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Prospectus Supplement | | | | | | | |
| | | | S-1 | | | |
| | | | S-2 | | | |
| | | | S-3 | | | |
| | | | S-6 | | | |
| | | | S-10 | | | |
| | | | S-12 | | | |
| | | | S-13 | | | |
| | | | S-14 | | | |
| | | | S-16 | | | |
| | | | S-20 | | | |
| | | | S-22 | | | |
| | | | S-23 | | | |
| | | | S-28 | | | |
| | | | S-28 | | | |
| | | | S-28 | | | |
| | | | S-28 | | |
| Prospectus | | | | | | | |
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Year Ended December 31,
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Three Months
Ended March 31, |
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2020
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2019
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2018
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2021
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2020
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(In thousands, except per share data)
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Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product sales
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| | | $ | — | | | | | $ | — | | | | | $ | 15,304 | | | | | $ | — | | | | | $ | — | | |
Collaboration revenue
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| | | | 26,464 | | | | | | 31,250 | | | | | | 41,791 | | | | | | 3,872 | | | | | | 6,632 | | |
Licensing revenue
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| | | | 1,500 | | | | | | 28,500 | | | | | | — | | | | | | — | | | | | | 1,500 | | |
Viatris collaboration agreement
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| | | | 43,893 | | | | | | 13,664 | | | | | | 3,275 | | | | | | 10,385 | | | | | | 11,730 | | |
Total revenue
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| | | | 71,857 | | | | | | 73,414 | | | | | | 60,370 | | | | | | 14,257 | | | | | | 19,862 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
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| | | | — | | | | | | — | | | | | | 715 | | | | | | — | | | | | | — | | |
Research and development(1)
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| | | | 260,953 | | | | | | 219,248 | | | | | | 201,348 | | | | | | 67,599 | | | | | | 66,013 | | |
Selling, general and administrative(1)
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| | | | 108,661 | | | | | | 106,081 | | | | | | 97,058 | | | | | | 30,550 | | | | | | 26,325 | | |
Total costs and expenses
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| | | | 369,614 | | | | | | 325,329 | | | | | | 299,121 | | | | | | 98,149 | | | | | | 92,338 | | |
Loss from operations
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| | | | (297,757) | | | | | | (251,915) | | | | | | (238,751) | | | | | | (83,892) | | | | | | (72,476) | | |
Income from investment in TRC, LLC
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| | | | 68,438 | | | | | | 33,705 | | | | | | 11,182 | | | | | | 16,547 | | | | | | 13,515 | | |
Interest expense
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| | | | (44,585) | | | | | | (31,862) | | | | | | (10,482) | | | | | | (11,873) | | | | | | (9,941) | | |
Loss on extinguishment of debt
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| | | | (15,464) | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,464) | | |
Interest and other income (loss), net
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| | | | 2,831 | | | | | | 8,395 | | | | | | 11,966 | | | | | | (234) | | | | | | 1,460 | | |
Loss before income taxes
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| | | | (286,537) | | | | | | (241,677) | | | | | | (226,085) | | | | | | (79,452) | | | | | | (82,906) | | |
Provision for income tax benefit
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| | | | 8,520 | | | | | | 5,222 | | | | | | 10,561 | | | | | | (227) | | | | | | (147) | | |
Net loss
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| | | $ | (278,017) | | | | | $ | (236,455) | | | | | $ | (215,524) | | | | | $ | (79,679) | | | | | $ | (83,053) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share
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| | | $ | (4.46) | | | | | $ | (4.25) | | | | | $ | (3.99) | | | | | $ | (1.24) | | | | | $ | (1.40) | | |
Shares used to compute basic and diluted net loss per share
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| | | | 62,345 | | | | | | 55,610 | | | | | | 53,969 | | | | | | 64,493 | | | | | | 59,463 | | |
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Year Ended December 31,
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Three Months
Ended March 31, |
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2020
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2019
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2018
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2021
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2020
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Research and development | | | | $ | 31,294 | | | | | $ | 28,953 | | | | | $ | 25,563 | | | | | $ | 7,921 | | | | | $ | 7,865 | | |
Selling, general and administrative
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| | | | 31,682 | | | | | | 31,497 | | | | | | 25,750 | | | | | | 7,911 | | | | | | 7,411 | | |
Total share-based compensation expense
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| | | $ | 62,976 | | | | | $ | 60,450 | | | | | $ | 51,313 | | | | | $ | 15,832 | | | | | $ | 15,276 | | |
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As of
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December 31,
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March 31,
2021 |
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2020
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2019
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2018
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(In thousands)
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Consolidated Balance Sheets Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash, cash equivalents and marketable securities
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| | | $ | 292,941 | | | | | $ | 285,816 | | | | | $ | 517,145 | | | | | $ | 209,968 | | |
Working capital(1)
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| | | | 269,770 | | | | | | 226,785 | | | | | | 434,269 | | | | | | 206,579 | | |
Total assets
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| | | | 469,057 | | | | | | 408,826 | | | | | | 560,235 | | | | | | 375,108 | | |
Convertible senior notes due 2023, net
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| | | | 226,963 | | | | | | 225,890 | | | | | | 224,818 | | | | | | 227,230 | | |
Non-recourse notes due 2035, net(2)
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| | | | 372,873 | | | | | | — | | | | | | — | | | | | | 375,181 | | |
Non-recourse notes due 2033, net(2)
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| | | | — | | | | | | 219,300 | | | | | | 229,535 | | | | | | — | | |
Accumulated deficit
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| | | | (1,526,617) | | | | | | (1,248,600) | | | | | | (1,012,145) | | | | | | (1,606,296) | | |
Total shareholders’ deficit
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| | | | (303,751) | | | | | | (233,840) | | | | | | (51,589) | | | | | | (373,218) | | |
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Public offering price per share
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| | | | | | | | | $ | | | |
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Net tangible book value per share as of March 31, 2021
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| | | $ | (5.73) | | | | | | | | |
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Increase per share attributable to new investors
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As-adjusted net tangible book value per share after this offering
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Dilution per share to new investors
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| | | | | | | | | $ | | |
Underwriter
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Number of
Ordinary Shares |
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SVB Leerink LLC
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Evercore Group L.L.C.
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Credit Suisse Securities (USA) LLC
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Total
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Total
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Per Ordinary
Share |
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No Exercise
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Full Exercise
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Public offering price
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| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions
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| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
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| | | $ | | | | | $ | | | | | $ | | | |
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