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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, 2021 

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: 001-38112

 

ATHENEX, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

43-1985966

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

1001 Main Street, Suite 600

Buffalo, NY

14203

(Address of principal executive offices)

(Zip Code)

 

(716) 427-2950

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

ATNX

 

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, 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. 

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

  

Small 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 November 1, 2021, the registrant had 109,319,039 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 


 

 

Table of Contents

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

1

Item 1.

 

Financial Statements

 

1

 

 

Condensed Consolidated Balance Sheets (Unaudited)

 

1

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

 

2

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

5

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

6

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

44

Item 4.

 

Controls and Procedures

 

45

PART II.

 

OTHER INFORMATION

 

46

Item 1.

 

Legal Proceedings

 

46

Item 1A.

 

Risk Factors

 

46

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

Item 3.

 

Defaults Upon Senior Securities

 

50

Item 4.

 

Mine Safety Disclosures

 

50

Item 5.

 

Other Information

 

51

Item 6.

 

Exhibits

 

52

Signatures

 

53

 

 

 

i


 

 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements.

ATHENEX, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

(In thousands, except share and per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,594

 

 

$

69,587

 

Restricted cash

 

 

16,500

 

 

 

16,500

 

Short-term investments

 

 

14,918

 

 

 

138,636

 

Accounts receivable, net of chargebacks and other deductions of $25,855 and

   $12,552, respectively, and provision for credit losses of $9,247 and $9,637,

   respectively

 

 

33,757

 

 

 

23,603

 

Inventories

 

 

31,577

 

 

 

28,846

 

Prepaid expenses and other current assets

 

 

14,491

 

 

 

14,789

 

Total current assets

 

 

184,837

 

 

 

291,961

 

Property and equipment, net

 

 

51,916

 

 

 

34,388

 

Goodwill

 

 

67,617

 

 

 

38,891

 

Intangible assets, net

 

 

73,887

 

 

 

10,218

 

Operating lease right-of-use assets, net

 

 

6,511

 

 

 

7,921

 

Other assets

 

 

1,126

 

 

 

950

 

Total assets

 

$

385,894

 

 

$

384,329

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

22,877

 

 

$

18,673

 

Accrued expenses

 

 

40,126

 

 

 

38,273

 

Current portion of operating lease liabilities

 

 

3,044

 

 

 

3,185

 

Current portion of long-term debt and finance lease obligations

 

 

7,487

 

 

 

2,010

 

Total current liabilities

 

 

73,534

 

 

 

62,141

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term operating lease liabilities

 

 

4,753

 

 

 

6,355

 

Long-term debt and finance lease obligations

 

 

143,107

 

 

 

146,577

 

Deferred tax liabilities

 

 

1,817

 

 

 

56

 

Contingent consideration

 

 

23,486

 

 

 

 

Other long-term liabilities

 

 

3,318

 

 

 

3,852

 

Total liabilities

 

 

250,015

 

 

 

218,981

 

Commitments and contingencies (See Note 17)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.001 per share, 250,000,000 shares authorized at September 30,

   2021 and December 31, 2020; 110,991,959 and 95,066,195 shares issued at September 30,

   2021 and December 31, 2020, respectively; 109,319,039 and 93,393,275 shares

   outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

111

 

 

 

95

 

Additional paid-in capital

 

 

969,315

 

 

 

901,864

 

Accumulated other comprehensive loss

 

 

(1,037

)

 

 

(1,134

)

Accumulated deficit

 

 

(809,025

)

 

 

(713,644

)

Less: treasury stock, at cost; 1,672,920 shares at September 30, 2021 and

   December 31, 2020

 

 

(7,485

)

 

 

(7,406

)

Total Athenex, Inc. stockholders' equity

 

 

151,879

 

 

 

179,775

 

Non-controlling interests

 

 

(16,000

)

 

 

(14,427

)

Total stockholders' equity

 

 

135,879

 

 

 

165,348

 

Total liabilities and stockholders' equity

 

$

385,894

 

 

$

384,329

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

ATHENEX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales, net

 

$

27,035

 

 

$

24,780

 

 

$

68,780

 

 

$

83,494

 

License and other revenue

 

 

5,262

 

 

 

10,696

 

 

 

26,465

 

 

 

39,089

 

Total revenue

 

 

32,297

 

 

 

35,476

 

 

 

95,245

 

 

 

122,583

 

Cost of sales

 

 

25,644

 

 

 

24,510

 

 

 

61,712

 

 

 

77,088

 

Gross Profit

 

 

6,653

 

 

 

10,966

 

 

 

33,533

 

 

 

45,495

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

17,731

 

 

 

18,390

 

 

 

61,928

 

 

 

57,597

 

Selling, general, and administrative expenses

 

 

22,794

 

 

 

22,220

 

 

 

66,145

 

 

 

65,454

 

Total operating expenses

 

 

40,525

 

 

 

40,610

 

 

 

128,073

 

 

 

123,051

 

Operating loss

 

 

(33,872

)

 

 

(29,644

)

 

 

(94,540

)

 

 

(77,556

)

Interest income

 

 

39

 

 

 

112

 

 

 

200

 

 

 

710

 

Income from government grant

 

 

2,459

 

 

 

 

 

 

2,459

 

 

 

 

Interest expense

 

 

5,100

 

 

 

3,595

 

 

 

15,692

 

 

 

6,833

 

Loss on extinguishment of debt

 

 

 

 

 

3,048

 

 

 

 

 

 

10,278

 

Loss before income tax expense (benefit)

 

 

(36,474

)

 

 

(36,175

)

 

 

(107,573

)

 

 

(93,957

)

Income tax expense (benefit)

 

 

262

 

 

 

1,093

 

 

 

(10,619

)

 

 

4,080

 

Net loss

 

 

(36,736

)

 

 

(37,268

)

 

 

(96,954

)

 

 

(98,037

)

Less: net loss attributable to non-controlling interests

 

 

(679

)

 

 

(462

)

 

 

(1,573

)

 

 

(1,351

)

Net loss attributable to Athenex, Inc.

 

$

(36,057

)

 

$

(36,806

)

 

$

(95,381

)

 

$

(96,686

)

Unrealized gain (loss) on investment, net of income taxes

 

 

5

 

 

 

(48

)

 

 

2

 

 

 

1

 

Foreign currency translation adjustment, net of income taxes

 

 

81

 

 

 

85

 

 

 

95

 

 

 

(396

)

Comprehensive loss

 

$

(35,971

)

 

$

(36,769

)

 

$

(95,284

)

 

$

(97,081

)

Net loss per share attributable to Athenex, Inc. common

   stockholders, basic and diluted (See Note 14)

 

$

(0.33

)

 

$

(0.44

)

 

$

(0.93

)

 

$

(1.17

)

Weighted-average shares used in computing net loss per share

   attributable to Athenex, Inc. common stockholders, basic

   and diluted (See Note 14)

 

 

109,292,740

 

 

 

83,712,060

 

 

 

102,111,218

 

 

 

82,314,802

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


 

 

ATHENEX, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(In thousands, except share data)

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

other

 

 

Treasury Stock

 

 

Total

Athenex,

Inc.

 

 

Non-

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

paid-in

capital

 

 

Accumulated

deficit

 

 

comprehensive

loss

 

 

Shares

 

 

Amount

 

 

stockholders'

equity

 

 

controlling

interests

 

 

stockholders'

equity

 

Balance at January 1, 2020

 

 

83,231,063

 

 

$

83

 

 

$

763,648

 

 

$

(567,465

)

 

$

(635

)

 

 

(1,672,920

)

 

$

(7,406

)

 

$

188,225

 

 

$

(12,370

)

 

$

175,855

 

Stock-based compensation cost

 

 

 

 

 

 

 

 

1,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,864

 

 

 

 

 

 

1,864

 

Restricted stock expense

 

 

(3,000

)

 

 

 

 

 

397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

397

 

 

 

 

 

 

397

 

Stock options exercised

 

 

70,200

 

 

 

 

 

 

344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

344

 

 

 

 

 

 

344

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(19,429

)

 

 

 

 

 

 

 

 

 

 

 

(19,429

)

 

 

(289

)

 

 

(19,718

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(506

)

 

 

 

 

 

 

 

 

(506

)

 

 

 

 

 

(506

)

Balance at March 31, 2020 (unaudited)

 

 

83,298,263

 

 

 

83

 

 

 

766,253

 

 

 

(586,894

)

 

 

(1,141

)

 

 

(1,672,920

)

 

 

(7,406

)

 

 

170,895

 

 

 

(12,659

)

 

 

158,236

 

Sale of common stock and issuance of stock in connection

   with acquisition

 

 

51,691

 

 

 

 

 

 

269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

269

 

 

 

 

 

 

269

 

Stock-based compensation cost

 

 

 

 

 

 

 

 

2,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,640

 

 

 

 

 

 

2,640

 

Restricted stock expense

 

 

 

 

 

 

 

 

413

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

413

 

 

 

 

 

 

413

 

Stock options exercised

 

 

12,500

 

 

 

 

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125

 

 

 

 

 

 

125

 

Issuance of warrants, net

 

 

 

 

 

 

 

 

5,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,342

 

 

 

 

 

 

5,342

 

Non-controlling interests