Reata Pharmaceuticals, Inc. (Nasdaq: RETA) (“Reata,” the “Company,”
or “we”), a clinical-stage biopharmaceutical company, today
announced financial results for the quarter ended June 30, 2020,
and provided an update on the Company’s business operations and
clinical development programs.
Regulatory Update
Bardoxolone Methyl (“Bardoxolone”) for Alport
Syndrome
Since the announcement of positive, Year 1 data
from the Phase 3 CARDINAL study, we have been engaged in
discussions with the U.S. Food and Drug Administration (“FDA”)
regarding the Year 1 efficacy and safety results. We have had
a Type C meeting and have provided written responses to the FDA’s
questions and comments. We believe that we have addressed the
FDA’s questions and comments regarding the Year 1 results, and,
accordingly, we recently requested and were granted a pre-NDA
meeting by the FDA to discuss the NDA submission content and
plans.
One of the key questions to be resolved in the
pre-NDA meeting is how the data from Year 2 of the CARDINAL study
should be handled during the NDA review process. Our plan has
been, and continues to be, to submit the NDA for bardoxolone in
Alport syndrome during fourth quarter of 2020 for accelerated
approval based on the one-year data from the Phase 3 portion of
CARDINAL. If the second-year results are available during an
acceptable time frame, we may be able to submit the second-year
data to the NDA during the review process and before the FDA makes
a determination about accelerated approval. This may extend
the PDUFA date, but could also result in consideration of full
approval, rather than accelerated approval. The FDA could
recommend that we wait for the second-year data from CARDINAL to
file the NDA. This would permit us to file for full approval
but would delay the filing until the first quarter of 2021,
compared to our current guidance of filing by the end of this
year.
Omaveloxolone for Friedreich’s Ataxia
Following the announcement of the positive data
from the MOXIe Part 2 study in October 2019, we have planned,
subject to discussion with regulatory authorities, to proceed with
a submission for marketing approval of omaveloxolone for the
treatment of Friedreich’s ataxia (“FA”) in the United States.
We recently completed a Type C meeting in which the FDA provided us
with guidance that it does not have any concerns with the
reliability of the mFARS primary endpoint results in the MOXIe Part
2 study. Nevertheless, the FDA is not convinced that the
MOXIe Part 2 results will support a single study approval without
additional evidence that lends persuasiveness to the results.
In preliminary comments for the meeting, the FDA stated that we
will need to conduct a second pivotal trial that confirms the mFARS
results of the MOXIe Part 2 study with a similar magnitude of
effect.
In response to the preliminary comments, the
Friedreich’s Ataxia Research Alliance (“FARA”), key FA clinicians,
and we provided the FDA with information to demonstrate that it
will be difficult to conduct an additional, prospective clinical
trial in FA because of the very slow progression rate of FA, the
limited number of FA patients available for clinical research, the
small number of clinical trial investigators who can conduct the
mFARS exam, and the impact of the COVID-19 pandemic on the ability
to conduct neuroscience clinical trials. Thus, conducting an
additional pivotal study would result in a long delay in the
availability of a potentially effective therapy to patients with a
progressive, life-threatening disease with no treatment
options. The FDA acknowledged the unmet need of patients with
FA, reiterated its commitment to facilitate the development of
omaveloxolone within the constraints of the regulatory standards,
and emphasized its willingness to consider all available options to
meet the regulatory standards. The FDA also acknowledged that
launching a new, neuroscience clinical trial now may not be
possible because of the COVID-19 pandemic.
At the Type C meeting, to address the FDA’s
requirement, FARA, key opinion leaders, and Reata proposed a second
study (the “crossover study”) to provide additional evidence of
effectiveness. The study would measure the effect of
omaveloxolone on mFARS in patients who were previously randomized
to placebo in the MOXIe Part 2 study and are being treated with
omaveloxolone in the MOXIe open-label extension study. The
FDA acknowledged that a study like the proposed crossover study
could provide important additional information and asked us to
submit a design for the crossover study for their
consideration.
If the FDA accepts this approach, we expect to
complete the crossover study as early as the fourth quarter of this
year. Assuming that the FDA views the crossover study data as
sufficiently positive to provide confirmatory evidence, our plan
would be to submit an NDA during the first quarter of 2021.
If the FDA rejects the proposal or if the data are not supportive,
we will evaluate whether it is feasible to conduct a second pivotal
study in FA patients as suggested by the FDA. Regardless of
the interaction with the FDA, we plan to pursue marketing approval
outside of the United States.
Clinical Development Update
CARDINAL Phase 3 Study of Bardoxolone in Alport
Syndrome
We are in the process of completing the second
year of CARDINAL and anticipate that the study will be completed
this year. The last study visits are anticipated to occur
during the fourth quarter of 2020, which is consistent with our
pre-COVID-19 trial timeline. As a result of the measures
taken in response to the pandemic, at this time we believe that the
timeline for Year 2 data availability is unlikely to be affected by
COVID-19.
FALCON Phase 3 Study of Bardoxolone in Autosomal
Dominant Polycystic Kidney Disease (“ADPKD”)
In March 2020, we temporarily paused screening
and enrollment of new patients in the FALCON Phase 3 study due to
the emergence of COVID-19. We began to lift the screening
hold in June 2020, and currently all sites are able to screen
patients and approximately one-half of all sites are able to
randomize patients. The measures we implemented to the
conduct of FALCON in response to COVID-19 have been effective, and
we anticipate no meaningful impact on data integrity due to
COVID-19.
BARCONA Study of Bardoxolone in Patients with
COVID-19
Reata recently announced the start of an
investigator-sponsored trial, led by researchers at New York
University’s (“NYU”) Grossman School of Medicine, to study the
effect of bardoxolone in patients with COVID-19. The Phase 2
BARCONA study is a randomized, placebo-controlled, double-blind
trial that will enroll 40 patients with a primary endpoint of
safety and a treatment duration of up to 29 days. Reata was
involved in the design of the trial, has a representative on the
study’s executive steering committee, and is providing drug supply
for the study, as requested by NYU.
Second Quarter Financial
Highlights
Reata recently announced a strategic investment
from Blackstone Life Sciences (“BXLS”) of $350 million, which
includes $300 million in return for various percentage royalty
payments by the Company on worldwide net sales of bardoxolone by
the Company and its licensees, other than Kyowa Kirin Co., Ltd
(“KKC”), and a $50 million investment in 340,793 shares of Reata’s
Class A common stock at $146.72 per share. The royalty
percentage will initially be in the mid-single digits and in future
years can vary between higher-mid single digit percentages to
low-single digit percentages depending on various milestones,
including indication approval dates, cumulative royalty payments,
and cumulative net sales.
In connection with the closing of the BXLS
investment, the Company paid off in full its senior loan with
Oxford Finance LLC and Silicon Valley Bank, which included $155.0
million in principal and $12.1 million in exit and prepayment fees,
and which resulted in a charge for extinguishment of debt of $11.2
million.
Cash and Cash Equivalents
On June 30, 2020, we had cash and cash
equivalents of $610.4 million, as compared to $664.3 million at
December 31, 2019.
Collaboration Revenue
Collaboration Revenue was $3.1 million in the
second quarter of 2020, as compared to $7.8 million for the same
period of the year prior. Revenue for the second quarter of
2020 included $1.2 million from the KKC license agreement and $1.9
million in reimbursements of expenses from KKC.
GAAP and Non-GAAP Research and Development
(“R&D”) Expenses
R&D expenses according to generally accepted
accounting principles in the U.S. (“GAAP”) were $36.8 million for
the second quarter of 2020, as compared to $29.6 million for the
same period of the year prior.
Non-GAAP R&D expenses were $29.3 million for
the second quarter of 2020, as compared to $27.9 million for the
same period of the year prior.1
GAAP and Non-GAAP General and Administrative
(“G&A”) Expenses
GAAP G&A expenses were $16.6 million for the
second quarter of 2020, as compared to $11.7 million for the same
period of the year prior.
Non-GAAP G&A expenses were $9.3 million for
the second quarter of 2020, as compared to $8.9 million for the
same period of the year prior.1
GAAP and Non-GAAP Net Loss
The GAAP net loss for the second quarter of 2020
was $67.6 million, or $2.03 per share, on both a basic and diluted
basis, as compared to a GAAP net loss of $34.4 million, or $1.14
per share, on both a basic and diluted basis, for the same period
of the year prior.
The increase in GAAP net loss for the second
quarter of 2020 is driven primarily by the loss on extinguishment
of debt related to the payoff of our loan to Oxford Finance LLC and
Silicon Valley Bank, higher stock-based compensation expense, and
decreased collaboration revenue related to AbbVie since the
reacquisition of licensing rights.
The non-GAAP net loss for the second quarter of
2020 was $40.9 million, or $1.23 per share on both a basic and
diluted basis, as compared to a non-GAAP net loss of $29.9 million,
or $0.99 per share, on both a basic and diluted basis, for the same
period of the year prior.1
Reiterates Cash Guidance
The Company reiterated that it expects existing
cash and cash equivalents will be sufficient to enable it to fund
operations through the end of 2023.
___________________________
1 See “Use of Non-GAAP Financial Measures” below
for a description of non-GAAP financial measures and a
reconciliation between GAAP and non-GAAP R&D expenses, GAAP and
non-GAAP G&A expenses, and GAAP and non-GAAP net loss,
respectively, appearing later in the press release.
Non-GAAP Financial Measures
This press release contains non-GAAP financial
measures, including non-GAAP R&D expenses, non-GAAP G&A
expenses, non-GAAP operating expenses, non-GAAP net loss and
non-GAAP net loss per common share – basic and diluted. These
measures are not in accordance with, or an alternative to, GAAP,
and may be different from non-GAAP financial measures used by other
companies.
The Company defines non-GAAP R&D expenses as
GAAP R&D expenses less stock-based compensation expense;
non-GAAP G&A expenses as GAAP G&A expenses less stock-based
compensation expense; non-GAAP operating expenses as GAAP operating
expenses less stock-based compensation expense; non-GAAP net loss
as GAAP net loss plus stock-based compensation expense, loss on
extinguishment of debt, and non-cash interest expense from
liability related to sale of future royalties; and non-GAAP net
loss per common share – basic and diluted as GAAP net loss per
common share – basic and diluted plus stock-based compensation
expense, loss on extinguishment of debt, and non-cash interest
expense from liability related to sale of future royalties.
During the three and six months ended June 30, 2020 and 2019, the
Company did not incur any reacquired license rights expense;
therefore, this expense is not included in the reconciliations
below for the measures for non-GAAP operating expenses, non-GAAP
net loss, and non-GAAP net loss per common share – basic and
diluted for these periods. The Company has excluded the
impact of stock-based compensation expense, which may fluctuate
from period to period based on factors including the variability
associated with performance-based grants for stock options and
restricted stock units and changes in the Company’s stock price,
which impacts the fair value of these awards. The Company has
excluded the impact of loss on extinguishment of debt in connection
with the Term Loan payoff because the Company has no other similar
loan obligation and we believe it is a non-recurring transaction,
that makes it difficult to compare its results to peer companies
who also provide non-GAAP disclosures. The Company has
excluded the impact of accreted non-cash interest expense from
liability related to sale of future royalties as it may be
calculated differently from, and therefore may not be comparable to
peer companies who also provide non-GAAP disclosures. The
Company has excluded the impact of stock-based compensation
expense, loss on extinguishment of debt, non-cash interest expense
from liability related to sale of future royalties, and reacquired
license rights expense because the Company believes its impact
makes it difficult to compare its results to prior periods and
anticipated future periods.
Because management believes certain items, such
as stock-based compensation expense, loss on extinguishment of
debt, non-cash interest expense from liability related to sales of
future royalties, and reacquired license rights expense can distort
the trends associated with the Company’s ongoing performance, the
following measures are often provided, excluding special items, and
utilized by the Company’s management, analysts, and investors to
enhance consistency and comparability of year-over-year results, as
well as to industry trends, and to provide a basis for evaluating
operating results in future periods: non-GAAP net loss; non-GAAP
net loss per common share – basic and diluted; non-GAAP R&D
expenses; non-GAAP G&A expenses; and non-GAAP operating
expenses.
The Company believes the presentation of these
non-GAAP financial measures provides useful information to
management and investors regarding the Company’s financial
condition and results of operations. When GAAP financial
measures are viewed in conjunction with these non-GAAP financial
measures, investors are provided with a more meaningful
understanding of the Company’s ongoing operating performance and
are better able to compare the Company’s performance between
periods. In addition, these non-GAAP financial measures are
among those indicators the Company uses as a basis for evaluating
performance, allocating resources and planning and forecasting
future periods. These non-GAAP financial measures are not
intended to be considered in isolation or as a substitute for GAAP
financial measures. A reconciliation between these non-GAAP
measures and the most directly comparable GAAP measures is provided
later in this press release.
Conference Call Information
Reata’s management will host a conference call
on August 10, 2020 at 8:30 a.m. ET. The conference call will
be accessible by dialing (800) 708-4539 (toll-free domestic) or
(847) 619-6396 (international) using the access code:
49873533. The webcast link is
https://edge.media-server.com/mmc/p/hr8ew88f.
Second quarter 2020 financial results to be
discussed during the call will be included in an earnings press
release that will be available on the company’s website shortly
before the call at http://reatapharma.com/investors/ and will be
available for 12 months after the call. The audio recording
and webcast will be accessible for at least 90 days after the event
at http://reatapharma.com/investors/.
About Reata Pharmaceuticals,
Inc.
Reata is a clinical-stage biopharmaceutical
company that develops novel therapeutics for patients with serious
or life-threatening diseases by targeting molecular pathways
involved in the regulation of cellular metabolism and inflammation.
Reata’s two most advanced clinical candidates, bardoxolone
and omaveloxolone, target the important transcription factor Nrf2
that promotes the resolution of inflammation by restoring
mitochondrial function, reducing oxidative stress, and inhibiting
pro-inflammatory signaling. Bardoxolone and
omaveloxolone are investigational drugs, and their safety and
efficacy have not been established by any agency.
Contact:Reata Pharmaceuticals, Inc.(972)
865-2219http://reatapharma.com
Investors:Vinny JindalVice President, Corporate
Communications and Strategy(469)
374-8721ir@reatapharma.comhttp://reatapharma.com/contact-us/
Forward-Looking Statements
This press release includes certain disclosures
that contain “forward-looking statements,” including, without
limitation, statements regarding the success, cost and timing of
our product development activities and clinical trials, our plans
to research, develop and commercialize our product candidates, our
plans to submit regulatory filings, and our ability to obtain and
retain regulatory approval of our product candidates. You can
identify forward-looking statements because they contain words such
as “believes,” “will,” “may,” “aims,” “plans,” “model,” and
“expects.” Forward-looking statements are based on Reata’s
current expectations and assumptions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that may differ
materially from those contemplated by the forward-looking
statements, which are neither statements of historical fact nor
guarantees or assurances of future performance. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to, (i)
the timing, costs, conduct, and outcome of our clinical trials and
future preclinical studies and clinical trials, including the
timing of the initiation and availability of data from such trials;
(ii) the timing and likelihood of regulatory filings and approvals
for our product candidates; (iii) whether regulatory authorities
determine that additional trials or data are necessary in order to
obtain approval; (iv) the potential market size and the size of the
patient populations for our product candidates, if approved for
commercial use, and the market opportunities for our product
candidates; and (v) other factors set forth in Reata’s filings with
the U.S. Securities and Exchange Commission, including the detailed
factors discussed under the caption “Risk Factors.” in its Annual
Report on Form 10-K for the fiscal year ended December 31, 2019.
The forward-looking statements speak only as of the date made
and, other than as required by law, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Operations |
|
(unaudited) |
|
|
|
(in thousands, except share and per share
data) |
|
Collaboration revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License and milestone |
|
$ |
1,169 |
|
|
$ |
7,813 |
|
|
$ |
2,338 |
|
|
$ |
15,539 |
|
Other revenue |
|
|
1,904 |
|
|
|
20 |
|
|
|
2,088 |
|
|
|
64 |
|
Total collaboration revenue |
|
|
3,073 |
|
|
|
7,833 |
|
|
|
4,426 |
|
|
|
15,603 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
36,783 |
|
|
|
29,554 |
|
|
|
84,436 |
|
|
|
55,668 |
|
General and administrative |
|
|
16,600 |
|
|
|
11,706 |
|
|
|
37,387 |
|
|
|
21,744 |
|
Depreciation |
|
|
284 |
|
|
|
232 |
|
|
|
562 |
|
|
|
401 |
|
Total expenses |
|
|
53,667 |
|
|
|
41,492 |
|
|
|
122,385 |
|
|
|
77,813 |
|
Other income (expense), net |
|
|
(16,990 |
) |
|
|
(701 |
) |
|
|
(20,804 |
) |
|
|
(1,301 |
) |
Loss before taxes on income |
|
|
(67,584 |
) |
|
|
(34,360 |
) |
|
|
(138,763 |
) |
|
|
(63,511 |
) |
(Benefit from) provision for taxes on income |
|
|
(3 |
) |
|
|
20 |
|
|
|
(22,243 |
) |
|
|
23 |
|
Net loss |
|
$ |
(67,581 |
) |
|
$ |
(34,380 |
) |
|
$ |
(116,520 |
) |
|
$ |
(63,534 |
) |
Net loss per share—basic and diluted |
|
$ |
(2.03 |
) |
|
$ |
(1.14 |
) |
|
$ |
(3.51 |
) |
|
$ |
(2.12 |
) |
Weighted-average number of common shares used in net loss per
share basic and diluted |
|
|
33,265,778 |
|
|
|
30,069,048 |
|
|
|
33,243,931 |
|
|
|
29,950,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2020
(unaudited) |
|
|
As of December 31, 2019 |
|
|
|
(in
thousands) |
|
Condensed Consolidated Balance Sheet Data |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
610,419 |
|
|
$ |
664,324 |
|
Working
capital |
|
|
593,282 |
|
|
|
477,262 |
|
Total
assets |
|
|
652,404 |
|
|
|
682,420 |
|
Term loan
(including current portion, net of issuance cost) |
|
|
- |
|
|
|
155,017 |
|
Liability
related to sale of future royalties, net |
|
|
294,234 |
|
|
|
- |
|
Payable
to collaborators |
|
|
70,055 |
|
|
|
216,862 |
|
Deferred
revenue (including current portion) |
|
|
7,051 |
|
|
|
9,389 |
|
Accumulated deficit |
|
|
(827,013 |
) |
|
|
(710,493 |
) |
Total stockholders’
equity |
|
$ |
231,627 |
|
|
$ |
256,857 |
|
Reconciliation of GAAP to Non-GAAP
Financial Measures
The following table presents reconciliations of
non-GAAP financial measures to the most directly comparable GAAP
financial measures (in thousands, except for per share data)
(unaudited):
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Reconciliation of GAAP to Non-GAAP Research and
development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and development |
|
$ |
36,783 |
|
|
$ |
29,554 |
|
|
$ |
84,436 |
|
|
$ |
55,668 |
|
Less: Stock-based compensation expense |
|
|
(7,527 |
) |
|
|
(1,659 |
) |
|
|
(19,044 |
) |
|
|
(3,350 |
) |
Non-GAAP Research and development |
|
$ |
29,256 |
|
|
$ |
27,895 |
|
|
$ |
65,392 |
|
|
$ |
52,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP General and
administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and administrative |
|
$ |
16,600 |
|
|
$ |
11,706 |
|
|
$ |
37,387 |
|
|
$ |
21,744 |
|
Less: Stock-based compensation expense |
|
|
(7,269 |
) |
|
|
(2,824 |
) |
|
|
(15,060 |
) |
|
|
(5,360 |
) |
Non-GAAP General and administrative |
|
$ |
9,331 |
|
|
$ |
8,882 |
|
|
$ |
22,327 |
|
|
$ |
16,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating expenses |
|
$ |
53,667 |
|
|
$ |
41,492 |
|
|
$ |
122,385 |
|
|
$ |
77,813 |
|
Less: Stock-based compensation expense |
|
|
(14,796 |
) |
|
|
(4,483 |
) |
|
|
(34,104 |
) |
|
|
(8,710 |
) |
Non-GAAP Operating expenses |
|
$ |
38,871 |
|
|
$ |
37,009 |
|
|
$ |
88,281 |
|
|
$ |
69,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss |
|
$ |
(67,581 |
) |
|
$ |
(34,380 |
) |
|
$ |
(116,520 |
) |
|
$ |
(63,534 |
) |
Add: Stock-based compensation expense |
|
|
14,796 |
|
|
|
4,483 |
|
|
|
34,104 |
|
|
|
8,710 |
|
Add: Loss on extinguishment of debt |
|
|
11,183 |
|
|
|
- |
|
|
|
11,183 |
|
|
|
- |
|
Add: Non-cash interest expense from liability related to sale
of future royalties |
|
|
664 |
|
|
|
- |
|
|
|
664 |
|
|
|
- |
|
Non-GAAP Net loss |
|
$ |
(40,938 |
) |
|
$ |
(29,897 |
) |
|
$ |
(70,569 |
) |
|
$ |
(54,824 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net loss per common
share-basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss per common share-basic and diluted |
|
$ |
(2.03 |
) |
|
$ |
(1.14 |
) |
|
$ |
(3.51 |
) |
|
$ |
(2.12 |
) |
Add: Stock-based compensation expense |
|
|
0.44 |
|
|
|
0.15 |
|
|
|
1.03 |
|
|
|
0.29 |
|
Add: Loss on extinguishment of debt |
|
|
0.34 |
|
|
|
- |
|
|
|
0.34 |
|
|
|
- |
|
Add: Non-cash interest expense from liability related to sale
of future royalties |
|
|
0.02 |
|
|
|
- |
|
|
|
0.02 |
|
|
|
- |
|
Non-GAAP Net loss per common share-basic and diluted |
|
$ |
(1.23 |
) |
|
$ |
(0.99 |
) |
|
$ |
(2.12 |
) |
|
$ |
(1.83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Reconciliation of GAAP to Non-GAAP
Operating expenses |
|
June 30, 2020 |
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
GAAP - Operating expenses |
|
$ |
53,667 |
|
|
$ |
68,718 |
|
|
$ |
187,103 |
|
Less: Stock-based compensation expense |
|
|
(14,796 |
) |
|
|
(19,307 |
) |
|
|
(12,291 |
) |
Less: Reacquired license rights expense |
|
|
- |
|
|
|
- |
|
|
|
(124,398 |
) |
Non - GAAP - Operating expenses |
|
$ |
38,871 |
|
|
$ |
49,411 |
|
|
$ |
50,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP - Net loss |
|
$ |
(67,581 |
) |
|
$ |
(48,939 |
) |
|
$ |
(186,942 |
) |
Add: Stock-based compensation expense |
|
|
14,796 |
|
|
|
19,307 |
|
|
|
12,291 |
|
Add: Loss on extinguishment of debt |
|
|
11,183 |
|
|
|
- |
|
|
|
- |
|
Add: Non-cash interest expense from liability related to sale
of future royalties |
|
|
664 |
|
|
|
- |
|
|
|
- |
|
Add: Reacquired license rights expense |
|
|
- |
|
|
|
- |
|
|
|
124,398 |
|
Non-GAAP Net loss |
|
$ |
(40,938 |
) |
|
$ |
(29,632 |
) |
|
$ |
(50,253 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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