atrs-10q_20210331.htm

Large accelerated filer

Accelerated filer

Non–accelerated filer

Smaller reporting company

Emerging growth company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period ________ to ________

Commission File Number 1-32302

ANTARES PHARMA, INC.

A Delaware Corporation

(State or Other Jurisdiction of Incorporation)

41-1350192

(I.R.S. Employer Identification No.)

100 Princeton South, Suite 300, Ewing, NJ		08628
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (609) 359-3020

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ATRS

NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

As of April 30, 2021, the registrant had 168,798,266 shares of common stock, $0.01 par value per share, outstanding.

ANTARES PHARMA, INC.

INDEX

			PAGE

PART I.		FINANCIAL INFORMATION	3

	Item 1.	Financial Statements	3

		Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (Unaudited)	3

		Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (Unaudited)	4

		Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020 (Unaudited)	5

		Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2021 and 2020 (Unaudited)	6

		Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (Unaudited)	7

		Notes to Condensed Consolidated Financial Statements (Unaudited)	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

	Item 4.	Controls and Procedures	23

PART II.		OTHER INFORMATION	24

	Item 1.	Legal Proceedings	24

	Item 1A.	Risk Factors	24

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

	Item 3.	Default Upon Senior Securities	24

	Item 4.	Mine Safety Disclosures	24

	Item 5.	Other Information	24

	Item 6.	Exhibits	25

		SIGNATURES	26

PART I – FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

ANTARES PHARMA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(UNAUDITED)

	March 31,		December 31,
	2021		2020
Assets
Current Assets:
Cash and cash equivalents	$	55,652	$	53,137
Accounts receivable		42,940		42,221
Inventories		19,614		18,216
Contract assets		10,960		8,140
Prepaid expenses and other current assets		4,352		4,877
Total current assets		133,518		126,591
Deferred tax assets, net		46,392		46,982
Property and equipment, net		24,276		24,020
Operating lease right-of-use assets		4,285		4,621
Intangibles, net		7,488		7,693
Other assets		2,498		2,624
Total Assets	$	218,457	$	212,531
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	16,764	$	16,194
Accrued expenses and other liabilities		26,373		25,635
Long-term debt, current portion		26,260		16,230
Operating lease liabilities, current portion		1,177		1,203
Deferred revenue		1,570		3,943
Total current liabilities		72,144		63,205
Long-term debt		14,765		24,669
Operating lease liabilities, long-term		4,597		4,816
Other long-term liabilities		726		726
Total liabilities		92,232		93,416
Stockholders’ Equity:
Preferred Stock: $0.01 par; 3,000 shares authorized, none outstanding		—		—
Common Stock: $0.01 par; 300,000 shares authorized; 168,798 and 166,836 issued and outstanding at March 31, 2021 and December 31, 2020, respectively		1,688		1,668
Additional paid-in capital

SEC Form 10-Q filed by Antares Pharma, Inc.