Monday, June 20, 2022 6:12:32 PM
pdf version: https://investor.amarincorp.com/static-files/cd495f3c-3f69-4359-a316-b7d03a666ef2 (search within for "lease")
In my opinion, the Bridgewater lease is not a significant liability in the overall big picture after looking at numbers below. About $1.2M/year. With 396.7M shares outstanding, works out to $0.003 (or 0.3 cents) per share annually. The total lease liability end of 2021 of 10.3M works out to 2.6 cents per share.
Specifically, p. 78 "Properties" for brief summary, "Effective February 5, 2019, we entered into a lease agreement for approximately 67,747 square feet of office space in Bridgewater, New Jersey. The lease commenced on August 15, 2019 for an 11-year period, with two five-year renewal options."
Financial Statements section page F-32 subsection (16) Leases gives further lease info:
"Subject to the terms of the Lease, Amarin will have a one-time option to terminate the agreement effective on the first day of the 97th month after the Commencement Date upon advance written notice and a termination payment specified in the Lease. Under the Lease, the Company paid monthly rent of approximately $0.1 million for the first year following the Commencement Date, and such rent increases by a nominal percentage every year following the first anniversary of the Commencement Date. In addition, Amarin receives certain abatements subject to the limitations in the Lease. The operating lease liability is $10.3 million and $10.6 million and the operating lease right-of use asset is $7.7 million and $8.1 million, as of December 31, 2021 and December 31, 2020, respectively.
The lease expense for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 is approximately $2.2 million, $1.6 million and $1.5 million, respectively.
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, 2021:
Undiscounted lease payments ($000s)
2022 1,774
2023 1,808
2024 1,842
2025 1,876
2026 1,910
2027 and thereafter 7,202
Total undiscounted payments $ 16,412
Discount Adjustments $ (6,062 )
Current operating lease liability $1,774
Long-term operating lease liability $ 8,576
The Company entered into a lease agreement for new office space in Zug, Switzerland. The lease commenced on February 1, 2022 for a five year period.
Under the lease, the Company will pay rent of approximately $0.2 million per year.
Part IV Exhibit 10.45 has link to full Bridgewater lease agreement:
Lease Agreement, dated February 5, 2019, by and between 440 Route 22 LLC and Amarin Pharma, Inc.
https://www.sec.gov/Archives/edgar/data/0000897448/000156459019004655/amrn-ex1069_187.htm
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