (43,416 ) (419,489 ) Credits/payments made for prior period sales (19,324 ) (41,388 ) (804 ) (1,200 ) (62,716 ) Balance as of December 31, 2019 29,261 90,997 4,579 3,720 128,557 Provision related to current period sales 132,881 621,937 3,543 64,452 822,813 Provision related to prior period sales — (3,872 ) — — (3,872 ) Credits/payments made for current period sales (96,834 ) (482,254 ) — (58,911 ) (637,999 ) Credits/payments made for prior period sales (29,066 ) (85,608 ) (324 ) (3,677 ) (118,675 ) Balance as of December 31, 2020 $ 36,242 $ 141,200 $ 7,798 $ 5,584 $ 190,824 Such net product revenue allowances and reserves are included within accrued expenses and other current liabilities within the consolidated balance sheets, with the exception of trade allowances and chargebacks, which are included within accounts receivable, net as discussed below. Licensing Revenue The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain rights to VASCEPA for uses that are currently commercialized and under development by the Company. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; payments for manufacturing supply services the Company provides through its contract manufacturers; and royalties on net sales of licensed products. Each of these payments results in licensing revenues. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. In determining performance obligations, management evaluates whether the license is distinct from the other performance obligations with the collaborative partner based on the consideration of the relevant facts and circumstances for each arrangement. Factors considered in the determination include the stage of development of the license delivered, research and development capabilities of the partner and the ability of partners to develop and commercialize VASCEPA independent of the Company. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development, regulatory and commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone as well as the level of effort and investment required. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development, regulatory and commercial milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect licensing revenues and earnings in the period of adjustment. The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. |
Development, Commercialization
Development, Commercialization and Supply Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Development, Commercialization and Supply Agreements | (15) Development, Commercialization and Supply Agreements In-licenses Mochida Pharmaceutical Co., Ltd. In June 2018, the Company entered into a collaboration with Mochida related to the development and commercialization of drug products and indications based on the active pharmaceutical ingredient in VASCEPA, the omega-3 acid, EPA, or eicosapentaenoic acid. Among other terms in the agreement, the Company obtained an exclusive license to certain Mochida intellectual property to advance the Company’s interests in the United States and certain other territories and the parties will collaborate to research and develop new products and indications based on EPA for the Company’s commercialization in the United States and certain other territories. The potential new product and indication opportunities contemplated under this agreement are currently in early stages of development. Upon closing of the collaboration agreement, the Company made a non-refundable, non-creditable upfront payment of approximately $2.7 million. In addition, the agreement provides for the Company to pay milestone payments upon the achievement of certain product development milestones and royalties on net sales of future products arising from the collaboration, if any. In January 2020 and December 2020, the Company exercised certain rights under the agreement, resulting in payments of $1.0 million, respectively, to Mochida, which were recorded as Research and development expense in the consolidated statement of operations. Out-licenses Eddingpharm (Asia) Macao Commercial Offshore Limited In February 2015, the Company entered into a Development, Commercialization and Supply Agreement, or the DCS Agreement, with Eddingpharm (Asia) Macao Commercial Offshore Limited, or Edding, related to the development and commercialization of VASCEPA in Mainland China, Hong Kong, Macau and Taiwan, or the China Territory. Under the terms of the DCS Agreement, the Company granted to Edding an exclusive (including as to the Company) license with right to sublicense to develop and commercialize VASCEPA in the China Territory for uses that are currently commercialized and under development by the Company based on the Company’s MARINE, ANCHOR and REDUCE-IT clinical trials of VASCEPA. Under the DCS Agreement, Edding is solely responsible for development and commercialization activities in the China Territory and associated expenses. The Company provides development assistance and is responsible for supplying finished and later bulk drug product at defined prices under negotiated terms. The Company retains all VASCEPA manufacturing rights. Edding agreed to certain restrictions regarding the commercialization of competitive products globally and the Company agreed to certain restrictions regarding the commercialization of competitive products in the China Territory. The Company and Edding agreed to form a joint development committee to oversee regulatory and development activities for VASCEPA in the China Territory in accordance with a negotiated development plan and to form a separate joint commercialization committee to oversee VASCEPA commercialization activities in the China Territory. Development costs are paid by Edding to the extent such costs are incurred in connection with the negotiated development plan or otherwise incurred by Edding. Edding is responsible for preparing and filing regulatory applications in all countries of the China Territory at Edding’s cost with the Company’s assistance. The DCS Agreement also contains customary provisions regarding indemnification, supply, record keeping, audit rights, reporting obligations, and representations and warranties that are customary for an arrangement of this type. The term of the DCS Agreement expires, on a product-by-product basis, upon the later of (i) the date on which such product is no longer covered by a valid claim under a licensed patent in the China Territory, or (ii) the twelfth (12th) anniversary of the first commercial sale of such product in Mainland China. The DCS Agreement may be terminated by either party in the event of a bankruptcy of the other party and for material breach, subject to customary cure periods. In addition, at any time following the third anniversary of the first commercial sale of a product in Mainland China, Edding has the right to terminate the DCS Agreement for convenience with twelve months’ prior notice. Neither party may assign or transfer the DCS Agreement without the prior consent of the other party, provided that the Company may assign the DCS Agreement in the event of a change of control transaction. Upon closing of the DCS Agreement, the Company received a non-refundable $15.0 million up-front payment. In March 2016, Edding submitted its clinical trial application, or CTA, with respect to the MARINE indication for VASCEPA to the Chinese regulatory authority. Following the CTA submission, the Company received a non-refundable $1.0 million milestone payment. In March 2017, the CTA was approved by the Chinese regulatory authority, and, in December 2017, Edding commenced a pivotal clinical trial aimed to support the regulatory approval of the first indication of VASCEPA in a patient population with severe hypertriglyceridemia in Mainland China. In November 2020, the Company announced statistically significant topline results from the Phase 3 clinical trial of VASCEPA conducted by Edding, which is being used to seek regulatory approval in Mainland China. In addition to the non-refundable, up-front and regulatory milestone payments described above, the Company is entitled to receive certain regulatory and sales-based milestone payments of up to an additional $153.0 million as well as tiered double-digit percentage royalties on net sales of VASCEPA in the China Territory escalating to the high teens. The regulatory milestone events relate to the submission and approval of certain applications to the applicable regulatory authority, such as a clinical trial application, clinical trial exemption, or import drug license application. The amounts to be received upon achievement of the regulatory milestone events relate to the submission and approval for three indications, and range from $2.0 million to $15.0 million for a total of $33.0 million. The sales-based milestone events occur when annual aggregate net sales of VASCEPA in the territory equals or exceeds certain specified thresholds, and range from $5.0 million to $50.0 million for a total of $120.0 million. Each such milestone payment shall be payable only once regardless of how many times the sales milestone event is achieved. Each such milestone payment is non-refundable and non-creditable against any other milestone payments. The Company assessed this arrangement in accordance with Topic 606 and concluded that the contract counterparty, Edding, is a customer. The Company identified the following performance obligations at the inception of the DCS Agreement: (1) the exclusive license to develop and commercialize VASCEPA in the China Territory for uses that are currently commercialized and under development by the Company, (2) the obligation to participate in various steering committees, and (3) ongoing development and regulatory assistance. Based on the analysis performed, the Company concluded that the identified performance obligations are not distinct and therefore a combined performance obligation. The transaction price includes the $15.0 million up-front consideration received and the $1.0 million milestone payment received related to the successful submission of the CTA for the MARINE indication. None of the other clinical or regulatory milestones have been included in the transaction price, as all milestone amounts are fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. During the years ended December 31, 2020 and 2019, the Company recognized $3.0 million and $0.3 million, respectively, as licensing revenue related to the up-front and milestone payments received in connection with the Edding agreement. From contract inception through December 31, 2020 and 2019, the Company recognized $6.1 million and $3.0 million, respectively, as licensing revenue under the DCS Agreement concurrent with the input measure of support hours provided by Amarin to Edding in achieving the combined development and regulatory performance obligation, which in the Company’s judgment is the best measure of progress towards satisfying this performance obligation. The remaining transaction price of $10.8 million and $13.0 million is recorded in deferred revenue as of December 31, 2020 and 2019, respectively, on the consolidated balance sheets and will be recognized as revenue over the remaining period of 14 years. Biologix FZCo In March 2016, the Company entered into an agreement with Biologix FZCo, or Biologix, a company incorporated under the laws of the United Arab Emirates, to register and commercialize VASCEPA in several Middle Eastern and North African countries. Under the terms of the distribution agreement, the Company granted to Biologix a non-exclusive license to use its trademarks in connection with the importation, distribution, promotion, marketing and sale of VASCEPA in the Middle East and North Africa territory. Upon closing of the agreement, the Company received a non-refundable up-front payment, which will be recognized as revenue over 10 years commencing upon first marketing approval of VASCEPA in the territory. The Company is entitled to receive all payments based on total product sales and pays Biologix a service fee in exchange for its services, whereby the service fee represents a percentage of gross selling price which is subject to a minimum floor price. The Company received approval of VASCEPA as a prescription medication for use in Lebanon in March 2018, in United Arab Emirates in July 2018, in Qatar in January 2020 and in Bahrain in December 2020 as an adjunct to diet to reduce triglyceride levels in adult patients with severe hypertriglyceridemia . VASCEPA was laun c hed in Lebanon in June 2018 and in United Arabe Emirates in February 2019. The Company recognized net product revenue of approximately $0.5 million and $0.7 million as of December 31, 2020 and 2019, respectively, related to sales to Biologix. HLS Therapeutics, Inc. In September 2017, the Company entered into an agreement with HLS Therapeutics Inc., or HLS, a company incorporated under the laws of Canada, to register, commercialize and distribute VASCEPA in Canada. Under the agreement, HLS will be responsible for regulatory and commercialization activities and associated costs. The Company is responsible for providing assistance towards local filings, supplying finished product under negotiated supply terms, maintaining intellectual property, and continuing the development and funding of REDUCE-IT related activities. Upon closing of the agreement, the Company received one-half of a non-refundable $5.0 million up-front payment, and received the remaining half on the six-month The Company assessed this arrangement in accordance with Topic 606 and concluded that the contract counterparty, HLS, is a customer. The Company identified the following performance obligations at the inception of the contract: (1) license to HLS to develop, register, and commercialize VASCEPA in Canada, (2) support general development and regulatory activities, and (3) participate in various steering committees. Based on the analysis performed, the Company concluded that the identified performance obligations in the agreement are not distinct and therefore a combined performance obligation. The transaction price includes the $5.0 million up-front consideration, the $2.5 million milestone related to the achievement of the REDUCE-IT trial primary endpoint, the $2.5 million milestone related to obtaining approval from Health Canada and $3.8 million milestone related to obtaining regulatory exclusivity from the OPML. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. During the years ended December 31, 2020 and 2019, the Company recognized $3.9 million and $2.1 million, respectively, as licensing revenue related to up-front and milestone payments received in connection with the HLS agreement. From the contract’s inception through December 31, 2020 and 2019, the Company has recognized $6.6 million and $2.9 million, respectively, as licensing revenue is recognized under the agreement concurrent with the input measure of support hours provided by Amarin to HLS in achieving this performance obligation, which in the Company’s judgment is the best measure of progress towards satisfying the combined development and regulatory performance obligation. The remaining transaction price of $7.1 million and $7.1 million is recorded in deferred revenue as of December 31, 2020 and 2019, respectively, on the consolidated balance sheets and will be recognized as revenue over the remaining period of 10 years. The following table presents changes in the balances of the Company’s contract assets and liabilities for years ended December 31, 2020 and 2019: In thousands Balance at Beginning of Period Additions Deductions Balance at End of Period Year ended December 31, 2020: Contract assets $ — $ — $ — $ — Contract liabilities: Deferred revenue $ 20,846 $ 4,608 $ (6,822 ) $ 18,632 Year ended December 31, 2019: Contract assets $ — $ — $ — $ — Contract liabilities: Deferred revenue $ 20,710 $ 2,500 $ (2,364 ) $ 20,846 During the years ended December 31, 2020 and 2019, the Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods: In thousands Twelve Months Ended December 31, Revenue recognized in the period from: 2020 2019 Amounts included in contract liability at the beginning of the period $ 4,705 $ 1,633 Performance obligations satisfied in previous periods $ 1,262 $ 299 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | (16) Leases The Company leases office space under operating leases. The lease liability is initially measured at the present value of the lease payments to be made over the lease term. Lease payments are comprised of the fixed and variable payments to be made by the Company to the lessor during the lease term minus any incentives or rebates or abatements receivable by the Company from the lessor or the owner. Payments for non-lease components do not form part of lease payments. The lease term includes renewal options only if these options are specified in the lease agreement and if failure to exercise the renewal option imposes a significant economic penalty for the Company. As there are no significant economic penalties, renewal cannot be reasonably assured and the lease terms for the office space do not include any renewal options. The Company has not entered into any leases with related parties. The Company accounts for short-term leases (i.e., lease term of 12 months or less) by making the short-term lease policy election and will not apply the recognition and measurement requirements of ASC 842. The Company has determined that the rate implicit in the lease is not determinable and the Company does not have borrowings with similar terms and collateral. Therefore, the Company considered a variety of factors, including the Company’s credit rating, observable debt yields from comparable companies with a similar credit profile and the volatility in the debt market for securities with similar terms, in determining that 11.5% was reasonable to use as the incremental borrowing rate for purposes of the calculation of lease liabilities and a change of 1% would not result in a material change to the Company’s consolidated financial statements. On February 5, 2019, the Company entered into a lease agreement for office space in Bridgewater, New Jersey, or the Lease. The Lease commenced on August 15, 2019, or the Commencement Date, for an 11-year period, with two five-year The table below depicts a maturity analysis of the Company’s undiscounted payments for its operating lease liabilities and their reconciliation with the carrying amount of lease liability presented in the statement of financial position as of December 31, 2020: Undiscounted lease payments ($000s) 2021 $ 1,475 2022 1,774 2023 1,808 2024 1,842 2025 1,876 2026 and thereafter 9,112 Total undiscounted payments $ 17,887 Discount Adjustments $ (7,259 ) Current operating lease liability 1,475 Long-term operating lease liability $ 9,153 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates Accounting estimates are based on historical experience and other factors that are considered reasonable under the circumstances. Estimates are used in determining such items as provisions for sales returns, rebates and incentives, chargebacks, and other sales allowances; depreciable/amortizable lives; asset impairments; valuation allowance on deferred taxes; probabilities of achievement of performance conditions for certain equity awards; amounts recorded for licensing revenue; contingencies and accruals; and valuations of derivative and long-term debt instruments. Because of the uncertainties inherent in such estimates, actual results may differ from these estimates. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. |
Use of Forecasted Financial Information in Accounting Estimates | Use of Forecasted Financial Information in Accounting Estimates The use of forecasted financial information is inherent in many of the Company’s accounting estimates including, but not limited to, determining the estimated fair values of derivatives, debt instrument and intangible assets, evaluating the need for valuation allowances for deferred tax assets, and assessing the Company’s ability to continue as a going concern. Such forecasted financial information is comprised of numerous assumptions regarding the Company’s future revenues, cash flows, and operational results. Management believes that its financial forecasts are reasonable and appropriate based upon current facts and circumstances. Because of the inherent nature of forecasts, however, actual results may differ from these forecasts. Management regularly reviews the information related to these forecasts and adjusts the carrying amounts of the applicable assets prospectively, if and when actual results differ from previous estimates. |
Revenue Recognition | Revenue Recognition In accordance with Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers |
Distribution Costs | Distribution Costs The Company records distribution costs related to shipping product to its customers, primarily through the use of common carriers or external distribution services, in Cost of goods sold. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, deposits with banks and short-term highly liquid money market instruments with remaining maturities at the date of purchase of 90 days or less. Restricted cash represents cash and cash equivalents pledged to guarantee repayment of certain expenses which may be incurred for business travel under corporate credit cards held by employees. |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable, net, comprised of trade receivables, are generally due within 30 days and are stated at amounts due from customers. The Company recognizes an allowance for losses on accounts receivable in an amount equal to the estimated probable losses net of any recoveries. The allowance is based primarily on assessment of specific identifiable customer accounts considered at risk or uncollectible, as well as an analysis of current receivables aging and expected future write-offs. The expense associated with the allowance for doubtful accounts is recognized as Selling, general, and administrative expense. The Company has not historically experienced any significant credit losses. All customer accounts are actively managed and no losses in excess of amounts reserved are currently expected; however, the Company is monitoring the potential negative impact of COVID-19 on the Company’s customers’ ability to meet their financial obligations. The following table summarizes the impact of accounts receivable reserves on the gross trade accounts receivable balances at December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Gross trade accounts receivable $ 203,875 $ 149,567 Trade allowances (36,242 ) (29,261 ) Chargebacks $ (12,114 ) (3,876 ) Allowance for doubtful accounts (945 ) — Accounts receivable, net $ 154,574 $ 116,430 |
Inventory | Inventory The Company states inventories at the lower of cost or net realizable value. Cost is determined based on actual cost using the average cost method. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. An allowance is established when management determines that certain inventories may not be saleable. If inventory cost exceeds expected net realizable value due to obsolescence, damage or quantities in excess of expected demand, changes in price levels or other causes, the Company will reduce the carrying value of such inventory to net realizable value and recognize the difference as a component of cost of goods sold in the period in which it occurs. The Company capitalizes inventory purchases of saleable product from approved suppliers while inventory purchases from suppliers prior to regulatory approval are included as a component of research and development expense. The Company expenses inventory identified for use as marketing samples when they are packaged. The average cost reflects the actual purchase price of VASCEPA active pharmaceutical ingredient, or API. |
Long-Lived Asset Impairment | Long-Lived Asset Impairment The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate to their carrying amount. If impairment is indicated, the assets are written down to fair value. Fair value is determined based on discounted forecasted cash flows or appraised values, depending on the nature of the assets. |
Intangible Asset, net | Intangible Asset, net Intangible asset, net consists of milestone payments to the former shareholders of Laxdale Limited, or Laxdale, related to the 2004 acquisition of the rights to VASCEPA, which is the result of VASCEPA receiving marketing approval in the U.S. for the first indication in 2012 and the expanded label in 2019 and is amortized over its estimated useful life on a straight-line basis. See Note 8—Commitments and Contingencies for further information regarding other obligations related to the acquisition of Laxdale Limited. |
Costs for Patent Litigation and Legal Proceedings | Costs for Patent Litigation and Legal Proceedings Costs for patent litigation or other legal proceedings are expensed as incurred and included in Selling, general and administrative expense. |
Research and Development Costs | Research and Development Costs The Company charges research and development costs to operations as incurred. Research and development expenses are comprised of costs incurred by the Company in performing research and development activities, including: salary and benefits; stock-based compensation expense; laboratory supplies and other direct expenses; contractual services, including clinical trial and pharmaceutical development costs; commercial supply investment in its drug candidates; and infrastructure costs, including facilities costs and depreciation expense. In addition, research and development costs include the costs of product supply received from suppliers when such receipt by the Company is prior to regulatory approval of the supplier, as well as license fees related to the Company’s strategic collaboration with Mochida Pharmaceutical Co., Ltd., or Mochida. |
Selling, General and Administrative Costs | Selling, General and Administrative Costs The Company charges selling, general and administrative costs to operations as incurred. Selling, general and administrative costs include salaries and benefits, stock-based compensation expense, and costs of programs and infrastructure necessary for the general conduct of the Company’s business, including those incurred as a result of the commercialization of VASCEPA in the United States as well as co-promotion fees to Kowa Pharmaceuticals America, Inc. which in 2018 included costs for accrual of tail co-promotion fees. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts and tax bases of assets and liabilities and operating loss carryforwards and other tax attributes using enacted rates expected to be in effect when those differences reverse. Valuation allowances are provided against deferred tax assets that are not more likely than not to be realized. Deferred tax assets and liabilities are classified as non-current in the consolidated balance sheet. The Company provides reserves for potential payments of tax to various tax authorities and does not recognize tax benefits related to uncertain tax positions and other issues. Tax benefits for uncertain tax positions are based on a determination of whether a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized, assuming that the matter in question will be decided based on its technical merits. The Company’s policy is to record interest and penalties in the provision for income taxes, as applicable. The Company regularly assesses its ability to realize deferred tax assets. Changes in historical earnings performance, future earnings projections, and changes in tax laws, among other factors, may cause the Company to adjust its valuation allowance on deferred tax assets, which would impact the Company’s income tax expense in the period in which it is determined that these factors have changed. Excess tax benefits and deficiencies that arise upon vesting or exercise of share-based payments are recognized as an income tax benefit and expense, respectively, in the statement of operations. Excess income tax benefits are classified as cash flows from operating activities and cash paid to taxing authorities arising from the withholding of shares from employees are classified as cash flows from financing activities. The Company’s and its subsidiaries’ income tax returns are periodically examined by various tax authorities, including the Internal Revenue Service, or IRS, and states. The Company is currently under audit by the IRS for the Company’s 2018 U.S. income tax return and by the New Jersey Department of Treasury for the years 2012 to 2015. Although the outcome of tax audits is always uncertain and could result in significant cash tax payments, the Company does not believe the outcome of these audits will have a material adverse effect on its consolidated financial position or results of operations. |
Loss per Share | Loss per Share Basic net loss per share is determined by dividing net loss by the weighted average shares of common stock outstanding during the period. Diluted net loss per share is determined by dividing net loss by diluted weighted average shares outstanding. Diluted weighted average shares reflects the dilutive effect, if any, of potentially dilutive common shares, such as common stock options calculated using the treasury stock method and convertible notes using the “if-converted” method. In periods with reported net operating losses, all common stock options are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal. The Company’s preferred stock is entitled to receive dividends on an as-if-converted basis in the same form as dividends actually paid on common shares. Accordingly, the preferred stock is considered a participating security and the Company is required to apply the two-class method to consider the impact of the preferred stock on the calculation of basic and diluted earnings per share. The Company is currently in a net loss position and is therefore not required to present the two-class method, however, in the event the Company is in a net income position, the two-class method must be applied by allocating all earnings during the period to common shares and preferred stock based on their contractual entitlements assuming all earnings were distributed. The calculation of net loss and the number of shares used to compute basic and diluted net loss per share for the years ended December 31, 2020, 2019, and 2018 are as follows: In thousands 2020 2019 2018 Net loss—basic and diluted $ (18,000 ) $ (22,645 ) $ (116,445 ) Weighted average shares outstanding—basic and diluted 381,759 342,538 297,237 Net loss per share—basic and diluted $ (0.05 ) $ (0.07 ) $ (0.39 ) For the years ended December 31, 2020, 2019 and 2018, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: In thousands 2020 2019 2018 Stock options 16,664 15,619 19,263 Restricted stock and restricted stock units 7,710 6,921 9,633 Preferred stock (if converted) — 28,932 28,932 Stock options are anti-dilutive during periods of net earnings when the exercise price of the stock options exceeds the market price of the underlying shares on the last day of the reporting period. Restricted stock and restricted stock units are anti-dilutive during periods of net earnings when underlying performance-based vesting requirements were not achieved as of the last day of the reporting period. |
Debt Instruments | Debt Instruments Debt instruments are initially recorded at fair value, with coupon interest and amortization of debt issuance discounts recognized in the consolidated statement of operations as interest expense each period in which such instruments are outstanding. The Company records debt issuance costs related to a recognized debt liability in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability and amortized to interest expense using the effective interest method over the expected term of the related debt. Unamortized debt issuance costs related to the extinguishment of debt are expensed at the time the debt is extinguished and recorded in Other income (expense), net, in the consolidated statements of operations. If the Company issues shares to discharge the liability, the debt obligation is derecognized and common stock and additional paid-in capital are recognized upon the issuance of those shares. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost is generally measured at the grant date, based on the fair value of the award, and is recognized as compensation expense over the requisite service period. For awards with performance conditions, if the achievement of the performance conditions is deemed probable, the Company recognizes compensation expense based on the fair value of the award over the estimated service period. The Company reassesses the probability of achievement of the performance conditions for such awards each reporting period. The Company estimates the level of forfeitures expected to occur based on its historical data and records compensation cost only for those awards that are ultimately expected to vest. See Note 11—Stock Incentive Plans and Stock-Based Compensation for further discussion. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, short-term and long-term investments, and accounts receivable. The Company maintains substantially all of its cash and cash equivalents in financial institutions believed to be of high-credit quality. A significant portion of the Company’s sales are to wholesalers in the pharmaceutical industry. The Company monitors the creditworthiness of customers to whom it grants credit terms and has not experienced any credit losses. The Company does not require collateral or any other security to support credit sales. Three customers individually accounted for 10% or more of the Company’s gross product sales. Customers A, B, and C accounted for 38%, 29%, and 25%, respectively, of gross product sales for the year ended December 31, 2020 and represented 31%, 18%, and 37%, respectively, of the gross accounts receivable balance as of December 31, 2020. Customers A, B, and C accounted for 36%, 29% and 25%, respectively, of gross product sales for the year ended December 31, 2019 and represented 35%, 20%, and 37%, respectively, of the gross accounts receivable balance as of December 31, 2019. The Company has not experienced any significant write-offs of its accounts receivable. |
Concentration of Suppliers | Concentration of Suppliers The Company has contractual freedom to source the API for VASCEPA and to procure other services supporting its supply chain and has entered into supply agreements with multiple suppliers. The Company’s supply of product for commercial sale and clinical trials is dependent upon relationships with third-party manufacturers and suppliers. The Company cannot provide assurance that its efforts to procure uninterrupted supply of VASCEPA to meet market demand will continue to be successful or that it will be able to renew current supply agreements on favorable terms or at all. Significant alteration to or disruption or termination of the Company’s current supply chain, including as a result of COVID-19, or the Company’s failure to enter into new and similar agreements in a timely fashion, if needed, could have a material adverse effect on its business, condition (financial and other), prospects or results of operations. The Company currently has manufacturing agreements with multiple independent FDA-approved API manufacturers and several independent FDA-approved API encapsulators and packagers for VASCEPA manufacturing. Each of these companies has qualified and validated its manufacturing processes and is capable of manufacturing VASCEPA. There can be no guarantee that these or other suppliers with which the Company may contract in the future to manufacture VASCEPA or VASCEPA API will remain qualified to do so to its specifications or that these and any future suppliers will have the manufacturing capacity to meet anticipated demand for VASCEPA. |
Foreign Currency | Foreign Currency Monetary assets and liabilities denominated in a foreign currency are remeasured into U.S. dollars at period-end exchange rates. Gains and losses from the remeasurement are included in Other income (expense), net in the consolidated statements of operations. For transactions settled during the applicable period, gains and losses are included in Other income (expense), net in the consolidated statements of operations. Certain amounts payable pursuant to supply contracts are denominated in currencies other than the U.S. dollar. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company provides disclosure of financial assets and financial liabilities that are carried at fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements may be classified based on the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities using the following three levels: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3—Unobservable inputs that reflect the Company’s estimates of the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The following tables present information about the estimated fair value of the Company’s assets and liabilities as of December 31, 2020 and 2019 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Asset: Money Market Fund $ 88,266 $ 88,266 $ — $ — U.S. Treasury Shares 48,356 48,356 — — Corporate Bonds 179,864 — 179,864 — Commercial Paper 106,650 — 106,650 — Agency Securities 20,782 — 20,782 — Repo Securities 10,000 — 10,000 — Asset Backed Securities 8,599 — 8,599 — Certificate of Deposit 6,125 — 6,125 — Non-US Government 5,240 — 5,240 — Total $ 473,882 $ 136,622 $ 337,260 $ — December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Asset: Money Market Fund $ 10,078 $ 10,078 $ — $ — The carrying amount of the Company’s cash and cash equivalents approximates fair value because of their short-term nature. The cash and cash equivalents consist of cash, deposits with banks and short-term highly liquid money market instruments with remaining maturities at the date of the purchase of 90 days or less. The Company’s held-to-maturity investments are stated at amortized cost, which approximates fair value. The Company does not intend to sell these investment securities and the contractual maturities are not greater than 24 months. Those with maturities greater than 90 days and less than twelve months are included in short-term investments on its consolidated balance sheet. Those with remaining maturities in excess of twelve months are included in long-term investments on its consolidated balance sheet. Unrealized gains or losses on held-to-maturity securities are not recognized until maturity, except other-than-temporary unrealized losses which are recognized in earnings in the period incurred. The Company evaluates securities with unrealized losses to determine whether such losses are other than temporary. The unrealized gain for the year ended December 31, 2020 and 2019 was $0.5 million and nil, respectively. Interest on investments is reported in interest income. The carrying amounts of accounts payable and accrued liabilities approximate fair value because of their short-term nature. The carrying amounts and the estimated fair values of the debt from royalty-bearing instrument as of December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 In thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt from royalty-bearing instrument $ — $ — $ 49,702 $ 50,400 The estimated fair value of the debt from royalty-bearing instrument was calculated utilizing the same Level 3 inputs utilized in valuing the related derivative liability (see Derivative Liabilities below). The carrying value of the debt from royalty-bearing instrument was net of the unamortized debt discounts and issuance costs as of both December 31, 2020 and 2019. |
Derivative Liabilities | Derivative Liabilities Derivative financial liabilities are recorded at fair value, with gains and losses arising for changes in fair value recognized in the consolidated statement of operations at each period end while such instruments are outstanding. If the Company issues shares to discharge the liability, the derivative financial liability is derecognized and common stock and additional paid-in capital are recognized on the issuance of those shares. Long-Term Debt Redemption Feature The Company’s December 2012 royalty-bearing instrument financing arrangement (discussed in Note 7—Debt) was repaid in quarterly increments from 2013 through 2020. After the quarterly payment in the fourth quarter of 2020, the instrument has been fully repaid. This royalty-bearing instrument contained a redemption feature whereby, upon a change of control, the Company would have be en required to repay $ 150.0 million, less any previously repaid amount. The Company determined this redemption feature was an embedded derivative, which was carried at fair value and was classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs. The fair value of the embedded derivative was calculated using a probability-weighted model incorporating management estimates of future revenues and for a potential change in control, and by determining the fair value of the debt with and without the change in control provision included. As of December 31, 2020, having fully repaid the royalty-bearing instrument, the fair value and carrying value are both nil. The fair value of this derivative liability was remeasured at each reporting period, with changes in fair value recognized in the consolidated statement of operations. As of December 31, 2019, the fair value of the derivative was determined to be nil based on underlying assumptions, and the debt was valued by comparing debt issues of similar companies with (i) remaining terms of between 1.9 and 7.3 years |
Segment and Geographical Information | Segment and Geographical Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company currently operates in one business segment, which is the development and commercialization of VASCEPA. A single management team that reports to the Company’s chief decision-maker, who is the Chief Executive Officer, comprehensively manages the business. Accordingly, the Company does not have separately reportable segments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, and are early adopted by the Company or adopted as of the specified effective date. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments The Company also considered the following recent accounting pronouncement which was not yet adopted as of December 31, 2020: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes The Company believes that the impact of other recently issued but not yet adopted accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to the Company’s operations. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Impact of Accounts Receivable Reserves on Gross Trade Accounts Receivable Balances | The following table summarizes the impact of accounts receivable reserves on the gross trade accounts receivable balances at December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Gross trade accounts receivable $ 203,875 $ 149,567 Trade allowances (36,242 ) (29,261 ) Chargebacks $ (12,114 ) (3,876 ) Allowance for doubtful accounts (945 ) — Accounts receivable, net $ 154,574 $ 116,430 |
Calculation of Net Loss and Number of Shares Used to Compute Basic and Diluted Net Loss per Share | The calculation of net loss and the number of shares used to compute basic and diluted net loss per share for the years ended December 31, 2020, 2019, and 2018 are as follows: In thousands 2020 2019 2018 Net loss—basic and diluted $ (18,000 ) $ (22,645 ) $ (116,445 ) Weighted average shares outstanding—basic and diluted 381,759 342,538 297,237 Net loss per share—basic and diluted $ (0.05 ) $ (0.07 ) $ (0.39 ) |
Anti-Dilutive Securities Not Included in the Computation of Net Loss or Earnings per Share | For the years ended December 31, 2020, 2019 and 2018, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: In thousands 2020 2019 2018 Stock options 16,664 15,619 19,263 Restricted stock and restricted stock units 7,710 6,921 9,633 Preferred stock (if converted) — 28,932 28,932 |
Estimated Fair Value of Assets and Liability | The following tables present information about the estimated fair value of the Company’s assets and liabilities as of December 31, 2020 and 2019 and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Asset: Money Market Fund $ 88,266 $ 88,266 $ — $ — U.S. Treasury Shares 48,356 48,356 — — Corporate Bonds 179,864 — 179,864 — Commercial Paper 106,650 — 106,650 — Agency Securities 20,782 — 20,782 — Repo Securities 10,000 — 10,000 — Asset Backed Securities 8,599 — 8,599 — Certificate of Deposit 6,125 — 6,125 — Non-US Government 5,240 — 5,240 — Total $ 473,882 $ 136,622 $ 337,260 $ — December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Asset: Money Market Fund $ 10,078 $ 10,078 $ — $ — |
Carrying Amounts and Estimated Fair Values of Debt from Royalty-Bearing Instrument | The carrying amounts of accounts payable and accrued liabilities approximate fair value because of their short-term nature. The carrying amounts and the estimated fair values of the debt from royalty-bearing instrument as of December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 In thousands Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt from royalty-bearing instrument $ — $ — $ 49,702 $ 50,400 |
Intangible Asset (Tables)
Intangible Asset (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Intangible Asset | The carrying value as of December 31, 2020 and 2019 is as follows: In thousands December 31, 2020 December 31, 2019 Technology rights $ 20,081 $ 20,081 Accumulated amortization (6,264 ) (4,823 ) Intangible asset, net $ 13,817 $ 15,258 |
Schedule of Estimated Future Amortization Expense | Estimated future amortization expense, based upon the Company’s intangible asset, as of December 31, 2020 is as follows: In thousands Year Ending December 31, Amount 2021 $ 1,442 2022 1,442 2023 1,442 2024 1,442 2025 1,442 Thereafter 6,607 Total $ 13,817 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories as of December 31, 2020 and 2019 consist of the following: In thousands December 31, 2020 December 31, 2019 Raw materials $ 50,657 $ 19,455 Work in process 30,388 12,031 Finished goods 107,819 45,283 Inventory $ 188,864 $ 76,769 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment as of December 31, 2020 and 2019 consist of the following: In thousands Useful Life (in years) December 31, 2020 December 31, 2019 Furniture and fixtures 5 $ 1,699 $ 1,636 Leasehold improvements lesser of useful life or lease term 1,026 714 Software 3 - 5 617 617 Computer equipment 3 - 5 290 290 Construction in progress — 123 Property, plant and equipment 3,632 3,380 Accumulated depreciation and amortization (1,616 ) (1,019 ) Property, plant and equipment, net $ 2,016 $ 2,361 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following as of December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Payroll and payroll-related expenses $ 22,772 $ 21,204 Sales and marketing accruals 6,220 8,221 Accrued revenue allowances 140,863 93,815 All other 28,786 16,586 Accrued expenses and other current liabilities $ 198,641 $ 139,826 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Total Amounts of Unrecognized Tax Benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: In thousands 2020 2019 2018 Beginning uncertain tax benefits $ 26,743 $ 6,815 $ 1,734 Prior year—increases 2,428 295 296 Prior year—decreases (5,391 ) — (762 ) Current year—increases 254 19,633 5,547 Ending uncertain tax benefits $ 24,034 $ 26,743 $ 6,815 |
Jurisdictions the Company Remains Subject to Tax Examinations | The Company files income tax returns in the United States, Ireland and United Kingdom, or UK. The Company remains subject to tax examinations in the following jurisdictions as of December 31, 2020: Jurisdiction Tax Years United States—Federal 2017-2020 United States—State 2012-2020 Ireland 2016-2020 United Kingdom 2019-2020 |
Components of Loss from Operations Before Taxes | The components of loss from operations before taxes were as follows for the years ended December 31, 2020, 2019 and 2018: In thousands 2020 2019 2018 United States $ 14,915 $ 10,269 $ (13,583 ) Ireland and United Kingdom (32,170 ) (32,750 ) (102,766 ) $ (17,255 ) $ (22,481 ) $ (116,349 ) |
Benefit from Income Taxes | The provision for income taxes shown in the accompanying consolidated statements of operations consists of the following for fiscal 2020, 2019 and 2018: In thousands 2020 2019 2018 Current: United States—Federal $ 45 $ — $ 4 United States—State 700 164 92 Total current $ 745 $ 164 $ 96 Deferred: United States—Federal 1,972 1,777 (1,968 ) United States—State 1,956 (914 ) (1,325 ) Ireland and United Kingdom (26,793 ) 1,278 (5,435 ) Change in valuation allowance 22,865 (2,141 ) 8,728 Total deferred $ — $ — $ — Provision for income taxes $ 745 $ 164 $ 96 |
Difference between Benefit from Income Taxes and Amount Computed by Applying Statutory Income Tax Rate to Income Before Taxes | The provision for income taxes differs from the amount computed by applying the statutory income tax rate to income before taxes due to the following for fiscal 2020, 2019 and 2018: In thousands 2020 2019 2018 Benefits from taxes at statutory rate $ (4,314 ) $ (5,620 ) $ (29,087 ) Rate differential 128 3,009 9,796 Change in valuation reserves 22,865 (2,141 ) 8,728 Derivative liabilities — — 337 Nondeductible employee compensation 6,122 5,472 3,058 Stock option/RSU windfall (3,262 ) (14,342 ) (7,684 ) ISO Disqualifying Disposition Windfall (253 ) (2,849 ) — Research and development credits (6,225 ) (1,607 ) (1,438 ) Tax return to provision adjustments (138 ) (3,222 ) 6,736 Net Operating Loss Carryback (2,465 ) — — Cumulative translation adjustment (10,852 ) 2,025 5,711 Permanent and other (4,283 ) (443 ) (404 ) Non-deductible interest expense — — 267 Tax reserves 3,422 18,799 4,956 Corscianto Liquidation — 1,727 — Long-term debt from royalty-bearing instrument — (644 ) (880 ) Provision for income taxes $ 745 $ 164 $ 96 |
Income Tax Effect of Each Type of Temporary Difference Comprising Net Deferred Tax Asset | The income tax effect of each type of temporary difference comprising the net deferred tax asset as of December 31, 2020 and 2019 is as In thousands December 31, 2020 December 31, 2019 Deferred tax assets: Net operating losses $ 125,859 $ 118,220 Stock-based compensation 7,565 7,111 Tax credits 14,690 9,149 Lease Liability 2,219 2,715 Other reserves and accrued liabilities 14,702 5,580 Gross deferred tax assets 165,035 142,775 Less: valuation allowance (160,841 ) (137,976 ) Total deferred tax assets 4,194 4,799 Deferred tax liabilities: Depreciation and amortization (2,399 ) (2,544 ) Lease Asset (1,784 ) (2,242 ) Other liabilities (11 ) (13 ) Total deferred tax liabilities (4,194 ) (4,799 ) Net deferred tax assets $ — $ — |
Valuation Allowance | The following table reflects the activity in the valuation allowance for the years ended December 31, 2020 and 2019: In thousands 2020 2019 Beginning valuation allowance $ 137,976 $ 140,117 Increase (decrease) as reflected in income tax expense 12,453 (114 ) Cumulative translation adjustment 10,412 (2,027 ) Ending valuation allowance $ 160,841 $ 137,976 |
Stock Incentive Plans and Sto_2
Stock Incentive Plans and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Activity | The following table summarizes all stock option activity for the year ended December 31, 2020 In thousands (except per share amounts and years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2020 15,619 $ 6.43 Granted 3,101 14.43 Forfeited (403 ) 15.53 Expired (30 ) 13.82 Exercised (1,623 ) 3.18 Outstanding as of December 31, 2020 16,664 8.00 6.5 years $ 23,174 Exercisable as of December 31, 2020 11,533 5.46 5.6 years $ 22,110 Vested and expected to vest as of December 31, 2020 16,408 $ 7.91 6.5 years $ 23,121 Available for future grant as of December 31, 2020 21,885 |
Assumptions Used to Estimate Fair Value of Share-Based Payment Awards | For 2020, 2019, and 2018, the Company used the following assumptions to estimate the fair value of share-based payment awards: 2020 2019 2018 Risk-free interest rate 0.33% - 1.74% 1.55% - 2.95% 2.18% - 3.00% Expected dividend yield 0.00% 0.00% 0.00% Expected option life (years) 6.25 6.25 6.25 Expected volatility 84% - 99% 92% - 94% 71% - 92% |
Restricted Stock Unit Activity | The following table presents the restricted stock unit activity for the years ended December 31, 2020 and 2019: In thousands (except per share amounts) Shares Weighted Average Grant Date Fair Value Outstanding as of January 1, 2020 6,921 6.34 Granted 3,460 13.12 Vested (2,508 ) 5.12 Forfeited (163 ) 11.72 Outstanding as of December 31, 2020 7,710 $ 9.67 |
Stock-Based Compensation Expense Related to Option Awards | The following table presents the stock-based compensation expense related to stock-based awards for the years ended December 31, 2020, 2019, and 2018: In thousands 2020 2019 2018 Research and development $ 6,568 $ 4,615 $ 2,898 Selling, general and administrative 39,245 26,302 15,908 Stock-based compensation expense $ 45,813 $ 30,917 $ 18,806 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summarize Activity of the Net Product Revenue Allowance and Reserve Categories | The following tables summarize activity in each of the net product revenue allowance and reserve categories described above for the years ended December 31, 2020 and 2019: In thousands Trade Allowances Rebates, Chargebacks and Discounts Product Returns Other Incentives Total Balance as of January 1, 2019 $ 19,495 $ 41,634 $ 2,948 $ 1,167 $ 65,244 Provision related to current period sales 92,378 403,865 2,430 47,169 545,842 Provision related to prior period sales — (324 ) — — (324 ) Credits/payments made for current period sales (63,288 ) (312,790 ) 5 (43,416 ) (419,489 ) Credits/payments made for prior period sales (19,324 ) (41,388 ) (804 ) (1,200 ) (62,716 ) Balance as of December 31, 2019 29,261 90,997 4,579 3,720 128,557 Provision related to current period sales 132,881 621,937 3,543 64,452 822,813 Provision related to prior period sales — (3,872 ) — — (3,872 ) Credits/payments made for current period sales (96,834 ) (482,254 ) — (58,911 ) (637,999 ) Credits/payments made for prior period sales (29,066 ) (85,608 ) (324 ) (3,677 ) (118,675 ) Balance as of December 31, 2020 $ 36,242 $ 141,200 $ 7,798 $ 5,584 $ 190,824 |
Development, Commercializatio_2
Development, Commercialization and Supply Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Changes in Balances of Contract Assets and Liabilities and Revenues Recognized | The following table presents changes in the balances of the Company’s contract assets and liabilities for years ended December 31, 2020 and 2019: In thousands Balance at Beginning of Period Additions Deductions Balance at End of Period Year ended December 31, 2020: Contract assets $ — $ — $ — $ — Contract liabilities: Deferred revenue $ 20,846 $ 4,608 $ (6,822 ) $ 18,632 Year ended December 31, 2019: Contract assets $ — $ — $ — $ — Contract liabilities: Deferred revenue $ 20,710 $ 2,500 $ (2,364 ) $ 20,846 During the years ended December 31, 2020 and 2019, the Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods: In thousands Twelve Months Ended December 31, Revenue recognized in the period from: 2020 2019 Amounts included in contract liability at the beginning of the period $ 4,705 $ 1,633 Performance obligations satisfied in previous periods $ 1,262 $ 299 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Maturity Analysis of Undiscounted Payments for Operating Lease Liabilities and Reconciliation with Carrying Amount of Lease Liability | The table below depicts a maturity analysis of the Company’s undiscounted payments for its operating lease liabilities and their reconciliation with the carrying amount of lease liability presented in the statement of financial position as of December 31, 2020: Undiscounted lease payments ($000s) 2021 $ 1,475 2022 1,774 2023 1,808 2024 1,842 2025 1,876 2026 and thereafter 9,112 Total undiscounted payments $ 17,887 Discount Adjustments $ (7,259 ) Current operating lease liability 1,475 Long-term operating lease liability $ 9,153 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of operating segments | Segment | 1 | |
Total assets | $ 966,021,000 | $ 882,209,000 |
Cash and liquid short-term and long-term investments | 563,400,000 | |
Total current assets | 879,233,000 | 855,005,000 |
Cash and cash equivalents | 186,964,000 | 644,588,000 |
Short-term investments | 313,969,000 | |
Accounts receivable, net | 154,574,000 | 116,430,000 |
Inventory | 188,864,000 | $ 76,769,000 |
Long-term investments | 62,469,000 | |
Debt outstanding | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)SegmentCustomer | Dec. 31, 2019USD ($) | Dec. 31, 2012USD ($) | |
Significant Accounting Policies [Line Items] | |||
Trade receivables, credit period | 30 days | ||
Maturities period | 24 months | ||
Unrealized gain on held-to-maturity securities | $ 500,000 | $ 0 | |
Number of operating segments | Segment | 1 | ||
ASU No. 2018-18 | |||
Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||
ASU No. 2018-13 | |||
Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||
ASU No. 2016-13 | |||
Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Trade receivables, credit period | 30 days | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Trade receivables, credit period | 60 days | ||
Embedded Derivative Financial Instruments | BioPharma Debt | |||
Significant Accounting Policies [Line Items] | |||
Frequency of periodic payment | quarterly | ||
Debt instrument periodic payment beginning year | 2013 | ||
Debt instrument periodic payment ending year | 2020 | ||
Maximum repayment of future revenue and receivables | $ 150,000,000 | ||
Fair value of embedded derivative liability | $ 0 | ||
Embedded Derivative Financial Instruments | BioPharma Debt | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Derivative liability fair value assumption, coupon rate | 6.00% | ||
Derivative liability fair value assumptions, market yields | 5.20% | ||
Embedded Derivative Financial Instruments | BioPharma Debt | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Derivative liability fair value assumption, coupon rate | 11.50% | ||
Derivative liability fair value assumptions, market yields | 16.80% | ||
Embedded Derivative Financial Instruments | BioPharma Debt | Measurement Input, Expected Term | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Derivative liability fair value assumptions, term | 1 year 10 months 24 days | ||
Embedded Derivative Financial Instruments | BioPharma Debt | Measurement Input, Expected Term | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Derivative liability fair value assumptions, term | 7 years 3 months 18 days | ||
Short Term Investments | |||
Significant Accounting Policies [Line Items] | |||
Maturities period | 12 months | ||
Long Term Investments | |||
Significant Accounting Policies [Line Items] | |||
Maturities period | 12 months | ||
Money Market Instruments | |||
Significant Accounting Policies [Line Items] | |||
Maturities period | 90 days | ||
Gross Product Sales | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Number of customers | Customer | 3 | ||
Customer A | Gross Product Sales | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 38.00% | 36.00% | |
Customer A | Accounts Receivable | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 31.00% | 35.00% | |
Customer B | Gross Product Sales | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 29.00% | 29.00% | |
Customer B | Accounts Receivable | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 18.00% | 20.00% | |
Customer C | Gross Product Sales | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 25.00% | 25.00% | |
Customer C | Accounts Receivable | Customer Concentration Risk | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 37.00% | 37.00% | |
Internal Revenue Service (IRS) | |||
Significant Accounting Policies [Line Items] | |||
Open tax year | 2018 | ||
Earliest Tax Year | New Jersey Department of Treasury | |||
Significant Accounting Policies [Line Items] | |||
Open tax year | 2012 | ||
Latest Tax Year | New Jersey Department of Treasury | |||
Significant Accounting Policies [Line Items] | |||
Open tax year | 2015 |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Impact of Accounts Receivable Reserves on Gross Trade Accounts Receivable Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross trade accounts receivable | $ 203,875 | $ 149,567 |
Accounts receivable, net | 154,574 | 116,430 |
Trade Allowances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Valuation allowances and reserves | (36,242) | (29,261) |
Chargebacks | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Valuation allowances and reserves | (12,114) | $ (3,876) |
Allowance for Doubtful Accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Valuation allowances and reserves | $ (945) |
Significant Accounting Polici_6
Significant Accounting Policies - Calculation of Net Loss and Number of Shares Used to Compute Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net loss—basic and diluted | $ (18,000) | $ (22,645) | $ (116,445) |
Weighted average shares outstanding—basic and diluted | 381,759 | 342,538 | 297,237 |
Net loss per share—basic and diluted | $ (0.05) | $ (0.07) | $ (0.39) |
Significant Accounting Polici_7
Significant Accounting Policies - Anti-Dilutive Securities Not Included in the Computation of Net Loss per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 28,932 | 28,932 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 16,664 | 15,619 | 19,263 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 7,710 | 6,921 | 9,633 |
Significant Accounting Polici_8
Significant Accounting Policies - Estimated Fair Value of Assets and Liability (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset: | ||
Asset, fair value | $ 473,882 | |
Level 1 | ||
Asset: | ||
Asset, fair value | 136,622 | |
Level 2 | ||
Asset: | ||
Asset, fair value | 337,260 | |
Money Market Fund | ||
Asset: | ||
Asset, fair value | 88,266 | $ 10,078 |
Money Market Fund | Level 1 | ||
Asset: | ||
Asset, fair value | 88,266 | $ 10,078 |
U.S. Treasury Shares | ||
Asset: | ||
Asset, fair value | 48,356 | |
U.S. Treasury Shares | Level 1 | ||
Asset: | ||
Asset, fair value | 48,356 | |
Corporate Bonds | ||
Asset: | ||
Asset, fair value | 179,864 | |
Corporate Bonds | Level 2 | ||
Asset: | ||
Asset, fair value | 179,864 | |
Commercial Paper | ||
Asset: | ||
Asset, fair value | 106,650 | |
Commercial Paper | Level 2 | ||
Asset: | ||
Asset, fair value | 106,650 | |
Agency Securities | ||
Asset: | ||
Asset, fair value | 20,782 | |
Agency Securities | Level 2 | ||
Asset: | ||
Asset, fair value | 20,782 | |
Repo Securities | ||
Asset: | ||
Asset, fair value | 10,000 | |
Repo Securities | Level 2 | ||
Asset: | ||
Asset, fair value | 10,000 | |
Asset Backed Securities | ||
Asset: | ||
Asset, fair value | 8,599 | |
Asset Backed Securities | Level 2 | ||
Asset: | ||
Asset, fair value | 8,599 | |
Certificate of Deposit | ||
Asset: | ||
Asset, fair value | 6,125 | |
Certificate of Deposit | Level 2 | ||
Asset: | ||
Asset, fair value | 6,125 | |
Non-US Government | ||
Asset: | ||
Asset, fair value | 5,240 | |
Non-US Government | Level 2 | ||
Asset: | ||
Asset, fair value | $ 5,240 |
Significant Accounting Polici_9
Significant Accounting Policies - Carrying Amounts and Estimated Fair Values of Debt from Royalty-Bearing Instrument (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Debt from royalty-bearing instrument, carrying value | $ 49,702 |
Debt from Royalty-bearing Instrument | |
Debt Instrument [Line Items] | |
Debt from royalty-bearing instrument, estimated fair value | $ 50,400 |
Intangible Asset - Additional I
Intangible Asset - Additional Information (Detail) $ in Thousands, £ in Millions | Dec. 13, 2019USD ($) | Dec. 13, 2019GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible asset estimated weighted- average remaining useful life | 9 years 7 months 6 days | ||||
Amortization of intangible asset | $ 1,441 | $ 679 | $ 646 | ||
Food and Drug Administration | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Milestone payment achieved | £ | £ 5 | ||||
Increase in intangible assets | $ 8,500 |
Intangible Asset - Schedule of
Intangible Asset - Schedule of Carrying Value of Intangible Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Technology rights | $ 20,081 | $ 20,081 |
Accumulated amortization | (6,264) | (4,823) |
Intangible asset, net | $ 13,817 | $ 15,258 |
Intangible Asset - Schedule o_2
Intangible Asset - Schedule of Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 | $ 1,442 | |
2022 | 1,442 | |
2023 | 1,442 | |
2024 | 1,442 | |
2025 | 1,442 | |
Thereafter | 6,607 | |
Intangible asset, net | $ 13,817 | $ 15,258 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 50,657 | $ 19,455 |
Work in process | 30,388 | 12,031 |
Finished goods | 107,819 | 45,283 |
Inventory | $ 188,864 | $ 76,769 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,632 | $ 3,380 |
Accumulated depreciation and amortization | (1,616) | (1,019) |
Property, plant and equipment, net | $ 2,016 | 2,361 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful Life | lesser of useful life or lease term | |
Property, plant and equipment | $ 1,026 | 714 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 290 | 290 |
Computer equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful Life | 3 years | |
Computer equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful Life | 5 years | |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful Life | 5 years | |
Property, plant and equipment | $ 1,699 | 1,636 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 617 | 617 |
Software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful Life | 3 years | |
Software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful Life | 5 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 123 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 0.6 | $ 0.2 | |
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 0.1 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Payroll and payroll-related expenses | $ 22,772 | $ 21,204 |
Sales and marketing accruals | 6,220 | 8,221 |
Accrued revenue allowances | 140,863 | 93,815 |
All other | 28,786 | 16,586 |
Accrued expenses and other current liabilities | $ 198,641 | $ 139,826 |
Debt - Debt from Royalty-Bearin
Debt - Debt from Royalty-Bearing Instrument-December 2012 Financing - Additional Information (Detail) - USD ($) | Dec. 06, 2012 | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Line Items] | |||||
Outstanding debt | $ 0 | $ 50,130,000 | |||
Interest expense, non-cash | 635,000 | 1,644,000 | $ 2,183,000 | ||
CPPIB | |||||
Debt Disclosure [Line Items] | |||||
Repayment of debt | 150,000,000 | ||||
Repayment under agreement | $ 9,600,000 | 52,400,000 | |||
BioPharma Debt | |||||
Debt Disclosure [Line Items] | |||||
Amount received at the closing of the agreement | $ 100,000,000 | ||||
Maximum repayment of future revenue and receivables | $ 150,000,000 | ||||
Royalty-Bearing Debt | Cash | |||||
Debt Disclosure [Line Items] | |||||
Interest expense, contractual coupon interest | 1,600,000 | 4,400,000 | |||
Royalty-Bearing Debt | Non Cash | |||||
Debt Disclosure [Line Items] | |||||
Interest expense, non-cash | $ 600,000 | $ 1,600,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Dec. 31, 2020 $ in Millions | USD ($) | GBP (£) |
Commitments And Contingencies Disclosure [Line Items] | ||
Potential payable amount over the agreement terms based on minimum purchase obligation | $ 326.1 | |
Communication costs related to direct-to-consumer activities | 7.3 | |
Further Indication for AMR101 | Marketing Approval In Europe | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Potential aggregate stock or cash payment | 10.2 | £ 7,500,000 |
Further Indication for AMR101 | Potential Marketing Approval 1 | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Potential aggregate stock or cash payment | 6.8 | 5,000,000 |
Further Indication for AMR101 | Potential Marketing Approval 2 | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Potential aggregate stock or cash payment | $ 6.8 | £ 5,000,000 |
Equity - Preferred Stock - Addi
Equity - Preferred Stock - Additional Information (Detail) | Jul. 18, 2019shares | Feb. 01, 2018shares | Jul. 10, 2015USD ($)$ / sharesshares | Mar. 30, 2015USD ($) | Mar. 05, 2015USD ($)shares | Mar. 31, 2020 | Mar. 31, 2015USD ($) | Dec. 31, 2020£ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2015shares | Dec. 31, 2019£ / sharesshares | Mar. 05, 2015£ / sharesshares | Mar. 05, 2015$ / sharesshares |
Stockholders Equity Note [Line Items] | ||||||||||||||
Preferred stock, shares outstanding | 0 | 289,317,460 | ||||||||||||
Preferred stock, par value | £ / shares | £ 0.05 | £ 0.05 | £ 0.05 | |||||||||||
Private placement, closing date | Mar. 30, 2015 | |||||||||||||
Stock issued under private placement, value | $ | $ 440,108,000 | $ 264,840,000 | ||||||||||||
Estimated offering expense | $ | $ 700,000 | |||||||||||||
Common stock, par value | £ / shares | £ 0.50 | £ 0.50 | £ 0.50 | |||||||||||
Number of shares issued for each preference shares | 0.1 | 0.1 | ||||||||||||
Preferred stock, equivalent ordinary shares upon future consolidation outstanding | 28,931,746 | |||||||||||||
Series A Preferred Stock | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
American depositary shares conversion rate to preference shares | American Depositary Shares, each representing one (1) share of Amarin’s Series A Convertible Preference Shares | |||||||||||||
Series A Preferred Stock | Minimum | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Beneficial ownership limitation | 4.99% | 9.90% | ||||||||||||
Series A Preferred Stock | Maximum | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Beneficial ownership limitation | 19.90% | |||||||||||||
Series A Preferred Stock | Maximum | Second Private Placement | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Preferred stock, equivalent ordinary shares upon future consolidation outstanding | 3,886,718 | |||||||||||||
Ordinary Shares | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Preferred stock, equivalent ordinary shares upon future consolidation outstanding | 0 | |||||||||||||
Convertible senior notes, total ADS into which the debt is exchangeable | 28,931,746 | 3,886,718 | 6,283,333 | |||||||||||
American Depositary Shares | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of stock (shares) | 22,222,223 | 19,178,082 | ||||||||||||
American Depositary Shares | Series A Preferred Stock | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of stock (shares) | 352,150,790 | |||||||||||||
Stock issued under private placement, value | $ | $ 52,800,000 | |||||||||||||
American Depositary Shares | Series A Preferred Stock | Second Private Placement | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Issuance of stock (shares) | 38,867,180 | |||||||||||||
Stock issued under private placement, value | $ | $ 5,800,000 | |||||||||||||
Aggregate gross proceeds | $ | $ 5,800,000 | |||||||||||||
Preferred Shares Basis | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Share conversion price | $ / shares | $ 0.15 | |||||||||||||
Preferred Shares Basis | Series A Preferred Stock | Second Private Placement | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Share conversion price | $ / shares | $ 0.15 | |||||||||||||
Ordinary Shares Basis | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Share conversion price | $ / shares | $ 1.50 | |||||||||||||
Ordinary Shares Basis | Series A Preferred Stock | Second Private Placement | ||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||
Share conversion price | $ / shares | $ 1.50 |
Equity - Common Stock - Additio
Equity - Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands, £ in Millions | Dec. 13, 2019GBP (£)shares | Jul. 29, 2019USD ($) | Jul. 18, 2019$ / sharesshares | Nov. 29, 2018USD ($)$ / sharesshares | Mar. 05, 2018shares | Feb. 01, 2018USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 13, 2019$ / shares |
Stockholders Equity Note [Line Items] | |||||||||
Accrued expenses and other current liabilities | $ | $ 198,641 | $ 139,826 | |||||||
American Depositary Shares | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Issuance of stock (shares) | shares | 22,222,223 | 19,178,082 | |||||||
Sale of stock price per share | $ / shares | $ 18 | ||||||||
Commissions, price per share | $ / shares | $ 17.235 | $ 3.41 | |||||||
Over allotment option, exercisable period | 30 days | 30 days | |||||||
American Depositary Shares | Over-Allotment Option | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Issuance of stock (shares) | shares | 11,111,112 | ||||||||
Commissions, price per share | $ / shares | $ 17.575 | ||||||||
Issuance of stock (shares), exercised | shares | 3,333,333 | 1,438,356 | 2,876,712 | ||||||
Gross proceeds from public offering including exercised option | $ | $ 460,000 | ||||||||
Net proceeds from public offering including exercised option | $ | $ 440,100 | $ 194,800 | $ 70,000 | ||||||
Food and Drug Administration | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Milestone payment achieved | £ | £ 5 | ||||||||
Issuance of common stock for milestone payment (in shares) | shares | 257,713 | ||||||||
Shares issued, price per share | $ / shares | $ 24.12 | ||||||||
Accrued expenses and other current liabilities | $ | $ 2,200 |
Equity - Incentive Equity Award
Equity - Incentive Equity Awards - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Note [Line Items] | |||
Stock options, outstanding | 16,664,000 | 15,619,000 | |
Shares issued, exercise of stock options | 1,623,000 | ||
Proceeds from exercise of stock options, net of transaction costs | $ 5,158 | $ 24,478 | $ 26,402 |
Stock Incentive Plan 2020 and 2011 | |||
Stockholders Equity Note [Line Items] | |||
Stock options, outstanding | 16,664,260 | ||
Shares issued, exercise of stock options | 1,623,460 | 5,997,919 | |
Proceeds from exercise of stock options, net of transaction costs | $ 5,200 | $ 24,500 | |
Restricted Stock Units (RSUs) | |||
Stockholders Equity Note [Line Items] | |||
Stock units, Granted | 3,460,000 | ||
Restricted Stock Units (RSUs) | Stock Incentive Plan 2020 and 2011 | |||
Stockholders Equity Note [Line Items] | |||
Restricted stock units, outstanding | 7,710,388 | ||
Percentage of outstanding shares on a fully diluted basis | 2.00% | ||
Shares issued, related to the vesting of RSUs | 2,507,748 | 3,969,811 | |
Treasury shares for settlement of employee tax obligations | 975,927 | 1,650,142 | |
Stock units, Granted | 164,657 | 45,163 | |
Stock units, Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) | Stock Incentive Plan 2020 and 2011 | Employees | |||
Stockholders Equity Note [Line Items] | |||
Stock units, Granted | 1,811,470 | 782,802 | |
Stock units, Vesting Period | 3 years | ||
Stock Options | |||
Stockholders Equity Note [Line Items] | |||
Stock units, Vesting Period | 4 years | ||
Stock Options | Stock Incentive Plan 2020 and 2011 | |||
Stockholders Equity Note [Line Items] | |||
Percentage of outstanding shares on a fully diluted basis | 4.00% | ||
Stock options, additional granted | 210,764 | 58,721 | |
Stock Options | Stock Incentive Plan 2020 and 2011 | Employees | |||
Stockholders Equity Note [Line Items] | |||
Stock options, Granted | 2,890,450 | 2,589,400 | |
Stock units, Vesting Period | 4 years | ||
Performance-Based RSUs | Stock Incentive Plan 2020 and 2011 | |||
Stockholders Equity Note [Line Items] | |||
Shares issued, related to the vesting of RSUs | 1,240,584 | ||
Treasury shares for settlement of employee tax obligations | 514,784 | ||
Performance-Based RSUs | Stock Incentive Plan 2020 and 2011 | Employees | |||
Stockholders Equity Note [Line Items] | |||
Stock units, Granted | 1,483,400 | 645,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Mar. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Line Items] | ||||
Total amount of unrecognized tax benefits that would affect the tax rate if recognized | $ 5,600,000 | $ 0 | ||
Gross liabilities to expire in 2021 | 0 | |||
Provision for income taxes | (745,000) | (164,000) | $ (96,000) | |
Increase in net operating loss carryforwards from prior years | 38,700,000 | |||
Tax credit carryforwards | 14,690,000 | 9,149,000 | ||
Undistributed earning retained indefinitely for reinvestment by foreign subsidiary | 0 | |||
Unrecognized deferred income tax liability | 0 | |||
ASU No. 2016-09 | ||||
Income Taxes [Line Items] | ||||
Provisions benefit for income taxes | 3,700,000 | 21,900,000 | 7,700,000 | |
CARES Act | ||||
Income Taxes [Line Items] | ||||
Carry back net operating losses arising beginning year | 2018 | |||
Carry back net operating losses arising end year | 2020 | |||
Net operating loss carryback period | 5 years | |||
Provision for income taxes | $ 2,500,000 | $ 0 | $ 0 | |
Ireland | ||||
Income Taxes [Line Items] | ||||
Corporate tax rate | 25.00% | 25.00% | 25.00% | |
Ireland | Amarin Pharmaceuticals Ireland Limited | ||||
Income Taxes [Line Items] | ||||
Corporate tax rate | 12.50% | 12.50% | 12.50% | |
Ireland | Non-Trading Activity | ||||
Income Taxes [Line Items] | ||||
Corporate tax rate | 25.00% | |||
Ireland | Trading Activity | ||||
Income Taxes [Line Items] | ||||
Corporate tax rate | 12.50% | |||
U.S., Republic of Ireland, United Kingdom and Israel | ||||
Income Taxes [Line Items] | ||||
Foreign net operating loss carryforwards | $ 900,500,000 | |||
U.S. Federal | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards | $ 13,000,000 | |||
U.S. Federal | Minimum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward expiration year | 2024 | |||
U.S. Federal | Maximum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward expiration year | 2040 | |||
State | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforwards | $ 4,000,000 | |||
State | Minimum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward expiration year | 2024 | |||
State | Maximum | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward expiration year | 2040 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning uncertain tax benefits | $ 26,743 | $ 6,815 | $ 1,734 |
Prior year—increases | 2,428 | 295 | 296 |
Prior year—decreases | (5,391) | (762) | |
Current year—increases | 254 | 19,633 | 5,547 |
Ending uncertain tax benefits | $ 24,034 | $ 26,743 | $ 6,815 |
Income Taxes - Jurisdictions th
Income Taxes - Jurisdictions the Company Remains Subject to Tax Examinations (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
United States | Earliest Tax Year | Federal | |
Income Taxes [Line Items] | |
Tax Years | 2017 |
United States | Earliest Tax Year | State | |
Income Taxes [Line Items] | |
Tax Years | 2012 |
United States | Latest Tax Year | Federal | |
Income Taxes [Line Items] | |
Tax Years | 2020 |
United States | Latest Tax Year | State | |
Income Taxes [Line Items] | |
Tax Years | 2020 |
Ireland | Earliest Tax Year | |
Income Taxes [Line Items] | |
Tax Years | 2016 |
Ireland | Latest Tax Year | |
Income Taxes [Line Items] | |
Tax Years | 2020 |
United Kingdom | Earliest Tax Year | |
Income Taxes [Line Items] | |
Tax Years | 2019 |
United Kingdom | Latest Tax Year | |
Income Taxes [Line Items] | |
Tax Years | 2020 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss from Operations Before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
United States | $ 14,915 | $ 10,269 | $ (13,583) |
Loss from operations before taxes | (17,255) | (22,481) | (116,349) |
Republic of Ireland and the United Kingdom | |||
Income Taxes [Line Items] | |||
Ireland and United Kingdom | $ (32,170) | $ (32,750) | $ (102,766) |
Income Taxes - Benefit from Inc
Income Taxes - Benefit from Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
United States—Federal | $ 45 | $ 4 | |
United States—State | 700 | $ 164 | 92 |
Total current | 745 | 164 | 96 |
Deferred: | |||
United States—Federal | 1,972 | 1,777 | (1,968) |
United States—State | 1,956 | (914) | (1,325) |
Ireland and United Kingdom | (26,793) | 1,278 | (5,435) |
Change in valuation allowance | 22,865 | (2,141) | 8,728 |
Provision for income taxes | $ 745 | $ 164 | $ 96 |
Income Taxes - Difference betwe
Income Taxes - Difference between Benefit from Income Taxes and Amount Computed by Applying Statutory Income Tax Rate to Income Before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Benefits from taxes at statutory rate | $ (4,314) | $ (5,620) | $ (29,087) |
Rate differential | 128 | 3,009 | 9,796 |
Change in valuation reserves | 22,865 | (2,141) | 8,728 |
Derivative liabilities | 337 | ||
Nondeductible employee compensation | 6,122 | 5,472 | 3,058 |
Stock option/RSU windfall | (3,262) | (14,342) | (7,684) |
ISO Disqualifying Disposition Windfall | (253) | (2,849) | |
Research and development credits | (6,225) | (1,607) | (1,438) |
Tax return to provision adjustments | (138) | (3,222) | 6,736 |
Net Operating Loss Carryback | (2,465) | ||
Cumulative translation adjustment | (10,852) | 2,025 | 5,711 |
Permanent and other | (4,283) | (443) | (404) |
Non-deductible interest expense | 267 | ||
Tax reserves | 3,422 | 18,799 | 4,956 |
Corscianto Liquidation | 1,727 | ||
Long-term debt from royalty-bearing instrument | (644) | (880) | |
Provision for income taxes | $ 745 | $ 164 | $ 96 |
Income Taxes - Income Taxes Eff
Income Taxes - Income Taxes Effect of Each Type of Temporary Difference Comprising Net Differed Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
Net operating losses | $ 125,859 | $ 118,220 | |
Stock-based compensation | 7,565 | 7,111 | |
Tax credits | 14,690 | 9,149 | |
Lease Liability | 2,219 | 2,715 | |
Other reserves and accrued liabilities | 14,702 | 5,580 | |
Gross deferred tax assets | 165,035 | 142,775 | |
Less: valuation allowance | (160,841) | (137,976) | $ (140,117) |
Total deferred tax assets | 4,194 | 4,799 | |
Deferred tax liabilities: | |||
Depreciation and amortization | (2,399) | (2,544) | |
Lease Asset | (1,784) | (2,242) | |
Other liabilities | (11) | (13) | |
Total deferred tax liabilities | $ (4,194) | $ (4,799) |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning valuation allowance | $ 137,976 | $ 140,117 |
Increase (decrease) as reflected in income tax expense | 12,453 | (114) |
Cumulative translation adjustment | 10,412 | (2,027) |
Ending valuation allowance | $ 160,841 | $ 137,976 |
Stock Incentive Plans and Sto_3
Stock Incentive Plans and Stock-Based Compensation - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2020$ / sharesshares | May 31, 2020$ / sharesshares | Nov. 30, 2019$ / sharesshares | May 31, 2019$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2020£ / shares | Dec. 31, 2019£ / shares | Mar. 05, 2015£ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, par value | £ / shares | £ 0.50 | £ 0.50 | £ 0.50 | |||||||
Weighted average fair value of the stock options granted | $ / shares | $ 14.43 | $ 17.07 | $ 7.82 | |||||||
Grant date fair value of options vested | $ 22,500,000 | $ 14,500,000 | $ 7,700,000 | |||||||
Proceeds from the exercise of options | 5,158,000 | 24,478,000 | 26,402,000 | |||||||
Intrinsic value of options exercised | 9,000,000 | 90,500,000 | 69,700,000 | |||||||
Unrecognized stock-based compensation expense related to unvested stock option | $ 45,600,000 | |||||||||
Unrecognized stock-based compensation expense related to unvested stock option, recognition period | 2 years 6 months | |||||||||
Compensation expense related to stock option | $ 22,400,000 | 16,300,000 | 8,200,000 | |||||||
Compensation expense in relation to restricted stock units | $ 23,400,000 | $ 14,600,000 | $ 10,600,000 | |||||||
Ordinary shares, reserved and available for issuance | shares | 21,885,000 | |||||||||
Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee Stock options, Vesting Period | 4 years | |||||||||
Stock Incentive Plan 2020 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares | shares | 20,000,000 | |||||||||
Plans | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Employee Stock options, Vesting Period | 4 years | |||||||||
Expire period | 10 years | |||||||||
2017 Employee Stock Purchase Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Ordinary shares, reserved and available for issuance | shares | 3,000,000 | |||||||||
Percentage of fair market value to payroll deductions to eligible employees to purchase ordinary shares | 85.00% | |||||||||
Maximum fair market value of stock which can be purchased by participant in calendar year | $ 25,000 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | shares | 223,545 | 123,608 | 75,673 | 47,358 | ||||||
Sale of stock price per share | $ / shares | $ 4.22 | $ 5.83 | $ 14.92 | $ 15.02 | ||||||
Reserved for future issuance | shares | 2,217,559 | |||||||||
2017 Employee Stock Purchase Plan | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of payroll deductions to eligible employees to purchase ordinary shares | 15.00% |
Stock Incentive Plans and Sto_4
Stock Incentive Plans and Stock-Based Compensation - Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding as of January 1, 2020 | 15,619 |
Granted | 3,101 |
Forfeited | (403) |
Expired | (30) |
Exercised | (1,623) |
Outstanding as of December 31, 2020 | 16,664 |
Exercisable as of December 31, 2020 | 11,533 |
Vested and expected to vest as of December 31, 2020 | 16,408 |
Available for future grant as of December 31, 2020 | 21,885 |
Weighted Average Exercise Price | |
Outstanding as of January 1, 2020 | $ / shares | $ 6.43 |
Granted | $ / shares | 14.43 |
Forfeited | $ / shares | 15.53 |
Expired | $ / shares | 13.82 |
Exercised | $ / shares | 3.18 |
Outstanding as of December 31, 2020 | $ / shares | 8 |
Exercisable as of December 31, 2020 | $ / shares | 5.46 |
Vested and expected to vest as of December 31, 2020 | $ / shares | $ 7.91 |
Weighted Average Remaining Contractual Term | |
Outstanding as of December 31, 2020 | 6 years 6 months |
Exercisable as of December 31, 2020 | 5 years 7 months 6 days |
Vested and expected to vest as of December 31, 2020 | 6 years 6 months |
Aggregate Intrinsic Value | |
Outstanding as of December 31, 2020 | $ | $ 23,174 |
Exercisable as of December 31, 2020 | $ | 22,110 |
Vested and expected to vest as of December 31, 2020 | $ | $ 23,121 |
Stock Incentive Plans and Sto_5
Stock Incentive Plans and Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Share-Based Payment Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk free interest rate, minimum | 0.33% | 1.55% | 2.18% |
Risk free interest rate, maximum | 1.74% | 2.95% | 3.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected option life (years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility, minimum | 84.00% | 92.00% | 71.00% |
Expected volatility, maximum | 99.00% | 94.00% | 92.00% |
Stock Incentive Plans and Sto_6
Stock Incentive Plans and Stock-Based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares | |
Beginning Balance | shares | 6,921 |
Granted | shares | 3,460 |
Vested | shares | (2,508) |
Forfeited | shares | (163) |
Ending Balance | shares | 7,710 |
Weighted Average Grant-Date Fair Value | |
Beginning Balance | $ / shares | $ 6.34 |
Granted | $ / shares | 13.12 |
Vested | $ / shares | 5.12 |
Forfeited | $ / shares | 11.72 |
Ending Balance | $ / shares | $ 9.67 |
Stock Incentive Plans and Sto_7
Stock Incentive Plans and Stock-Based Compensation - Stock-Based Compensation Expense Related to Option Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 45,813 | $ 30,917 | $ 18,806 |
Research and Development | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 6,568 | 4,615 | 2,898 |
Selling, general and administrative | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 39,245 | $ 26,302 | $ 15,908 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Contributions made under defined contribution plan | $ 1.7 | $ 1.1 | $ 0.7 |
Co-Promotion Agreement - Additi
Co-Promotion Agreement - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Co Promotion Agreement [Line Items] | |||
Accrued expenses and other current liabilities | $ 198,641 | $ 139,826 | |
Co-Promotion Agreement | Kowa Pharmaceuticals America, Inc. | |||
Co Promotion Agreement [Line Items] | |||
Promotion fee as a percentage of gross margin | 18.50% | ||
Maximum co-promotion tail payments receive period | 3 years | ||
Co-promotion tail payments receivable | $ 17,800 | ||
Accrued co- promotion tail payments | $ 16,600 | ||
Accrued expenses and other liabilities | $ 3,800 | 10,000 | |
Accrued expenses and other current liabilities | $ 3,200 | $ 6,500 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |
Payment period from distributors received from date of sale | 30 days |
Sales discount percentage | 2.00% |
Effect of significant financing component when transfer and customer payment of good or service occurs within one year or less | true |
VASCEPA 1-Gram | |
Disaggregation Of Revenue [Line Items] | |
Product expiration date after being converted into capsule form | 4 years |
VASCEPA 0.5-Gram | |
Disaggregation Of Revenue [Line Items] | |
Product expiration date after being converted into capsule form | 3 years |
Minimum | |
Disaggregation Of Revenue [Line Items] | |
Payment period from distributors received from date of sale | 30 days |
Maximum | |
Disaggregation Of Revenue [Line Items] | |
Payment period from distributors received from date of sale | 60 days |
Revenue Recognition - Summarize
Revenue Recognition - Summarize Activity of the Net Product Revenue Allowance and Reserve Categories (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ 128,557 | $ 65,244 |
Provision related to current period sales | 822,813 | 545,842 |
Provision related to prior period sales | (3,872) | (324) |
Credits/payments made for current period sales | (637,999) | (419,489) |
Credits/payments made for prior period sales | (118,675) | (62,716) |
Ending balance | 190,824 | 128,557 |
Trade Allowances | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | 29,261 | 19,495 |
Provision related to current period sales | 132,881 | 92,378 |
Credits/payments made for current period sales | (96,834) | (63,288) |
Credits/payments made for prior period sales | (29,066) | (19,324) |
Ending balance | 36,242 | 29,261 |
Rebates, Chargebacks and Discounts | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | 90,997 | 41,634 |
Provision related to current period sales | 621,937 | 403,865 |
Provision related to prior period sales | (3,872) | (324) |
Credits/payments made for current period sales | (482,254) | (312,790) |
Credits/payments made for prior period sales | (85,608) | (41,388) |
Ending balance | 141,200 | 90,997 |
Product Returns | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | 4,579 | 2,948 |
Provision related to current period sales | 3,543 | 2,430 |
Credits/payments made for current period sales | 5 | |
Credits/payments made for prior period sales | (324) | (804) |
Ending balance | 7,798 | 4,579 |
Other Incentives | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | 3,720 | 1,167 |
Provision related to current period sales | 64,452 | 47,169 |
Credits/payments made for current period sales | (58,911) | (43,416) |
Credits/payments made for prior period sales | (3,677) | (1,200) |
Ending balance | $ 5,584 | $ 3,720 |
Development, Commercializatio_3
Development, Commercialization and Supply Agreement - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Jan. 31, 2020USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2020USD ($)Item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
License And Collaboration Agreements [Line Items] | ||||||||||
Revenue recognized related to upfront and milestone payments | $ 6,822,000 | $ 2,364,000 | ||||||||
Licenses revenue | 614,060,000 | 429,755,000 | $ 229,214,000 | |||||||
Deferred revenue | $ 18,632,000 | 18,632,000 | 20,846,000 | 20,710,000 | ||||||
Product Revenue, Net | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Licenses revenue | $ 607,025,000 | 427,391,000 | 228,371,000 | |||||||
Mochida | In-licenses | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Milestones payment | 1,000,000 | $ 1,000,000 | ||||||||
Mochida | In-licenses | Research and Development Expense | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Upfront payment | $ 2,700,000 | |||||||||
Edding | Out-licenses | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Non-refundable up-front received | $ 15,000,000 | |||||||||
Number of indications of the regulatory milestone events relating to the submission and approval | Item | 3 | |||||||||
Amounts to be received upon achievement of the regulatory milestone events | $ 33,000,000 | |||||||||
Sales-based milestone event payment | 120,000,000 | |||||||||
Revenue recognized related to upfront and milestone payments | 3,000,000 | 300,000 | ||||||||
Deferred revenue | 10,800,000 | 10,800,000 | 13,000,000 | |||||||
Edding | Out-licenses | Licensing Revenue | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Licenses revenue | 6,100,000 | 3,000,000 | ||||||||
Edding | Out-licenses | Maximum | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Additional upfront payment eligible to receive based on development, regulatory and sales Milestone | 153,000,000 | |||||||||
Amounts to be received upon achievement of the regulatory milestone events | 15,000,000 | |||||||||
Sales-based milestone event payment | 50,000,000 | |||||||||
Edding | Out-licenses | Minimum | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Amounts to be received upon achievement of the regulatory milestone events | 2,000,000 | |||||||||
Sales-based milestone event payment | 5,000,000 | |||||||||
Edding | Out-licenses | Clinical Trial Application | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Non-refundable milestone payment | $ 1,000,000 | |||||||||
Biologix FZCo | Out-licenses | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Revenue recognition period of non-refundable up-front payment | 10 years | |||||||||
Biologix FZCo | Out-licenses | Product Revenue, Net | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Licenses revenue | 500,000 | 700,000 | ||||||||
HLS | Out-licenses | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Non-refundable up-front received | $ 5,000,000 | |||||||||
Non-refundable milestone payment | $ 2,500,000 | $ 3,800,000 | $ 2,500,000 | $ 2,500,000 | ||||||
Revenue recognized related to upfront and milestone payments | 3,900,000 | 2,100,000 | ||||||||
Deferred revenue | $ 7,100,000 | 7,100,000 | 7,100,000 | |||||||
Non-refundable up-front received period | 6 months | |||||||||
Non-refundable milestone payment received | $ 3,800,000 | |||||||||
HLS | Out-licenses | Health Canada | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Non-refundable milestone payment | 2,500,000 | |||||||||
HLS | Out-licenses | Licensing Revenue | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Licenses revenue | $ 6,600,000 | $ 2,900,000 | ||||||||
HLS | Out-licenses | Maximum | ||||||||||
License And Collaboration Agreements [Line Items] | ||||||||||
Additional upfront payment eligible to receive based on development, regulatory and sales Milestone | $ 50,000,000 |
Development, Commercializatio_4
Development, Commercialization and Supply Agreement - Additional Information (Detail 1) - Out-licenses - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | Dec. 31, 2020 |
Edding | |
License And Collaboration Agreements [Line Items] | |
Revenue recognized over remaining period | 14 years |
HLS | |
License And Collaboration Agreements [Line Items] | |
Revenue recognized over remaining period | 10 years |
Development, Commercializatio_5
Development, Commercialization and Supply Agreement - Changes in Balances of Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contract liabilities: | ||
Deferred revenue, Balance at Beginning of Period | $ 20,846 | $ 20,710 |
Deferred revenue, Additions | 4,608 | 2,500 |
Deferred revenue, Deductions | (6,822) | (2,364) |
Deferred revenue, Balance at End of Period | $ 18,632 | $ 20,846 |
Development, Commercializatio_6
Development, Commercialization and Supply Agreement - Recognized Revenues Changes in Contract Asset and Contract Liability Balances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue recognized in the period from: | ||
Amounts included in contract liability at the beginning of the period | $ 4,705 | $ 1,633 |
Performance obligations satisfied in previous periods | $ 1,262 | $ 299 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Aug. 15, 2019USD ($)RenewalOption | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Lessee Lease Description [Line Items] | ||||
Incremental borrowing rate for purposes of calculation of lease liabilities | 11.50% | |||
Change in incremental borrowing rate | 1.00% | |||
Monthly rent payment | $ 17,887 | |||
Operating lease liability | 10,600 | $ 9,800 | ||
Operating lease right-of-use asset | 8,054 | 8,511 | ||
Operating lease expense | $ 1,600 | $ 1,500 | $ 800 | |
Bridgewater | ||||
Lessee Lease Description [Line Items] | ||||
Lease commencement date | Aug. 15, 2019 | |||
Lease agreement term | 11 years | |||
Number of renewal options | RenewalOption | 2 | |||
Lease renewal term | 5 years | |||
Description of lease agreement | Amarin will have a one-time option to terminate the agreement effective on the first day of the ninety-seventh month after the Commencement Date upon advance written notice and a termination payment specified in the Lease. | |||
Lease termination description | one-time option to terminate the agreement effective on the first day of the ninety-seventh month after the Commencement Date | |||
Lease termination existence of option to extend | true | |||
Monthly rent payment | $ 100 | |||
Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Short term lease period | 12 months |
Leases - Maturity Analysis of U
Leases - Maturity Analysis of Undiscounted Payments for Operating Lease Liabilities and Reconciliation with Carrying Amount of Lease Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Undiscounted lease payments | ||
2021 | $ 1,475 | |
2022 | 1,774 | |
2023 | 1,808 | |
2024 | 1,842 | |
2025 | 1,876 | |
2026 and thereafter | 9,112 | |
Total undiscounted payments | 17,887 | |
Discount Adjustments | (7,259) | |
Current operating lease liability | 1,475 | |
Long-term operating lease liability | $ 9,153 | $ 9,443 |
Operating lease, liability, current, statement of financial position [Extensible List] | amrn:AccruedLiabilitiesAndOtherLiabilitiesCurrent |