SEC Filings

S-1
AVEXIS, INC. filed this Form S-1 on 01/15/2016
Entire Document
 

Table of Contents

Cash Flows

          The following table provides information regarding our cash flows for the years ended December 31, 2013 and 2014 and the nine months ended September 30, 2014 and 2015:

 
  Year Ended
December 31,
  Nine Months Ended
September 30,
 
 
 
2013
 
2014
 
2014
 
2015
 

Net cash used in operating activities

  $ (517,186 ) $ (4,001,037 ) $ (3,488,040 ) $ (6,305,900 )

Net cash used in investing activities

    (2,228 )   (29,284 )   (24,177 )   (76,920 )

Net cash provided by financing activities

    100,000     7,150,034     7,150,034     72,969,569  

Net increase (decrease) in cash and cash equivalents

  $ (419,414 ) $ 3,119,713   $ 3,637,817   $ 66,586,749  

Operating Activities

          For the year ended December 31, 2013, our net cash used in operating activities of $0.5 million primarily consisted of a net loss of $2.7 million, primarily attributable to our general and administrative expense, partially offset by $1.7 in adjustments for non-cash items, $0.4 million of cash provided by changes in working capital items and $0.1 million of cash provided by the stem cell business. Adjustments for non-cash items primarily consisted of employee stock-based compensation expense of $1.2 million, $0.3 million of stock-based third-party research and development expense associated with the issuance of common stock to NCH under the terms of the NCH License and $0.1 million in fixed asset impairment charges associated with the stem cell business. The change in working capital was primarily attributable to an increase in accounts payable and accrued expenses.

          For the year ended December 31, 2014, our net cash used in operating activities of $4.0 million primarily consisted of a net loss of $15.7 million, primarily attributable to our spending on research and development, partially offset by $7.7 million in adjustments for non-cash items and $4.0 million of cash provided by changes in working capital items. Adjustments for non-cash items primarily consisted of employee stock-based compensation expense of $1.2 million, a $0.1 million loss on the sale of BioLife Dallas in connection with our exit from the stem cell business and $6.2 million of stock-based third-party research and development expense, of which $0.2 million was associated with the issuance of additional shares of common stock to NCH under the terms of the NCH License, $5.7 million was associated with the restricted stock grant to Dr. Kaspar and $0.2 million of which was associated with stock warrants granted to a consultant. The change in working capital was primarily attributable to an increase in our liability for indemnification obligations resulting from a $4.1 million accrual relating to a tax indemnification liability associated with the restricted stock grant made to Dr. Kaspar in connection with a consulting arrangement.

          For the nine months ended September 30, 2014, our net cash used in operating activities of $3.5 million primarily consisted of a net loss of $12.1 million, primarily attributable to our spending on research and development and general and administrative expenses, which was partially offset by $4.6 million in adjustments for non-cash items and $3.9 million in cash provided by changes in working capital items. Adjustments for non-cash items primarily consisted of employee stock-based compensation expense of $1.2 million, $3.2 million of stock-based third-party research and development expense associated with the restricted stock grant to Dr. Kaspar and a $0.1 million loss on the sale of BioLife Dallas. The change in working capital was primarily attributable to an increase in our liability for indemnification obligations resulting from a $4.1 million accrual relating to a tax indemnification liability associated with the restricted stock grant made to Dr. Kaspar in connection with a consulting arrangement.

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