SEC Filings

10-Q
AVEXIS, INC. filed this Form 10-Q on 11/09/2017
Entire Document
 

ended September 30, 2017 and 2016, the following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding because the effect would be anti-dilutive (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 

 

 

September 30, 

 

 

    

2017

    

2016

 

    

2017

    

2016

 

Stock options

 

3,310

 

2,567

 

 

3,310

 

2,567

 

Stock warrants

 

306

 

310

 

 

306

 

310

 

Unvested service-based restricted stock units

 

38

 

58

 

 

38

 

58

 

Unvested performance-based restricted stock units

 

49

 

 —

 

 

49

 

 —

 

 

 

3,703

 

2,935

 

 

3,703

 

2,935

 

 

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 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2017

    

2016

    

2017

    

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

 

$

(48,639)

 

$

(21,082)

 

$

(136,386)

 

$

(57,637)

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average basic and diluted common shares

 

 

31,941

 

 

24,166

 

 

29,229

 

 

20,958

 

Basic and diluted net loss per common share

 

$

(1.52)

 

$

(0.87)

 

$

(4.67)

 

$

(2.75)

 

 

 

8.Commitments and Contingencies

 

Operating Leases

 

In March 2014, the Company entered into a lease agreement, which expired in April 2017, for approximately 2,418 square feet of office space in Dallas, Texas.

 

The Company leases a 15,668 square foot facility for its corporate headquarters in Bannockburn, Illinois, pursuant to a lease that expires in July 2024. The lease agreement provides for annual escalation in rent payments during the lease term. The Company is amortizing the escalation in rental payments on a straight-line basis over the term of the lease.

 

The Company also leases a 1,318 square foot facility in Columbus, Ohio for research and development activities, pursuant to a lease that expires in March 2019.

 

In March 2016, the Company entered into a lease agreement, which expires in August 2026, for approximately 48,529 square feet of warehouse and office space in Libertyville, Illinois. A portion of the warehouse space is used as manufacturing space. The lease agreement provides for annual escalation in rent payments during the lease term. The Company is amortizing the escalation in rental payments on a straight‑line basis over the term of the lease. In May 2017, the Company entered into two month-to-month lease agreements to add an additional 4,582 square feet of office space in Libertyville, Illinois. This has subsequently been reduced to one month-to-month lease agreement. In September 2017, the Company entered into a  lease agreement that commences in January 2018 and expires in August 2026 for approximately 12,539 square feet of warehouse and office space in Libertyville, Illinois adjacent to the Company’s manufacturing facility. 

 

In July 2017, the Company entered into a lease agreement which expires in June 2027, for approximately 16,808 square feet in San Diego, California for research and development activities. The lease agreement provides for annual escalation

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