$RGNX
REGENXBIO Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019030100 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $7.881M $40.03M $132.4M
YoY Change -80.31% 510.04% 28996.92%
Cost Of Revenue $1.900M $3.900M $2.408M
YoY Change -51.28% 64900.0% 2308.0%
Gross Profit $6.000M $36.20M $130.0M
YoY Change -83.43% 452.17% 32395.75%
Gross Profit Margin 76.13% 90.43% 98.18%
Selling, General & Admin $13.40M $8.300M $8.400M
YoY Change 61.45% 29.69% 27.27%
% of Gross Profit 223.33% 22.93% 6.46%
Research & Development $29.48M $21.49M $19.55M
YoY Change 37.22% 54.39% 17.64%
% of Gross Profit 491.38% 59.35% 15.04%
Depreciation & Amortization $1.800M $900.0K $800.0K
YoY Change 100.0% 28.57% 33.33%
% of Gross Profit 30.0% 2.49% 0.62%
Operating Expenses $29.48M $21.49M $19.55M
YoY Change 37.22% 54.39% 17.64%
Operating Profit -$23.48M $6.350M $102.0M
YoY Change -469.81% -142.18% -545.1%
Interest Expense $35.30M $8.100M $2.200M
YoY Change 335.8% 1250.0% 144.44%
% of Operating Profit 127.56% 2.16%
Other Income/Expense, Net $2.214M
YoY Change 138.32%
Pretax Income -$1.600M $14.40M $104.2M
YoY Change -111.11% -199.31% -573.81%
Income Tax -$100.0K $3.850M
% Of Pretax Income 26.74%
Net Earnings -$1.457M $10.59M $104.2M
YoY Change -113.75% -173.2% -573.96%
Net Earnings / Revenue -18.49% 26.46% 78.74%
Basic Earnings Per Share -$0.04 $0.33 $3.30
Diluted Earnings Per Share -$0.04 $0.30 $3.04
COMMON SHARES
Basic Shares Outstanding 36.67M 32.08M 31.63M
Diluted Shares Outstanding 36.67M 35.27M 34.28M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.5M $286.5M $229.9M
YoY Change 19.2% 76.74% 57.68%
Cash & Equivalents $55.14M $106.9M $71.87M
Short-Term Investments $286.4M $179.6M $158.0M
Other Short-Term Assets $8.300M $6.000M $6.900M
YoY Change 38.33% 379.23% 155.56%
Inventory
Prepaid Expenses
Receivables $9.700M $700.0K $26.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $359.5M $293.3M $262.7M
YoY Change 22.57% 76.88% 76.55%
LONG-TERM ASSETS
Property, Plant & Equipment $27.33M $16.70M $14.80M
YoY Change 63.65% 44.91% 33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.2M $19.80M $5.900M
YoY Change 446.46% -57.33% -90.74%
Other Assets $4.300M $1.700M $1.100M
YoY Change 152.94% 332.57% 120.0%
Total Long-Term Assets $169.6M $42.70M $54.50M
YoY Change 297.19% -27.08% -27.62%
TOTAL ASSETS
Total Short-Term Assets $359.5M $293.3M $262.7M
Total Long-Term Assets $169.6M $42.70M $54.50M
Total Assets $529.1M $336.0M $317.2M
YoY Change 57.47% 49.75% 41.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.900M $4.200M $5.000M
YoY Change 40.48% 6.38% 21.95%
Accrued Expenses $18.20M $9.600M $9.900M
YoY Change 89.58% 28.0% 70.69%
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 $24.70M $16.90M $14.90M
YoY Change 46.15% 47.44% 49.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.900M $720.0K $1.776M
YoY Change 163.89% -40.0% 36.62%
Total Long-Term Liabilities $1.900M $720.0K $1.776M
YoY Change 163.89% -40.0% 36.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.70M $16.90M $14.90M
Total Long-Term Liabilities $1.900M $720.0K $1.776M
Total Liabilities $34.50M $18.80M $17.90M
YoY Change 83.51% 48.28% 59.82%
SHAREHOLDERS EQUITY
Retained Earnings -$116.8M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $494.6M $317.2M $299.3M
YoY Change
Total Liabilities & Shareholders Equity $529.1M $336.0M $317.2M
YoY Change 57.47% 49.75% 41.54%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income -$1.457M $10.59M $104.2M
YoY Change -113.75% -173.2% -573.96%
Depreciation, Depletion And Amortization $1.800M $900.0K $800.0K
YoY Change 100.0% 28.57% 33.33%
Cash From Operating Activities -$23.70M $70.20M $58.13M
YoY Change -133.76% -838.95% -432.19%
INVESTING ACTIVITIES
Capital Expenditures -$5.500M -$2.700M $2.344M
YoY Change 103.7% 58.82% -19.97%
Acquisitions
YoY Change
Other Investing Activities $27.20M -$35.70M -$34.70M
YoY Change -176.19% 49.37% -668.85%
Cash From Investing Activities $21.60M -$38.40M -$37.09M
YoY Change -156.25% 50.0% -1258.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.400M 3.100M 4.166M
YoY Change -54.84% -71.3% -94.17%
NET CHANGE
Cash From Operating Activities -23.70M 70.20M 58.13M
Cash From Investing Activities 21.60M -38.40M -37.09M
Cash From Financing Activities 1.400M 3.100M 4.166M
Net Change In Cash -700.0K 34.90M 25.21M
YoY Change -102.01% -243.62% -55.92%
FREE CASH FLOW
Cash From Operating Activities -$23.70M $70.20M $58.13M
Capital Expenditures -$5.500M -$2.700M $2.344M
Free Cash Flow -$18.20M $72.90M $55.79M
YoY Change -124.97% -1034.62% -373.09%

Facts In Submission

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<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;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain amounts reported in prior periods have been reclassified to conform to current period financial statement presentation. These reclassifications are not material and have no effect on previously reported financial position, results of operations and cash flows.</p>
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<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;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;">As of June 30, 2019, the Company had generated an accumulated deficit of $116.8 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.<span style="color:#000000;"> As of June 30, 2019, the Company had cash, cash equivalents and marketable securities of $449.7 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.</span></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>
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0
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
394548000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
395019000
CY2019Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q4 rgnx Non Marketable Equity Securities Carrying Value
NonMarketableEquitySecuritiesCarryingValue
400000
CY2019Q2 rgnx Remeasurements Or Impairment Losses On Non Marketable Equity Securities
RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities
0
CY2018Q2 rgnx Remeasurements Or Impairment Losses On Non Marketable Equity Securities
RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities
0
rgnx Remeasurements Or Impairment Losses On Non Marketable Equity Securities
RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities
0
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37913000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35939000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10583000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27330000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
697000
us-gaap Operating Lease Cost
OperatingLeaseCost
1398000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
138000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
371000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
335000
us-gaap Variable Lease Cost
VariableLeaseCost
298000
CY2019Q2 us-gaap Lease Cost
LeaseCost
835000
us-gaap Lease Cost
LeaseCost
1696000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
684000
us-gaap Operating Lease Payments
OperatingLeasePayments
1395000
rgnx Schedule Of Lessee Operating Lease Weighted Average Remaining Lease Term And Weighted Average Discount Rate
ScheduleOfLesseeOperatingLeaseWeightedAverageRemainingLeaseTermAndWeightedAverageDiscountRate
<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 weighted-average remaining lease term and weighted-average discount rate of the Company’s operating leases were as follows:</p> <p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin:auto;border-collapse:collapse; width:90%;"> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:61.66%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.56%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.56%;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:61.66%; border-bottom:solid 0.75pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.6%; border-bottom:solid 0.75pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:17.56%; border-bottom:solid 0.75pt transparent;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.6%; border-bottom:solid 0.75pt transparent;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td colspan="2" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:16.56%; border-bottom:solid 0.75pt #000000;" valign="bottom"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">June 30, 2019</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:61.66%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average remaining lease term (years)</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.56%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.56%; border-top:solid 0.75pt #000000;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.9</p></td> <td style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> </tr> <tr> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:61.66%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average discount rate</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:17.56%;" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.6%;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.56%;white-space:nowrap;" valign="bottom"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.6</p></td> <td style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;" valign="bottom"> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td> </tr> </table></div>
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1298000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3273000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4720000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6045000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6855000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
83650000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
105841000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2798000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3054000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3720000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4910000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
5635000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
76420000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
96537000
rgnx Milestone Fee Payments Upon Commencement Of Clinical Trials
MilestoneFeePaymentsUponCommencementOfClinicalTrials
18600000
rgnx Milestone Fee Payments Upon Submission Of Regulatory Approval Filings
MilestoneFeePaymentsUponSubmissionOfRegulatoryApprovalFilings
32500000
rgnx Milestone Fee Payments Upon Approval Of Commercial Products
MilestoneFeePaymentsUponApprovalOfCommercialProducts
81000000.0
rgnx Milestone Fee Payments Upon Achievement Of Specified Sales Targets
MilestoneFeePaymentsUponAchievementOfSpecifiedSalesTargets
187000000.0
CY2019Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
31130000
CY2019Q2 rgnx Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
2504000
CY2019Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
33634000
CY2019Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1000000
CY2019Q2 rgnx Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-1000000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3933000
CY2019Q2 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-600000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3333000
CY2018Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
31599000
rgnx Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
2035000
CY2019Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
33634000
CY2018Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
750000
rgnx Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-750000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3933000
CY2018Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
250000
CY2018Q2 rgnx Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-250000
CY2018Q2 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
600000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-600000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3333000
CY2017Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
5850000
rgnx Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
-626000
CY2018Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
5224000
CY2017Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
350000
CY2018Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
58621000
CY2018Q2 rgnx Increase Decrease In Accounts Receivable Current And Noncurrent
IncreaseDecreaseInAccountsReceivableCurrentAndNoncurrent
-53397000
CY2018Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
5224000
rgnx Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-350000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
600000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
600000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3300000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
600000
CY2019Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
33600000
CY2019Q2 us-gaap Billed Contract Receivables
BilledContractReceivables
200000
CY2019Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
33400000
CY2018Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
31600000
CY2018Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
400000
CY2018Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
31200000
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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. As of June 30, 2019, the transaction price of the January 2018 Amendment was $172.1 million, which includes: (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.
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7099000
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
70400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1457000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10594000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7099000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3982000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12817000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7272000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5100000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
300000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
700000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-33685000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
114833000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36669000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1457000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10594000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-33685000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
114833000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36669000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32082000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36518000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31858000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.60
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32082000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36518000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31858000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36669000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35272000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36518000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34884000
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.92
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.29
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5520000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
804000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5520000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1236000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6692000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9484000
CY2019Q2 rgnx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
4925000
CY2018Q4 rgnx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
4274000
CY2019Q2 rgnx Accrued Sublicense Fees And Royalties
AccruedSublicenseFeesAndRoyalties
1514000
CY2018Q4 rgnx Accrued Sublicense Fees And Royalties
AccruedSublicenseFeesAndRoyalties
1617000
CY2019Q2 rgnx Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
1498000
CY2018Q4 rgnx Accrued External General And Administrative Expenses
AccruedExternalGeneralAndAdministrativeExpenses
773000
CY2019Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
564000
CY2018Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
726000
CY2019Q2 rgnx Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
397000
CY2018Q4 rgnx Accrued Purchases Of Property And Equipment
AccruedPurchasesOfPropertyAndEquipment
221000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
944000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
69000
CY2019Q2 rgnx Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
16534000
CY2018Q4 rgnx Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
17164000
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1900000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2500000

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