$RGNX
REGENXBIO Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016028642 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $1.696M $125.0K $4.441M
YoY Change -61.81% -89.04% 285.84%
Cost Of Revenue $300.0K $22.00K $900.0K
YoY Change -66.67% -50.0% 350.0%
Gross Profit $1.400M $103.0K $3.600M
YoY Change -61.11% -90.6% 260.0%
Gross Profit Margin 82.55% 82.4% 81.06%
Selling, General & Admin $5.700M $6.200M $4.200M
YoY Change 35.71% 138.46% 281.82%
% of Gross Profit 407.14% 6019.42% 116.67%
Research & Development $16.06M $12.56M $4.812M
YoY Change 233.73% 121.75% 129.14%
% of Gross Profit 1147.07% 12194.17% 133.67%
Depreciation & Amortization $200.0K $200.0K $100.0K
YoY Change 100.0%
% of Gross Profit 14.29% 194.17% 2.78%
Operating Expenses $16.06M $12.56M $4.812M
YoY Change 233.73% 121.75% 50.38%
Operating Profit -$14.66M -$18.67M -$1.212M
YoY Change 1109.49% 154.09% -44.91%
Interest Expense $400.0K $500.0K $300.0K
YoY Change 33.33% -400.0%
% of Operating Profit
Other Income/Expense, Net $514.0K
YoY Change 3326.67%
Pretax Income -$20.00M -$18.20M -$5.200M
YoY Change 284.62% 149.32% 126.09%
Income Tax -$400.0K
% Of Pretax Income
Net Earnings -$19.61M -$18.15M -$5.178M
YoY Change 278.68% 147.6% 121.95%
Net Earnings / Revenue -1156.13% -14523.2% -116.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$739.6K -$686.8K -$197.7K
COMMON SHARES
Basic Shares Outstanding 26.48M 26.31M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.60M $91.80M $114.1M
YoY Change -21.47% -56.96% 10272.73%
Cash & Equivalents $24.84M $28.11M $54.12M
Short-Term Investments $64.70M $63.70M $60.00M
Other Short-Term Assets $1.010M $4.200M $851.0K
YoY Change 18.68% 3207.09%
Inventory
Prepaid Expenses $1.775M $1.020M
Receivables $1.000M $700.0K $2.136M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $93.37M $96.60M $118.1M
YoY Change -20.97% -55.17% 3797.99%
LONG-TERM ASSETS
Property, Plant & Equipment $9.324M $5.800M $538.0K
YoY Change 1633.09% 1406.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $69.40M $93.10M $102.5M
YoY Change -32.29% 723.89% 34066.67%
Other Assets $400.0K $500.0K $168.0K
YoY Change 138.1% 290.63% -16.0%
Total Long-Term Assets $79.36M $99.40M $103.2M
YoY Change -23.12% 740.31% 22341.74%
TOTAL ASSETS
Total Short-Term Assets $93.37M $96.60M $118.1M
Total Long-Term Assets $79.36M $99.40M $103.2M
Total Assets $172.7M $196.0M $221.4M
YoY Change -21.97% -13.78% 6241.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.543M $5.400M $1.014M
YoY Change 52.17% 73.91% 203.59%
Accrued Expenses $8.100M $9.000M $3.200M
YoY Change 153.13% 421.13% 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 $9.669M $14.40M $4.339M
YoY Change 122.84% 171.29% -52.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $1.400M $200.0K
YoY Change 550.0% 600.0%
Total Long-Term Liabilities $1.300M $1.400M $200.0K
YoY Change 550.0% 600.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.669M $14.40M $4.339M
Total Long-Term Liabilities $1.300M $1.400M $200.0K
Total Liabilities $11.00M $15.70M $4.572M
YoY Change 140.49% 185.14% -50.24%
SHAREHOLDERS EQUITY
Retained Earnings -$114.6M -$51.62M
YoY Change 121.98% 79.18%
Common Stock $276.4M $269.1M
YoY Change 2.68% 2458.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $161.7M $180.2M $216.8M
YoY Change
Total Liabilities & Shareholders Equity $172.7M $196.0M $221.4M
YoY Change -21.97% -13.78% 6241.45%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$19.61M -$18.15M -$5.178M
YoY Change 278.68% 147.6% 121.95%
Depreciation, Depletion And Amortization $200.0K $200.0K $100.0K
YoY Change 100.0%
Cash From Operating Activities -$20.50M -$11.80M -$4.400M
YoY Change 365.91% 40.48% -4500.0%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$2.200M -$100.0K
YoY Change 4300.0% 2100.0%
Acquisitions
YoY Change
Other Investing Activities $21.80M $12.10M -$144.2M
YoY Change -115.12% -163.35%
Cash From Investing Activities $17.40M $9.800M -$144.3M
YoY Change -112.06% -151.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 100.0K -2.400M
YoY Change -95.83% -99.93%
NET CHANGE
Cash From Operating Activities -20.50M -11.80M -4.400M
Cash From Investing Activities 17.40M 9.800M -144.3M
Cash From Financing Activities -100.0K 100.0K -2.400M
Net Change In Cash -3.200M -1.900M -151.1M
YoY Change -97.88% -101.58% -151200.0%
FREE CASH FLOW
Cash From Operating Activities -$20.50M -$11.80M -$4.400M
Capital Expenditures -$4.400M -$2.200M -$100.0K
Free Cash Flow -$16.10M -$9.600M -$4.300M
YoY Change 274.42% 15.66% -4400.0%

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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 September 30, 2016, the Company had generated an accumulated deficit of $94,979 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 September 30, 2016, the Company had cash, cash equivalents and marketable securities of $184,857, which management believes is sufficient to fund operations for at least the next 12 months.</font></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>
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2016Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
155896000
CY2016Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
184857000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
887000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
34000
CY2015Q4 us-gaap Available For Sale Securities Amortized Cost
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
CY2016Q3 rgnx Available For Sale Securities Remaining Maturities Greater Than Three Years
AvailableForSaleSecuritiesRemainingMaturitiesGreaterThanThreeYears
0
CY2015Q4 rgnx Available For Sale Securities Remaining Maturities Greater Than Three Years
AvailableForSaleSecuritiesRemainingMaturitiesGreaterThanThreeYears
0
CY2016Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
40512000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
155486000
CY2016Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
4116000
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2016Q3 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
11
CY2016Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
184857000
CY2015Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
216355000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
618000
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
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
387000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1589000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1637000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1685000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1611000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1614000
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8523000
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
0
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2015 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
rgnx Milestone Fee Payments Upon Submission Preclinical Filings
MilestoneFeePaymentsUponSubmissionPreclinicalFilings
500000
rgnx Milestone Fee Payments Upon Commencement Of Clinical Trials
MilestoneFeePaymentsUponCommencementOfClinicalTrials
23650000
rgnx Milestone Fee Payments Upon Submission Of Regulatory Approval Filings
MilestoneFeePaymentsUponSubmissionOfRegulatoryApprovalFilings
37000000
rgnx Milestone Fee Payments Upon Approval Of Commercial Products
MilestoneFeePaymentsUponApprovalOfCommercialProducts
91500000
rgnx Milestone Fee Payments Upon Achievement Of Specified Sales Targets
MilestoneFeePaymentsUponAchievementOfSpecifiedSalesTargets
92000000
CY2015Q3 rgnx Upfront License Fee And Option Fees Revenue
UpfrontLicenseFeeAndOptionFeesRevenue
1000000
rgnx Upfront License Fee And Option Fees Revenue
UpfrontLicenseFeeAndOptionFeesRevenue
2000000
rgnx Upfront License Fee And Option Fees Revenue
UpfrontLicenseFeeAndOptionFeesRevenue
2000000
CY2016Q3 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
65000
CY2015Q3 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
65000
us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
395000
us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
245000
rgnx License And Milestone Fees Revenue
LicenseAndMilestoneFeesRevenue
250000
us-gaap License And Services Revenue
LicenseAndServicesRevenue
243000
us-gaap License And Services Revenue
LicenseAndServicesRevenue
140000
CY2016Q3 rgnx Licenses Revenue Including Amounts From Related Parties
LicensesRevenueIncludingAmountsFromRelatedParties
65000
CY2015Q3 rgnx Licenses Revenue Including Amounts From Related Parties
LicensesRevenueIncludingAmountsFromRelatedParties
1065000
rgnx Licenses Revenue Including Amounts From Related Parties
LicensesRevenueIncludingAmountsFromRelatedParties
2638000
rgnx Licenses Revenue Including Amounts From Related Parties
LicensesRevenueIncludingAmountsFromRelatedParties
2635000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1829000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1349000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5031000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2059000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.67
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
19003000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5052000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3464000
CY2016Q3 rgnx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
3721000
CY2015Q4 rgnx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
835000
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3339000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1371000
CY2016Q3 rgnx Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
1055000
CY2016Q3 rgnx Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
449000
CY2015Q4 rgnx Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
559000
CY2015Q4 rgnx Accrued Sublicense Fees And Royalties On Reagent Sales
AccruedSublicenseFeesAndRoyaltiesOnReagentSales
260000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
442000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
173000

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