2020 Q3 Form 10-Q Financial Statement

#000107008120000128 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $118.4M $75.24M $85.52M
YoY Change 65.79% -12.02% 24.41%
Cost Of Revenue $4.700M $5.300M $3.211M
YoY Change 56.35% 65.06% 24.84%
Gross Profit $113.7M $69.90M $82.31M
YoY Change 66.2% -15.08% 24.39%
Gross Profit Margin 96.03% 92.9% 96.25%
Selling, General & Admin $57.84M $53.66M $49.22M
YoY Change 17.36% 9.03% 46.71%
% of Gross Profit 50.87% 76.77% 59.79%
Research & Development $93.00M $176.5M $59.98M
YoY Change 47.44% 194.31% 83.95%
% of Gross Profit 81.79% 252.54% 72.87%
Depreciation & Amortization $11.64M $10.21M $7.700M
YoY Change 43.0% 32.6% 23.79%
% of Gross Profit 10.24% 14.61% 9.35%
Operating Expenses $173.5M $262.5M $124.3M
YoY Change 31.57% 111.23% 67.23%
Operating Profit -$55.13M -$187.3M -$38.76M
YoY Change -8.84% 383.19% 595.34%
Interest Expense -$21.04M -$5.379M -$2.074M
YoY Change 689.16% 159.35% -28.09%
% of Operating Profit
Other Income/Expense, Net $28.77M $11.31M -$183.0K
YoY Change 927.36% -6279.78% -72.81%
Pretax Income -$47.40M -$181.3M -$41.02M
YoY Change -21.44% 342.14% 349.18%
Income Tax $22.29M $84.00K $774.0K
% Of Pretax Income
Net Earnings -$69.69M -$181.4M -$41.79M
YoY Change 16.16% 334.15% 338.96%
Net Earnings / Revenue -58.86% -241.13% -48.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.031M -$2.782M -$747.8K
COMMON SHARES
Basic Shares Outstanding 67.70M shares 62.88M shares 58.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.141B $498.9M $363.5M
YoY Change 61.02% 37.25% 22.76%
Cash & Equivalents $434.0M $158.5M $136.1M
Short-Term Investments $707.0M $340.4M $227.4M
Other Short-Term Assets $26.90M $34.10M $17.40M
YoY Change 29.95% 95.98% 176.19%
Inventory $19.48M $18.37M $16.90M
Prepaid Expenses
Receivables $56.80M $53.60M $77.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.244B $605.0M $475.0M
YoY Change 54.2% 27.38% 26.44%
LONG-TERM ASSETS
Property, Plant & Equipment $28.14M $26.81M $15.39M
YoY Change 52.25% 74.17% 87.31%
Goodwill $82.30M $82.30M $82.30M
YoY Change 0.0% 0.0%
Intangibles $712.5M $708.8M $702.7M
YoY Change 1.37% 0.87% 456.44%
Long-Term Investments
YoY Change
Other Assets $28.10M $48.80M $5.800M
YoY Change 63.37% 741.38% 262.5%
Total Long-Term Assets $936.9M $871.6M $816.6M
YoY Change 12.25% 6.74% 499.89%
TOTAL ASSETS
Total Short-Term Assets $1.244B $605.0M $475.0M
Total Long-Term Assets $936.9M $871.6M $816.6M
Total Assets $2.181B $1.477B $1.292B
YoY Change 32.87% 14.33% 152.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.66M $15.47M $10.22M
YoY Change 74.83% 51.34% 134.17%
Accrued Expenses $68.00M $51.10M $35.70M
YoY Change 34.12% 43.14% 174.62%
Deferred Revenue $5.992M $7.702M $8.005M
YoY Change -31.99% -3.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $18.33M $20.00M
YoY Change -100.0% -8.34% 1100.48%
Total Short-Term Liabilities $253.8M $201.8M $174.0M
YoY Change 38.32% 16.03% 101.17%
LONG-TERM LIABILITIES
Long-Term Debt $303.0M $297.0M $135.7M
YoY Change 3.35% 118.91% -7.83%
Other Long-Term Liabilities $1.968M $26.68M $8.416M
YoY Change -79.19% 216.99% 5400.65%
Total Long-Term Liabilities $304.9M $323.7M $144.1M
YoY Change 0.77% 124.64% -2.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $253.8M $201.8M $174.0M
Total Long-Term Liabilities $304.9M $323.7M $144.1M
Total Liabilities $1.670B $904.1M $802.9M
YoY Change 70.8% 12.61% 228.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.555B -$1.485B -$1.053B
YoY Change 39.69% 41.03% 25.39%
Common Stock $68.00K $67.00K $58.00K
YoY Change 11.48% 15.52% 23.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $511.0M $572.5M $488.7M
YoY Change
Total Liabilities & Shareholders Equity $2.181B $1.477B $1.292B
YoY Change 32.87% 14.33% 152.37%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$69.69M -$181.4M -$41.79M
YoY Change 16.16% 334.15% 338.96%
Depreciation, Depletion And Amortization $11.64M $10.21M $7.700M
YoY Change 43.0% 32.6% 23.79%
Cash From Operating Activities $26.65M -$74.81M -$30.52M
YoY Change -271.94% 145.12%
INVESTING ACTIVITIES
Capital Expenditures -$3.310M -$2.160M -$1.980M
YoY Change -22.12% 9.09% 178.87%
Acquisitions
YoY Change
Other Investing Activities -$390.9M $144.2M -$36.19M
YoY Change -1227.19% -498.51% -528.28%
Cash From Investing Activities -$394.2M $142.1M -$38.17M
YoY Change -1395.47% -472.15% -592.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 643.1M -32.92M 2.850M
YoY Change 68.18% -1255.09% -97.66%
NET CHANGE
Cash From Operating Activities 26.65M -74.81M -30.52M
Cash From Investing Activities -394.2M 142.1M -38.17M
Cash From Financing Activities 643.1M -32.92M 2.850M
Net Change In Cash 275.5M 34.32M -65.84M
YoY Change -30.66% -152.13% -150.89%
FREE CASH FLOW
Cash From Operating Activities $26.65M -$74.81M -$30.52M
Capital Expenditures -$3.310M -$2.160M -$1.980M
Free Cash Flow $29.96M -$72.65M -$28.54M
YoY Change -366.31% 154.56% -4119.72%

Facts In Submission

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The Company<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The Company has two products, Translarna</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:115%;">™ </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">(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 5 years and older, subject to annual renewal and other conditions. In June 2020, the Committee for Medicinal Products for Human Use (the "CHMP") of the European Medicines Agency ("EMA") recommended to remove the statement “efficacy has not been demonstrated in non-ambulatory patients” from the product label for Translarna. The CHMP's opinion is subject to final approval by the European Commission, which is typically provided within two months of the CHMP's recommendation. Emflaza is approved in the United States for the treatment of DMD in patients two years and older.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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, 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 ("BLA") for PTC-AADC for the treatment of AADC deficiency in the United States and it anticipates initiating the BLA submission to the United States Food and Drug Administration ("FDA") in the second half of 2020. In January 2020, the Company submitted a marketing authorization application ("MAA") to the EMA for PTC-AADC for the treatment of AADC deficiency in the EEA, and the Company expects an opinion from the CHMP in the first quarter of 2021.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">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 filed for marketing authorization for Waylivra for the treatment of FCS with ANVISA, the Brazilian health regulatory authority, in June 2020 and, subject to potential delays in the review process related to the COVID-19 pandemic, expects a regulatory decision on approval from ANVISA in 2021.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 ("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. In April 2020, the FDA extended the Prescription Drug User Fee Act ("PDUFA") date for a decision from May 24, 2020 to August 24, 2020 as a result of additional data that Roche submitted, including comprehensive data from the Sunfish part 2 study. 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 imminently.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">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. The two most advanced molecules in the Company's Bio-e platform are vatiquinone, formerly known as PTC743, and PTC857. The Company expects to initiate a potential registrational Phase 2 placebo-controlled trial of vatiquinone in approximately 60 children with mitochondrial disease and associated refractory epilepsy in the third quarter of 2020. The Company also expects to initiate a potential registrational Phase 3 trial of vatiquinone in approximately 100 patients with </span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">Friedrich ataxia in the fourth quarter of 2020. In the second quarter of 2020, the Company initiated a Phase 1 trial in healthy volunteers to evaluate the safety and pharmacology of PTC857. The Company expects data from the single ascending dose and multiple ascending dose studies from the Phase 1 trial to be available by the end of 2020.</span></div><div style="text-align:justify;"><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">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="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 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="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The marketing authorization in the EEA was last renewed in June 2020 and is effective, unless extended, through August 5, 2021. 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><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">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 the Company'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. As a result of intermittent discontinuations of certain elective procedures at the Company's clinical trial site in response to the COVID-19 pandemic, the Company's expected completion of Study 45 has been delayed as certain patients still require final study muscle biopsies. Once the clinical trial site is open for the necessary procedures and patients are able to safely travel to the site, the Company expects to be able to complete the final biopsies and the data from Study 045 would be available thereafter, followed by a potential re-submission of an NDA. 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="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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="text-align:justify;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Upon the closing of the Merger, the Company paid to Agilis equityholders total upfront consideration comprised of $49.2 million in cash and 3,500,907 shares of the Company’s common stock (the “Closing Stock Consideration”). The Closing Stock Consideration was determined by dividing $150.0 million by the volume-weighted average price per share of the Company’s common stock on the Nasdaq Global Select Market for the 10 consecutive trading-day period ending on the second trading-day immediately preceding the closing of the Merger. Agilis equityholders are 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.</span></div><div style="text-align:justify;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">On April 29, 2020, the Company, certain of the former equity holders of Agilis, and, for the limited purposes set forth in the agreement, Shareholder Representative Services LLC, entered into a Rights Exchange Agreement (the “Rights Exchange Agreement”). Pursuant to the Rights Exchange Agreement, the Company issued 2,821,176 shares of its common stock (the “Common Stock Consideration”) and paid $36.9 million (the “Cash Consideration”), in the aggregate, to such former equity holders of Agilis (the “Participating Rightholders”) in exchange for the cancellation and forfeiture by the Participating Rightholders of their rights to receive certain milestone-based contingent payments under the Merger Agreement, pursuant to which the Company completed the Merger. </span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">Pursuant to the terms of the Rights Exchange Agreement, the Participating Rightholders have canceled and forfeited their rights under the Merger Agreement to receive (i) $174.0 million, in the aggregate, of potential milestone payments based on the achievement of certain regulatory milestones and (ii) $37.6 million, in the aggregate, of $40.0 million in development milestone payments that would have been due upon the passing of the second anniversary of the closing of the Merger, regardless of whether the milestones are achieved.</span></div><div><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The Rights Exchange Agreement has no effect on the Merger Agreement other than to provide for the cancellation and forfeiture of the Participating Rightholders’ rights to receive $211.6 million, in the aggregate, of the milestone payments described above. As a result, all other rights and obligations under the Merger Agreement remain in effect pursuant to their terms, including the Company’s obligation to pay up to an aggregate maximum amount of $22.4 million upon the achievement of certain development milestones (representing the remaining portion of potential development milestone payments for which rights were not canceled and forfeited pursuant to the Rights Exchange Agreement after deducting the $37.6 million for which rights were canceled and forfeited pursuant to the Rights Exchange Agreement from the $40.0 million in development milestone payments that are due upon the passing of the second anniversary of the closing of the Merger), up to an aggregate maximum amount of $361.0 million upon the achievement of certain regulatory milestones (representing the remaining portion of potential regulatory milestone payments for which rights were not canceled and forfeited pursuant to the Rights Exchange Agreement), up to a maximum aggregate amount of $150.0 million upon the achievement of certain net sales milestones and a percentage of annual net sales for Friedreich ataxia and Angelman syndrome during specified terms, ranging from 2% to 6%, pursuant to the terms of the Merger Agreement. Refer to Note 5 for further details regarding the Rights Exchange Agreement.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">On May 29, 2020, the Company completed its acquisition of Censa Pharmaceuticals, Inc., (“Censa”) pursuant to an Agreement and Plan of Merger, dated as of May 5, 2020, (the "Censa Merger Agreement"), by and among the Company, Hydro Merger Sub, Inc., the Company's wholly owned, indirect subsidiary, and, solely in its capacity as the representative, agent and attorney-in-fact of the securityholders of Censa, Shareholder Representative Services LLC (the "Censa Merger"). The transaction was accounted for as an asset acquisition. In connection with the Censa Merger, the Company acquired PTC923 (formerly known as CNSA-001), which is being pursued as a possible treatment for orphan metabolic diseases associated with defects in the tetrahydrobiopterin biochemical pathways, including phenylketonuria ("PKU"). Refer to Note 3 for further details.</span></div><div><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">As of June 30, 2020, the Company had an accumulated deficit of approximately $1,484.8 million. The Company has financed its operations to date primarily through the private offerings in September 2019 of 1.50% convertible senior notes due 2026 and in August 2015 of 3.00% convertible senior notes due 2022 (see Note 11), public offerings of common stock in February 2014, October 2014, April 2018, January 2019, and September 2019, "at the market offerings" of its common stock, its initial public offering of common stock in June 2013, private placements of its convertible preferred stock, collaborations, bank debt, the Company's credit and security agreement (the "Credit Agreement"), with MidCap Financial Trust, or MidCap Financial, as administrative agent and MidCap Financial and other certain institutions as lenders thereto (see Note 11), 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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<div style="text-align:justify;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of estimates</span></div><div style="text-align:justify;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 convertible notes, 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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us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
19000000.0 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-181427000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-113902000 USD
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
65150780 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
55912748 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
63769958 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
57113141 shares
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.78
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.75
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.61
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.99
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12891606 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11518303 shares
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16910000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10920000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32130000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20184000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
187200000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y29D
ptct Debt Instrument Additional Amount Available For Repurchase
DebtInstrumentAdditionalAmountAvailableForRepurchase
37500000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2020Q2 ptct Numberofdistributors
Numberofdistributors
2 Number_Distributor
CY2019Q2 ptct Numberofdistributors
Numberofdistributors
2 Number_Distributor
CY2019Q2 ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
CY2020Q2 ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
ptct Numberofdistributors
Numberofdistributors
2 Number_Distributor
ptct Numberofdistributors
Numberofdistributors
2 Number_Distributor
ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
ptct Percentageofnetproductsales
Percentageofnetproductsales
0.10
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7700000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11700000 USD
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2000000.0 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4000000.0 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7700000 USD
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11700000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2020Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P7Y
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8700000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6600000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16700000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
12700000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
17460000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
34920000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
34920000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
34920000 USD
CY2020Q2 ptct Finite Lived Intangible Assets Amortization Expense Year Five And Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndThereafter
10094000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
132314000 USD
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
576500000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
82300000 USD

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