SEC Filings

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

underwritten public offering of 4,509,840 shares of our common stock, including the exercise in full by the underwriters of their option to purchase 588,240 shares from us, at a public offering price of $102.00 per share. After deducting the underwriting discounts and commissions, the net proceeds to us were approximately $431.9 million.

As of December 31, 2017, we had cash and cash equivalents of $324.1 million and had no debt outstanding.

Cash Flows

The following table provides information regarding our cash flows for the years ended December 31, 2017, 2016 and 2015 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

    

2017

    

2016

    

2015

Net cash used in operating activities

 

$

(157,381)

 

$

(48,021)

 

$

(13,796)

Net cash used in investing activities

 

 

(32,047)

 

 

(19,182)

 

 

(221)

Net cash provided by financing activities

 

 

273,115

 

 

245,381

 

 

73,149

Net increase in cash and cash equivalents

 

$

83,687

 

$

178,178

 

$

59,132

 

Operating Activities

For the year ended December 31, 2017, our net cash used in operating activities of $157.4 million primarily consisted of a net loss of $218.1 million, primarily attributable to our spending on research and development and general and administrative expenses, which was partially offset by $46.1 million in adjustments for non‑cash items and $14.6 million in net cash provided by changes in working capital items. Adjustments for non‑cash items primarily consisted of $31.5 million of stock‑based compensation expense, and an $11.6 million loss on a non-cash common stock settlement. The $14.6 million in net cash provided by changes in working capital primarily represented a $21.7 million increase in accounts payable and accrued expenses, partially offset by a $5.4 million increase in prepaid expenses and other current assets and other long‑term assets, and a $1.7 million decrease in accrued indemnification obligation.

For the year ended December 31, 2016, our net cash used in operating activities of $48.0 million primarily consisted of a net loss of $83.0 million, primarily attributable to our spending on research and development and general and administrative expenses, which was partially offset by $26.9 million in adjustments for non-cash items and $8.1 million in net cash provided by changes in working capital items. The $8.1 million in net cash provided by changes in working capital primarily represented a $13.1 million increase in accounts payable, accrued expenses and accrued indemnification obligation, partially offset by a $5.0 million increase in prepaid expenses and other current assets and other long-term assets. Adjustments for non-cash items consisted of $26.8 million of stock-based compensation expense, of which $10.4 million was associated with the vesting in full of the restricted stock grant to Dr. Kaspar.

For the year ended December 31, 2015, our net cash used in operating activities of $13.8 million primarily consisted of a net loss of $38.5 million, primarily attributable to our spending on research and development and general and administrative expenses, which was partially offset by $25.4 million in adjustments for non-cash items and $0.7 million in cash used by changes in working capital items. Adjustments for non-cash items primarily consisted of $20.2 million of stock-based research and development expense, of which $19.3 million was associated with the restricted stock grant to Dr. Kaspar, and $5.3 million related to employee stock-based compensation expense. The change in working capital was primarily attributable to an increase in prepaid expenses partially offset by an increase in accounts payable and accrued expenses.

We anticipate the continued use of net cash for the foreseeable future as we continue to fund the clinical development and manufacturing of AVXS‑101 and our other product candidates and as we continue to build out our management team and corporate infrastructure.

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