SEC Filings

10-K
AVEXIS, INC. filed this Form 10-K on 02/28/2018
Entire Document
 

Other Income and Interest Income

Interest income for the years ended December 31, 2017 and 2016, respectively, consisted of interest earned on our cash and cash equivalents.

Comparison of the Years Ended December 31, 2016 and 2015

The following table summarizes our results of operations for the years ended December 31, 2016 and 2015, together with the dollar increase or decrease in those items (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

Period-to-Period

 

 

    

2016

    

2015

    

Change

Revenue

 

 

$

 —

 

$

 —

 

$

 —

Operating expenses:

 

 

 

  

 

 

  

 

 

  

General and administrative

 

 

 

24,523

 

 

11,080

 

 

13,443

Research and development

 

 

 

58,892

 

 

27,493

 

 

31,399

Total operating expenses

 

 

 

83,415

 

 

38,573

 

 

44,842

Loss from operations

 

 

 

(83,415)

 

 

(38,573)

 

 

(44,842)

Other income

 

 

 

 —

 

 

84

 

 

(84)

Interest income

 

 

 

403

 

 

15

 

 

388

Loss before income taxes

 

 

 

(83,012)

 

 

(38,474)

 

 

(44,537)

Income tax expense

 

 

 

 —

 

 

 —

 

 

 —

Net loss

 

 

$

(83,012)

 

$

(38,474)

 

$

(44,537)

 

General and Administrative

General and administrative expense increased from $11.1 million for the year ended December 31, 2015 to $24.5 million for the year ended December 31, 2016. This increase was primarily attributable to increases of $5.7 million in non-cash stock-based compensation, $4.1 million in salaries and personnel-related costs, driven by increased headcount across all general and administrative functions, to support our overall growth, $3.9 million in legal, professional and consulting fees and partially offset by a decrease of $0.3 million in other administrative costs.

 

Research and Development

Research and development expense increased from $27.5 million for the year ended December 31, 2015 to $58.9 million for the year ended December 31, 2016. The increase was primarily attributable to increases of $23.4 million in third-party clinical and manufacturing research and development spending related to our clinical trial and clinical trial product manufacturing, $7.7 million in salaries and personnel-related expenses driven by increased headcount across all research, development and manufacturing functions, from 11 employees as of December 31, 2015 to 49 employees as of December 31, 2016, and $5.5 million in other research and development expenses, partially offset by decreases of $3.9 million in non-cash stock-based compensation, due to the vesting in fiscal year 2015 of Dr. Kaspar's restricted stock award, and $1.3 million in license fees.

Other Income and Interest Income

Interest income for the year ended December 31, 2016 consists of interest earned on our cash and cash equivalents. Other income consists of $0.1 million owed to Biolife Dallas that was forgiven.

Liquidity and Capital Resources

Sources of Liquidity

To date, we have funded our research and development and operating activities primarily through private and public equity financings totaling $594.0 million of net proceeds. In addition, in January 2018, we completed an

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