Quarterly report pursuant to Section 13 or 15(d)

Selected historical financial information (Tables)

v3.4.0.3
Selected historical financial information (Tables)
3 Months Ended
Mar. 31, 2016
Selected historical financial information  
Consolidated Statement of Operations

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

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

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