qualification data, which will be incorporated into the data package along with the full Phase 1 clinical data that will be reviewed and discussed at the upcoming end-of-Phase 1 meeting. This meeting will help further inform the regulatory pathway options for AVXS-101. The company anticipates providing an update on the outcome of that meeting once the official minutes are available, which is anticipated to be in the fourth quarter of 2017.
Announced Raise of $269.7 Million in Public Offering: On June 26, 2017, AveXis closed an underwritten public offering of 4,111,250 shares of its common stock at a public offering price of $70.00 per share before underwriting discounts and commissions, including 536,250 shares sold pursuant to the underwriters full exercise of their option to purchase additional shares. The net proceeds to AveXis from the offering, after deducting the underwriting discounts and commissions and other offering expenses payable by AveXis, were $269.7 million.
Second Quarter 2017 Financial Results
· Cash Position: As of June 30, 2017, AveXis had $417.6 million in cash and cash equivalents.
· R&D Expenses: Research and development expenses were $45.2 million for the second quarter of 2017 (which included $3.7 million of non-cash stock-based compensation expense), compared to $10.4 million for the same period in 2016 (which included $1.3 million of non-cash stock-based compensation expense), resulting in an increase of $34.8 million. The increase was primarily attributable to product manufacturing expenses and associated accelerated spending, including increased headcount, in the companys product manufacturing facility, as well as expenses related to the conclusion of the Phase 1 clinical trial of AVXS-101 in SMA Type 1, licensing fees related to the companys planned new programs in Rett syndrome and genetic ALS and an increase in non-cash stock-based compensation expense.
· G&A Expenses: General and administrative expenses were $13.2 million for the second quarter of 2017 (which included $4.5 million of non-cash stock-based compensation expense), compared to $5.4 million for the same period in 2016 (which included $2.6 million of stock-based compensation expense), resulting in an increase of $7.8 million. The increase was primarily attributable to increases in salaries and personnel-related costs; legal, professional and consulting fees; other administrative costs driven by increased headcount across all general and administrative functions to support the companys overall growth, and non-cash stock-based compensation expense.
· Net Loss: Net loss was $58.0 million, or $2.07 per share, for the second quarter of 2017, compared to a net loss of $15.7 million, or $0.68 per share, for the second quarter of 2016.