$RGNX
REGENXBIO Inc.

2016 Q1 Form 10-Q Financial Statement

#000156459016017818 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $393.0K $4.441M $644.0K
YoY Change -38.98% 285.84% -78.07%
Cost Of Revenue $30.00K $900.0K $33.00K
YoY Change -9.09% 350.0% -93.4%
Gross Profit $363.0K $3.600M $611.0K
YoY Change -40.59% 260.0% -74.54%
Gross Profit Margin 92.37% 81.06% 94.88%
Selling, General & Admin $5.500M $4.200M $1.700M
YoY Change 223.53% 281.82% 183.33%
% of Gross Profit 1515.15% 116.67% 278.23%
Research & Development $6.183M $4.812M $2.791M
YoY Change 121.53% 129.14% 210.11%
% of Gross Profit 1703.31% 133.67% 456.79%
Depreciation & Amortization $0.00 $100.0K
YoY Change
% of Gross Profit 0.0% 2.78%
Operating Expenses $6.183M $4.812M $2.791M
YoY Change 121.53% 50.38% 74.44%
Operating Profit -$11.25M -$1.212M -$3.993M
YoY Change 181.77% -44.91% -599.13%
Interest Expense $500.0K $300.0K $20.00K
YoY Change 2400.0% -400.0%
% of Operating Profit
Other Income/Expense, Net $483.0K -$18.00K
YoY Change -2783.33%
Pretax Income -$10.80M -$5.200M -$4.000M
YoY Change 170.0% 126.09% -600.0%
Income Tax
% Of Pretax Income
Net Earnings -$10.77M -$5.178M -$4.011M
YoY Change 168.46% 121.95% -604.53%
Net Earnings / Revenue -2739.95% -116.6% -622.83%
Basic Earnings Per Share
Diluted Earnings Per Share -$410.6K -$197.7K -$129.9K
COMMON SHARES
Basic Shares Outstanding 26.33M 26.31M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.1M $114.1M $25.40M
YoY Change 298.03% 10272.73%
Cash & Equivalents $35.51M $54.12M $25.37M
Short-Term Investments $65.50M $60.00M
Other Short-Term Assets $2.500M $851.0K $100.0K
YoY Change 2400.0%
Inventory
Prepaid Expenses $1.020M
Receivables $2.000M $2.136M $1.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.6M $118.1M $26.80M
YoY Change 294.03% 3797.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.300M $538.0K $200.0K
YoY Change 550.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $107.9M $102.5M $300.0K
YoY Change 35866.67% 34066.67%
Other Assets $200.0K $168.0K $0.00
YoY Change -16.0%
Total Long-Term Assets $109.4M $103.2M $500.0K
YoY Change 21780.0% 22341.74%
TOTAL ASSETS
Total Short-Term Assets $105.6M $118.1M $26.80M
Total Long-Term Assets $109.4M $103.2M $500.0K
Total Assets $215.0M $221.4M $27.30M
YoY Change 687.55% 6241.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $1.014M $800.0K
YoY Change 37.5% 203.59%
Accrued Expenses $4.600M $3.200M $1.600M
YoY Change 187.5% 187.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.781M $4.339M $7.100M
YoY Change -18.58% -52.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $200.0K
YoY Change
Total Long-Term Liabilities $600.0K $200.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.781M $4.339M $7.100M
Total Long-Term Liabilities $600.0K $200.0K $0.00
Total Liabilities $6.383M $4.572M $7.100M
YoY Change -10.1% -50.24%
SHAREHOLDERS EQUITY
Retained Earnings -$62.39M -$51.62M
YoY Change 79.18%
Common Stock $270.7M $269.1M
YoY Change 2458.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $208.6M $216.8M $20.20M
YoY Change
Total Liabilities & Shareholders Equity $215.0M $221.4M $27.30M
YoY Change 687.49% 6241.45%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$10.77M -$5.178M -$4.011M
YoY Change 168.46% 121.95% -604.53%
Depreciation, Depletion And Amortization $0.00 $100.0K
YoY Change
Cash From Operating Activities -$7.900M -$4.400M -$1.700M
YoY Change 364.71% -4500.0% -241.67%
INVESTING ACTIVITIES
Capital Expenditures $416.0K -$100.0K $106.0K
YoY Change 292.45%
Acquisitions
YoY Change
Other Investing Activities -$10.30M -$144.2M
YoY Change
Cash From Investing Activities -$10.70M -$144.3M -$100.0K
YoY Change 10600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -2.400M 26.00M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -7.900M -4.400M -1.700M
Cash From Investing Activities -10.70M -144.3M -100.0K
Cash From Financing Activities 0.000 -2.400M 26.00M
Net Change In Cash -18.60M -151.1M 24.20M
YoY Change -176.86% -151200.0% 1916.67%
FREE CASH FLOW
Cash From Operating Activities -$7.900M -$4.400M -$1.700M
Capital Expenditures $416.0K -$100.0K $106.0K
Free Cash Flow -$8.316M -$4.300M -$1.806M
YoY Change 360.47% -4400.0% -250.5%

Facts In Submission

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CY2016Q1 us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of Business</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">REGENXBIO Inc. (the Company) was formed on July&#160;16, 2008 in the state of Delaware as ReGenX, LLC, and on December&#160;22, 2009, changed its name to ReGenX Biosciences, LLC. On September&#160;16, 2014, the Company converted from a limited liability company (LLC) to a C-corporation, and changed its name to REGENXBIO Inc. <font style="color:#000000;">The Company is a leading biotechnology company focused on the development, commercialization and licensing of recombinant adeno-associated virus (AAV) gene therapy. The Company&#8217;s proprietary AAV gene delivery platform (NAV&#174; Technology Platform) consists of exclusive rights to over 100 novel AAV vectors, including AAV7, AAV8, AAV9 and AAVrh10. The Company&#8217;s NAV&#174; Technology Platform is being applied by the Company, as well as by third-party licensees, in the development of product candidates for a variety of diseases with unmet needs.</font></p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September&#160;22, 2015, the Company completed its initial public offering (IPO) whereby the Company sold 7,245 shares of common stock (inclusive of 945 shares of common stock sold by the Company pursuant to the full exercise of an option to purchase additional shares granted to the underwriters in connection with the offering) at a price of $22.00 per share. The shares began trading on the Nasdaq Global Select Market on September&#160;17, 2015. The aggregate net proceeds received by the Company from the offering were $145,184, net of underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 16,298 shares of common stock.</p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Liquidity and Risks</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of March&#160;31, 2016, the Company had generated an accumulated deficit of $62,388 since inception. As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval and commercialization of its product candidates and achieving a level of revenues adequate to support the Company&#8217;s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital.<font style="color:#000000;"> As of March 31, 2016, the Company had cash, cash equivalents and marketable securities of $208,608, which management believes is sufficient to fund operations for at least the next 12 months.</font>&#160;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical trials, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to transition from preclinical manufacturing to commercial production of products.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:9pt;">&nbsp;</p></div>
CY2016Q1 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2016Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas, among others: stock-based compensation expense, accrued research and development expenses and the fair value of financial instruments.</p></div>
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AvailableForSaleSecuritiesAmortizedCost
162970000
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
40000
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
759000
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
162251000
CY2015Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
0
CY2016Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
74706000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
155486000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1286000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1325000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1365000
CY2015Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
216355000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1456000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
618000
CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
128000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80000
CY2015Q3 us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
286000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
848000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1337000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1614000
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7775000
CY2016Q1 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
0
CY2016Q1 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2015 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2016Q1 rgnx Milestone Fee Payments Upon Submission Preclinical Filings
MilestoneFeePaymentsUponSubmissionPreclinicalFilings
500000
CY2016Q1 rgnx Milestone Fee Payments Upon Commencement Of Clinical Trials
MilestoneFeePaymentsUponCommencementOfClinicalTrials
16650000
CY2016Q1 rgnx Milestone Fee Payments Upon Submission Of Regulatory Approval Filings
MilestoneFeePaymentsUponSubmissionOfRegulatoryApprovalFilings
28000000
CY2016Q1 rgnx Milestone Fee Payments Upon Approval Of Commercial Products
MilestoneFeePaymentsUponApprovalOfCommercialProducts
73500000
CY2016Q1 rgnx Milestone Fee Payments Upon Achievement Of Specified Sales Targets
MilestoneFeePaymentsUponAchievementOfSpecifiedSalesTargets
47000000
CY2016Q1 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
250000
CY2015Q1 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
100000
CY2016Q1 us-gaap License And Services Revenue
LicenseAndServicesRevenue
78000
CY2016Q1 rgnx Licenses Revenue Including Amounts From Related Parties
LicensesRevenueIncludingAmountsFromRelatedParties
328000
CY2015Q1 rgnx Licenses Revenue Including Amounts From Related Parties
LicensesRevenueIncludingAmountsFromRelatedParties
100000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M18D
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
19171000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4718000
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11030000
CY2016Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1380000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1371000
CY2016Q1 rgnx Accrued External Research And Development
AccruedExternalResearchAndDevelopment
2062000
CY2015Q4 rgnx Accrued External Research And Development
AccruedExternalResearchAndDevelopment
791000
CY2016Q1 rgnx Accrued Sublicense Fees And Royalties On Reagent Sales
AccruedSublicenseFeesAndRoyaltiesOnReagentSales
260000
CY2015Q4 rgnx Accrued Sublicense Fees And Royalties On Reagent Sales
AccruedSublicenseFeesAndRoyaltiesOnReagentSales
260000
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
931000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
776000

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