2020 Q1 Form 10-K Financial Statement

#000107008120000064 Filed on March 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 2018 Q4
Revenue $68.26M $307.0M $85.83M
YoY Change 27.39% 15.96% 48.11%
Cost Of Revenue $4.100M $12.14M $3.800M
YoY Change 72.56% -4.22% 58.33%
Gross Profit $64.20M $294.8M $82.60M
YoY Change 25.37% 16.97% 9.26%
Gross Profit Margin 94.05% 96.05% 96.23%
Selling, General & Admin $58.21M $202.5M $48.70M
YoY Change 43.57% 31.91% 37.18%
% of Gross Profit 90.67% 68.69% 58.96%
Research & Development $90.11M $257.5M $53.60M
YoY Change 71.42% 49.7% 83.56%
% of Gross Profit 140.35% 87.32% 64.89%
Depreciation & Amortization $9.235M $32.18M $6.770M
YoY Change 30.83% 23.36% 13.97%
% of Gross Profit 14.38% 10.91% 8.2%
Operating Expenses $161.3M $548.1M $131.5M
YoY Change 31.39% 44.09% 81.15%
Operating Profit -$92.99M -$241.2M -$45.14M
YoY Change 34.5% 108.46% -927.92%
Interest Expense -$5.642M -$12.49M -$3.200M
YoY Change 146.59% -0.5% -5.88%
% of Operating Profit
Other Income/Expense, Net -$13.83M $13.72M -$900.0K
YoY Change 12589.91% 10537.98% -1000.0%
Pretax Income -$112.5M -$239.9M -$49.30M
YoY Change 57.21% 87.28% -2447.62%
Income Tax $222.0K $11.65M -$1.000M
% Of Pretax Income
Net Earnings -$112.7M -$251.6M -$48.33M
YoY Change 56.26% 96.42% -3905.51%
Net Earnings / Revenue -165.09% -81.95% -56.31%
Basic Earnings Per Share -$4.27
Diluted Earnings Per Share -$1.806M -$4.27 -$958.3K
COMMON SHARES
Basic Shares Outstanding 62.63M shares 58.86M 50.45M shares
Diluted Shares Outstanding 58.86M

Balance Sheet

Concept 2020 Q1 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $595.9M $686.6M $227.6M
YoY Change 46.34% 201.67% 19.04%
Cash & Equivalents $123.3M $288.0M $169.5M
Short-Term Investments $472.6M $398.5M $58.10M
Other Short-Term Assets $24.30M $17.90M $9.200M
YoY Change 161.29% 94.57% 37.31%
Inventory $19.13M $19.30M $16.12M
Prepaid Expenses
Receivables $52.60M $55.50M $67.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $691.9M $779.3M $320.9M
YoY Change 44.43% 142.85% 28.83%
LONG-TERM ASSETS
Property, Plant & Equipment $26.17M $35.20M $12.69M
YoY Change 79.98% 177.17% 51.55%
Goodwill $82.30M $82.34M
YoY Change -0.05%
Intangibles $705.3M $701.0M
YoY Change 1.49% 427.12%
Long-Term Investments
YoY Change
Other Assets $22.20M $16.40M $2.300M
YoY Change 865.22% 613.04% 91.67%
Total Long-Term Assets $853.7M $844.5M $798.4M
YoY Change 6.07% 5.79% 459.9%
TOTAL ASSETS
Total Short-Term Assets $691.9M $779.3M $320.9M
Total Long-Term Assets $853.7M $844.5M $798.4M
Total Assets $1.546B $1.624B $1.119B
YoY Change 20.38% 45.09% 185.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.07M $10.30M $6.001M
YoY Change 64.26% 71.67% -60.73%
Accrued Expenses $52.20M $70.00M $27.60M
YoY Change 117.5% 153.62% 55.93%
Deferred Revenue $8.638M $3.716M
YoY Change 57.14% -5.61%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $20.00M $11.67M
YoY Change 20.0% 70.94%
Total Short-Term Liabilities $217.7M $235.9M $166.8M
YoY Change 52.17% 41.43% 103.29%
LONG-TERM LIABILITIES
Long-Term Debt $294.6M $293.9M $141.3M
YoY Change 112.74% 108.0% -2.5%
Other Long-Term Liabilities $14.79M $368.9M $58.00K
YoY Change 68.6% 9.05% -76.13%
Total Long-Term Liabilities $309.4M $662.8M $141.4M
YoY Change 110.11% 38.2% -2.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $217.7M $235.9M $166.8M
Total Long-Term Liabilities $309.4M $662.8M $141.4M
Total Liabilities $1.017B $1.030B $768.5M
YoY Change 31.89% 33.96% 226.72%
SHAREHOLDERS EQUITY
Retained Earnings -$1.303B -$938.9M
YoY Change 28.92% 15.33%
Common Stock $62.00K $51.00K
YoY Change 6.9% 21.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $528.7M $594.3M $350.7M
YoY Change
Total Liabilities & Shareholders Equity $1.546B $1.624B $1.119B
YoY Change 20.38% 45.09% 185.77%

Cashflow Statement

Concept 2020 Q1 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$112.7M -$251.6M -$48.33M
YoY Change 56.26% 96.42% -3905.51%
Depreciation, Depletion And Amortization $9.235M $32.18M $6.770M
YoY Change 30.83% 23.36% 13.97%
Cash From Operating Activities -$81.55M -$98.64M -$15.14M
YoY Change 92.3% 256.86% -171.11%
INVESTING ACTIVITIES
Capital Expenditures $6.023M $13.76M -$4.610M
YoY Change 110.23% 93.84% 125.98%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$95.25M -$373.5M -$19.99M
YoY Change -35.48% 951.46% -61.56%
Cash From Investing Activities -$101.3M -$387.2M -$24.59M
YoY Change -32.71% 808.73% -54.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.50M $323.8M
YoY Change -93.98% 174.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.49M 613.2M 3.720M
YoY Change -91.81% 366.07% 101.08%
NET CHANGE
Cash From Operating Activities -81.55M -98.64M -15.14M
Cash From Investing Activities -101.3M -387.2M -24.59M
Cash From Financing Activities 18.49M 613.2M 3.720M
Net Change In Cash -164.7M 126.0M -36.01M
YoY Change -620.57% 118.4% 16.54%
FREE CASH FLOW
Cash From Operating Activities -$81.55M -$98.64M -$15.14M
Capital Expenditures $6.023M $13.76M -$4.610M
Free Cash Flow -$87.58M -$112.4M -$10.53M
YoY Change 93.44% 223.55% -145.14%

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The Company<div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">PTC Therapeutics, Inc. (the “Company” or “PTC”) is a science-driven global biopharmaceutical company focused on the discovery, development and commercialization of clinically-differentiated medicines that provide benefits to patients with rare disorders. The Company’s ability to globally commercialize products is the foundation that drives its continued investment in a robust diversified pipeline of transformative medicines and its mission to provide access to best-in-class treatments for patients who have an unmet medical need. The Company’s strategy is to bring best-in-class therapies with differentiated clinical benefit to patients affected by rare disorders and to leverage its global commercial infrastructure to maximize value for its patients and other stakeholders. </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company has two products, Translarna</span><span style="font-family:inherit;font-size:8pt;">™ </span><span style="font-family:inherit;font-size:10pt;">(ataluren) and Emflaza™ (deflazacort), for the treatment of Duchenne muscular dystrophy, or DMD, a rare, life threatening disorder. Translarna has marketing authorization in the European Economic Area (the “EEA”) for the treatment of nonsense mutation Duchenne muscular dystrophy, or nmDMD, in ambulatory patients aged 2 years and older and in Brazil for the treatment of nmDMD in ambulatory patients aged </span><span style="font-family:inherit;font-size:10pt;"><span>5</span></span><span style="font-family:inherit;font-size:10pt;"> years and older, subject to annual renewal and other conditions. Emflaza is approved in the United States for the treatment of DMD in patients two years and older.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company has a pipeline of gene therapy product candidates for rare monogenic diseases that affect the central nervous system (“CNS”) including PTC-AADC for the treatment of Aromatic L-Amino Acid Decarboxylase, or AADC, deficiency, or AADC deficiency, a rare CNS disorder arising from reductions in the enzyme AADC that results from mutations in the dopa decarboxylase gene. The Company is preparing a biologics license application, or BLA, for PTC-AADC for the treatment of AADC deficiency in the United States, which it anticipates submitting to the U.S. Food and Drug Administration, or FDA, in the second quarter of 2020. In January 2020, the Company submitted a marketing authorization application, or MAA, to the European Medicines Agency (“EMA”) for PTC-AADC for the treatment of AADC deficiency in the EEA, and the Company expects an opinion from the Committee for Medicinal Products for Human Use by the end of 2020. </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company holds the rights for the commercialization of Tegsedi™ (inotersen) and Waylivra™ (volanesorsen) for the treatment of rare diseases in countries in Latin America and the Caribbean pursuant to the Company’s Collaboration and License Agreement with Akcea Therapeutics, Inc. (“Akcea”). Tegsedi has received marketing authorization in the United States, the European Union (the “EU”) and Brazil for the treatment of stage 1 or stage 2 polyneuropathy in adult patients with hereditary transthyretin amyloidosis, or hATTR amyloidosis. Waylivra has received marketing authorization in the EU for the treatment of familial chylomicronemia syndrome, or FCS. The Company anticipates filing for marketing authorization for Waylivra with ANVISA in the second half of 2020. </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> The Company also has a spinal muscular atrophy ("SMA") collaboration with F. Hoffman-La Roche Ltd and Hoffman-La Roche Inc., referred to collectively as Roche, and the Spinal Muscular Atrophy Foundation, or SMA Foundation. The lead compound in the SMA program is risdiplam (RG7916, RO7034067). Roche submitted an NDA for risdiplam to the FDA in the fourth quarter of 2019 and the Prescription Drug User Fee Act, or PDUFA, date for a decision by the FDA is May 24, 2020. Risdiplam is expected to be indicated in the United States for SMA type 1, 2 and 3 patients, if approved. Roche anticipates submitting an MAA for risdiplam in the EEA in mid-year 2020.</span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On October 25, 2019, the Company completed the acquisition of substantially all of the assets of BioElectron Technology Corporation (“BioElectron”), a Delaware corporation, including certain compounds that the Company has begun to develop as part of its Bio-e platform, (the “Asset Acquisition”) pursuant to an Asset Purchase Agreement by and between the Company and BioElectron, dated October 1, 2019 (the “Asset Acquisition Agreement”). The transaction was accounted for as an asset acquisition. In 2020, the Company plans to initiate three trials in this platform with two unique compounds that regulate inflammation and oxidative stress.</span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In addition, the Company has a pipeline of product candidates and discovery programs that are in early clinical, pre-clinical and research and development stages focused on the development of new treatments for multiple therapeutic areas, including rare diseases and oncology.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company’s marketing authorization for Translarna in the EEA is subject to annual review and renewal by the European Commission following reassessment by the EMA of the benefit-risk balance of the authorization, which the Company refers to as the annual EMA reassessment. This marketing authorization is further subject to the specific obligation to conduct and submit the results of a multi-center, randomized, double-blind, 18-month, placebo-controlled trial, followed by an 18-month open-label </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">extension, according to an agreed protocol, in order to confirm the efficacy and safety of Translarna. The final report on the trial and open-label extension is to be submitted by the Company to the EMA by the end of the third quarter of 2022. The Company refers to the trial and open-label extension together as Study 041.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The marketing authorization in the EEA was last renewed in July 2019 and is effective, unless extended, through August 5, 2020. The renewal was based on the Company’s commitment to conduct Study 041 and the totality of the clinical data available from its trials and studies of Translarna for the treatment of nmDMD, including the safety and efficacy results of the Phase 2b and Phase 3 clinical trials. The primary efficacy endpoint was not achieved in either trial within the pre-specified level of statistical significance.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Translarna is an investigational new drug in the United States. During the first quarter of 2017, the Company filed a New Drug Application, or NDA, over protest with the FDA, for which the FDA granted a standard review. In October 2017, the Office of Drug Evaluation I of the FDA issued a complete response letter for the NDA, stating that it was unable to approve the application in its current form. In response, the Company filed a formal dispute resolution request with the Office of New Drugs of the FDA. In February 2018, the Office of New Drugs of the FDA denied PTC’s appeal of the Complete Response Letter. In its response, the Office of New Drugs recommended a possible path forward for the ataluren NDA submission based on the accelerated approval pathway. This would involve a re-submission of an NDA containing the current data on effectiveness of ataluren with new data to be generated on dystrophin production in nmDMD patients’ muscles. The Company intends to follow the FDA’s recommendation and will collect, using newer technologies via procedures and methods that the Company designed, such dystrophin data in a new study, Study 045, which the Company initiated in the fourth quarter of 2018. The Company expects that a potential re-submission of an NDA could occur in mid-year 2020. Additionally, should a re-submission of an NDA receive accelerated approval, the Office of New Drugs stated that Study 041, which is currently enrolling, could serve as the confirmatory post-approval trial required in connection with the accelerated approval framework.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On April 20, 2017, the Company completed its acquisition of all rights to Emflaza, or the Transaction. The Transaction was completed pursuant to an asset purchase agreement, dated March 15, 2017, as amended on April 20, 2017, (the "Asset Purchase Agreement"), by and between the Company and Marathon Pharmaceuticals, LLC (now known as Complete Pharma Holdings, LLC), or Marathon. The Transaction was accounted for as an asset acquisition. The assets acquired by the Company in the Transaction include intellectual property rights related to Emflaza, inventories of Emflaza, and certain contractual rights related to Emflaza. The Company assumed certain liabilities and obligations in the Transaction arising out of, or relating to, the assets acquired in the Transaction. </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Upon the closing of the Transaction, the Company paid to Marathon total upfront consideration comprised of </span><span style="font-family:inherit;font-size:10pt;"><span>$75.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> in cash, funded through cash on hand, and </span><span style="font-family:inherit;font-size:10pt;"><span>6,683,598</span></span><span style="font-family:inherit;font-size:10pt;"> shares of the Company’s common stock. The number of shares of common stock issued at closing was determined by dividing </span><span style="font-family:inherit;font-size:10pt;"><span>$65.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> by the volume weighted average price per share of the Company’s common stock on the Nasdaq Global Select Market (“Nasdaq”) for the </span><span style="font-family:inherit;font-size:10pt;"><span>15</span></span><span style="font-family:inherit;font-size:10pt;"> trading-day period ending on the third trading day immediately preceding the closing. Marathon will be entitled to receive contingent payments from the Company based on annual net sales of Emflaza beginning in 2018, up to a specified aggregate maximum amount over the expected commercial life of the asset, and a single </span><span style="font-family:inherit;font-size:10pt;"><span>$50.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> sales-based milestone, in each case subject to the terms and conditions of the Asset Purchase Agreement. </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On August 23, 2018, the Company completed its acquisition of Agilis Biotherapeutics, Inc., or Agilis, pursuant to an Agreement and Plan of Merger, dated as of July 19, 2018 (the “Merger Agreement”), by and among the Company, Agility Merger Sub, Inc., a Delaware corporation and the Company's wholly owned, indirect subsidiary, Agilis and, solely in its capacity as the representative, agent and attorney-in-fact of the equityholders of Agilis, Shareholder Representative Services LLC, (the "Merger"). </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Upon the closing of the Merger, the Company paid to Agilis equityholders total upfront consideration comprised of </span><span style="font-family:inherit;font-size:10pt;"><span>$49.2 million</span></span><span style="font-family:inherit;font-size:10pt;"> in cash and </span><span style="font-family:inherit;font-size:10pt;"><span>3,500,907</span></span><span style="font-family:inherit;font-size:10pt;"> shares of the Company’s common stock (the “Closing Stock Consideration”). The Closing Stock Consideration was determined by dividing </span><span style="font-family:inherit;font-size:10pt;"><span>$150.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> by the volume-weighted average price per share of the Company’s common stock on Nasdaq for the </span><span style="font-family:inherit;font-size:10pt;"><span>10</span></span><span style="font-family:inherit;font-size:10pt;"> consecutive trading-day period ending on the second trading-day immediately preceding the closing of the Merger. Agilis equityholders may become entitled to receive contingent payments from the Company based on the achievement of certain development, regulatory and net sales milestones as well as based upon a percentage of net sales of certain products. Under the Merger Agreement, the Company is required to pay </span><span style="font-family:inherit;font-size:10pt;"><span>$40.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> of the development milestone payments </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">upon the passing of the second anniversary of the closing of the Merger, regardless of whether the applicable milestones have been achieved.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Upon the closing of the Asset Acquisition, the Company paid to BioElectron total upfront consideration of </span><span style="font-family:inherit;font-size:10pt;"><span>$10.0 million</span></span><span style="font-family:inherit;font-size:10pt;">, funded with cash on hand, less (i) transaction expenses incurred by BioElectron, (ii) the amount of outstanding indebtedness of BioElectron including a </span><span style="font-family:inherit;font-size:10pt;"><span>$4.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> loan advance to BioElectron plus accrued and unpaid interest thereon and (iii) </span><span style="font-family:inherit;font-size:10pt;"><span>$1.5 million</span></span><span style="font-family:inherit;font-size:10pt;"> held in an escrow account to secure potential indemnification obligations owed to the Company. Subject to the terms and conditions of the Asset Acquisition Agreement, BioElectron may become entitled to receive contingent milestone payments of up to </span><span style="font-family:inherit;font-size:10pt;"><span>$200.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> (in cash or in shares of the Company’s common stock, as determined by the Company) from the Company based on the achievement of certain regulatory and net sales milestones. Subject to the terms and conditions of the Asset Acquisition Agreement, BioElectron may also become entitled to receive contingent payments based on a percentage of net sales of certain products.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As of </span><span style="font-family:inherit;font-size:10pt;">December 31, 2019</span><span style="font-family:inherit;font-size:10pt;">, the Company had an accumulated deficit of approximately </span><span style="font-family:inherit;font-size:10pt;"><span>$1,190.5 million</span></span><span style="font-family:inherit;font-size:10pt;">. The Company has financed its operations to date primarily through the private offerings in September 2019 of </span><span style="font-family:inherit;font-size:10pt;"><span>1.50%</span></span><span style="font-family:inherit;font-size:10pt;"> convertible senior notes due 2026 and in August 2015 of </span><span style="font-family:inherit;font-size:10pt;"><span>3.00%</span></span><span style="font-family:inherit;font-size:10pt;"> convertible senior notes due 2022 (see Note 8), public offerings of common stock in February 2014, October 2014, April 2018, January 2019, and September 2019, "at the market offering" of its common stock, its initial public offering of common stock in June 2013, private placements of its convertible preferred stock, collaborations, bank debt, grant funding and clinical trial support from governmental and philanthropic organizations and patient advocacy groups in the disease area addressed by the Company’s product candidates. Since 2014, the Company has also relied on revenue generated from net sales of Translarna for the treatment of nmDMD in territories outside of the United States, and since May 2017, the Company has generated revenue from net sales of Emflaza for the treatment of DMD in the United States. The Company expects that cash flows from the sales of its products, together with the Company's cash, cash equivalents and marketable securities, will be sufficient to fund its operations for at least the next twelve months.</span></div>
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P5Y
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of estimates</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates in these consolidated financial statements have been made in connection with the calculation of net product sales, certain accruals related to the Company’s research and development expenses, valuation procedures for the convertible notes, acquired intangible assets, fair value of the contingent consideration, and the provision for or benefit from income taxes. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.</span></div>
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q4 us-gaap Restricted Cash
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of credit risk</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company’s financial instruments that are exposed to credit risks consist primarily of cash and cash equivalents, available-for-sale marketable securities and accounts receivable. The Company maintains its cash and cash equivalents in bank accounts, which, at times, exceed federally insured limits. The Company has not experienced any credit losses in these accounts and does not believe it is exposed to any significant credit risk on these funds. The Company’s investment policy includes guidelines on the quality of the financial institutions and financial instruments the Company is allowed to invest in, which the Company believes minimizes the exposure to concentration of credit risk.</span></div>The Company is subject to credit risk from its accounts receivable related to its product sales. The payment terms are predetermined and the Company evaluates the creditworthiness of each customer or distributor on a regular basis. The Company reserves all uninsured amounts billed directly to a patient until the time of cash receipt as collectability is not reasonably assured at the time the product is received. To date, the Company has not incurred any material credit losses.
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CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2018Q4 ptct Sales Allowance And Other Related Costs
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29417000 USD
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42997000 USD
CY2018Q4 ptct Sales Rebates And Royalties Current
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31874000 USD
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63926 shares
CY2019Q3 us-gaap Sale Of Stock Price Per Share
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46.60
CY2019Q3 us-gaap Sale Of Stock Consideration Received On Transaction
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2600000 USD
CY2019Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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9105837 shares
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0.0 USD
CY2019 ptct Numberofdistributors
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3 Number_Distributor
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0.10
CY2019Q4 us-gaap Contract With Customer Liability
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11700000 USD
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
12900000 USD
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
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3900000 USD
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42134000 USD
CY2018 us-gaap Allocated Share Based Compensation Expense
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33252000 USD
CY2017 us-gaap Allocated Share Based Compensation Expense
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30559000 USD
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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