$RGNX
REGENXBIO Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018020194 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $40.03M $2.040M $6.562M
YoY Change 510.04% 20.28% 176.29%
Cost Of Revenue $3.900M -$400.0K $6.000K
YoY Change 64900.0% -233.33% -87.76%
Gross Profit $36.20M $2.400M $6.556M
YoY Change 452.17% 71.43% 181.86%
Gross Profit Margin 90.43% 117.65% 99.91%
Selling, General & Admin $8.300M $4.800M $6.400M
YoY Change 29.69% -15.79% 3.23%
% of Gross Profit 22.93% 200.0% 97.62%
Research & Development $21.49M $14.17M $13.92M
YoY Change 54.39% -11.76% 30.31%
% of Gross Profit 59.35% 590.42% 212.28%
Depreciation & Amortization $900.0K $700.0K $700.0K
YoY Change 28.57% 250.0% 600.0%
% of Gross Profit 2.49% 29.17% 10.68%
Operating Expenses $21.49M $14.17M $13.92M
YoY Change 54.39% -11.76% 30.31%
Operating Profit $6.350M -$11.77M -$15.06M
YoY Change -142.18% -19.71% 0.7%
Interest Expense $8.100M $600.0K $600.0K
YoY Change 1250.0% 50.0% 20.0%
% of Operating Profit 127.56%
Other Income/Expense, Net $583.0K
YoY Change 13.2%
Pretax Income $14.40M -$16.00M -$14.50M
YoY Change -199.31% -20.0% 0.69%
Income Tax $3.850M $0.00
% Of Pretax Income 26.74%
Net Earnings $10.59M -$16.00M -$14.47M
YoY Change -173.2% -18.42% 0.25%
Net Earnings / Revenue 26.46% -784.17% -220.56%
Basic Earnings Per Share $0.33 -$0.51 -$0.47
Diluted Earnings Per Share $0.30 -$0.51 -$0.47
COMMON SHARES
Basic Shares Outstanding 32.08M 30.66M
Diluted Shares Outstanding 35.27M 30.66M

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $286.5M $160.8M $162.1M
YoY Change 76.74% 79.46% 72.08%
Cash & Equivalents $106.9M $46.66M $57.65M
Short-Term Investments $179.6M $114.1M $104.4M
Other Short-Term Assets $6.000M $1.412M $1.252M
YoY Change 379.23% 39.8% -56.83%
Inventory
Prepaid Expenses $5.334M $2.432M
Receivables $700.0K $500.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $293.3M $168.0M $165.8M
YoY Change 76.88% 79.92% 69.37%
LONG-TERM ASSETS
Property, Plant & Equipment $16.70M $13.98M $11.52M
YoY Change 44.91% 49.9% 297.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $19.80M $15.60M $46.40M
YoY Change -57.33% -77.52% -55.73%
Other Assets $1.700M $862.0K $393.0K
YoY Change 332.57% 115.5% -21.4%
Total Long-Term Assets $42.70M $30.68M $58.56M
YoY Change -27.08% -61.34% -45.88%
TOTAL ASSETS
Total Short-Term Assets $293.3M $168.0M $165.8M
Total Long-Term Assets $42.70M $30.68M $58.56M
Total Assets $336.0M $198.7M $224.4M
YoY Change 49.75% 15.02% 8.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.200M $4.832M $3.948M
YoY Change 6.38% 213.16% 88.0%
Accrued Expenses $9.600M $9.600M $7.500M
YoY Change 28.0% 18.52% 5.63%
Deferred Revenue $600.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.90M $14.44M $11.46M
YoY Change 47.44% 49.31% 25.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $720.0K $1.200M $1.200M
YoY Change -40.0% -7.69% 71.43%
Total Long-Term Liabilities $720.0K $1.200M $1.200M
YoY Change -40.0% -7.69% 71.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.90M $14.44M $11.46M
Total Long-Term Liabilities $720.0K $1.200M $1.200M
Total Liabilities $18.80M $15.65M $12.68M
YoY Change 48.28% 42.32% 28.07%
SHAREHOLDERS EQUITY
Retained Earnings -$187.8M -$151.1M
YoY Change 63.85%
Common Stock $371.5M $363.4M
YoY Change 34.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $317.2M $183.0M $211.7M
YoY Change
Total Liabilities & Shareholders Equity $336.0M $198.7M $224.4M
YoY Change 49.75% 15.02% 8.87%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $10.59M -$16.00M -$14.47M
YoY Change -173.2% -18.42% 0.25%
Depreciation, Depletion And Amortization $900.0K $700.0K $700.0K
YoY Change 28.57% 250.0% 600.0%
Cash From Operating Activities $70.20M -$13.80M -$9.500M
YoY Change -838.95% -32.68% 13.1%
INVESTING ACTIVITIES
Capital Expenditures -$2.700M -$2.100M -$1.700M
YoY Change 58.82% -52.27% 54.55%
Acquisitions
YoY Change
Other Investing Activities -$35.70M $1.000M -$23.90M
YoY Change 49.37% -95.41% -712.82%
Cash From Investing Activities -$38.40M -$1.200M -$25.60M
YoY Change 50.0% -106.9% -982.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.100M 1.700M 10.80M
YoY Change -71.3% -1800.0% 10700.0%
NET CHANGE
Cash From Operating Activities 70.20M -13.80M -9.500M
Cash From Investing Activities -38.40M -1.200M -25.60M
Cash From Financing Activities 3.100M 1.700M 10.80M
Net Change In Cash 34.90M -13.30M -24.30M
YoY Change -243.62% 315.63% 350.0%
FREE CASH FLOW
Cash From Operating Activities $70.20M -$13.80M -$9.500M
Capital Expenditures -$2.700M -$2.100M -$1.700M
Free Cash Flow $72.90M -$11.70M -$7.800M
YoY Change -1034.62% -27.33% 6.85%

Facts In Submission

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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 differ materially 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 consolidated 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 consolidated financial statements. Estimates are used in the following areas, among others: revenue, stock-based compensation expense, accrued research and development expenses and other accrued expenses, income taxes and the fair value of financial instruments.</p></div>
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CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
253000
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
21066000
CY2018Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
86000
CY2018Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
183835000
CY2018Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
339000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
109238000
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
180000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
17124000
CY2017Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
102000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
126362000
CY2017Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
282000
CY2018Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
62
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2017 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2018Q2 us-gaap Assets Fair Value Disclosure
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306267000
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
176384000
CY2018Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0
CY2018Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q4 rgnx Non Marketable Equity Securities Carrying Value
NonMarketableEquitySecuritiesCarryingValue
400000
CY2018Q2 rgnx Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
0
rgnx Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
0
CY2017Q2 rgnx Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
0
rgnx Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
0
CY2018Q2 us-gaap Property Plant And Equipment Gross
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21685000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17254000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4987000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3277000
CY2015Q3 us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
400000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1193000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2395000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2411000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1797000
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2017 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
621000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
479000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8896000
rgnx Milestone Fee Payments Upon Commencement Of Clinical Trials
MilestoneFeePaymentsUponCommencementOfClinicalTrials
25900000
rgnx Milestone Fee Payments Upon Submission Of Regulatory Approval Filings
MilestoneFeePaymentsUponSubmissionOfRegulatoryApprovalFilings
46000000
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
0
rgnx Milestone Fee Payments Upon Approval Of Commercial Products
MilestoneFeePaymentsUponApprovalOfCommercialProducts
105500000
rgnx Milestone Fee Payments Upon Achievement Of Specified Sales Targets
MilestoneFeePaymentsUponAchievementOfSpecifiedSalesTargets
172000000
CY2018Q2 rgnx Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
-53397000
CY2018Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
5224000
CY2018Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
250000
CY2018Q2 rgnx Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-250000
CY2018Q2 rgnx Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
600000
rgnx Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
-626000
rgnx Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-350000
rgnx Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
600000
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
us-gaap Revenue Information Used To Determine Transaction Price
RevenueInformationUsedToDetermineTransactionPrice
Upon its execution, the transaction price of the January 2018 Amendment was $132.1 million, which was fully recognized as license revenue upon the delivery of the modified license in January 2018. In May 2018, as a result of the acquisition of AveXis by Novartis, the transaction price was increased by $40.0 million to account for the acceleration of the sale-based milestone which was previously excluded from the transaction price. The $40.0 million increase in the transaction price was recognized as license revenue upon the completion of the change of control in May 2018 since the amended license had been fully delivered to AveXis. Additionally, due to the acceleration of the two $30.0 million payments originally due in January 2019 and January 2020, the Company recognized $6.1 million of interest income from licensing upon the completion of the change of control of AveXis, which represents the remaining present value discount on such payments as of the date of the change of control of AveXis. The transaction price of $172.1 million as of June 30, 2018 includes the following fixed consideration: (i) the $80.0 million payment in January 2018, (ii) the present value, as of the date of the January 2018 Amendment, of the two $30.0 million payments originally due in January 2019 and January 2020 and (iii) the $40.0 million sales-based milestone which was accelerated upon the change of control in May 2018. Variable consideration under the January 2018 Amendment, which has been excluded from the transaction price, includes the remaining sales-based milestone payment of $80.0 million, as well as any potential sublicense fees or royalties on sales of licensed products, which will be recognized in the period of the underlying sales or sublicenses, if any.
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3982000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2483000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7272000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5074000
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
39700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10594000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14473000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
114833000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-36466000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
804000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5901000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1236000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5901000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4902000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5789000
CY2018Q2 rgnx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
2602000
CY2017Q4 rgnx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
2072000
CY2018Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2439000
CY2018Q2 rgnx Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
1203000
CY2017Q4 rgnx Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
1078000
CY2018Q2 rgnx Accrued Licensing Costs
AccruedLicensingCosts
350000
CY2018Q2 rgnx Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
139000
CY2017Q4 rgnx Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
430000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
388000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
236000

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