(Mark One) |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 59-3553710 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of class | Trading Symbol(s) | Name of exchange on which registered | ||
Common Stock, $0.001 par value | AGTC | Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||
Emerging growth company | ☐ |
Page | ||||||
3 | ||||||
ITEM 1. | 3 | |||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
ITEM 2. | ||||||
ITEM 3. | ||||||
ITEM 4. | ||||||
ITEM 1. | ||||||
ITEM 1A. | ||||||
ITEM 6. | ||||||
ITEM 1. | FINANCIAL STATEMENTS |
In thousands, except per share data | September 30, 2021 | June 30, 2021 | March 31, 2022 | June 30, 2021 | ||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 90,515 | $ | 105,052 | $ | 67,849 | $ | 105,052 | ||||||||
Investments | — | 2,000 | — | 2,000 | ||||||||||||
Prepaid and other current assets | 2,871 | 2,655 | 2,678 | 2,655 | ||||||||||||
Total current assets | 93,386 | 109,707 | 70,527 | 109,707 | ||||||||||||
Property and equipment, net | 4,550 | 4,658 | 4,244 | 4,658 | ||||||||||||
Intangible assets, net | 1,303 | 1,287 | 1,381 | 1,287 | ||||||||||||
Investment in Bionic Sight, LLC | 7,969 | 8,000 | 7,884 | 8,000 | ||||||||||||
Right-of-use | 3,059 | 3,167 | 3,029 | 3,167 | ||||||||||||
Right-of-use | 23 | 34 | — | 34 | ||||||||||||
Other assets | 121 | 113 | 126 | 113 | ||||||||||||
Total assets | $ | 110,411 | $ | 126,966 | $ | 87,191 | $ | 126,966 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 2,083 | $ | 1,879 | $ | 3,561 | $ | 1,879 | ||||||||
Accrued and other liabilities | 14,061 | 14,500 | 11,946 | 14,500 | ||||||||||||
Lease liabilities - operating | 1,121 | 1,116 | 1,232 | 1,116 | ||||||||||||
Lease liability - finance | 26 | 38 | — | 38 | ||||||||||||
Current portion of long-term debt | 4,418 | 2,181 | 9,070 | 2,181 | ||||||||||||
Total current liabilities | 21,709 | 19,714 | 25,809 | 19,714 | ||||||||||||
Lease liabilities - operating, net of current portion | 3,218 | 3,418 | 2,900 | 3,418 | ||||||||||||
Long-term debt, net of debt discounts and deferred financing fees | 15,659 | 17,727 | 11,358 | 17,727 | ||||||||||||
Other liabilities | 300 | 299 | 97 | 299 | ||||||||||||
Total liabilities | 40,886 | 41,158 | 40,164 | 41,158 | ||||||||||||
Stockholders’ equity: | ||||||||||||||||
Preferred stock, par value $0.001 per share, 5,000 shares authorized; 0 shares issued and outstanding | 0 | 0— | ||||||||||||||
Common stock, par value $0.001 per share, 150,000 shares authorized; 42,913 and 42,835 shares issued; 42,859 and 42,794 shares outstanding at September 30, 2021 and June 30, 2021, respectively | 43 | 43 | ||||||||||||||
Preferred stock, par value $0.001 per share, 5,000 shares authorized; 0shares issued and outstanding | 0 | 0— | ||||||||||||||
Common stock, par value $0.001 per share, 150,000 shares authorized; 50,786 and 42,835 shares issued; 50,732 and 42,794 shares outstanding at March 31, 2022 and June 30, 2021, respectively | 51 | 43 | ||||||||||||||
Additional paid-in capital | 326,126 | 325,245 | 337,058 | 325,245 | ||||||||||||
Treasury stock at cost; 54 and 41 shares at September 30, 2021 and June 30, 2021, respectively | (256 | ) | (211 | ) | ||||||||||||
Treasury stock at cost; 54 and 41 shares at March 31, 2022 and June 30, 2021, respectively | (256 | ) | (211 | ) | ||||||||||||
Accumulated deficit | (256,388 | ) | (239,269 | ) | (289,826 | ) | (239,269 | ) | ||||||||
Total stockholders’ equity | 69,525 | 85,808 | 47,027 | 85,808 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 110,411 | $ | 126,966 | $ | 87,191 | $ | 126,966 | ||||||||
Three Months Ended September 30, | Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
In thousands, except per share data | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Revenue | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | 12,325 | 11,626 | 9,162 | 10,960 | 35,941 | 34,397 | ||||||||||||||||||
General and administrative and other | 4,100 | 3,436 | 4,421 | 3,528 | 12,510 | 10,268 | ||||||||||||||||||
Total operating expenses | 16,425 | 15,062 | 13,583 | 14,488 | 48,451 | 44,665 | ||||||||||||||||||
Loss from operations | (16,425 | ) | (15,062 | ) | (13,583 | ) | (14,488 | ) | (48,451 | ) | (44,665 | ) | ||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||
Investment income, net | 6 | 64 | 9 | 13 | 21 | 106 | ||||||||||||||||||
Interest expense | (669 | ) | (332 | ) | (667 | ) | (330 | ) | (2,011 | ) | (997 | ) | ||||||||||||
Total other income (expense), net | (663 | ) | (268 | ) | (658 | ) | (317 | ) | (1,990 | ) | (891 | ) | ||||||||||||
Loss before provision for income taxes | (17,088 | ) | (15,330 | ) | (14,241 | ) | (14,805 | ) | (50,441 | ) | (45,556 | ) | ||||||||||||
Provision for income taxes | 0— | 21 | 0 | 21 | 0 | 62 | ||||||||||||||||||
Loss before equity in net losses of an affiliate | (17,088 | ) | (15,351 | ) | (14,241 | ) | (14,826 | ) | (50,441 | ) | (45,618 | ) | ||||||||||||
Equity in net losses of an affiliate | (31 | ) | (29 | ) | (53 | ) | (25 | ) | (116 | ) | (75 | ) | ||||||||||||
Net loss | $ | (17,119 | ) | $ | (15,380 | ) | $ | (14,294 | ) | $ | (14,851 | ) | $ | (50,557 | ) | $ | (45,693 | ) | ||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic | 42,823 | 25,818 | 43,639 | 36,751 | 43,112 | 29,431 | ||||||||||||||||||
Diluted | 42,823 | 25,818 | 43,639 | 36,751 | 43,112 | 29,431 | ||||||||||||||||||
Net loss per common share: | ||||||||||||||||||||||||
Basic | $ | (0.40 | ) | $ | (0.60 | ) | $ | (0.33 | ) | $ | (0.40 | ) | $ | (1.17 | ) | $ | (1.55 | ) | ||||||
Diluted | $ | (0.40 | ) | $ | (0.60 | ) | $ | (0.33 | ) | $ | (0.40 | ) | $ | (1.17 | ) | $ | (1.55 | ) |
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
In thousands | Outstanding Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Totals | |||||||||||||||||||||
Balances at June 30, 2021 | 42,794 | $ | 43 | 41 | $ | (211 | ) | $ | 325,245 | $ | (239,269 | ) | $ | 85,808 | ||||||||||||||
Share-based compensation expense | — | — | — | — | 810 | — | 810 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 65 | — | 13 | (45 | ) | 71 | — | 26 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (17,119 | ) | (17,119 | ) | |||||||||||||||||||
Balances at September 30, 2021 | 42,859 | $ | 43 | 54 | $ | (256 | ) | $ | 326,126 | $ | (256,388 | ) | $ | 69,525 | ||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
In thousands | Outstanding Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Totals | |||||||||||||||||||||
Balances at June 30, 2020 | 25,793 | $ | 25 | 20 | $ | (88 | ) | $ | 252,519 | $ | (181,440 | ) | $ | 71,016 | ||||||||||||||
Share-based compensation expense | — | — | — | — | 646 | — | 646 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 67 | — | 21 | (123 | ) | 43 | — | (80 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (15,380 | ) | (15,380 | ) | |||||||||||||||||||
Balances at September 30, 2020 | 25,860 | $ | 25 | 41 | $ | (211 | ) | $ | 253,208 | $ | (196,820 | ) | $ | 56,202 | ||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
In thousands | Outstanding Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Totals | |||||||||||||||||||||
Balances at June 30, 2021 | 42,794 | $ | 43 | 41 | $ | (211 | ) | $ | 325,245 | $ | (239,269 | ) | $ | 85,808 | ||||||||||||||
Share-based compensation expense | — | — | — | — | 810 | — | 810 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 65 | — | 13 | (45 | ) | 71 | — | 26 | ||||||||||||||||||||
Net loss | — | — | — | — | — | (17,119 | ) | (17,119 | ) | |||||||||||||||||||
Balances at September 30, 2021 | 42,859 | 43 | 54 | (256 | ) | 326,126 | (256,388 | ) | 69,525 | |||||||||||||||||||
Issuance of common stock, net of issuance costs | 56 | — | — | — | 143 | — | 143 | |||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 946 | — | 946 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 6 | — | — | — | 20 | — | 20 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (19,144 | ) | (19,144 | ) | |||||||||||||||||||
Balances at December 31, 2021 | 42,921 | 43 | 54 | (256 | ) | 327,235 | (275,532 | ) | 51,490 | |||||||||||||||||||
Issuance of common stock, net of issuance costs | 7,690 | 8 | — | — | 8,938 | — | 8,946 | |||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 843 | — | 843 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 121 | — | — | — | 42 | — | 42 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (14,294 | ) | (14,294 | ) | |||||||||||||||||||
Balances at March 31, 2022 | 50,732 | $ | 51 | 54 | $ | (256 | ) | $ | 337,058 | $ | (289,826 | ) | $ | 47,027 | ||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||||||||
In thousands | Outstanding Shares | Amount | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Totals | |||||||||||||||||||||
Balances at June 30, 2020 | 25,793 | $ | 25 | 20 | $ | (88 | ) | $ | 252,519 | $ | (181,440 | ) | $ | 71,016 | ||||||||||||||
Share-based compensation expense | — | — | — | — | 646 | — | 646 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 67 | — | 21 | (123 | ) | 43 | — | (80 | ) | |||||||||||||||||||
Net loss | — | — | — | — | — | (15,380 | ) | (15,380 | ) | |||||||||||||||||||
Balances at September 30, 2020 | 25,860 | 25 | 41 | (211 | ) | 253,208 | (196,820 | ) | 56,202 | |||||||||||||||||||
Share-based compensation expense | — | — | — | — | 624 | — | 624 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 45 | — | — | — | 158 | — | 158 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (15,462 | ) | (15,462 | ) | |||||||||||||||||||
Balances at December 31, 2020 | 25,905 | 25 | 41 | (211 | ) | 253,990 | (212,282 | ) | 41,522 | |||||||||||||||||||
Issuance of common stock and accompanying warrants, net of issuance costs | 16,742 | 17 | — | — | 69,244 | — | 69,261 | |||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 595 | — | 595 | |||||||||||||||||||||
Shares issued under employee plans and related share repurchases | 108 | — | — | — | 473 | — | 473 | |||||||||||||||||||||
Net loss | — | — | — | — | — | (14,851 | ) | (14,851 | ) | |||||||||||||||||||
Balances at March 31, 2021 | 42,755 | $ | 42 | 41 | $ | (211 | ) | $ | 324,302 | $ | (227,133 | ) | $ | 97,000 | ||||||||||||||
Three Months Ended | Nine Months Ended March 31, | |||||||||||||||
In thousands | 2021 | 2020 | 2022 | 2021 | ||||||||||||
Operating activities: | ||||||||||||||||
Net loss | $ | (17,119 | ) | $ | (15,380 | ) | $ | (50,557 | ) | $ | (45,693 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Share-based compensation expense | 810 | 646 | 2,599 | 1,865 | ||||||||||||
Expense for shares of common stock issued to a vendor | 27 | — | ||||||||||||||
Depreciation and amortization | 364 | 381 | 1,130 | 1,123 | ||||||||||||
Investment premium accretion, net | — | 4 | ||||||||||||||
Investment discount accretion, net | — | (10 | ) | |||||||||||||
Amortization of debt discounts and deferred financing fees | 169 | 82 | 520 | 252 | ||||||||||||
Reduction in the carrying amount of operating lease right-of-use | 108 | 85 | 381 | 264 | ||||||||||||
Equity in net losses of an affiliate | 31 | 29 | 116 | 75 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid and other assets | (224 | ) | 719 | (36 | ) | 975 | ||||||||||
Accounts payable | 135 | 262 | 1,569 | 571 | ||||||||||||
Operating lease liabilities | (195 | ) | (167 | ) | (645 | ) | (516 | ) | ||||||||
Accrued and other liabilities | (15 | ) | 422 | (2,594 | ) | 3,356 | ||||||||||
Cash used in operating activities | (15,936 | ) | (12,917 | ) | (47,490 | ) | (37,738 | ) | ||||||||
Investing activities: | ||||||||||||||||
Purchases of property and equipment | (545 | ) | (654 | ) | (900 | ) | (987 | ) | ||||||||
Purchases of and capitalized costs related to intangible assets | (70 | ) | (106 | ) | (254 | ) | (363 | ) | ||||||||
Maturities of investments | 2,000 | 16,000 | 2,000 | 41,500 | ||||||||||||
Purchases of investments | — | (8,996 | ) | — | (20,992 | ) | ||||||||||
Cash provided by investing activities | 1,385 | 6,244 | 846 | 19,158 | ||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from the issuance of common stock and accompanying warrants, net of issuance costs | 9,391 | 69,261 | ||||||||||||||
Proceeds from exercises of common stock options | 71 | 43 | 133 | 674 | ||||||||||||
Payments for deferred financing fees | — | (129 | ) | — | (129 | ) | ||||||||||
Taxes paid related to equity awards | (45 | ) | (123 | ) | (45 | ) | (123 | ) | ||||||||
Principal payments on a finance lease | (12 | ) | (11 | ) | (38 | ) | (35 | ) | ||||||||
Cash provided by (used in) financing activities | 14 | (220 | ) | |||||||||||||
Cash provided by financing activities | 9,441 | 69,648 | ||||||||||||||
Net decrease in cash and cash equivalents | (14,537 | ) | (6,893 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (37,203 | ) | 51,068 | |||||||||||||
Cash and cash equivalents, beginning of the period | 105,052 | 38,463 | 105,052 | 38,463 | ||||||||||||
Cash and cash equivalents, end of the period | $ | 90,515 | $ | 31,570 | $ | 67,849 | $ | 89,531 | ||||||||
Supplemental information: | ||||||||||||||||
Supplemental non-cash information: | ||||||||||||||||
Costs for purchases of property and equipment included in accounts payable | $ | 96 | $ | — | $ | 82 | $ | — | ||||||||
Costs for intangible assets included in accounts payable/accrued and other liabilities | $ | 25 | $ | 37 | ||||||||||||
Costs for intangible assets included in accrued and other liabilities | 14 | 27 | ||||||||||||||
Right-of-use | 243 | — |
1. | Organization and Operations |
2. | Summary of Significant Accounting Policies |
3. | Share-based Compensation Plans |
Nine Months Ended March 31, | ||||||||||||||||
2022 | 2021 | |||||||||||||||
(In thousands, except per share amounts) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Outstanding at the beginning of the period | 4,186 | $ | 7.69 | 3,846 | $ | 7.82 | ||||||||||
Granted | 2,444 | 3.07 | 1,280 | 5.26 | ||||||||||||
Exercised | (150 | ) | 0.89 | (165 | ) | 4.10 | ||||||||||
Forfeited | (339 | ) | 4.13 | (539 | ) | 4.38 | ||||||||||
Expired | (602 | ) | 10.82 | (87 | ) | 10.29 | ||||||||||
Outstanding at the end of the period | 5,539 | $ | 5.71 | 4,335 | $ | 7.58 | ||||||||||
Exercisable at the end of the period | 2,680 | 2,757 | ||||||||||||||
Weighted average fair value of options granted during the period | $ | 2.17 | $ | 3.79 | ||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
(In thousands, except per share amounts) | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Outstanding at the beginning of the period | 4,186 | $ | 7.69 | 3,846 | $ | 7.82 | ||||||||||
Granted | 1,467 | 3.62 | 1,016 | 5.34 | ||||||||||||
Exercised | (24 | ) | 3.00 | (12 | ) | 3.70 | ||||||||||
Forfeited | (234 | ) | 4.27 | (136 | ) | 4.29 | ||||||||||
Expired | (348 | ) | 12.93 | (42 | ) | 12.08 | ||||||||||
Outstanding at the end of the period | 5,047 | $ | 6.32 | 4,672 | $ | 7.35 | ||||||||||
Exercisable at the end of the period | 2,667 | 2,515 | ||||||||||||||
Weighted average fair value of options granted during the period | $ | 2.55 | $ | 3.89 | ||||||||||||
Nine Months Ended March 31, | ||||||||
Assumption | 2022 | 2021 | ||||||
Dividend yield | 0.00 | % | 0.00 | % | ||||
Expected term | 6.00 to 6.25 years | 6.00 to 6.25 years | ||||||
Risk-free interest rate | 0.80% to 1.80 | % | 0.30% to 1.08 | % | ||||
Expected volatility | 82.51 | % | 82.60 | % |
Three Months Ended September 30, | ||||||||
Assumption | 2021 | 2020 | ||||||
Dividend yield | 0.00 | % | 0.00 | % | ||||
Expected term | 6.00 to 6.25 years | 6.25 years | ||||||
Risk-free interest rate | 0.80% to 0.96 % | 0.30% to 0.39% | ||||||
Expected volatility | 82.51 | % | 82.60 | % |
4. | Investments and Fair Values of Financial Instruments |
In thousands | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||
September 30, 2021 | ||||||||||||||||
Cash and cash equivalents | $ | 90,515 | $ | — | $ | — | $ | 90,515 | ||||||||
June 30, 2021 | ||||||||||||||||
Cash and cash equivalents | $ | 105,052 | $ | — | $ | — | $ | 105,052 | ||||||||
Held-to-maturity | 2,000 | — | — | 2,000 | ||||||||||||
Total assets | $ | 107,052 | $ | — | $ | — | $ | 107,052 | ||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||
March 31, 2022 | ||||||||||||||||
Cash and cash equivalents | $ | 67,849 | $ | — | $ | — | $ | 67,849 | ||||||||
June 30, 2021 | ||||||||||||||||
Cash and cash equivalents | $ | 105,052 | $ | — | $ | — | $ | 105,052 | ||||||||
Held-to-maturity | 2,000 | — | — | 2,000 | ||||||||||||
Total assets | $ | 107,052 | $ | — | $ | — | $ | 107,052 | ||||||||
5. | Debt |
6. | Collaboration Agreements and Contract Liabilities |
7. | Stockholders’ Equity |
8. | Commitments and Contingencies |
Lease Months | Annual Base Rent | |||
1 | $ | 0 | ||
2-7 | 743,750 | |||
8-19 | $ | 1,336,625 | ||
Base rent shall increase 1.5% each lease year (12-month period) thereafter commencing in month 20 for the remainder of the Term. |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended September 30, | Increase | % Increase | Three Months Ended March 31, | Increase | % Increase | |||||||||||||||||||||||||||
In thousands | 2021 | 2020 | (Decrease) | (Decrease) | 2022 | 2021 | (Decrease) | (Decrease) | ||||||||||||||||||||||||
External research and development expenses: | ||||||||||||||||||||||||||||||||
XLRP | $ | 4,651 | $ | 3,860 | $ | 791 | 20 | % | $ | 984 | $ | 3,201 | $ | (2,217 | ) | (69 | )% | |||||||||||||||
ACHM | 793 | 1,638 | (845 | ) | (52 | )% | 748 | 1,147 | (399 | ) | (35 | )% | ||||||||||||||||||||
XLRS | 73 | 93 | (20 | ) | (22 | )% | ||||||||||||||||||||||||||
Research and discovery programs | 838 | 501 | 337 | 67 | % | |||||||||||||||||||||||||||
Research and discovery programs and X-linked retinoschisis | 189 | 1,358 | (1,169 | ) | (86 | )% | ||||||||||||||||||||||||||
Total external research and development expenses | 6,355 | 6,092 | 263 | 4 | % | 1,921 | 5,706 | (3,785 | ) | (66 | )% | |||||||||||||||||||||
Internal research and development expenses: | ||||||||||||||||||||||||||||||||
Employee-related costs | 3,716 | 3,222 | 494 | 15 | % | 4,377 | 3,051 | 1,326 | 43 | % | ||||||||||||||||||||||
Share-based compensation | 431 | 317 | 114 | 36 | % | 412 | 280 | 132 | 47 | % | ||||||||||||||||||||||
Other | 1,823 | 1,995 | (172 | ) | (9 | )% | 2,452 | 1,923 | 529 | 28 | % | |||||||||||||||||||||
Total internal research and development expenses | 5,970 | 5,534 | 436 | 8 | % | 7,241 | 5,254 | 1,987 | 38 | % | ||||||||||||||||||||||
Total research and development expenses | $ | 12,325 | $ | 11,626 | $ | 699 | 6 | % | $ | 9,162 | $ | 10,960 | $ | (1,798 | ) | (16 | )% | |||||||||||||||
Three Months Ended September 30, | Increase | % Increase | Three Months Ended March 31, | Increase | % Increase | |||||||||||||||||||||||||||
In thousands | 2021 | 2020 | (Decrease) | (Decrease) | 2022 | 2021 | (Decrease) | (Decrease) | ||||||||||||||||||||||||
Employee-related costs | $ | 1,221 | $ | 1,239 | $ | (18 | ) | (1 | )% | $ | 1,961 | $ | 1,241 | $ | 720 | 58 | % | |||||||||||||||
Share-based compensation | 379 | 329 | 50 | 15 | % | 431 | 315 | 116 | 37 | % | ||||||||||||||||||||||
Legal and professional fees | 422 | 544 | (122 | ) | (22 | )% | 102 | 329 | (227 | ) | (69 | )% | ||||||||||||||||||||
Other | 2,078 | 1,324 | 754 | 57 | % | 1,927 | 1,643 | 284 | 17 | % | ||||||||||||||||||||||
Total general and administrative and other expenses | $ | 4,100 | $ | 3,436 | $ | 664 | 19 | % | $ | 4,421 | $ | 3,528 | $ | 893 | 25 | % | ||||||||||||||||
Nine Months Ended March 31, | Increase | % Increase | ||||||||||||||
In thousands | 2022 | 2021 | (Decrease) | (Decrease) | ||||||||||||
External research and development expenses: | ||||||||||||||||
XLRP | $ | 10,085 | $ | 11,930 | $ | (1,845 | ) | (15 | )% | |||||||
ACHM | 2,639 | 3,997 | (1,358 | ) | (34 | )% | ||||||||||
Research and discovery programs and X-linked retinoschisis | 3,402 | 2,527 | 875 | 35 | % | |||||||||||
Total external research and development expenses | 16,126 | 18,454 | (2,328 | ) | (13 | )% | ||||||||||
Internal research and development expenses: | ||||||||||||||||
Employee-related costs | 12,307 | 9,466 | 2,841 | 30 | % | |||||||||||
Share-based compensation | 1,302 | 866 | 436 | 50 | % | |||||||||||
Other | 6,206 | 5,611 | 595 | 11 | % | |||||||||||
Total internal research and development expenses | 19,815 | 15,943 | 3,872 | 24 | % | |||||||||||
Total research and development expenses | $ | 35,941 | $ | 34,397 | $ | 1,544 | 4 | % | ||||||||
Nine Months Ended March 31, | Increase | % Increase | ||||||||||||||
In thousands | 2022 | 2021 | (Decrease) | (Decrease) | ||||||||||||
Employee-related costs | $ | 4,549 | $ | 3,675 | $ | 874 | 24 | % | ||||||||
Share-based compensation | 1,297 | 999 | 298 | 30 | % | |||||||||||
Legal and professional fees | 688 | 1,238 | (550 | ) | (44 | )% | ||||||||||
Other | 5,976 | 4,356 | 1,620 | 37 | % | |||||||||||
Total general and administrative and other expenses | $ | 12,510 | $ | 10,268 | $ | 2,242 | 22 | % | ||||||||
Three Months Ended September 30, | Increase | % Increase | Nine Months Ended March 31, | Increase | % Increase | |||||||||||||||||||||||||||
In thousands | 2021 | 2020 | (Decrease) | (Decrease) | 2022 | 2021 | (Decrease) | (Decrease) | ||||||||||||||||||||||||
Cash provided by (used in): | ||||||||||||||||||||||||||||||||
Operating activities | $ | (15,936 | ) | $ | (12,917 | ) | $ | (3,019 | ) | (23 | )% | $ | (47,490 | ) | $ | (37,738 | ) | $ | (9,752 | ) | (26)% | |||||||||||
Investing activities | 1,385 | 6,244 | (4,859 | ) | (78 | )% | 846 | 19,158 | (18,312 | ) | (96)% | |||||||||||||||||||||
Financing activities | 14 | (220 | ) | 234 | >100 | % | 9,441 | 69,648 | (60,207 | ) | (86)% | |||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (14,537 | ) | $ | (6,893 | ) | $ | (7,644 | ) | <100 | % | |||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | (37,203 | ) | $ | 51,068 | $ | (88,271 | ) | >(100)% | |||||||||||||||||||||||
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
a) | Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures |
b) | Changes in Internal Control over Financial Reporting |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
Period | Total Number of Shares Purchased (#) | Average Price Paid per Share ($) | Total Number of Shares Purchased Under Announced Programs (#) | Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs ($) | ||||||||||||
July 1, 2021 through July 31, 2021 | — | — | — | — | ||||||||||||
August 1, 2021 through August 31, 2021 | 12,616 | $ | 3.58 | — | — | |||||||||||
September 1, 2021 through September 30, 2021 | — | — | — | — | ||||||||||||
Total | 12,616 | $ | 3.58 | — | — | |||||||||||
ITEM 6. | EXHIBITS |
* | Filed herewith. |
** | Furnished herewith. |
APPLIED GENETIC TECHNOLOGIES CORPORATION (Registrant) | ||
By: | /s/ Jonathan I. Lieber | |
Jonathan I. Lieber, Chief Financial Officer | ||
Date: |