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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Array Technologies Inc | NASDAQ:ARRY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.46 | 3.85% | 12.40 | 12.21 | 12.55 | 13.03 | 11.91 | 11.91 | 4,200,277 | 00:55:06 |
Delaware
|
84-1460811
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
3200 Walnut Street, Boulder, CO
|
80301
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
|
(303) 381-6600
|
|
(Registrant’s Telephone Number, Including Area Code)
|
Large Accelerated Filer
¨
|
Accelerated Filer
x
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
¨
|
(do not check if smaller reporting company)
|
|
|
|
|
|
|
Page No.
|
PART I
|
|
|
Condensed
Financial Statements
|
|
|
|
Condensed
Balance Sheets as of
March 31, 2016 and June 30, 2015 (unaudited)
|
|
|
Condensed Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended March 31, 2016 and 2015 (unaudited)
|
|
|
Condensed Statement of Stockholders' Equity (Deficit) for the nine months ended March 31, 2016 (unaudited)
|
|
|
Condensed
Statements of Cash Flows for the
nine months ended March 31, 2016 and 2015 (unaudited)
|
|
|
||
|
|
|
|
|
|
PART II
|
|
|
|
|
|
|
|
|
|
||
|
|
|
March 31,
|
|
June 30,
|
||||
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
62,458
|
|
|
$
|
55,691
|
|
Marketable securities
|
55,398
|
|
|
122,635
|
|
||
Accounts receivable
|
62,921
|
|
|
6,307
|
|
||
Prepaid expenses and other current assets
|
6,748
|
|
|
6,414
|
|
||
Total current assets
|
187,525
|
|
|
191,047
|
|
||
|
|
|
|
||||
Long-term assets
|
|
|
|
||||
Marketable securities
|
540
|
|
|
496
|
|
||
Property and equipment, net
|
6,498
|
|
|
5,050
|
|
||
Other long-term assets
|
1,621
|
|
|
1,614
|
|
||
Total long-term assets
|
8,659
|
|
|
7,160
|
|
||
Total assets
|
$
|
196,184
|
|
|
$
|
198,207
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
15,568
|
|
|
$
|
4,570
|
|
Accrued outsourcing costs
|
23,222
|
|
|
17,402
|
|
||
Accrued compensation and benefits
|
6,713
|
|
|
7,507
|
|
||
Other accrued expenses
|
2,356
|
|
|
2,714
|
|
||
Deferred rent
|
630
|
|
|
1,285
|
|
||
Deferred revenue
|
10,991
|
|
|
8,946
|
|
||
Total current liabilities
|
59,480
|
|
|
42,424
|
|
||
|
|
|
|
||||
Long-term liabilities
|
|
|
|
||||
Deferred rent
|
3,609
|
|
|
3,314
|
|
||
Deferred revenue
|
35,359
|
|
|
2,040
|
|
||
Long-term debt, net
|
111,999
|
|
|
107,280
|
|
||
Other long-term liabilities
|
540
|
|
|
496
|
|
||
Total long-term liabilities
|
151,507
|
|
|
113,130
|
|
||
Total liabilities
|
210,987
|
|
|
155,554
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
|
|
|
|
||||
Stockholders' equity (deficit)
|
|
|
|
||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 220,000,000 shares authorized, 143,387,065 and 142,107,025 shares issued and outstanding as of March 31, 2016 and June 30, 2015, respectively
|
143
|
|
|
142
|
|
||
Additional paid-in capital
|
761,433
|
|
|
751,073
|
|
||
Accumulated other comprehensive income
|
14
|
|
|
5
|
|
||
Accumulated deficit
|
(776,393
|
)
|
|
(708,567
|
)
|
||
Total stockholders' equity (deficit)
|
(14,803
|
)
|
|
42,653
|
|
||
Total liabilities and stockholders' equity (deficit)
|
$
|
196,184
|
|
|
$
|
198,207
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these unaudited condensed financial statements.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Reimbursement revenue
|
$
|
36,941
|
|
|
$
|
1,340
|
|
|
$
|
73,912
|
|
|
$
|
1,340
|
|
Collaboration and other revenue
|
5,249
|
|
|
5,162
|
|
|
18,800
|
|
|
17,882
|
|
||||
License and milestone revenue
|
857
|
|
|
99
|
|
|
1,962
|
|
|
20,367
|
|
||||
Total revenue
|
43,047
|
|
|
6,601
|
|
|
94,674
|
|
|
39,589
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Cost of partnered programs
|
5,847
|
|
|
12,140
|
|
|
17,722
|
|
|
37,415
|
|
||||
Research and development for proprietary programs
|
48,802
|
|
|
11,817
|
|
|
111,151
|
|
|
35,824
|
|
||||
General and administrative
|
8,406
|
|
|
8,187
|
|
|
25,702
|
|
|
23,064
|
|
||||
Total operating expenses
|
63,055
|
|
|
32,144
|
|
|
154,575
|
|
|
96,303
|
|
||||
Gain on the Binimetinib and Encorafenib Agreements, net
|
—
|
|
|
80,010
|
|
|
—
|
|
|
80,010
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) from operations
|
(20,008
|
)
|
|
54,467
|
|
|
(59,901
|
)
|
|
23,296
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Realized gain from marketable securities, net
|
—
|
|
|
6,402
|
|
|
—
|
|
|
6,402
|
|
||||
Interest income
|
76
|
|
|
15
|
|
|
167
|
|
|
36
|
|
||||
Interest expense
|
(2,743
|
)
|
|
(2,577
|
)
|
|
(8,092
|
)
|
|
(7,631
|
)
|
||||
Total other income (expense), net
|
(2,667
|
)
|
|
3,840
|
|
|
(7,925
|
)
|
|
(1,193
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
(22,675
|
)
|
|
$
|
58,307
|
|
|
$
|
(67,826
|
)
|
|
$
|
22,103
|
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized gain (loss) on marketable securities
|
51
|
|
|
(3,665
|
)
|
|
9
|
|
|
9,796
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income (loss)
|
$
|
(22,624
|
)
|
|
$
|
54,642
|
|
|
$
|
(67,817
|
)
|
|
$
|
31,899
|
|
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) per share – basic
|
$
|
(0.16
|
)
|
|
$
|
0.42
|
|
|
$
|
(0.47
|
)
|
|
$
|
0.16
|
|
Net earnings (loss) per share – diluted
|
$
|
(0.16
|
)
|
|
$
|
0.37
|
|
|
$
|
(0.47
|
)
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic
|
143,338
|
|
|
139,769
|
|
|
142,792
|
|
|
135,113
|
|
||||
Weighted average shares outstanding – diluted
|
143,338
|
|
|
166,265
|
|
|
142,792
|
|
|
138,573
|
|
||||
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these unaudited condensed financial statements.
|
|
|
|
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income
|
|
Accumulated Deficit
|
|
Total
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amounts
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2015
|
142,107
|
|
|
$
|
142
|
|
|
$
|
751,073
|
|
|
$
|
5
|
|
|
$
|
(708,567
|
)
|
|
$
|
42,653
|
|
Shares issued for cash under employee share plans, net
|
725
|
|
|
1
|
|
|
2,059
|
|
|
—
|
|
|
—
|
|
|
2,060
|
|
|||||
Employee share-based compensation expense
|
—
|
|
|
—
|
|
|
5,417
|
|
|
—
|
|
|
—
|
|
|
5,417
|
|
|||||
Issuance of common stock, net of offering costs
|
555
|
|
|
—
|
|
|
2,884
|
|
|
—
|
|
|
—
|
|
|
2,884
|
|
|||||
Change in unrealized gains on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67,826
|
)
|
|
(67,826
|
)
|
|||||
Balance as of March 31, 2016
|
143,387
|
|
|
$
|
143
|
|
|
$
|
761,433
|
|
|
$
|
14
|
|
|
$
|
(776,393
|
)
|
|
$
|
(14,803
|
)
|
|
||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed financial statements.
|
|
Nine Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
(67,826
|
)
|
|
$
|
22,103
|
|
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation and amortization expense
|
1,278
|
|
|
2,776
|
|
||
Non-cash interest expense
|
4,719
|
|
|
4,295
|
|
||
Share-based compensation expense
|
5,417
|
|
|
5,126
|
|
||
Extinguishment of co-development liability, net
|
—
|
|
|
(21,610
|
)
|
||
Realized gain from marketable securities, net
|
—
|
|
|
(6,402
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(44,614
|
)
|
|
(3,401
|
)
|
||
Prepaid expenses and other assets
|
(341
|
)
|
|
809
|
|
||
Accounts payable and other accrued expenses
|
10,640
|
|
|
1,253
|
|
||
Accrued outsourcing costs
|
5,820
|
|
|
4,896
|
|
||
Accrued compensation and benefits
|
(794
|
)
|
|
(1,532
|
)
|
||
Co-development liability
|
—
|
|
|
12,169
|
|
||
Deferred rent
|
(360
|
)
|
|
(2,795
|
)
|
||
Deferred revenue
|
23,364
|
|
|
3,914
|
|
||
Other long-term liabilities
|
69
|
|
|
(129
|
)
|
||
Net cash (used in) provided by operating activities
|
(62,628
|
)
|
|
21,472
|
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment
|
(2,726
|
)
|
|
(2,074
|
)
|
||
Purchases of marketable securities
|
(101,968
|
)
|
|
(94,420
|
)
|
||
Proceeds from sales and maturities of marketable securities
|
169,145
|
|
|
109,054
|
|
||
Net cash provided by investing activities
|
64,451
|
|
|
12,560
|
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from the issuance of common stock
|
2,952
|
|
|
36,057
|
|
||
Proceeds from employee stock purchases and options exercised
|
2,060
|
|
|
3,517
|
|
||
Payment of stock offering costs
|
(68
|
)
|
|
(727
|
)
|
||
Net cash provided by financing activities
|
4,944
|
|
|
38,847
|
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents
|
6,767
|
|
|
72,879
|
|
||
Cash and cash equivalents at beginning of period
|
55,691
|
|
|
68,591
|
|
||
Cash and cash equivalents at end of period
|
$
|
62,458
|
|
|
$
|
141,470
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
||||
Cash paid for interest
|
$
|
2,352
|
|
|
$
|
2,342
|
|
Change in unrealized gain on marketable securities
|
$
|
9
|
|
|
$
|
9,796
|
|
Receivable and corresponding deferred revenue related to collaboration and license agreements
|
$
|
12,000
|
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Novartis
|
87.9
|
%
|
|
24.8
|
%
|
|
80.9
|
%
|
|
4.1
|
%
|
Loxo
|
6.2
|
|
|
31.9
|
|
|
9.9
|
|
|
16.2
|
|
Biogen Idec
|
—
|
|
|
17.5
|
|
|
3.0
|
|
|
8.8
|
|
Celgene
|
1.8
|
|
|
10.9
|
|
|
2.3
|
|
|
8.6
|
|
Oncothyreon
|
0.1
|
|
|
4.1
|
|
|
0.1
|
|
|
55.2
|
|
|
96.0
|
%
|
|
89.2
|
%
|
|
96.2
|
%
|
|
92.9
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
North America
|
$
|
4,432
|
|
|
$
|
4,937
|
|
|
$
|
17,158
|
|
|
$
|
37,810
|
|
Europe
|
38,615
|
|
|
1,664
|
|
|
77,516
|
|
|
1,710
|
|
||||
Asia Pacific
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
||||
Total revenue
|
$
|
43,047
|
|
|
$
|
6,601
|
|
|
$
|
94,674
|
|
|
$
|
39,589
|
|
|
March 31, 2016
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Short-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
$
|
55,165
|
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
55,179
|
|
Mutual fund securities
|
219
|
|
|
—
|
|
|
—
|
|
|
219
|
|
||||
|
55,384
|
|
|
14
|
|
|
—
|
|
|
55,398
|
|
||||
Long-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Mutual fund securities
|
540
|
|
|
—
|
|
|
—
|
|
|
540
|
|
||||
|
540
|
|
|
—
|
|
|
—
|
|
|
540
|
|
||||
Total
|
$
|
55,924
|
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
55,938
|
|
|
June 30, 2015
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Short-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
$
|
122,199
|
|
|
$
|
8
|
|
|
$
|
(3
|
)
|
|
$
|
122,204
|
|
Mutual fund securities
|
431
|
|
|
—
|
|
|
—
|
|
|
431
|
|
||||
|
122,630
|
|
|
8
|
|
|
(3
|
)
|
|
122,635
|
|
||||
Long-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Mutual fund securities
|
496
|
|
|
—
|
|
|
—
|
|
|
496
|
|
||||
|
496
|
|
|
—
|
|
|
—
|
|
|
496
|
|
||||
Total
|
$
|
123,126
|
|
|
$
|
8
|
|
|
$
|
(3
|
)
|
|
$
|
123,131
|
|
|
Amortized
|
|
Fair
|
||||
|
Cost
|
|
Value
|
||||
Due in one year or less
|
$
|
55,165
|
|
|
$
|
55,179
|
|
Total
|
$
|
55,165
|
|
|
$
|
55,179
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
March 31,
|
|
March 31,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Reimbursement revenue
|
|
|
|
|
|
|
|
|
||||||||
Novartis (1)
|
|
$
|
36,941
|
|
|
$
|
1,340
|
|
|
$
|
73,912
|
|
|
$
|
1,340
|
|
|
|
|
|
|
|
|
|
|
||||||||
Collaboration and other revenue
|
|
|
|
|
|
|
|
|||||||||
Loxo
|
|
2,568
|
|
|
2,105
|
|
|
8,287
|
|
|
6,408
|
|
||||
Biogen Idec
|
|
—
|
|
|
1,153
|
|
|
2,816
|
|
|
3,468
|
|
||||
Novartis (2)
|
|
900
|
|
|
300
|
|
|
2,700
|
|
|
300
|
|
||||
Celgene
|
|
782
|
|
|
721
|
|
|
2,224
|
|
|
3,411
|
|
||||
Mirati
|
|
900
|
|
|
—
|
|
|
2,474
|
|
|
—
|
|
||||
Oncothyreon
|
|
63
|
|
|
273
|
|
|
107
|
|
|
1,840
|
|
||||
Other partners
|
|
36
|
|
|
610
|
|
|
192
|
|
|
2,455
|
|
||||
Total collaboration and other revenue
|
5,249
|
|
|
5,162
|
|
|
18,800
|
|
|
17,882
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||||
License and milestone revenue
|
|
|
|
|
|
|
|
|
||||||||
Oncothyreon
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,000
|
|
||||
Loxo
|
|
107
|
|
|
—
|
|
|
1,107
|
|
|
—
|
|
||||
Pierre Fabre
|
|
750
|
|
|
—
|
|
|
855
|
|
|
—
|
|
||||
Genentech
|
|
—
|
|
|
99
|
|
|
—
|
|
|
367
|
|
||||
Total license and milestone revenue
|
|
857
|
|
|
99
|
|
|
1,962
|
|
|
20,367
|
|
||||
Total revenue
|
|
$
|
43,047
|
|
|
$
|
6,601
|
|
|
$
|
94,674
|
|
|
$
|
39,589
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Represents the recognition of revenue that was deferred from the consideration received in March 2015 upon the effective date of the Binimetinib Agreement (see discussion below).
|
|
March 31,
|
|
June 30,
|
||||
|
2016
|
|
2015
|
||||
Pierre Fabre
|
$
|
29,145
|
|
|
$
|
—
|
|
Asahi Kasei
|
12,000
|
|
|
—
|
|
||
Novartis
|
2,700
|
|
|
5,400
|
|
||
Loxo
|
1,599
|
|
|
921
|
|
||
Celgene
|
902
|
|
|
3,126
|
|
||
Biogen Idec
|
—
|
|
|
1,125
|
|
||
Mirati
|
—
|
|
|
400
|
|
||
Other partners
|
4
|
|
|
14
|
|
||
Total deferred revenue
|
46,350
|
|
|
10,986
|
|
||
Less: Current portion
|
(10,991
|
)
|
|
(8,946
|
)
|
||
Deferred revenue, long-term portion
|
$
|
35,359
|
|
|
$
|
2,040
|
|
•
|
COLUMBUS trial: Novartis will be responsible for continued conduct of the ongoing Phase 3 BRAF melanoma clinical trial through completion of last patient first visit, but no later than June 30, 2016, before transitioning conduct of the trial to Array.
|
•
|
NEMO trial: Novartis will conduct the Phase 3 NRAS melanoma clinical trial through no later than June 30, 2016, before transitioning conduct of the trial to Array.
|
•
|
Other trials: Novartis conducts all other Novartis-sponsored trials, including a series of planned clinical pharmacology and pediatric trials, through December 31, 2015, and will transfer at other designated times all ongoing and planned investigator sponsored clinical trials.
|
|
March 31,
|
|
June 30,
|
||||
|
2016
|
|
2015
|
||||
Comerica term loan
|
$
|
14,550
|
|
|
$
|
14,550
|
|
Convertible senior notes
|
132,250
|
|
|
132,250
|
|
||
Long-term debt, gross
|
146,800
|
|
|
146,800
|
|
||
Less: Unamortized debt discount and fees
|
(34,801
|
)
|
|
(39,520
|
)
|
||
Long-term debt, net
|
$
|
111,999
|
|
|
$
|
107,280
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Comerica Term Loan
|
|
|
|
|
|
|
|
||||||||
Simple interest
|
$
|
130
|
|
|
$
|
117
|
|
|
$
|
372
|
|
|
$
|
360
|
|
Amortization of fees paid for letters of credit
|
8
|
|
|
11
|
|
|
25
|
|
|
34
|
|
||||
Total interest expense on the Comerica term loan
|
138
|
|
|
128
|
|
|
397
|
|
|
394
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Convertible Senior Notes
|
|
|
|
|
|
|
|
||||||||
Contractual interest
|
992
|
|
|
992
|
|
|
2,976
|
|
|
2,976
|
|
||||
Amortization of debt discount
|
1,527
|
|
|
1,379
|
|
|
4,466
|
|
|
4,033
|
|
||||
Amortization of debt issuance costs
|
86
|
|
|
78
|
|
|
253
|
|
|
228
|
|
||||
Total interest expense on the convertible senior notes
|
2,605
|
|
|
2,449
|
|
|
7,695
|
|
|
7,237
|
|
||||
Total interest expense
|
$
|
2,743
|
|
|
$
|
2,577
|
|
|
$
|
8,092
|
|
|
$
|
7,631
|
|
•
|
Risk-free interest rate - The Company determines the risk-free interest rate by using a weighted average assumption equivalent to the expected term based on the U.S. Treasury constant maturity rate.
|
•
|
Expected term - The Company estimates the expected term of its options based upon historical exercises and post-vesting termination behavior.
|
•
|
Expected volatility - The Company estimates expected volatility using daily historical trading data of its common stock.
|
•
|
Dividend yield - The Company has never paid dividends and currently have no plans to do so; therefore, no dividend yield is applied.
|
|
Nine Months Ended March 31,
|
||
|
2016
|
|
2015
|
Risk-free interest rate
|
1.38% - 1.83%
|
|
1.6% - 2.0%
|
Expected option term in years
|
5.5 - 6.25
|
|
6.25
|
Expected volatility
|
55.7% - 60.1%
|
|
63.2% - 67.1%
|
Dividend yield
|
0%
|
|
0%
|
Weighted average grant date fair value
|
$2.78
|
|
$2.56
|
|
Number of
Options |
|
Weighted
Average Exercise Price |
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value (in thousands)
|
|||||
Outstanding at June 30, 2015
|
10,750,863
|
|
|
$
|
5.30
|
|
|
|
|
|
||
Granted
|
1,043,936
|
|
|
$
|
5.05
|
|
|
|
|
|
||
Exercised
|
(406,448
|
)
|
|
$
|
3.44
|
|
|
|
|
|
||
Forfeited
|
(1,123,115
|
)
|
|
$
|
6.21
|
|
|
|
|
|
||
Expired or canceled
|
(714,750
|
)
|
|
$
|
5.82
|
|
|
|
|
|
||
Outstanding balance at March 31, 2016
|
9,550,486
|
|
|
$
|
5.21
|
|
|
6.8
|
|
$
|
108
|
|
Vested and expected to vest at March 31, 2016
|
8,391,491
|
|
|
$
|
5.11
|
|
|
6.6
|
|
$
|
102
|
|
Exercisable at March 31, 2016
|
4,474,281
|
|
|
$
|
4.67
|
|
|
5.0
|
|
$
|
94
|
|
|
Number of RSUs
|
|
Weighted
Average Grant Date Fair Value |
|||
Unvested at June 30, 2015
|
678,247
|
|
|
$
|
5.35
|
|
Granted
|
42,007
|
|
|
$
|
5.43
|
|
Vested
|
(95,891
|
)
|
|
$
|
3.65
|
|
Forfeited
|
(15,059
|
)
|
|
$
|
7.30
|
|
Unvested at March 31, 2016
|
609,304
|
|
|
$
|
5.58
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net earnings (loss) - basic
|
$
|
(22,675
|
)
|
|
$
|
58,307
|
|
|
$
|
(67,826
|
)
|
|
$
|
22,103
|
|
Interest on convertible senior notes
|
—
|
|
|
2,449
|
|
|
—
|
|
|
—
|
|
||||
Net earnings (loss) - basic and diluted
|
$
|
(22,675
|
)
|
|
$
|
60,756
|
|
|
$
|
(67,826
|
)
|
|
$
|
22,103
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - basic
|
143,338
|
|
|
139,769
|
|
|
142,792
|
|
|
135,113
|
|
||||
Convertible senior notes (1)
|
—
|
|
|
18,762
|
|
|
—
|
|
|
—
|
|
||||
Warrants
|
—
|
|
|
5,392
|
|
|
—
|
|
|
2,538
|
|
||||
Stock options
|
—
|
|
|
2,030
|
|
|
—
|
|
|
812
|
|
||||
RSUs
|
—
|
|
|
312
|
|
|
—
|
|
|
110
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding - diluted
|
143,338
|
|
|
166,265
|
|
|
142,792
|
|
|
138,573
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per share data:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.16
|
)
|
|
$
|
0.42
|
|
|
$
|
(0.47
|
)
|
|
$
|
0.16
|
|
Diluted
|
$
|
(0.16
|
)
|
|
$
|
0.37
|
|
|
$
|
(0.47
|
)
|
|
$
|
0.16
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Convertible senior notes
|
18,762
|
|
|
—
|
|
|
18,762
|
|
|
18,762
|
|
Warrants
|
12,000
|
|
|
—
|
|
|
12,000
|
|
|
—
|
|
Stock options
|
9,550
|
|
|
1,050
|
|
|
9,550
|
|
|
5,699
|
|
RSUs
|
609
|
|
|
—
|
|
|
609
|
|
|
—
|
|
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation
|
40,921
|
|
|
1,050
|
|
|
40,921
|
|
|
24,461
|
|
|
Drug Candidate
|
|
Target/Indication
|
|
Partner
|
|
Clinical Status
|
|
Binimetinib
|
|
MEK inhibitor for cancer
|
|
Pierre Fabre
|
|
Phase 3
|
|
Encorafenib
|
|
BRAF inhibitor for cancer
|
|
Pierre Fabre
|
|
Phase 3
|
|
Filanesib
|
|
Kinesin spindle protein, or KSP, inhibitor for multiple myeloma
|
|
|
|
Phase 2
|
|
ARRY-797
|
|
p38 inhibitor for Lamin A/C-related dilated cardiomyopathy
|
|
|
|
Phase 2
|
|
Selumetinib
|
|
MEK inhibitor for cancer
|
|
AstraZeneca, PLC
|
|
Phase 3
|
|
ASC08/Danoprevir
|
|
Protease inhibitor for Hepatitis C virus
|
|
Roche Holding AG
|
|
Phase 2
|
|
ASLAN001/Varlitinib
|
|
Pan-HER2 inhibitor for gastric or breast cancer
|
|
ASLAN Pharmaceuticals Pte Ltd.
|
|
Phase 2
|
|
Ipatasertib/GDC-0068
|
|
AKT inhibitor for cancer
|
|
Genentech, Inc.
|
|
Phase 2
|
|
Motolimod/VTX-2337
|
|
Toll-like receptor for cancer
|
|
VentiRx Pharmaceuticals, Inc.
|
|
Phase 2
|
|
LY2606368
|
|
Chk-1 inhibitor for cancer
|
|
Eli Lilly and Company
|
|
Phase 2
|
|
LOXO-101
|
|
PanTrk inhibitor for cancer
|
|
Loxo Oncology, Inc.
|
|
Phase 2
|
|
ONT-380/ARRY-380
|
|
HER2 inhibitor for breast cancer
|
|
Oncothyreon Inc.
|
|
Phase 2
|
|
GDC-0575
|
|
Chk-1 inhibitor for cancer
|
|
Genentech, Inc.
|
|
Phase 1b
|
|
GDC-0994
|
|
ERK inhibitor for cancer
|
|
Genentech, Inc.
|
|
Phase 1
|
|
ARRY-382
|
|
CSF1R inhibitor for cancer
|
|
|
|
Phase 1
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2016 vs. 2015
|
|
March 31,
|
|
2016 vs. 2015
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
$
|
|
%
|
||||||||||||||
Reimbursement revenue
|
$
|
36,941
|
|
|
$
|
1,340
|
|
|
$
|
35,601
|
|
|
(a)
|
|
|
$
|
73,912
|
|
|
$
|
1,340
|
|
|
$
|
72,572
|
|
|
(a)
|
|
Collaboration and other revenue
|
5,249
|
|
|
5,162
|
|
|
$
|
87
|
|
|
2
|
%
|
|
18,800
|
|
|
17,882
|
|
|
$
|
918
|
|
|
5
|
%
|
||||
License and milestone revenue
|
857
|
|
|
99
|
|
|
$
|
758
|
|
|
766
|
%
|
|
1,962
|
|
|
20,367
|
|
|
$
|
(18,405
|
)
|
|
(90
|
)%
|
||||
Total revenue
|
$
|
43,047
|
|
|
$
|
6,601
|
|
|
$
|
36,446
|
|
|
552
|
%
|
|
$
|
94,674
|
|
|
$
|
39,589
|
|
|
$
|
55,085
|
|
|
139
|
%
|
______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2016 vs. 2015
|
|
March 31,
|
|
2016 vs. 2015
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
$
|
|
%
|
||||||||||||||
Cost of partnered programs
|
$
|
5,847
|
|
|
$
|
12,140
|
|
|
$
|
(6,293
|
)
|
|
(52
|
)%
|
|
$
|
17,722
|
|
|
$
|
37,415
|
|
|
$
|
(19,693
|
)
|
|
(53
|
)%
|
Research and development for proprietary programs
|
48,802
|
|
|
11,817
|
|
|
36,985
|
|
|
313
|
%
|
|
111,151
|
|
|
35,824
|
|
|
75,327
|
|
|
210
|
%
|
||||||
General and administrative
|
8,406
|
|
|
8,187
|
|
|
219
|
|
|
3
|
%
|
|
25,702
|
|
|
23,064
|
|
|
2,638
|
|
|
11
|
%
|
||||||
Total operating expenses
|
$
|
63,055
|
|
|
$
|
32,144
|
|
|
$
|
30,911
|
|
|
96
|
%
|
|
$
|
154,575
|
|
|
$
|
96,303
|
|
|
$
|
58,272
|
|
|
61
|
%
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2016 vs. 2015
|
|
March 31,
|
|
2016 vs. 2015
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
$
|
|
%
|
||||||||||||||
Salaries, benefits and share-based compensation
|
$
|
4,942
|
|
|
$
|
3,234
|
|
|
$
|
1,708
|
|
|
53
|
%
|
|
$
|
14,397
|
|
|
$
|
9,994
|
|
|
$
|
4,403
|
|
|
44
|
%
|
Outsourced services and consulting
|
41,143
|
|
|
6,010
|
|
|
35,133
|
|
|
585
|
%
|
|
88,484
|
|
|
17,942
|
|
|
70,542
|
|
|
393
|
%
|
||||||
Laboratory supplies
|
1,148
|
|
|
1,003
|
|
|
145
|
|
|
14
|
%
|
|
3,705
|
|
|
3,147
|
|
|
558
|
|
|
18
|
%
|
||||||
Facilities and depreciation
|
1,122
|
|
|
1,273
|
|
|
(151
|
)
|
|
(12
|
)%
|
|
3,170
|
|
|
3,704
|
|
|
(534
|
)
|
|
(14
|
)%
|
||||||
Other
|
447
|
|
|
297
|
|
|
150
|
|
|
51
|
%
|
|
1,395
|
|
|
1,037
|
|
|
358
|
|
|
35
|
%
|
||||||
Total research and development expenses
|
$
|
48,802
|
|
|
$
|
11,817
|
|
|
$
|
36,985
|
|
|
313
|
%
|
|
$
|
111,151
|
|
|
$
|
35,824
|
|
|
$
|
75,327
|
|
|
210
|
%
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2016 vs. 2015
|
|
March 31,
|
|
2016 vs. 2015
|
||||||||||||||||||||||
|
2016
|
|
2015
|
|
$
|
|
%
|
|
2016
|
|
2015
|
|
$
|
|
%
|
||||||||||||||
Realized gain from marketable securities, net
|
$
|
—
|
|
|
$
|
6,402
|
|
|
(6,402
|
)
|
|
(a)
|
|
|
$
|
—
|
|
|
6,402
|
|
|
$
|
(6,402
|
)
|
|
(a)
|
|
||
Interest income
|
76
|
|
|
15
|
|
|
61
|
|
|
407
|
%
|
|
167
|
|
|
36
|
|
|
131
|
|
|
364
|
%
|
||||||
Interest expense
|
(2,743
|
)
|
|
(2,577
|
)
|
|
(166
|
)
|
|
(6
|
)%
|
|
(8,092
|
)
|
|
(7,631
|
)
|
|
(461
|
)
|
|
(6
|
)%
|
||||||
Total other income (expense), net
|
$
|
(2,667
|
)
|
|
$
|
3,840
|
|
|
$
|
(6,507
|
)
|
|
169
|
%
|
|
$
|
(7,925
|
)
|
|
$
|
(1,193
|
)
|
|
$
|
(6,732
|
)
|
|
(564
|
)%
|
|
March 31, 2016
|
|
June 30, 2015
|
|
$ Change
|
||||||
Cash and cash equivalents
|
$
|
62,458
|
|
|
$
|
55,691
|
|
|
$
|
6,767
|
|
Marketable securities – short-term
|
55,398
|
|
|
122,635
|
|
|
(67,237
|
)
|
|||
Marketable securities – long-term
|
540
|
|
|
496
|
|
|
44
|
|
|||
Accounts receivable
|
62,921
|
|
|
6,307
|
|
|
56,614
|
|
|||
Total
|
$
|
181,317
|
|
|
$
|
185,129
|
|
|
$
|
(3,812
|
)
|
|
Nine Months Ended March 31,
|
|
|
||||||||
|
2016
|
|
2015
|
|
$ Change
|
||||||
Cash flows provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
(62,628
|
)
|
|
$
|
21,472
|
|
|
$
|
(84,100
|
)
|
Investing activities
|
64,451
|
|
|
12,560
|
|
|
51,891
|
|
|||
Financing activities
|
4,944
|
|
|
38,847
|
|
|
(33,903
|
)
|
|||
Total
|
$
|
6,767
|
|
|
$
|
72,879
|
|
|
$
|
(66,112
|
)
|
By:
|
/s/ RON SQUARER
|
|
Ron Squarer
|
|
Chief Executive Officer
|
|
|
|
|
By:
|
/s/ DAVID JAY HORIN
|
|
David Jay Horin
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
Incorporated by Reference
|
||||
Exhibit Number
|
|
Description of Exhibit
|
|
Form
|
|
File No.
|
|
Date Filed
|
3.1
|
|
Amended and Restated Certificate of Incorporation of Array BioPharma Inc.
|
|
S-1/A
|
|
333-45922
|
|
10/27/2000
|
3.2
|
|
Amendment to Amended and Restated Certificate of Incorporation of Array BioPharma Inc.
|
|
8-K
|
|
001-16633
|
|
11/6/2007
|
3.3
|
|
Amendment to Amended and Restated Certificate of Incorporation of Array BioPharma Inc.
|
|
8-K
|
|
001-16633
|
|
10/29/2012
|
3.4
|
|
Amendment to Amended and Restated Certificate of Incorporation of Array BioPharma Inc.
|
|
DEF-14A
|
|
001-16633
|
|
9/18/2015
|
3.5
|
|
Bylaws of Array BioPharma Inc., as amended and restated on October 30, 2008
|
|
8-K
|
|
001-16633
|
|
11/4/2008
|
4.1
|
|
Specimen certificate representing the common stock
|
|
S-1/A
|
|
333-45922
|
|
10/27/2000
|
4.2
|
|
Registration Rights Agreement, dated May 15, 2009, between the registrant and Deerfield Private Design Fund, L.P. and Deerfield Private Design International, L.P.
|
|
10-K
|
|
001-16633
|
|
8/18/2009
|
4.3
|
|
Form of Warrant to purchase shares of the registrant's Common Stock issued to Deerfield Private Design Fund, L.P., Deerfield Private Design International, L.P., Deerfield Partners, L.P., Deerfield International Limited
|
|
8-K/A
|
|
001-16633
|
|
9/24/2009
|
4.4
|
|
Form of Amendment No. 1 to Warrant to purchase shares of the registrant's Common Stock issued to Deerfield Private Design Fund, L.P., Deerfield Private Design International, L.P., Deerfield Partners, L.P., Deerfield International Limited
|
|
8-K
|
|
001-16633
|
|
5/3/2011
|
4.5
|
|
Indenture dated June 10, 2013 by and between Array BioPharma Inc. and Wells Fargo Bank, National Association, as Trustee
|
|
8-K
|
|
001-16633
|
|
6/10/2013
|
4.6
|
|
First Supplemental Indenture dated June 10, 2013 by and between Array BioPharma Inc. and Wells Fargo Bank, National Association, as Trustee
|
|
8-K
|
|
001-16633
|
|
6/10/2013
|
4.7
|
|
Form of global note for the 3.00% Convertible Senior Notes Due 2020
|
|
8-K
|
|
001-16633
|
|
6/10/2013
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended
|
|
Filed herewith
|
||||
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended
|
|
Filed herewith
|
||||
32.1
|
|
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Furnished
|
||||
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
||||
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
||||
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
||||
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
||||
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
||||
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
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