2018 Q3 Form 10-Q Financial Statement
#000156459018028054 Filed on November 07, 2018
Income Statement
| Concept | 2018 Q3 | 2018 Q2 | 2017 Q3 |
|---|---|---|---|
| Revenue | $5.306M | $40.03M | $1.336M |
| YoY Change | 297.16% | 510.04% | 968.8% |
| Cost Of Revenue | $517.0K | $3.900M | $700.0K |
| YoY Change | -26.14% | 64900.0% | 3081.82% |
| Gross Profit | $4.789M | $36.20M | $700.0K |
| YoY Change | 584.14% | 452.17% | 579.61% |
| Gross Profit Margin | 90.26% | 90.43% | 52.4% |
| Selling, General & Admin | $9.000M | $8.300M | $9.400M |
| YoY Change | -4.26% | 29.69% | 51.61% |
| % of Gross Profit | 187.93% | 22.93% | 1342.86% |
| Research & Development | $18.51M | $21.49M | $12.52M |
| YoY Change | 47.85% | 54.39% | -0.33% |
| % of Gross Profit | 386.47% | 59.35% | 1788.29% |
| Depreciation & Amortization | $1.000M | $900.0K | $700.0K |
| YoY Change | 42.86% | 28.57% | 250.0% |
| % of Gross Profit | 20.88% | 2.49% | 100.0% |
| Operating Expenses | $18.51M | $21.49M | $12.52M |
| YoY Change | 47.85% | 54.39% | -0.33% |
| Operating Profit | -$22.73M | $6.350M | -$11.82M |
| YoY Change | 92.29% | -142.18% | -36.69% |
| Interest Expense | $2.200M | $8.100M | $600.0K |
| YoY Change | 266.67% | 1250.0% | 20.0% |
| % of Operating Profit | 127.56% | ||
| Other Income/Expense, Net | $603.0K | ||
| YoY Change | 17.32% | ||
| Pretax Income | -$20.50M | $14.40M | -$20.70M |
| YoY Change | -0.97% | -199.31% | 13.74% |
| Income Tax | -$1.300M | $3.850M | |
| % Of Pretax Income | 26.74% | ||
| Net Earnings | -$19.20M | $10.59M | -$20.71M |
| YoY Change | -7.26% | -173.2% | 14.06% |
| Net Earnings / Revenue | -361.89% | 26.46% | -1549.85% |
| Basic Earnings Per Share | -$0.56 | $0.33 | -$0.67 |
| Diluted Earnings Per Share | -$0.56 | $0.30 | -$0.67 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 33.99M | 32.08M | 30.89M |
| Diluted Shares Outstanding | 33.99M | 35.27M |
Balance Sheet
| Concept | 2018 Q3 | 2018 Q2 | 2017 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $372.6M | $286.5M | $166.7M |
| YoY Change | 123.52% | 76.74% | 81.59% |
| Cash & Equivalents | $142.4M | $106.9M | $60.11M |
| Short-Term Investments | $230.2M | $179.6M | $106.8M |
| Other Short-Term Assets | $11.10M | $6.000M | $4.600M |
| YoY Change | 141.3% | 379.23% | 9.52% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $2.600M | $700.0K | $900.0K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $386.4M | $293.3M | $172.2M |
| YoY Change | 124.39% | 76.88% | 78.26% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $19.90M | $16.70M | $11.50M |
| YoY Change | 73.04% | 44.91% | 98.28% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $102.3M | $19.80M | $24.50M |
| YoY Change | 317.55% | -57.33% | -73.68% |
| Other Assets | $1.650M | $1.700M | $1.100M |
| YoY Change | 50.0% | 332.57% | 120.0% |
| Total Long-Term Assets | $128.6M | $42.70M | $37.10M |
| YoY Change | 246.59% | -27.08% | -62.68% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $386.4M | $293.3M | $172.2M |
| Total Long-Term Assets | $128.6M | $42.70M | $37.10M |
| Total Assets | $515.0M | $336.0M | $209.3M |
| YoY Change | 146.05% | 49.75% | 6.79% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $5.214M | $4.200M | $2.600M |
| YoY Change | 100.54% | 6.38% | -51.85% |
| Accrued Expenses | $12.20M | $9.600M | $10.80M |
| YoY Change | 12.96% | 28.0% | 20.0% |
| Deferred Revenue | $600.0K | $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 | $19.12M | $16.90M | $13.40M |
| YoY Change | 42.69% | 47.44% | -6.94% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $691.0K | $720.0K | $1.200M |
| YoY Change | -42.42% | -40.0% | -14.29% |
| Total Long-Term Liabilities | $691.0K | $720.0K | $1.200M |
| YoY Change | -42.42% | -40.0% | -14.29% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $19.12M | $16.90M | $13.40M |
| Total Long-Term Liabilities | $691.0K | $720.0K | $1.200M |
| Total Liabilities | $19.81M | $18.80M | $14.60M |
| YoY Change | 35.69% | 48.28% | -7.01% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | |||
| YoY Change | |||
| Common Stock | |||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $494.1M | $317.2M | $194.7M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $515.0M | $336.0M | $209.3M |
| YoY Change | 146.06% | 49.75% | 6.79% |
Cashflow Statement
| Concept | 2018 Q3 | 2018 Q2 | 2017 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$19.20M | $10.59M | -$20.71M |
| YoY Change | -7.26% | -173.2% | 14.06% |
| Depreciation, Depletion And Amortization | $1.000M | $900.0K | $700.0K |
| YoY Change | 42.86% | 28.57% | 250.0% |
| Cash From Operating Activities | -$19.50M | $70.20M | -$17.20M |
| YoY Change | 13.37% | -838.95% | 45.76% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$3.400M | -$2.700M | -$500.0K |
| YoY Change | 580.0% | 58.82% | -77.27% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$133.4M | -$35.70M | $19.20M |
| YoY Change | -794.79% | 49.37% | 58.68% |
| Cash From Investing Activities | -$136.7M | -$38.40M | $18.80M |
| YoY Change | -827.13% | 50.0% | 91.84% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 191.9M | 3.100M | 600.0K |
| YoY Change | 31883.33% | -71.3% | 500.0% |
| NET CHANGE | |||
| Cash From Operating Activities | -19.50M | 70.20M | -17.20M |
| Cash From Investing Activities | -136.7M | -38.40M | 18.80M |
| Cash From Financing Activities | 191.9M | 3.100M | 600.0K |
| Net Change In Cash | 35.70M | 34.90M | 2.200M |
| YoY Change | 1522.73% | -243.62% | -215.79% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$19.50M | $70.20M | -$17.20M |
| Capital Expenditures | -$3.400M | -$2.700M | -$500.0K |
| Free Cash Flow | -$16.10M | $72.90M | -$16.70M |
| YoY Change | -3.59% | -1034.62% | 73.96% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q3 | rgnx |
Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
|
495000 | |
| CY2017Q4 | rgnx |
Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
|
430000 | |
| CY2018Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
280000 | |
| CY2017Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
473000 | |
| CY2017Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
5334000 | |
| CY2017Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
1412000 | |
| CY2018Q3 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
225000 | |
| CY2018Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1650000 | |
| CY2018Q3 | us-gaap |
Assets
Assets
|
514984000 | |
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Entity Ex Transition Period
EntityExTransitionPeriod
|
true | ||
| CY2018Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
5214000 | |
| CY2018Q3 | rgnx |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
13306000 | |
| CY2018Q3 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
600000 | |
| CY2018Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
19120000 | |
| CY2018Q3 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
1116000 | |
| CY2018Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
691000 | |
| us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
8353000 | ||
| rgnx |
Interest Income From Licencing
InterestIncomeFromLicencing
|
8362000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-57172000 | ||
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2558000 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.94 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.94 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
29440000 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
29440000 | ||
| us-gaap |
Profit Loss
ProfitLoss
|
-57172000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7809000 | ||
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Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-1410000 | ||
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Depreciation And Amortization
DepreciationAndAmortization
|
1963000 | ||
| us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
-15000 | ||
| us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
479000 | ||
| rgnx |
Imputed Interest Income From Licensing
ImputedInterestIncomeFromLicensing
|
8362000 | ||
| rgnx |
Non Cash Consideration Received For Licenses Granted Operating Activity
NonCashConsiderationReceivedForLicensesGrantedOperatingActivity
|
420000 | ||
| us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-12000 | ||
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Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-39000 | ||
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Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-6986000 | ||
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Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-150000 | ||
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Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
974000 | ||
| us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
1450000 | ||
| us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
3072000 | ||
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Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
380000 | ||
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Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
788000 | ||
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Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
109000 | ||
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Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
156000 | ||
| us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
1142000 | ||
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Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
3438000 | ||
| us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
3449000 | ||
| us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
600000 | ||
| rgnx |
Increase Decrease In Deferred Rent Payable
IncreaseDecreaseInDeferredRentPayable
|
-41000 | ||
| rgnx |
Increase Decrease In Deferred Rent Payable
IncreaseDecreaseInDeferredRentPayable
|
-118000 | ||
| us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-128000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
108788000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-44166000 | ||
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Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
319897000 | ||
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Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
46593000 | ||
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Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
116110000 | ||
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Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
47225000 | ||
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Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
780000 | ||
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Payments To Acquire Property Plant And Equipment
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|
8389000 | ||
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
5059000 | ||
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Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-212176000 | ||
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Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3647000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
9051000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
752000 | ||
| us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
850000 | ||
| us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
|
556000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
189716000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
81994000 | ||
| us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
462000 | ||
| us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
445000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
199155000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
82857000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
95767000 | ||
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
35044000 | ||
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
46881000 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
25065000 | |
| CY2018Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
142648000 | |
| CY2017Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
60109000 | |
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
174000 | ||
| us-gaap |
Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
|
420000 | ||
| rgnx |
Issuance Costs For Public Offering Of Common Stock In Accounts Payable And Accrued Expenses
IssuanceCostsForPublicOfferingOfCommonStockInAccountsPayableAndAccruedExpenses
|
157000 | ||
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<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;color:#000000;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) is a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. The Company’s proprietary adeno-associated virus (AAV) gene delivery platform (NAV Technology Platform) consists of exclusive rights to over 100 novel AAV vectors, including AAV7, AAV8, AAV9 and AAVrh10. The Company’s NAV® Technology Platform is being applied by the Company, as well as by third-party licensees (NAV Technology Licensees), in the development of product candidates for a variety of diseases with unmet needs. The Company was formed in 2008 in the State of Delaware and is headquartered in Rockville, Maryland.</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;">In August 2018, the Company completed a follow-on public offering of 3,105,000 shares of its common stock (inclusive of 405,000 shares pursuant to the full exercise by the underwriters of their option to purchase additional shares) at a price of $65.00 per share. The aggregate net proceeds received by the Company from the offering, inclusive of the underwriters’ option exercise, were $189.1 million, net of underwriting discounts and commissions and offering expenses payable by the Company.</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;">As of September 30, 2018, the Company had generated an accumulated deficit of $87.3 million since inception. As the Company has incurred cumulative losses since inception, transition to recurring 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’s cost structure. The Company may never achieve recurring 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, 2018, the Company had cash, cash equivalents and marketable securities of $474.9 million, which management believes is sufficient to fund operations for at least the next 12 months from the date these consolidated financial statements were issued.</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 clinical manufacturing to the commercial production of products.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:9pt;"> </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 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> | ||
| CY2018Q3 | us-gaap |
Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
|
0.20 | |
| CY2018Q3 | us-gaap |
Accounts Receivable Gross Noncurrent
AccountsReceivableGrossNoncurrent
|
4600000 | |
| CY2018Q3 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
600000 | |
| CY2018Q3 | rgnx |
Interest Income From Licensing
InterestIncomeFromLicensing
|
109000 | |
| rgnx |
Interest Income From Licensing
InterestIncomeFromLicensing
|
8362000 | ||
| CY2017Q3 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
225000 | |
| CY2018Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
142648000 | |
| CY2017Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
60109000 | |
| CY2018Q3 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
332901000 | |
| CY2018Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
5000 | |
| CY2018Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
444000 | |
| CY2018Q3 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
332462000 | |
| CY2017Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
130018000 | |
| CY2017Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
2000 | |
| CY2017Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
282000 | |
| CY2017Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
129738000 | |
| CY2018Q3 | rgnx |
Available For Sale Debt Securities Remaining Maturities Greater Than Three Years
AvailableForSaleDebtSecuritiesRemainingMaturitiesGreaterThanThreeYears
|
0 | |
| CY2017Q4 | rgnx |
Available For Sale Debt Securities Remaining Maturities Greater Than Three Years
AvailableForSaleDebtSecuritiesRemainingMaturitiesGreaterThanThreeYears
|
0 | |
| CY2018Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
|
-100000 | |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
|
-200000 | ||
| CY2017Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
|
100000 | |
| CY2018Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | ||
| CY2017Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
0 | ||
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
|
290421000 | |
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
404000 | |
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
|
10588000 | |
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
40000 | |
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
301009000 | |
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
444000 | |
| 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 | |
| CY2018Q3 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
|
106 | |
| 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 | |
| CY2018Q3 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2018Q3 | us-gaap |
Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
|
0 | |
| CY2018Q3 | rgnx |
Non Marketable Equity Securities Carrying Value
NonMarketableEquitySecuritiesCarryingValue
|
400000 | |
| CY2017Q4 | rgnx |
Non Marketable Equity Securities Carrying Value
NonMarketableEquitySecuritiesCarryingValue
|
400000 | |
| CY2018Q3 | rgnx |
Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
|
0 | |
| rgnx |
Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
|
0 | ||
| CY2017Q3 | rgnx |
Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
|
0 | |
| rgnx |
Impairment Losses On Non Marketable Equity Securities
ImpairmentLossesOnNonMarketableEquitySecurities
|
0 | ||
| CY2018Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
25782000 | |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
17254000 | |
| CY2018Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5926000 | |
| 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 | |
| CY2018Q3 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
660000 | |
| CY2018Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
2946000 | |
| CY2018Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
2975000 | |
| CY2018Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
2335000 | |
| CY2017Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2734000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
11755000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
7809000 | ||
| CY2018Q3 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
621000 | |
| CY2018Q3 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
479000 | |
| us-gaap |
Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
|
0 | ||
| us-gaap |
Loss Contingency Accrual Provision
LossContingencyAccrualProvision
|
0 | ||
| CY2017 | us-gaap |
Loss Contingency Accrual Provision
LossContingencyAccrualProvision
|
0 | |
| rgnx |
Milestone Fee Payments Upon Commencement Of Clinical Trials
MilestoneFeePaymentsUponCommencementOfClinicalTrials
|
27400000 | ||
| rgnx |
Milestone Fee Payments Upon Submission Of Regulatory Approval Filings
MilestoneFeePaymentsUponSubmissionOfRegulatoryApprovalFilings
|
45500000 | ||
| rgnx |
Milestone Fee Payments Upon Approval Of Commercial Products
MilestoneFeePaymentsUponApprovalOfCommercialProducts
|
111500000 | ||
| rgnx |
Milestone Fee Payments Upon Achievement Of Specified Sales Targets
MilestoneFeePaymentsUponAchievementOfSpecifiedSalesTargets
|
172000000 | ||
| CY2018Q2 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
5224000 | |
| CY2018Q3 | rgnx |
Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
|
2002000 | |
| CY2018Q3 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
7226000 | |
| CY2018Q3 | rgnx |
Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
|
2000000 | |
| CY2018Q3 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
2000000 | |
| CY2018Q2 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
600000 | |
| CY2017Q4 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
5850000 | |
| rgnx |
Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
|
1376000 | ||
| CY2017Q4 | us-gaap |
Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
|
350000 | |
| rgnx |
Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
|
1650000 | ||
| 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 September 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. | ||
| CY2018Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4483000 | |
| CY2018Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
40800000 | |
| us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y8M12D | ||
| CY2018Q3 | 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 | ||
| CY2018Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-19202000 | |
| CY2017Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-20706000 | |
| us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
95631000 | ||
| us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-57172000 | ||
| CY2018Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5215000 | |
| CY2017Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5669000 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1132000 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5669000 | ||
| CY2018Q3 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
6381000 | |
| CY2017Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
5789000 | |
| CY2018Q3 | rgnx |
Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
|
3136000 | |
| CY2017Q4 | rgnx |
Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
|
2072000 | |
| CY2018Q3 | rgnx |
Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
|
1228000 | |
| CY2017Q4 | rgnx |
Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
|
1078000 | |
| CY2018Q3 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
1140000 | |
| CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
236000 | |
| CY2018Q3 | rgnx |
Accrued Licensing Costs
AccruedLicensingCosts
|
646000 |
