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2019-09-30
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
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 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|