SEC Filings

8-K
AVEXIS, INC. filed this Form 8-K on 11/09/2017
Entire Document
 

 

commencement of AveXis’ pivotal trial of AVXS-101 and an increase in non-cash stock-based compensation expense.

 

·                  G&A Expenses: General and administrative expenses were $16.1 million for the third quarter of 2017 (which included $5.3 million of non-cash stock-based compensation expense), compared to $7.1 million for the same period in 2016 (which included $2.7 million of stock-based compensation expense), resulting in an increase of $9.0 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 company’s overall growth, and non-cash stock-based compensation expense.

 

·                  Net Loss: Net loss was $48.6 million, or $1.52 per share, for the third quarter of 2017, compared to a net loss of $21.1 million, or $0.87 per share, for the third quarter of 2016.

 

Selected Financial Information (unaudited)

 

Operating Results:

(In thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

Revenue

 

 

 

 

 

 

 

 

 

Total revenue

 

$

 

$

 

$

 

$

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

General and administrative

 

16,095

 

7,083

 

38,898

 

17,325

 

Research and development

 

33,425

 

14,098

 

98,946

 

40,542

 

Total Operating Expenses

 

49,520

 

21,181

 

137,844

 

57,867

 

Loss from operations

 

(49,520

)

(21,181

)

(137,844

)

(57,867

)

 

 

 

 

 

 

 

 

 

 

Interest income

 

881

 

99

 

1,458

 

230

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(48,639

)

$

(21,082

)

$

(136,386

)

$

(57,637

)

 

 

 

 

 

 

 

 

 

 

Weighted-average basic and diluted common shares outstanding

 

31,941,185

 

24,166,113

 

29,228,847

 

20,958,421

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per common share

 

$

(1.52

)

$

(0.87

)

$

(4.67

)

$

(2.75

)

 

Balance Sheet Information:

(In thousands)

 

 

 

September 30,

 

December 31,

 

 

 

2017

 

2016

 

Cash and cash equivalents

 

$

374,211

 

$

240,430

 

Total assets

 

432,057

 

270,575

 

Total liabilities

 

28,007

 

24,443

 

Accumulated deficit

 

$

(277,948

)

$

(141,562

)

 

Conference Call Information
Analysts and investors can participate in the conference call by dialing (844) 889-6863 for domestic callers and (661) 378-9762 for international callers, using the conference ID 3899689. The webcast can be accessed live on the Events and Presentations page in the Investors and Media section of the AveXis website, www.AveXis.com. The webcast will be archived on the company’s website until its next quarterly earnings call, and will be available for telephonic replay for 14 days following the call by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International), conference ID 3899689.

 

About SMA
SMA is a severe neuromuscular disease characterized by the loss of motor neurons leading to progressive muscle weakness and paralysis. SMA is caused by a genetic defect in the SMN1 gene that

 

4



© AveXis, Inc. All Rights Reserved.