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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 2020

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 October 30, 2020, the registrant had 93,339,242 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

 

27

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

43

Item 4.

 

Controls and Procedures

 

43

PART II.

 

OTHER INFORMATION

 

44

Item 1.

 

Legal Proceedings

 

44

Item 1A.

 

Risk Factors

 

44

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

Item 3.

 

Defaults Upon Senior Securities

 

44

Item 4.

 

Mine Safety Disclosures

 

44

Item 5.

 

Other Information

 

44

Item 6.

 

Exhibits

 

45

Signatures

 

46

 

 

 

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,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

143,559

 

 

$

127,674

 

Restricted cash

 

 

13,750

 

 

 

 

Short-term investments

 

 

84,751

 

 

 

33,139

 

Accounts receivable, net of chargebacks and other deductions of $13,500

   and $14,394, respectively, and provision for credit losses

   of $959 and $124, respectively

 

 

42,993

 

 

 

16,689

 

Inventories

 

 

29,605

 

 

 

32,630

 

Prepaid expenses and other current assets

 

 

9,547

 

 

 

20,794

 

Total current assets

 

 

324,205

 

 

 

230,926

 

Property and equipment, net

 

 

28,867

 

 

 

23,153

 

Goodwill

 

 

38,692

 

 

 

38,513

 

Intangible assets, net

 

 

9,556

 

 

 

8,522

 

Operating lease right-of-use assets, net

 

 

7,443

 

 

 

8,818

 

Other assets

 

 

877

 

 

 

 

Total assets

 

$

409,640

 

 

$

309,932

 

Liabilities and stockholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,869

 

 

$

23,331

 

Accrued expenses

 

 

47,106

 

 

 

44,307

 

Current portion of operating lease liabilities

 

 

2,703

 

 

 

3,010

 

Current portion of long-term debt

 

 

1,874

 

 

 

880

 

Total current liabilities

 

 

66,552

 

 

 

71,528

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term operating lease liabilities

 

 

6,431

 

 

 

7,620

 

Long-term debt and finance lease obligations

 

 

121,740

 

 

 

52,366

 

Deferred tax liabilities

 

 

53

 

 

 

 

Other long-term liabilities

 

 

2,629

 

 

 

2,563

 

Total liabilities

 

 

197,405

 

 

 

134,077

 

Commitments and contingencies (See Note 16)

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

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

   September 30, 2020 and December 31, 2019; 94,959,662 and 83,231,063 shares

   issued at September 30, 2020 and December 31, 2019, respectively; 93,286,742

   and 81,558,143 shares outstanding at September 30, 2020 and

   December 31, 2019, respectively

 

 

95

 

 

 

83

 

Additional paid-in capital

 

 

898,250

 

 

 

763,648

 

Accumulated other comprehensive loss

 

 

(1,030

)

 

 

(635

)

Accumulated deficit

 

 

(664,151

)

 

 

(567,465

)

Less: treasury stock, at cost; 1,672,920 shares at September 30, 2020 and

   December 31, 2019

 

 

(7,406

)

 

 

(7,406

)

Total Athenex, Inc. stockholders' equity

 

 

225,758

 

 

 

188,225

 

Non-controlling interests

 

 

(13,523

)

 

 

(12,370

)

Total stockholders' equity

 

 

212,235

 

 

 

175,855

 

Total liabilities and stockholders' equity

 

$

409,640

 

 

$

309,932

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales, net

 

$

24,780

 

 

$

19,237

 

 

$

83,494

 

 

$

66,433

 

License and other revenue

 

 

10,696

 

 

 

127

 

 

 

39,089

 

 

 

435

 

Total revenue

 

 

35,476

 

 

 

19,364

 

 

 

122,583

 

 

 

66,868

 

Cost of sales

 

 

24,510

 

 

 

17,071

 

 

 

77,088

 

 

 

53,915

 

Gross Profit

 

 

10,966

 

 

 

2,293

 

 

 

45,495

 

 

 

12,953

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

 

18,390

 

 

 

19,588

 

 

 

57,597

 

 

 

62,570

 

Selling, general, and administrative expenses

 

 

22,220

 

 

 

16,283

 

 

 

65,454

 

 

 

48,640

 

Total operating expenses

 

 

40,610

 

 

 

35,871

 

 

 

123,051

 

 

 

111,210

 

Operating loss

 

 

(29,644

)

 

 

(33,578

)

 

 

(77,556

)

 

 

(98,257

)

Interest income

 

 

112

 

 

 

650

 

 

 

710

 

 

 

1,408

 

Interest expense

 

 

3,595

 

 

 

1,745

 

 

 

6,833

 

 

 

5,254

 

Loss on extinguishment of debt

 

 

3,048

 

 

 

 

 

 

10,278

 

 

 

 

Loss before income tax expense

 

 

(36,175

)

 

 

(34,673

)

 

 

(93,957

)

 

 

(102,103

)

Income tax expense

 

 

1,093

 

 

 

114

 

 

 

4,080

 

 

 

1,019

 

Net loss

 

 

(37,268

)

 

 

(34,787

)

 

 

(98,037

)

 

 

(103,122

)

Less: net loss attributable to non-controlling interests

 

 

(462

)

 

 

(29

)

 

 

(1,351

)

 

 

(1,100

)

Net loss attributable to Athenex, Inc.

 

$

(36,806

)

 

$

(34,758

)

 

$

(96,686

)

 

$

(102,022

)

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

 

 

(48

)

 

 

1

 

 

 

1

 

 

 

(79

)

Foreign currency translation adjustment, net of income taxes

 

 

85

 

 

 

(310

)

 

 

(396

)

 

 

312

 

Comprehensive loss

 

$

(36,769

)

 

$

(35,067

)

 

$

(97,081

)

 

$

(101,789

)

Net loss per share attributable to Athenex, Inc. common

   stockholders, basic and diluted (See Note 13)

 

$

(0.44

)

 

$

(0.45

)

 

$

(1.17

)

 

$

(1.41

)

Weighted-average shares used in computing net loss per share

   attributable to Athenex, Inc. common stockholders, basic and

   diluted (See Note 13)

 

 

83,712,060

 

 

 

77,297,555

 

 

 

82,314,802

 

 

 

72,552,248

 

 

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

income (loss)

 

 

Shares

 

 

Amount

 

 

stockholders'

equity

 

 

controlling

interests

 

 

stockholders'

equity

 

Balance at January 1, 2019

 

 

68,668,986

 

 

$

69

 

 

$

591,064

 

 

$

(443,716

)

 

$

(656

)

 

 

(1,672,920

)

 

$

(7,406

)

 

$

139,355

 

 

$

(10,586

)

 

$

128,769

 

Stock-based compensation cost

 

 

 

 

 

 

 

 

1,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,693

 

 

 

 

 

 

1,693

 

Stock options and warrants exercised

 

 

49,632

 

 

 

 

 

 

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

278

 

 

 

 

 

 

278

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(35,233

)

 

 

 

 

 

 

 

 

 

 

 

(35,233

)

 

 

(997

)

 

 

(36,230

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,071

 

 

 

 

 

 

 

 

 

1,071

 

 

 

 

 

 

1,071

 

Balance at March 31, 2019 (unaudited)

 

 

68,718,618

 

 

 

69

 

 

 

593,035

 

 

 

(478,949

)

 

 

415

 

 

 

(1,672,920

)

 

 

(7,406

)

 

 

107,164

 

 

 

(11,583

)

 

 

95,581

 

Sale of common stock, net of costs of $54

 

 

10,033,362

 

 

 

10

 

 

 

100,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,319

 

 

 

 

 

 

100,319

 

Stock-based compensation cost

 

 

92,723

 

 

 

 

 

 

3,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,382

 

 

 

 

 

 

3,382

 

Stock options exercised

 

 

92,442

 

 

 

 

 

 

559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

559

 

 

 

 

 

 

559

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(32,031

)

 

 

 

 

 

 

 

 

 

 

 

(32,031

)

 

 

(74

)

 

 

(32,105

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(529

)

 

 

 

 

 

 

 

 

(529

)

 

 

 

 

 

(529

)

Balance at June 30, 2019 (unaudited)

 

 

78,937,145

 

 

 

79

 

 

 

697,285

 

 

 

(510,980

)

 

 

(114

)

 

 

(1,672,920

)

 

 

(7,406

)

 

 

178,864

 

 

 

(11,657

)

 

 

167,207

 

Stock-based compensation cost

 

 

130,000

 

 

 

 

 

 

2,148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,148

 

 

 

 

 

 

2,148

 

Stock options exercised

 

 

75,160

 

 

 

 

 

 

567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

567

 

 

 

 

 

 

567

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(34,758

)