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SEC Filings

10-K
AVEXIS, INC. filed this Form 10-K on 03/18/2016
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Table of Contents


AveXis, Inc.

Notes to Consolidated Financial Statements (Continued)

13. Net Loss Per Common Share and Unaudited Pro Forma Net Loss Per Common Share (Continued)

2015, 2014 and 2013, the following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding because the effect would be anti-dilutive:

 
   Year ended
December 31,
2015 		  Year ended
December 31,
2014 		  Year ended
December 31,
2013 		 

Stock options issued and outstanding

     1,748,877     473,202     —  

Stock warrants

     326,556     404,778     —  

Unvested restricted common stock

     1,750,794     1,750,794     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

    3,826,227     2,628,774     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

        Amounts in the table above reflect the common stock equivalents of the noted instruments.

        The following table summarizes the calculation of the basic and diluted net loss per common share:

 
   Year ended
December 31,
2015 		  Year ended
December 31,
2014 		  Year ended
December 31,
2013 		 

Numerator:

                    

Loss from continuing operations

   $ (38,473,844 ) $ (15,551,848 ) $ (2,213,884 )

Less: deemed preferred dividends on common stock

     —     (866,569 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss attributable from continuing operations to common stockholders

   $ (38,473,844 ) $ (16,418,417 ) $ (2,213,884 )

Loss from discontinued operations

     —     (153,928 )   (475,530 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss attributable to common stockholders

   $ (38,473,844 ) $ (16,572,345 ) $ (2,689,414 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Denominator:

                    

Weighted-average basic and diluted common shares

     7,087,618     6,916,404     6,228,922  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Basic and diluted net loss per common share from continuing operations

   $ (5.43 ) $ (2.37 ) $ (0.35 )

Basic and diluted net loss per common share from discontinued operations

     —     (0.02 )   (0.08 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Basic and diluted net loss per common share

   $ (5.43 ) $ (2.39 ) $ (0.43 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

14. Employment Agreements

        On August 7, 2014, the Company entered into employment agreements with four employees. The terms of these agreements ranged between 2-3 years. Each of the agreements provided for an annual salary, a discretionary bonus as determined by the Company's Board of Directors, an additional bonus should the value of the Company's common stock as traded on a national stock exchange equal or exceed certain pre-defined thresholds for a period of 90 consecutive days (the "Valuation Bonus") and severance obligations in the event of the termination of employment by the Company with or without cause or by the employee for good reason, as defined in the agreements. As of December 31, 2015, three of the above employment agreements remain in effect (see Note 15).

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