SEC Filings

S-1/A
AVEXIS, INC. filed this Form S-1/A on 02/09/2016
Entire Document
 

Table of Contents

Comparison of the Years Ended December 31, 2013 and 2014

          The following table summarizes our results of operations for the years ended December 31, 2013 and 2014, together with the dollar increase or decrease in those items:

 
  Year Ended
December 31,
   
 
 
 
Period-to-
Period
Change
 
 
 
2013
 
2014
 

Revenue

  $   $   $  

Operating expenses:

                   

General and administrative

    1,834,368     1,869,899     35,531  

Research and development

    362,609     13,550,422     13,187,813  

Total operating expenses

    2,196,977     15,420,321     13,223,344  

Loss from operations

    (2,196,977 )   (15,420,321 )   (13,223,344 )

Interest expense (income)

    16,907     131,527     114,620  

Loss from continuing operations, before income taxes

    (2,213,884 )   (15,551,848 )   (13,337,964 )

Income tax expense (benefit)

             

Loss from continuing operations

    (2,213,884 )   (15,551,848 )   (13,337,964 )

Loss from discontinued operations, net of tax

    475,530     8,729     (466,801 )

Loss from sale of discontinued operations, net of tax

        145,199     145,199  

Net loss

  $ (2,689,414 ) $ (15,705,776 ) $ (13,016,362 )

    General and Administrative

          General and administrative expense increased from $1.8 million for the year ended December 31, 2013 to $1.9 million for the year ended December 31, 2014. Salaries and personnel-related costs increased $0.2 million and stock-based compensation expense decreased by $0.2 million.

          Stock-based compensation expense for the year ended December 31, 2013 consisted of a $1.2 million charge related to an equity grant made to our former Chief Executive Officer. Such grant was fully vested upon issuance and the $1.2 million charge to general and administrative expense represented the difference between the amount paid for such shares and the fair value of such shares at the time of issuance.

          Stock-based compensation expense for the year ended December 31, 2014 consisted of $0.6 million of stock-based compensation expense incurred in connection with an equity grant made to our former Chief Executive Officer, a $0.2 million charge related to the exchange by our former Chief Executive Officer of common shares held by him for an equal number of Class B-1 shares, and $0.2 million of stock-based compensation expense related to stock option grants made to our employees in August 2014.

    Research and Development

          Research and development expense increased from $0.4 million for the year ended December 31, 2013 to $13.6 million for the year ended December 31, 2014.

          Research and development expense for the year ended December 31, 2013 primarily consisted of $0.3 million of expense associated with the issuance of shares of common stock to NCH pursuant to the terms of the NCH license agreement.

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