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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended
September 30,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission File Number
001-37553
REGENXBIO Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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47-1851754
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(State or other jurisdiction of
incorporation or organization)
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|
(I.R.S. Employer
Identification No.)
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9804 Medical Center Drive
Rockville,
MD
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20850
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|
(Address of principal executive offices)
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(Zip Code)
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(240)
552-8181
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Securities registered pursuant to Section 12(b) of the
Act:
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|
Title of each class
|
Trading symbol(s)
|
Name of each exchange on which registered
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Common Stock, par value $0.0001 per share
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RGNX
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The Nasdaq Global Select Market
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
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Large accelerated filer
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☒
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Accelerated filer
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|
☐
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|
Non-accelerated filer
|
|
☐
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|
Smaller reporting company
|
|
☐
|
|
|
|
|
|
Emerging growth company
|
|
☐
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
As of October 27, 2022, there were
43,293,631
shares of the registrant’s common stock, par value $0.0001 per
share, issued and outstanding.
Table of Contents
REGENXBIO INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
TABLE OF
CONTENTS
Table of Contents
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the Securities Act), and Section 21E of the
Securities Exchange Act of 1934, as amended (the Exchange Act).
These statements express a belief, expectation or intention and are
generally accompanied by words that convey projected future events
or outcomes such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “assume,” “design,” “intend,” “expect,”
“could,” “plan,” “potential,” “predict,” “seek,” “should,” “would”
or by variations of such words or by similar expressions. We have
based these forward-looking statements on our current expectations
and assumptions and analyses in light of our experience and our
perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are
appropriate under the circumstances. However, whether actual
results and developments will conform with our expectations and
predictions is subject to a number of risks, uncertainties,
assumptions and other important factors, including, but not limited
to:
•
our ability to establish and maintain development partnerships,
including our collaboration with AbbVie to develop and
commercialize RGX-314;
•
our ability to obtain and maintain regulatory approval of our
product candidates and the labeling for any approved
products;
•
the timing of enrollment, commencement and completion and the
success of our clinical trials, including the timing and
commencement of our AFFINITY DUCHENNE clinical trial;
•
the timing of commencement and completion and the success of
preclinical studies conducted by us and our development
partners;
•
the timely development and launch of new products;
•
the scope, progress, expansion and costs of developing and
commercializing our product candidates;
•
our ability to obtain, maintain and enforce intellectual property
protection for our product candidates and technology, and defend
against third-party intellectual property-related
claims;
•
our expectations regarding the development and commercialization of
product candidates currently being developed by third parties that
utilize our technology;
•
the impact of the COVID-19 pandemic on our business, operations and
preclinical and clinical development timelines and
plans;
•
our anticipated growth strategies;
•
our expectations regarding competition;
•
the anticipated trends and challenges in our business and the
market in which we operate;
•
our ability to attract or retain key personnel;
•
the size and growth of the potential markets for our product
candidates and the ability to serve those markets;
•
the rate and degree of market acceptance of any of our products
that are approved;
•
our expectations regarding our expenses and revenue;
•
our expectations regarding the outcome of legal
proceedings;
•
our expectations regarding regulatory developments in the United
States and foreign countries; and
•
our ability to accurately predict how long our existing cash
resources will be sufficient to fund our anticipated operating
expenses.
1
Table of Contents
You should carefully read the factors discussed in the sections
titled “Risk Factors,” “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and elsewhere in
this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K
for the year ended December 31, 2021 and in our other filings with
the U.S. Securities and Exchange Commission (the SEC) for
additional discussion of the risks, uncertainties, assumptions and
other important factors that could cause our actual results or
developments to differ materially and adversely from those
projected in the forward-looking statements. The actual results or
developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences
to or effects on us or our businesses or operations. Such
statements are not guarantees of future performance and actual
results or developments may differ materially and adversely from
those projected in the forward-looking statements. These
forward-looking statements speak only as of the date of this
report. Except as required by law, we disclaim any duty to update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Available Information
Our principal offices are located at 9804 Medical Center Drive,
Rockville, MD 20850, and our telephone number is (240) 552-8181.
Our website address is www.regenxbio.com. The information contained
in, or that can be accessed through, our website is not a part of,
or incorporated by reference in, this Quarterly Report on Form
10-Q. We file annual, quarterly, and current reports, proxy
statements, and other documents with the SEC under the Exchange
Act. You may obtain any reports, proxy and information statements,
and other information that we file electronically with the SEC at
www.sec.gov.
You also may view and download copies of our SEC filings free of
charge at our website as soon as reasonably practicable after we
electronically file such material with, or furnish it to, the SEC.
The information contained on, or that can be accessed through, our
website will not be deemed to be incorporated by reference in, and
is not considered part of, this Quarterly Report on Form 10-Q.
Investors should also note that we use our website, as well as SEC
filings, press releases, public conference calls and webcasts, to
announce financial information and other material developments
regarding our business. We use these channels, as well as any
social media channels listed on our website, to communicate with
investors and members of the public about our business. It is
possible that the information that we post on our social media
channels could be deemed material information. Therefore, we
encourage investors, the media and others interested in our company
to review the information that we post on our social media
channels.
As used in this Quarterly Report on Form 10-Q, the terms
“REGENXBIO,” “we,” “us,” “our” or the “Company” mean REGENXBIO Inc.
and its subsidiaries, on a consolidated basis, unless the context
indicates otherwise.
AAVIATE, ALTITUDE, ATMOSPHERE, NAV, REGENXBIO and the REGENXBIO
logos are our registered trademarks. Any other trademarks appearing
in this Quarterly Report on Form 10-Q are the property of their
respective holders.
2
Table of Contents
PART I – FINANCIAL
INFORMATION
Item 1. Financial
Statements.
REGENXBIO INC.
CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022
|
|
|
December 31, 2021
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
118,544
|
|
|
$
|
345,209
|
|
|
Marketable securities
|
|
|
263,874
|
|
|
|
112,230
|
|
|
Accounts receivable, net
|
|
|
32,549
|
|
|
|
32,439
|
|
|
Prepaid expenses
|
|
|
14,824
|
|
|
|
18,752
|
|
|
Other current assets
|
|
|
6,848
|
|
|
|
10,196
|
|
|
Total current assets
|
|
|
436,639
|
|
|
|
518,826
|
|
|
Marketable securities
|
|
|
234,594
|
|
|
|
391,907
|
|
|
Accounts receivable, net
|
|
|
1,803
|
|
|
|
2,262
|
|
|
Property and equipment, net
|
|
|
140,906
|
|
|
|
131,547
|
|
|
Operating lease right-of-use assets
|
|
|
59,471
|
|
|
|
60,904
|
|
|
Restricted cash
|
|
|
2,030
|
|
|
|
2,030
|
|
|
Other assets
|
|
|
8,350
|
|
|
|
6,428
|
|
|
Total assets
|
|
$
|
883,793
|
|
|
$
|
1,113,904
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
25,210
|
|
|
$
|
11,387
|
|
|
Accrued expenses and other current liabilities
|
|
|
44,462
|
|
|
|
76,111
|
|
|
Deferred revenue
|
|
|
5,903
|
|
|
|
3,333
|
|
|
Operating lease liabilities
|
|
|
3,608
|
|
|
|
1,752
|
|
|
Liability related to sale of future royalties
|
|
|
44,365
|
|
|
|
37,889
|
|
|
Total current liabilities
|
|
|
123,548
|
|
|
|
130,472
|
|
|
Operating lease liabilities
|
|
|
84,673
|
|
|
|
84,929
|
|
|
Liability related to sale of future royalties
|
|
|
103,084
|
|
|
|
133,460
|
|
|
Other liabilities
|
|
|
8,664
|
|
|
|
745
|
|
|
Total liabilities
|
|
|
319,969
|
|
|
|
349,606
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
Preferred stock; $0.0001 par
value;
10,000 shares
authorized,
no shares
issued
and outstanding at September 30, 2022 and
December 31, 2021
|
|
|
—
|
|
|
|
—
|
|
|
Common stock; $0.0001 par
value;
100,000 shares
authorized at September 30, 2022
and December 31, 2021;
43,292 and
42,831 shares
issued and outstanding at
September 30, 2022 and December 31, 2021,
respectively
|
|
|
4
|
|
|
|
4
|
|
|
Additional paid-in capital
|
|
|
963,694
|
|
|
|
928,095
|
|
|
Accumulated other comprehensive loss
|
|
|
(18,256
|
)
|
|
|
(2,569
|
)
|
|
Accumulated deficit
|
|
|
(381,618
|
)
|
|
|
(161,232
|
)
|
|
Total stockholders’ equity
|
|
|
563,824
|
|
|
|
764,298
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
883,793
|
|
|
$
|
1,113,904
|
|
The accompanying notes are an integral part of these unaudited
consolidated financial statements.
3
Table of Contents
REGENXBIO INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License and royalty revenue
|
|
$
|
26,512
|
|
|
$
|
30,773
|
|
|
$
|
81,379
|
|
|
$
|
71,692
|
|
|
Total revenues
|
|
|
26,512
|
|
|
|
30,773
|
|
|
|
81,379
|
|
|
|
71,692
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
13,094
|
|
|
|
14,105
|
|
|
|
41,762
|
|
|
|
28,775
|
|
|
Research and development
|
|
|
63,313
|
|
|
|
47,855
|
|
|
|
179,948
|
|
|
|
133,459
|
|
|
General and administrative
|
|
|
20,921
|
|
|
|
21,030
|
|
|
|
64,071
|
|
|
|
57,293
|
|
|
Credit losses and other
|
|
|
229
|
|
|
|
5,131
|
|
|
|
703
|
|
|
|
5,781
|
|
|
Total operating expenses
|
|
|
97,557
|
|
|
|
88,121
|
|
|
|
286,484
|
|
|
|
225,308
|
|
|
Loss from operations
|
|
|
(71,045
|
)
|
|
|
(57,348
|
)
|
|
|
(205,105
|
)
|
|
|
(153,616
|
)
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income from licensing
|
|
|
18
|
|
|
|
117
|
|
|
|
265
|
|
|
|
700
|
|
|
Investment income
|
|
|
1,497
|
|
|
|
5,535
|
|
|
|
3,357
|
|
|
|
6,514
|
|
|
Interest expense
|
|
|
(5,954
|
)
|
|
|
(6,709
|
)
|
|
|
(18,944
|
)
|
|
|
(19,777
|
)
|
|
Total other income (expense)
|
|
|
(4,439
|
)
|
|
|
(1,057
|
)
|
|
|
(15,322
|
)
|
|
|
(12,563
|
)
|
|
Loss before income taxes
|
|
|
(75,484
|
)
|
|
|
(58,405
|
)
|
|
|
(220,427
|
)
|
|
|
(166,179
|
)
|
|
Income Tax Benefit (Expense)
|
|
|
—
|
|
|
|
—
|
|
|
|
41
|
|
|
|
(4
|
)
|
|
Net loss
|
|
$
|
(75,484
|
)
|
|
$
|
(58,405
|
)
|
|
$
|
(220,386
|
)
|
|
$
|
(166,183
|
)
|
|
Other Comprehensive Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on available-for-sale securities, net
|
|
|
(3,493
|
)
|
|
|
(30
|
)
|
|
|
(15,687
|
)
|
|
|
(925
|
)
|
|
Total other comprehensive loss
|
|
|
(3,493
|
)
|
|
|
(30
|
)
|
|
|
(15,687
|
)
|
|
|
(925
|
)
|
|
Comprehensive loss
|
|
$
|
(78,977
|
)
|
|
$
|
(58,435
|
)
|
|
$
|
(236,073
|
)
|
|
$
|
(167,108
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted
|
|
$
|
(1.75
|
)
|
|
$
|
(1.37
|
)
|
|
$
|
(5.11
|
)
|
|
$
|
(3.93
|
)
|
|
Weighted-average common shares outstanding, basic and
diluted
|
|
|
43,251
|
|
|
|
42,629
|
|
|
|
43,103
|
|
|
|
42,324
|
|
The accompanying notes are an integral part of these unaudited
consolidated financial statements.
4
Table of Contents
REGENXBIO INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Loss
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balances at June 30, 2022
|
|
|
43,171
|
|
|
$
|
4
|
|
|
$
|
951,412
|
|
|
$
|
(14,763
|
)
|
|
$
|
(306,134
|
)
|
|
$
|
630,519
|
|
|
Vesting of restricted stock units, net of tax
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Exercise of stock options, net of tax
|
|
|
66
|
|
|
|
—
|
|
|
|
917
|
|
|
|
—
|
|
|
|
—
|
|
|
|
917
|
|
|
Issuance of common stock under employee
stock purchase plan
|
|
|
53
|
|
|
|
—
|
|
|
|
1,120
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,120
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
10,245
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,245
|
|
|
Unrealized loss on available-for-sale securities, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,493
|
)
|
|
|
—
|
|
|
|
(3,493
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(75,484
|
)
|
|
|
(75,484
|
)
|
|
Balances at September 30, 2022
|
|
|
43,292
|
|
|
$
|
4
|
|
|
$
|
963,694
|
|
|
$
|
(18,256
|
)
|
|
$
|
(381,618
|
)
|
|
$
|
563,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Loss
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balances at June 30, 2021
|
|
|
42,555
|
|
|
$
|
4
|
|
|
$
|
905,346
|
|
|
$
|
(1,255
|
)
|
|
$
|
(396,850
|
)
|
|
$
|
507,245
|
|
|
Exercise of stock options
|
|
|
163
|
|
|
|
—
|
|
|
|
1,729
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,729
|
|
|
Issuance of common stock under employee
stock purchase plan
|
|
|
35
|
|
|
|
—
|
|
|
|
1,141
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,141
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
9,734
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,734
|
|
|
Unrealized loss on available-for-sale securities, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(30
|
)
|
|
|
—
|
|
|
|
(30
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(58,405
|
)
|
|
|
(58,405
|
)
|
|
Balances at September 30, 2021
|
|
|
42,752
|
|
|
$
|
4
|
|
|
$
|
917,950
|
|
|
$
|
(1,285
|
)
|
|
$
|
(455,255
|
)
|
|
$
|
461,414
|
|
The accompanying notes are an integral part of these unaudited
consolidated financial statements.
5
Table of Contents
REGENXBIO INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Loss
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balances at December 31, 2021
|
|
|
42,831
|
|
|
$
|
4
|
|
|
$
|
928,095
|
|
|
$
|
(2,569
|
)
|
|
$
|
(161,232
|
)
|
|
$
|
764,298
|
|
|
Vesting of restricted stock units, net of tax
|
|
|
57
|
|
|
|
—
|
|
|
|
(284
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(284
|
)
|
|
Exercise of stock options, net of tax
|
|
|
329
|
|
|
|
—
|
|
|
|
2,761
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,761
|
|
|
Issuance of common stock under employee
stock purchase plan
|
|
|
75
|
|
|
|
—
|
|
|
|
1,742
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,742
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
31,380
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31,380
|
|
|
Unrealized loss on available-for-sale securities, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(15,687
|
)
|
|
|
—
|
|
|
|
(15,687
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(220,386
|
)
|
|
|
(220,386
|
)
|
|
Balances at September 30, 2022
|
|
|
43,292
|
|
|
$
|
4
|
|
|
$
|
963,694
|
|
|
$
|
(18,256
|
)
|
|
$
|
(381,618
|
)
|
|
$
|
563,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
Total
|
|
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Loss
|
|
|
Deficit
|
|
|
Equity
|
|
|
Balances at December 31, 2020
|
|
|
37,476
|
|
|
$
|
4
|
|
|
$
|
667,181
|
|
|
$
|
(360
|
)
|
|
$
|
(289,072
|
)
|
|
$
|
377,753
|
|
|
Issuance of common stock upon public offering,
net of transaction costs of $14,194
|
|
|
4,899
|
|
|
|
—
|
|
|
|
216,059
|
|
|
|
—
|
|
|
|
—
|
|
|
|
216,059
|
|
|
Exercise of stock options
|
|
|
324
|
|
|
|
—
|
|
|
|
3,296
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,296
|
|
|
Issuance of common stock under employee
stock purchase plan
|
|
|
54
|
|
|
|
—
|
|
|
|
1,768
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,768
|
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
29,646
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,646
|
|
|
Unrealized loss on available-for-sale securities, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(925
|
)
|
|
|
—
|
|
|
|
(925
|
)
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(166,183
|
)
|
|
|
(166,183
|
)
|
|
Balances at September 30, 2021
|
|
|
42,752
|
|
|
$
|
4
|
|
|
$
|
917,950
|
|
|
$
|
(1,285
|
)
|
|
$
|
(455,255
|
)
|
|
$
|
461,414
|
|
The accompanying notes are an integral part of these unaudited
consolidated financial statements.
6
Table of Contents
REGENXBIO INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(220,386
|
)
|
|
$
|
(166,183
|
)
|
|
Adjustments to reconcile net loss to net cash used in operating
activities
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
31,380
|
|
|
|
29,646
|
|
|
Depreciation and amortization
|
|
|
8,783
|
|
|
|
6,958
|
|
|
Provision for credit losses
|
|
|
—
|
|
|
|
5,532
|
|
|
Net amortization of premiums on marketable debt
securities
|
|
|
3,809
|
|
|
|
4,377
|
|
|
Net loss (gain) on investments
|
|
|
79
|
|
|
|
(5,189
|
)
|
|
Imputed interest income from licensing
|
|
|
(264
|
)
|
|
|
(341
|
)
|
|
Non-cash interest expense
|
|
|
767
|
|
|
|
4,517
|
|
|
Other non-cash adjustments
|
|
|
540
|
|
|
|
(51
|
)
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(22
|
)
|
|
|
(7,886
|
)
|
|
Prepaid expenses
|
|
|
3,928
|
|
|
|
(7,896
|
)
|
|
Other current assets
|
|
|
2,751
|
|
|
|
(3,307
|
)
|
|
Operating lease right-of-use assets
|
|
|
3,083
|
|
|
|
3,780
|
|
|
Other assets
|
|
|
(1,922
|
)
|
|
|
(4,402
|
)
|
|
Accounts payable
|
|
|
16,883
|
|
|
|
6,503
|
|
|
Accrued expenses and other current liabilities
|
|
|
(28,241
|
)
|
|
|
473
|
|
|
Deferred revenue
|
|
|
2,824
|
|
|
|
—
|
|
|
Operating lease liabilities
|
|
|
(50
|
)
|
|
|
10,849
|
|
|
Other liabilities
|
|
|
7,942
|
|
|
|
(2
|
)
|
|
Net cash used in operating activities
|
|
|
(168,116
|
)
|
|
|
(122,622
|
)
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Purchases of marketable debt securities
|
|
|
(172,910
|
)
|
|
|
(262,671
|
)
|
|
Maturities of marketable debt securities
|
|
|
159,011
|
|
|
|
136,386
|
|
|
Sales of equity securities
|
|
|
524
|
|
|
|
5,563
|
|
|
Purchases of property and equipment
|
|
|
(25,254
|
)
|
|
|
(69,561
|
)
|
|
Net cash used in investing activities
|
|
|
(38,629
|
)
|
|
|
(190,283
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
2,761
|
|
|
|
3,296
|
|
|
Taxes paid related to net settlement of stock-based
awards
|
|
|
(284
|
)
|
|
|
—
|
|
|
Proceeds from issuance of common stock under employee stock
purchase plan
|
|
|
1,742
|
|
|
|
1,768
|
|
|
Proceeds from public offering of common stock, net of underwriting
discounts
and commissions
|
|
|
—
|
|
|
|
216,438
|
|
|
Issuance costs for public offering of common stock
|
|
|
—
|
|
|
|
(379
|
)
|
|
Repayments under liability related to sale of future royalties, net
of imputed interest
|
|
|
(24,139
|
)
|
|
|
(17,992
|
)
|
|
Transaction costs for sale of future royalties
|
|
|
—
|
|
|
|
(265
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(19,920
|
)
|
|
|
202,866
|
|
|
Net decrease in cash and cash equivalents and restricted
cash
|
|
|
(226,665
|
)
|
|
|
(110,039
|
)
|
|
Cash and cash equivalents and restricted cash
|
|
|
|
|
|
|
|
Beginning of period
|
|