$AGIO
AGIOS PHARMACEUTICALS, INC.

2015 Q1 Form 10-K Financial Statement

#000119312515060046 Filed on February 24, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014
Revenue $34.20M $14.64M $65.36M
YoY Change 306.63% 117.02% 155.82%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.950M $6.500M $19.10M
YoY Change 111.25% 75.2% 92.93%
% of Gross Profit
Research & Development $32.44M $34.86M $100.4M
YoY Change 86.38% 128.14% 84.16%
% of Gross Profit
Depreciation & Amortization $370.0K $400.0K $1.367M
YoY Change 11.45% 33.33% -5.07%
% of Gross Profit
Operating Expenses $39.40M $41.36M $119.5M
YoY Change 90.37% 117.8% 85.46%
Operating Profit -$5.195M -$26.73M -$54.13M
YoY Change -57.71% 118.32% 39.22%
Interest Expense $240.0K $90.00K $200.0K
YoY Change 500.0% 200.0% 100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.960M -$26.64M -$53.93M
YoY Change -59.5% 118.18% 38.89%
Income Tax $0.00 $20.00K -$426.0K
% Of Pretax Income
Net Earnings -$4.957M -$26.66M -$53.50M
YoY Change -59.53% 115.34% 35.77%
Net Earnings / Revenue -14.49% -182.18% -81.86%
Basic Earnings Per Share -$0.76
Diluted Earnings Per Share -$133.3K -$0.76 -$1.588M
COMMON SHARES
Basic Shares Outstanding 37.22M shares 34.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $344.7M $342.1M $342.1M
YoY Change 112.43% 105.11% 105.1%
Cash & Equivalents $35.26M $14.03M $14.00M
Short-Term Investments $309.5M $328.0M $328.0M
Other Short-Term Assets $5.500M $8.600M $8.600M
YoY Change -26.67% 244.0% 244.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables $2.334M
Total Short-Term Assets $364.1M $359.5M $359.5M
YoY Change 111.2% 111.81% 111.84%
LONG-TERM ASSETS
Property, Plant & Equipment $14.30M $6.386M $6.400M
YoY Change 314.17% 69.93% 68.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $95.30M $125.4M $125.4M
YoY Change 1806.0% 362.73% 362.73%
Other Assets $640.0K $590.0K $600.0K
YoY Change 37.04% 14650.0% 0.0%
Total Long-Term Assets $110.2M $132.4M $132.4M
YoY Change 1060.56% 320.75% 320.32%
TOTAL ASSETS
Total Short-Term Assets $364.1M $359.5M $359.5M
Total Long-Term Assets $110.2M $132.4M $132.4M
Total Assets $474.3M $491.9M $491.9M
YoY Change 160.75% 144.48% 144.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.64M $11.07M $11.10M
YoY Change 186.56% 200.9% 200.0%
Accrued Expenses $15.60M $14.02M $14.00M
YoY Change 306.25% 112.88% 112.12%
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 $36.38M $61.09M $61.10M
YoY Change 6.74% 65.42% 65.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.10M $6.400M $6.400M
YoY Change 369900.0% 106566.67% -80.49%
Total Long-Term Liabilities $11.10M $6.400M $6.400M
YoY Change 369900.0% 106566.67% -80.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.38M $61.09M $61.10M
Total Long-Term Liabilities $11.10M $6.400M $6.400M
Total Liabilities $47.50M $67.50M $67.50M
YoY Change 39.36% 82.75% -3.16%
SHAREHOLDERS EQUITY
Retained Earnings -$171.9M -$166.9M
YoY Change 36.77% 47.16%
Common Stock $598.5M $591.4M
YoY Change 142.32% 141.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $426.8M $424.4M $424.4M
YoY Change
Total Liabilities & Shareholders Equity $474.3M $491.9M $491.9M
YoY Change 160.75% 144.48% 144.48%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014
OPERATING ACTIVITIES
Net Income -$4.957M -$26.66M -$53.50M
YoY Change -59.53% 115.34% 35.77%
Depreciation, Depletion And Amortization $370.0K $400.0K $1.367M
YoY Change 11.45% 33.33% -5.07%
Cash From Operating Activities -$25.60M -$7.800M -$59.35M
YoY Change -5.19% -42.65% 5.23%
INVESTING ACTIVITIES
Capital Expenditures $3.797M -$1.500M $2.216M
YoY Change 29107.69% 650.0% 71.25%
Acquisitions
YoY Change
Other Investing Activities $48.80M -$285.8M -$331.1M
YoY Change -496.75% 1314.85% 285.38%
Cash From Investing Activities $45.00M -$287.3M -$333.3M
YoY Change -465.85% 1308.33% 282.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $333.6M
YoY Change 194.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.800M 239.1M 335.2M
YoY Change 200.0% -59875.0% 170.55%
NET CHANGE
Cash From Operating Activities -25.60M -7.800M -59.35M
Cash From Investing Activities 45.00M -287.3M -333.3M
Cash From Financing Activities 1.800M 239.1M 335.2M
Net Change In Cash 21.20M -56.00M -57.53M
YoY Change -154.78% 62.79% 191.48%
FREE CASH FLOW
Cash From Operating Activities -$25.60M -$7.800M -$59.35M
Capital Expenditures $3.797M -$1.500M $2.216M
Free Cash Flow -$29.40M -$6.300M -$61.57M
YoY Change 8.83% -52.99% 6.71%

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64000
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3842000
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150000
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3842000
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72000
CY2013 agio Date Of Extension Of Discovery Phase
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2014-05
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1
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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
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CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
AGIOS PHARMACEUTICALS INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Trading Symbol
TradingSymbol
AGIO
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CY2014 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 rare genetic disorders 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 rare genetic disorders 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, 2014 of $166.9 million and will require substantial 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 of new technological innovations by its competitors, protection of proprietary technology, and market acceptance of the Company&#x2019;s products.</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"> 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&#xA0;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, 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.</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"> In April 2014, the Company completed a public offering of 2,000,000 shares of its common stock at a public offering price of $44.00 per share. The Company received net proceeds from this offering of $82.3 million, after deducting underwriting discounts, commissions and expenses payable by the Company. Celgene purchased 294,800 shares of the Company&#x2019;s common stock in the offering. In addition, the Company granted the underwriters the right to purchase up to an additional 300,000 shares of its common stock which was exercised in May 2014 resulting in additional net proceeds to the Company of $12.4&#xA0;million, after underwriting discounts and commissions paid by the Company.</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"> In December 2014, the Company completed a public offering of 1,986,455 shares of its common stock at a public offering price of $110.75 per share. The Company received net proceeds from this offering of $206.9 million, after deducting underwriting discounts, commissions and expenses payable by the Company. In addition, the Company granted the underwriters the right to purchase up to an additional 297,968 shares of its common stock which was exercised in December 2014 resulting in additional net proceeds to the Company of $31.0 million, after underwriting discounts and commissions paid by the Company.</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"> In addition to the Company&#x2019;s existing cash, cash equivalents and marketable securities, the Company is eligible to earn a significant amount of milestone payments, an additional extension payment of $20.0 million and is entitled to additional cost reimbursements under its collaboration agreement with Celgene. At December&#xA0;31, 2014, the Company believes its cash, cash equivalents and marketable securities, totaling $467.4&#xA0;million, are sufficient to fund operations for a period of at least 12&#xA0;months from the balance sheet date.</p> </div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
27.26
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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CY2014 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-2.75
CY2014 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
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CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> 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, <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 prior to the IPO. The methodologies included the option pricing method utilizing the back-solve 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>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33667024 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
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Option of extending for 2 consecutive terms of 5 years
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1 Segment
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3821101 shares
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0.3500 pure
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CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
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2034-12-31
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11506000
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-71000
CY2014 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2118000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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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> <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"> The Company is also subject to credit risk from its collaboration receivable. The Company evaluates the creditworthiness of its collaborator and has determined it is credit worthy. To date the Company has not experienced any losses with respect to its collaboration receivable.</p> </div>
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