SEC Filings

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

·

By NCH in the event of the Company’s bankruptcy, insolvency or certain similar occurrences; or

·

By NCH if the Company or any of its affiliates bring any action or proceeding against NCH, other than a suit brought in response to any suit brought by NCH.

4. Property and Equipment, Net

Property and equipment, net, consists of the following (in thousands):

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

    

2017

    

2016

Furniture

 

$

919

 

$

108

Equipment

 

 

34,777

 

 

230

Leasehold improvements

 

 

7,123

 

 

777

Construction in progress

 

 

15,656

 

 

23,162

Property and equipment, gross

 

 

58,475

 

 

24,277

Less: accumulated depreciation

 

 

(2,301)

 

 

(76)

Property and equipment, net

 

$

56,174

 

$

24,201

 

Depreciation expense was $2.3 million for the year ended December 31, 2017. Depreciation expense for the years ended December 31, 2016 and 2015 was not material.

Furniture and equipment are depreciated on a straight-line basis over their estimated useful lives. The Company uses a life of five to ten years for office furniture and equipment. The Company uses a life of twenty years for its manufacturing pods. Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease.

Construction in progress decreased by $7.5 million for the year ended December 31, 2017.  This decrease is due to items previously classified as construction in progress being placed into service in the Company’s manufacturing facility during 2017 at which time the cost of the asset is transferred to the appropriate property and equipment account.

5. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

    

2017

    

2016

Accrued manufacturing development costs

 

$

10,356

 

$

7,167

Accrued payroll, bonus and deferred compensation

 

 

9,589

 

 

3,841

Accrued construction in progress

 

 

4,156

 

 

2,979

Accrued clinical trial costs

 

 

864

 

 

389

Accrued professional and consulting fees

 

 

5,406

 

 

1,588

Accrued loss on settlement (see Note 7)

 

 

11,647

 

 

 —

Other

 

 

2,920

 

 

830

Accrued expenses and other current liabilities

 

$

44,938

 

$

16,794

 

 

6. Accrued Indemnification Obligation

In January 2014, the Company issued 2,334,391 shares of restricted common stock to a member of its Board of Directors (Dr. Brian Kaspar) pursuant to a consulting agreement for scientific advisory services to be performed by the

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