false000165855100016585512023-03-132023-03-13

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 13, 2023

 

AMYLYX PHARMACEUTICALS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware	001-41199	46-4600503
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
43 Thorndike, St., Cambridge, MA		02141
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 682-0917

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, $0.0001 par value per share		AMLX		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

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. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

 

On March 13, 2023, Amylyx Pharmaceuticals, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and fiscal year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information provided in this Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

 

Exhibit Number		Description
99.1		Press Release of the Company, dated March 13, 2023
104		Cover Page Interactive Data File (embedded with the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		AMYLYX PHARMACEUTICALS, INC.
Date: March 13, 2023		By:	/s/ James M. Frates
			James M. Frates
			Chief Financial Officer

 

 

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Exhibit 99.1

 

Amylyx Pharmaceuticals Reports Fourth Quarter and Full Year 2022 Financial Results

 

 

CAMBRIDGE, Mass. March 13, 2023 -- Amylyx Pharmaceuticals, Inc. (Nasdaq: AMLX) (“Amylyx” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2022. The Company also announced the appointment of Karen Firestone, Chairman, CEO, and co-founder of Aureus Asset Management and prior fund manager at Fidelity Investments, to the Company’s Board of Directors, effective March 16.

 

“2022 was an exceptionally exciting year for Amylyx, culminating with the approval of RELYVRIO in the U.S. following the approval with conditions for ALBRIOZA in Canada, marking an important step toward delivering much-needed advancements in treatment options to the ALS community,” said Joshua Cohen and Justin Klee, Co-CEOs of Amylyx. “Our commercial launch is off to a strong start, and we are encouraged by the engagement we have seen from physicians, people living with ALS, and payors. While we are thrilled with this progress, we are also cognizant that much work remains to meet our goal of quick and efficient access for every eligible person living with ALS. With that in mind, we continue to engage with the European Medicines Agency as it reviews our Marketing Authorisation Application for AMX0035, and we remain focused on our efforts to engage stakeholders throughout the ALS community as we work to drive the broadest coverage possible for this important new therapeutic option.”

 

 

Cohen and Klee continued, “We are also delighted to welcome Karen Firestone from Aureus Asset Management to our Board, and we look forward to her strategic guidance and perspectives as we continue to launch RELYVRIO and ALBRIOZA and focus on bringing innovative treatments to the neurodegenerative disease community.”

 

 

“Amylyx has the potential to change the treatment landscape for people living with ALS, and I am delighted to join the Board at this pivotal time,” said Ms. Firestone. “I look forward to collaborating with the talented team and leveraging my insights across risk management, corporate strategy, and financial performance in support of our mission to one day end the suffering caused by neurodegenerative diseases.”

 

Full Year 2022 and Year-to-Date 2023 Business Highlights:

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Financial Results for the Fourth Quarter and Year Ended December 31, 2022

 

For the three months ended December 31, 2022, net product revenue was $21.9 million and cost of sales were $2.8 million. For the year ended December 31, 2022, net product revenue was $22.2 million and cost of sales were $3.0 million. Both net product revenue and cost of sales during these periods were attributable to sales of RELYVRIO in the U.S. and ALBRIOZA in Canada. There were no product revenues or cost of sales for the comparable periods in 2021.

 

Research and development expenses were $22.8 million for the three months ended December 31, 2022, compared to $13.4 million for the same period in 2021. Research and development expenses were $93.5 million for the year ended December 31, 2022, compared to $44.0 million for the same period in 2021. The increase was mainly driven by costs associated with the global Phase 3 PHOENIX clinical trial and its open label extension phase, commercial launch preparation activities, and additional personnel-related expenses due to new headcount to support research and development efforts.

 

Selling, general and administrative expenses were $40.8 million for the three months ended December 31, 2022, compared to $14.9 million for the same period in 2021. Selling, general and administrative expenses were $127.1 million for the year ended December 31, 2022, compared to $38.9 million for the same period in 2021. The increase was mainly driven by higher personnel-related expenses to support launch preparation initiatives as well as increased expenses for commercial launch activities and operations as a public company.

 

Net loss for the three months ended December 31, 2022 was $42.7 million, or $0.65 per share, compared to a net loss of $28.3 million, or $4.10 per share for the same period in 2021. Net loss for the year ended December 31, 2022, was $198.4 million, or $3.39 per share, compared to a net loss of $87.9 million, or $13.35 per share for the same period in 2021.

 

Cash, cash equivalents, and short-term investments were $346.9 million at December 31, 2022, compared to $162.6 million at September 30, 2022.

 

Investor Conference Call Information

 

Amylyx’ management team will host a conference call and webcast today, March 13, 2023, at 4:30 p.m. ET to discuss financial results and provide an update on the business. To access the conference call, please dial (833) 816-1395 (U.S.) or +1 (412) 317-0488 (international) at least 10 minutes prior to the start time and ask to be joined into the Amylyx Pharmaceuticals call. A live audio webcast of the call will be available under “Events and Presentations” in the Investor section of the Company’s website, https://investors.amylyx.com/news-events/events. The webcast will be archived and available for replay for 90 days following the event.

 

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Available Information

 

We periodically provide other information for investors on our corporate website, https://amylyx.com, and our investor relations website, https://investors.amylyx.com. This includes press releases and other information about financial performance, information on corporate governance, and details related to our annual meeting of stockholders. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings, and public conference calls and webcasts.

 

About RELYVRIO®/ALBRIOZA™
 

RELYVRIO® (sodium phenylbutyrate and taurursodiol) is an oral, fixed-dose medication approved to treat amyotrophic lateral sclerosis (ALS) in adults in the U.S. and approved with conditions as ALBRIOZA™ (sodium phenylbutyrate and ursodoxicoltaurine) for the treatment of ALS in Canada. Additionally, the European Medicines Agency (EMA) is reviewing the Company’s Marketing Authorisation Application for AMX0035 for the treatment of ALS in Europe. AMX0035 is being explored for the potential treatment of other neurodegenerative diseases.

 

RELYVRIO® (sodium phenylbutyrate and taurursodiol) Safety Information for United States

 

WARNINGS AND PRECAUTIONS

 

Risk in Patients with Enterohepatic Circulation Disorders, Pancreatic Disorders, or Intestinal Disorders

 

RELYVRIO contains taurursodiol, which is a bile acid. In patients with disorders that interfere with bile acid circulation, there may be an increased risk for worsening diarrhea, and patients should be monitored appropriately for this adverse reaction. Pancreatic insufficiency, intestinal malabsorption, or intestinal diseases that may alter the concentration of bile acids may also lead to decreased absorption of either of the components of RELYVRIO. Because different enterohepatic circulation, pancreatic, and intestinal disorders have varying degrees of severity, consider consulting with a specialist. Patients with disorders of enterohepatic circulation (e.g., biliary infection, active cholecystitis), severe pancreatic disorders (e.g., pancreatitis), and intestinal disorders that may alter concentrations of bile acids (e.g., ileal resection, regional ileitis) were excluded from the study; therefore, there is no clinical experience in these conditions.

 

Use in Patients Sensitive to High Sodium Intake

 

RELYVRIO has a high salt content. Each initial daily dosage of 1 packet contains 464 mg of sodium; each maintenance dosage of 2 packets daily contains 928 mg of sodium. In patients sensitive to salt intake (e.g., those with heart failure, hypertension, or renal impairment), consider the amount of daily sodium intake in each dose of RELYVRIO and monitor appropriately.

 

ADVERSE REACTIONS

 

The most common adverse reactions (at least 15% and at least 5% greater than placebo) with RELYVRIO were diarrhea, abdominal pain, nausea, and upper respiratory tract infection. Gastrointestinal-related adverse reactions occurred throughout the study but were more frequent during the first 3 weeks of treatment.

 

Please click here for RELYVRIO Full U.S. Prescribing Information.

 

About Amylyx Pharmaceuticals

 

Amylyx Pharmaceuticals, Inc. is committed to supporting and creating more moments for the neurodegenerative community through the discovery and development of innovative new treatments. Amylyx is headquartered in Cambridge, Massachusetts and has operations in Canada and EMEA. For more information, visit amylyx.com and follow us on LinkedIn and Twitter. For investors, please visit investors.amylyx.com.

 

Forward-Looking Statements

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Statements contained in this press release and related comments in our earnings conference call regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding the potential approval of sodium phenylbutyrate and taurursodiol for the treatment of ALS in the European Union; the timing of an anticipated decision in Europe regarding whether to approve AMX0035 for the treatment of ALS and our ability to resolve remaining major objections as part of the MAA review process; the potential of sodium phenylbutyrate and taurursodiol as a treatment for ALS and other neurodegenerative diseases; the commercialization of RELYVRIO and ALBRIOZA, including our progress with uptake, enrollment and outreach and our expectations with respect to the number of patients on RELYVRIO and ALBRIOZA; the potential market acceptance and market opportunity for RELYVRIO and ALBRIOZA; statements regarding coverage and policy decisions by insurance plans related to RELYVRIO and ALBRIOZA and whether those decisions will be favorable; expectations regarding access to and coverage for RELYVRIO and ALBRIOZA; our ability to execute a successful launch in Europe, if approval is obtained; the Company’s expectations with respect to completion of and the timing of results from its ongoing PHOENIX trial; the potential for new pipeline programs and clinical indications for AMX0035; statements regarding regulatory developments, including those relating to the Company’s ongoing clinical trial of AMX0035 in Wolfram syndrome; the Company’s expectations regarding its financial performance, the anticipated ramp in our R&D and SG&A expenses, gross-to-net revenue and its ability to achieve break even cash flow; and expectations regarding the Company’s longer-term strategy. Any forward-looking statements in this press release and related comments in our earnings conference call are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of Amylyx’ program development activities, Amylyx’ ability to successfully commercialize RELYVRIO in the United States and ALBRIOZA in Canada, Amylyx’ ability to execute on its commercial and regulatory strategy, regulatory developments, expectations regarding the timing of EMA review of AMX0035 for the treatment of ALS, Amylyx’ ability to successfully resolve outstanding issues with the review of its MAA, Amylyx’ ability to fund operations, and the impact that the ongoing COVID-19 pandemic, global macroeconomic uncertainty and geopolitical instability will have on Amylyx’ operations, as well as the risks and uncertainties set forth in Amylyx’ United States Securities and Exchange Commission (SEC) filings, including Amylyx’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and subsequent filings with the SEC. All forward-looking statements contained in this press release and related comments in our earnings conference call speak only as of the date on which they were made. Amylyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

 

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AMYLYX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in thousands)
		December 31,
		2022				2021
Assets
Cash, cash equivalents and short-term investments		$	346,945			$	96,118
Prepaid expenses and other current assets			10,113				5,392
Accounts receivable, net			15,306				—
Inventories			9,769				—
Deferred offering costs			—				3,441
Other assets			9,320				663
Total assets		$	391,453			$	105,614
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’    Equity (Deficit)
Accounts payable, accrued expenses and other current liabilities		$	46,609			$	17,396
Other liabilities			4,237				35
Total liabilities			50,846				17,431
Redeemable convertible preferred stock			—				239,351
Stockholders’ equity (deficit)			340,607				(151,168	)
Total liabilities, redeemable convertible preferred stock and stockholders'    equity (deficit)		$	391,453			$	105,614

 

AMYLYX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
(in thousands, except share and per share data)
		Three Months Ended December 31,								Year Ended December 31,
		2022				2021				2022				2021
Revenues:
Product revenue, net		$	21,885			$	—			$	22,230			$	—
Grant revenue			—				—				—				285
Total revenues			21,885				—				22,230				285
Operating expenses:
Cost of sales			2,821				—				2,993				—
Research and development			22,813				13,394				93,450				44,040
Selling, general and administrative			40,844				14,921				127,128				38,933
Total operating expenses			66,478				28,315				223,571				82,973
Loss from operations			(44,593	)			(28,315	)			(201,341	)			(82,688	)
Other income (expense), net			2,468				(29	)			3,740				(5,243	)
Loss before income taxes			(42,125	)			(28,344	)			(197,601	)			(87,931	)
Provision for income taxes			579				—				774				—
Net loss		$	(42,704	)		$	(28,344	)		$	(198,375	)		$	(87,931	)
Net loss per share attributable to common stockholders—    basic and diluted		$	(0.65	)		$	(4.10	)		$	(3.39	)		$	(13.35	)
Weighted-average shares used in computing net loss per share    attributable to common stockholders—basic and diluted			65,416,712				6,910,413				58,495,587				6,586,349

 

Contacts

 

Media

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Amylyx Media Team

+1 (857) 799-7274

amylyxmediateam@amylyx.com

 

Investors

Lindsey Allen

Amylyx Pharmaceuticals, Inc.

+1 (857) 320-6244

Investors@amylyx.com

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