FOLDHIGH SIGNALREGULATORY10-K

FOLD has entered into a definitive merger agreement with BioMarin Pharmaceutical Inc., with extensive new disclosure language addressing merger-related risks and operational restrictions.

The pending BioMarin acquisition represents a significant corporate development that could fundamentally alter FOLD's trajectory as an independent entity. The company acknowledges material risks including potential deal termination, timeline uncertainties, and current operational restrictions while the merger agreement remains in effect, creating near-term execution challenges and strategic uncertainty.

Comparing 2026-02-20 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

FOLD delivered solid operational performance with 20% revenue growth and improving profitability as net losses narrowed substantially. The balance sheet strengthened meaningfully with stockholders' equity growing 41% and current assets expanding 34%, though inventory levels nearly doubled and current liabilities increased significantly. Overall, the financial picture shows a company generating stronger cash flows and building resources, likely positioning itself attractively for the pending merger.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
+92.6%
$118.8M→$228.8M

Inventory surged 92.6% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Current Liabilities
Balance Sheet
+59.9%
$148.7M→$237.8M

Current liabilities surged 59.9% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
+51.7%
-$56.1M→-$27.1M

Net income grew 51.7% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+41.3%
$194.0M→$274.2M

Equity base grew 41.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
+35.1%
$37.1M→$50.1M

Interest expense surged 35.1% — significant debt increase or rising rates materially impacting earnings.

Current Assets
Balance Sheet
+34%
$504.7M→$676.2M

Current assets grew 34% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+31.8%
$24.9M→$32.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Total Assets
Balance Sheet
+21%
$785.0M→$949.9M

Asset base grew 21% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+20%
$528.3M→$634.2M

Revenue growing 20% — solid top-line momentum, watch margins for quality of growth.

SG&A Expense
P&L
+18.6%
$323.4M→$383.5M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-19
ADDED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 75 Item 7A.
You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements: the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement (the "Merger Agreement") that we entered into with BioMarin Pharmaceutical Inc.
Our forward-looking statements do not reflect the potential impact of any future collaborations, alliances, business combinations, partnerships, strategic out-licensing of certain assets, the acquisition of preclinical-stage, clinical-stage, marketed products or platform technologies or other investments we may make and do not assume the consummation of our pending transaction with BioMarin unless specifically stated otherwise.
We may not complete the pending transaction with BioMarin within the time frame we anticipate or at all, which could have an adverse effect on our business, financial results and/or operations.
While the Merger Agreement is in effect, we are subject to restrictions on our business activities.
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REMOVED
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 72 Item 7A.
Our forward-looking statements do not reflect the potential impact of any future collaborations, alliances, business combinations, partnerships, strategic out-licensing of certain assets, the acquisition of preclinical-stage, clinical-stage, marketed products or platform technologies or other investments we may make.
Our gene therapy product candidates are based on novel technologies, which makes it difficult to predict the time and cost of their development and subsequently obtaining regulatory approval.
We rely on third parties to conduct certain preclinical activities and our clinical trials, who may not perform satisfactorily.
administration, including executive orders, policies, new legislation, and judicial decisions.
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