| | ||||||||||||||||||||||||||||
Title of each class of securities
to be registered |
| | |
Amount to be
registered |
| | |
Proposed maximum
offering price per unit |
| | |
Proposed maximum
aggregate offering price |
| | |
Amount of
registration fee(1) |
| ||||||||||||
Ordinary Shares, $0.00001 par value
|
| | | | | 7,705,000(2) | | | | | | $ | 15.00 | | | | | | $ | 115,575,000 | | | | | | $ | 12,609.24 | | |
| | |
Per share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 15.00 | | | | | $ | 100,500,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.90 | | | | | $ | 6,030,000 | | |
Proceeds, before expenses, to us
|
| | | $ | 14.10 | | | | | $ | 94,470,000 | | |
|
SVB Leerink
|
| |
Evercore
|
| |
Credit Suisse
|
|
|
H.C. Wainwright & Co.
|
|
| | |
Page
|
| |||
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 | | | | | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
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| | | | | 17 | | | |
| | | | | 17 | | | |
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| | | | | 20 | | | |
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| | | | | 21 | | | |
| | | | | 21 | | | |
| | | | | 21 | | | |
| | | | | 21 | | |
| | |
Year Ended December 31,
|
| |
Three Months
Ended March 31, |
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2021
|
| |
2020
|
| |||||||||||||||
| | |
(In thousands, except per share data)
|
| |||||||||||||||||||||||||||
Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product sales
|
| | | $ | — | | | | | $ | — | | | | | $ | 15,304 | | | | | $ | — | | | | | $ | — | | |
Collaboration revenue
|
| | | | 26,464 | | | | | | 31,250 | | | | | | 41,791 | | | | | | 3,872 | | | | | | 6,632 | | |
Licensing revenue
|
| | | | 1,500 | | | | | | 28,500 | | | | | | — | | | | | | — | | | | | | 1,500 | | |
Viatris collaboration agreement
|
| | | | 43,893 | | | | | | 13,664 | | | | | | 3,275 | | | | | | 10,385 | | | | | | 11,730 | | |
Total revenue
|
| | | | 71,857 | | | | | | 73,414 | | | | | | 60,370 | | | | | | 14,257 | | | | | | 19,862 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | — | | | | | | — | | | | | | 715 | | | | | | — | | | | | | — | | |
Research and development(1)
|
| | | | 260,953 | | | | | | 219,248 | | | | | | 201,348 | | | | | | 67,599 | | | | | | 66,013 | | |
Selling, general and administrative(1)
|
| | | | 108,661 | | | | | | 106,081 | | | | | | 97,058 | | | | | | 30,550 | | | | | | 26,325 | | |
Total costs and expenses
|
| | | | 369,614 | | | | | | 325,329 | | | | | | 299,121 | | | | | | 98,149 | | | | | | 92,338 | | |
Loss from operations
|
| | | | (297,757) | | | | | | (251,915) | | | | | | (238,751) | | | | | | (83,892) | | | | | | (72,476) | | |
Income from investment in TRC, LLC
|
| | | | 68,438 | | | | | | 33,705 | | | | | | 11,182 | | | | | | 16,547 | | | | | | 13,515 | | |
Interest expense
|
| | | | (44,585) | | | | | | (31,862) | | | | | | (10,482) | | | | | | (11,873) | | | | | | (9,941) | | |
Loss on extinguishment of debt
|
| | | | (15,464) | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,464) | | |
Interest and other income (loss), net
|
| | | | 2,831 | | | | | | 8,395 | | | | | | 11,966 | | | | | | (234) | | | | | | 1,460 | | |
Loss before income taxes
|
| | | | (286,537) | | | | | | (241,677) | | | | | | (226,085) | | | | | | (79,452) | | | | | | (82,906) | | |
Provision for income tax benefit
|
| | | | 8,520 | | | | | | 5,222 | | | | | | 10,561 | | | | | | (227) | | | | | | (147) | | |
Net loss
|
| | | $ | (278,017) | | | | | $ | (236,455) | | | | | $ | (215,524) | | | | | $ | (79,679) | | | | | $ | (83,053) | | |
Net loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share
|
| | | $ | (4.46) | | | | | $ | (4.25) | | | | | $ | (3.99) | | | | | $ | (1.24) | | | | | $ | (1.40) | | |
Shares used to compute basic and diluted net loss per share
|
| | | | 62,345 | | | | | | 55,610 | | | | | | 53,969 | | | | | | 64,493 | | | | | | 59,463 | | |
| | |
Year Ended December 31,
|
| |
Three Months
Ended March 31, |
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2021
|
| |
2020
|
| |||||||||||||||
Research and development | | | | $ | 31,294 | | | | | $ | 28,953 | | | | | $ | 25,563 | | | | | $ | 7,921 | | | | | $ | 7,865 | | |
Selling, general and administrative
|
| | | | 31,682 | | | | | | 31,497 | | | | | | 25,750 | | | | | | 7,911 | | | | | | 7,411 | | |
Total share-based compensation expense
|
| | | $ | 62,976 | | | | | $ | 60,450 | | | | | $ | 51,313 | | | | | $ | 15,832 | | | | | $ | 15,276 | | |
| | |
As of
|
| |||||||||||||||||||||
| | |
December 31,
|
| |
March 31,
2021 |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||
Consolidated Balance Sheets Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash, cash equivalents and marketable securities
|
| | | $ | 292,941 | | | | | $ | 285,816 | | | | | $ | 517,145 | | | | | $ | 209,968 | | |
Working capital(1)
|
| | | | 269,770 | | | | | | 226,785 | | | | | | 434,269 | | | | | | 206,579 | | |
Total assets
|
| | | | 469,057 | | | | | | 408,826 | | | | | | 560,235 | | | | | | 375,108 | | |
Convertible senior notes due 2023, net
|
| | | | 226,963 | | | | | | 225,890 | | | | | | 224,818 | | | | | | 227,230 | | |
Non-recourse notes due 2035, net(2)
|
| | | | 372,873 | | | | | | — | | | | | | — | | | | | | 375,181 | | |
Non-recourse notes due 2033, net(2)
|
| | | | — | | | | | | 219,300 | | | | | | 229,535 | | | | | | — | | |
Accumulated deficit
|
| | | | (1,526,617) | | | | | | (1,248,600) | | | | | | (1,012,145) | | | | | | (1,606,296) | | |
Total shareholders’ deficit
|
| | | | (303,751) | | | | | | (233,840) | | | | | | (51,589) | | | | | | (373,218) | | |
|
Public offering price per share
|
| | | | | | | | | $ | 15.00 | | |
|
Net tangible book value per share as of March 31, 2021
|
| | | $ | (5.73) | | | | | | | | |
|
Increase per share attributable to new investors
|
| | | | 1.84 | | | | | | | | |
|
As-adjusted net tangible book value per share after this offering
|
| | | | | | | | | | (3.89) | | |
|
Dilution per share to new investors
|
| | | | | | | | | $ | 18.89 | | |
Underwriter
|
| |
Number of
Ordinary Shares |
| |||
SVB Leerink LLC
|
| | | | 2,680,000 | | |
Evercore Group L.L.C.
|
| | | | 2,345,000 | | |
Credit Suisse Securities (USA) LLC
|
| | | | 1,340,000 | | |
H.C. Wainwright & Co., LLC
|
| | | | 335,000 | | |
Total
|
| | | | 6,700,000 | | |
| | | | | | | | |
Total
|
| |||||||||
| | |
Per Ordinary
Share |
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
Public offering price
|
| | | $ | 15.00 | | | | | $ | 100,500,000 | | | | | $ | 115,575,000 | | |
Underwriting discounts and commissions
|
| | | $ | 0.90 | | | | | $ | 6,030,000 | | | | | $ | 6,934,500 | | |
Proceeds, before expenses, to us
|
| | | $ | 14.10 | | | | | $ | 94,470,000 | | | | | $ | 108,640,500 | | |
| | |
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