$AGIO
AGIOS PHARMACEUTICALS, INC.

2014 Q1 Form 10-K Financial Statement

#000119312514104521 Filed on March 18, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 2012 Q4
Revenue $8.411M $25.55M $6.282M
YoY Change 34.19% 1.76%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.290M $9.900M $1.550M
YoY Change 77.84% 39.44%
% of Gross Profit
Research & Development $17.41M $54.50M $11.23M
YoY Change 51.87% 32.81%
% of Gross Profit
Depreciation & Amortization $332.0K $1.440M $300.0K
YoY Change -4.87% 22.14%
% of Gross Profit
Operating Expenses $20.70M $64.43M $12.78M
YoY Change 55.44% 33.95%
Operating Profit -$12.28M -$38.88M -$6.498M
YoY Change 74.34% 69.09%
Interest Expense $40.00K $100.0K $10.00K
YoY Change 300.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.25M -$38.83M -$6.490M
YoY Change 74.03% 69.36%
Income Tax $0.00 $579.0K -$1.180M
% Of Pretax Income
Net Earnings -$12.25M -$39.41M -$5.313M
YoY Change 69.45% 96.04%
Net Earnings / Revenue -145.62% -154.25% -84.57%
Basic Earnings Per Share -$0.39
Diluted Earnings Per Share -$0.39 -$2.558M -$1.492M
COMMON SHARES
Basic Shares Outstanding 31.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.3M $166.8M $128.0M
YoY Change 40.13% 30.31%
Cash & Equivalents $32.84M $71.60M $91.30M
Short-Term Investments $129.4M $95.20M $36.68M
Other Short-Term Assets $7.500M $2.500M $2.100M
YoY Change 188.46% 19.05%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $172.4M $169.7M $130.1M
YoY Change 45.75% 30.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.452M $3.800M $3.565M
YoY Change -15.8% 5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M $27.10M
YoY Change
Other Assets $467.0K $600.0K $22.00K
YoY Change -86.26% -81.82%
Total Long-Term Assets $9.495M $31.50M $6.864M
YoY Change 24.93% 356.52%
TOTAL ASSETS
Total Short-Term Assets $172.4M $169.7M $130.1M
Total Long-Term Assets $9.495M $31.50M $6.864M
Total Assets $181.9M $201.2M $137.0M
YoY Change 44.49% 46.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.411M $3.700M $3.308M
YoY Change -6.15% 12.12%
Accrued Expenses $3.841M $6.600M $1.708M
YoY Change 92.05% 288.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.08M $36.90M $35.11M
YoY Change -7.89% 5.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.000K $32.80M $358.0K
YoY Change -99.99% -43.45%
Total Long-Term Liabilities $3.000K $32.80M $358.0K
YoY Change -99.99% -43.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.08M $36.90M $35.11M
Total Long-Term Liabilities $3.000K $32.80M $358.0K
Total Liabilities $34.08M $69.70M $35.47M
YoY Change -61.57% -25.13%
SHAREHOLDERS EQUITY
Retained Earnings -$125.7M -$74.04M
YoY Change
Common Stock $247.0M $2.015M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $121.3M $131.5M -$72.02M
YoY Change
Total Liabilities & Shareholders Equity $181.9M $201.2M $137.0M
YoY Change 44.49% 46.86%

Cashflow Statement

Concept 2014 Q1 2013 2012 Q4
OPERATING ACTIVITIES
Net Income -$12.25M -$39.41M -$5.313M
YoY Change 69.45% 96.04%
Depreciation, Depletion And Amortization $332.0K $1.440M $300.0K
YoY Change -4.87% 22.14%
Cash From Operating Activities -$27.00M -$56.40M -$11.60M
YoY Change 125.0% 13.83%
INVESTING ACTIVITIES
Capital Expenditures $13.00K $1.294M -$100.0K
YoY Change -95.27% -12.27%
Acquisitions
YoY Change
Other Investing Activities -$12.30M -$85.92M $19.80M
YoY Change -386.05% -450.41%
Cash From Investing Activities -$12.30M -$87.22M $19.80M
YoY Change -407.5% -478.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $113.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K 123.9M 0.000
YoY Change 87139.44%
NET CHANGE
Cash From Operating Activities -27.00M -56.40M -11.60M
Cash From Investing Activities -12.30M -87.22M 19.80M
Cash From Financing Activities 600.0K 123.9M 0.000
Net Change In Cash -38.70M -19.74M 8.200M
YoY Change 383.75% -25.14%
FREE CASH FLOW
Cash From Operating Activities -$27.00M -$56.40M -$11.60M
Capital Expenditures $13.00K $1.294M -$100.0K
Free Cash Flow -$27.01M -$57.69M -$11.50M
YoY Change 120.07% 13.07%

Facts In Submission

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CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2011 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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85482000
CY2011 us-gaap Depreciation
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801000
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371000
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LeaseAndRentalExpense
2200000
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14406000
CY2011 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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0
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3100000
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300000
CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2011 agio Number Of Available For Sale Securities Sold During Period
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5 Securities
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-0.0236 pure
CY2011 agio Number Of Changes In Stockholders Ownership
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2 Ownership
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ExpensesUnderMilestoneAgreement
400000
CY2013 dei Entity Registrant Name
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AGIOS PHARMACEUTICALS INC
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Type
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10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
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0001439222
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0131 pure
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CY2013 us-gaap Stockholders Equity Reverse Stock Split
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CY2013 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Nature of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Agios Pharmaceuticals, Inc. (&#x201C;Agios&#x201D; or &#x201C;the Company&#x201D;) is a biopharmaceutical company committed to the fundamental transformation of patients&#x2019; lives through scientific leadership in the field of cancer metabolism and inborn errors of metabolism. The Company has built a unique set of core capabilities in the field of cellular metabolism, with the goal of making transformative, first or best in class medicines. The Company&#x2019;s therapeutic areas of focus are cancer and inborn errors of metabolism, which are a broad group of more than 600 rare genetic diseases caused by mutations, or defects, of single metabolic genes. In both of these areas, the Company is seeking to unlock the biology of cellular metabolism to create transformative therapies. The Company is located in Cambridge, Massachusetts.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Liquidity</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company has an accumulated deficit as of December&#xA0;31, 2013 of approximately $113.4 million and will require substantial additional capital for research and product development. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain profitable operations. The Company is subject to a number of risks similar to other life science companies, including, but not limited to, risks related to the successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and market acceptance of the Company&#x2019;s products. On July&#xA0;29, 2013, the Company closed an initial public offering (&#x201C;IPO&#x201D;) of its common stock, which resulted in the sale of 6,772,221 shares of its common stock at a public offering price of $18.00 per share, including 883,333 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares at the public offering price to cover over-allotments. The Company received net proceeds from the IPO of $111.0 million, after deducting underwriting discounts and commissions, and expenses payable by the Company. Additionally, an affiliate of Celgene Corporation (&#x201C;Celgene&#x201D;), the Company&#x2019;s cancer metabolism strategic alliance partner, purchased 708,333 shares of common stock in a separate private placement concurrent with the completion of the IPO at a purchase price of $18.00 per share for aggregate proceeds of $12.8 million. At December&#xA0;31, 2013, the Company believes its cash, cash equivalents and marketable securities, totaling $193.9&#xA0;million, are sufficient to fund operations for a period of at least 12 months from the balance sheet date.</p> </div>
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y5M5D
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y5M1D
CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P4Y
CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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13.59
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-0.0007 pure
CY2013 us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
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The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements
CY2013 us-gaap Common Stock Voting Rights
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1
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9.96
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pure
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2013 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Concentrations of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</p> </div>
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0402 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
48105 shares
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3869463 shares
CY2013 us-gaap Concentration Risk Credit Risk Uninsured Deposits
ConcentrationRiskCreditRiskUninsuredDeposits
The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with U.S. GAAP requires the Company&#x2019;s 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 revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its Common Stock. The board of directors determined the estimated fair value of the Company&#x2019;s Common Stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of convertible preferred stock, the superior rights and preferences of securities senior to the Company&#x2019;s Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants, or AICPA,&#xA0;<i>Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation</i>, or the AICPA Practice Aid, to estimate the fair value of its common stock and in performing retrospective valuation analyses for certain grant dates in 2012. The methodologies included the Option Pricing Method utilizing the Backsolve Method (a form of the market approach defined in the AICPA Practice Aid) and the Probability-Weighted Expected Return Method based upon the probability of occurrence of certain future liquidity events such as an initial public offering or sale of the Company. Each valuation methodology included estimates and assumptions that require the Company&#x2019;s judgment. Significant changes to the key assumptions used in the valuations could result in different fair values of Common Stock at each valuation date.</p> </div>
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25548000
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CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013 us-gaap Deferred Revenue Additions
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85000
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
14800000
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3030000
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RoyaltyRevenue
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CY2013 us-gaap Revenue Recognition Multiple Deliverable Arrangements Determination Of Selling Price Amount
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CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2013 us-gaap License And Services Revenue
LicenseAndServicesRevenue
25548000
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