| Selected historical financial information |
Note 10 — Selected historical financial information
The Company is reporting under U.S. GAAP in U.S. dollars for the first time with effect from January 1, 2016. The Company has previously prepared consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board in pounds sterling.
For the purpose of comparability when reading these condensed interim financial statements in conjunction with those consolidated financial statements, the Company has provided below a statement of operations (unaudited) and statement of cash flows (unaudited) for the six months ended December 31, 2015 and balance sheets (unaudited) as of December 31 and June 30, 2015 under U.S. GAAP:
Consolidated Statement of Operations (in thousands, except share data)
|
|
|
for the six
months to
December 31,
2015
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
8,979
|
|
|
Operating expenses
|
|
|
|
|
Research and development
|
|
(24,244
|
)
|
|
General and administrative
|
|
(11,145
|
)
|
|
|
|
|
|
|
Total operating expenses
|
|
(35,389
|
)
|
|
|
|
|
|
|
Operating loss
|
|
(26,410
|
)
|
|
Interest income
|
|
489
|
|
|
Other income, net
|
|
2,866
|
|
|
|
|
|
|
|
Total other income, net
|
|
3,355
|
|
|
Loss before income taxes
|
|
(23,055
|
)
|
|
Income taxes
|
|
55
|
|
|
|
|
|
|
|
Net loss
|
|
(23,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary share basic and diluted
|
|
$
|
(0.05
|
)
|
Consolidated Balance Sheet (in thousands)
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
194,263
|
|
$
|
229,046
|
|
|
Short-term deposits
|
|
54,620
|
|
55,292
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $- and $-
|
|
744
|
|
4
|
|
|
Other current assets and prepaid expenses
|
|
13,420
|
|
10,740
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
263,047
|
|
295,082
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
4,508
|
|
—
|
|
|
Clinical materials
|
|
4,736
|
|
—
|
|
|
Property, plant and equipment, net
|
|
13,225
|
|
5,571
|
|
|
Intangibles, net
|
|
305
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
285,821
|
|
$
|
300,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ equity
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
7,884
|
|
$
|
1,982
|
|
|
Accrued expenses and other accrued liabilities
|
|
7,518
|
|
3,877
|
|
|
Deferred revenue
|
|
12,487
|
|
20,906
|
|
|
|
|
|
|
|
|
|
|
|
27,889
|
|
26,765
|
|
|
|
|
|
|
|
|
|
Deferred revenue, less current portion
|
|
22,939
|
|
14,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
50,828
|
|
41,650
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common stock - Ordinary shares par value £0.001
|
|
682
|
|
682
|
|
|
Additional paid in capital
|
|
332,363
|
|
328,795
|
|
|
Accumulated other comprehensive loss
|
|
(8,139
|
)
|
(3,561
|
)
|
|
Accumulated deficit
|
|
(89,913
|
)
|
(66,913
|
)
|
|
|
|
|
|
|
|
|
Total equity
|
|
234,993
|
|
259,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
285,821
|
|
$
|
300,653
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Cash flows (in thousands)
|
|
|
for the six months
to
December 31,
2015
|
|
|
Cash flows from operating activities
|
|
|
|
|
Net loss
|
|
$
|
(23,000
|
)
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
Depreciation
|
|
1,176
|
|
|
Amortization
|
|
69
|
|
|
Share-based compensation expense
|
|
3,566
|
|
|
Unrealized foreign exchange gains
|
|
(2,866
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Increase in receivables and operating assets
|
|
(4,242
|
)
|
|
Increase in non-current operating assets
|
|
(4,736
|
)
|
|
Increase in payables and deferred revenue
|
|
11,971
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
(18,062
|
)
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
(9,628
|
)
|
|
Acquisition of intangibles
|
|
(210
|
)
|
|
Movements in restricted cash
|
|
(4,666
|
)
|
|
Maturity of short-term deposits
|
|
16,645
|
|
|
Investment in short-term deposits
|
|
(16,645
|
)
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
(14,504
|
)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
—
|
|
|
|
|
|
|
|
Effect of currency exchange rate changes on cash and cash equivalents
|
|
(2,217
|
)
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(34,783
|
)
|
|
Cash and cash equivalents at start of period
|
|
229,046
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
194,263
|
|
|
|
|
|
|
|
|