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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 3.06% | 13.46 | 10.00 | 19.00 | 13.98 | 13.35 | 13.57 | 4,630,191 | 05:00:05 |
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
x
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
¨
|
(do not check if smaller reporting company)
|
Emerging Growth Company
¨
|
|
|
|
|
|
Page No.
|
|
||
Condensed Consolidated
Financial Statements
|
|
|
|
Condensed Consolidated
Balance Sheets as of
March 31, 2018 and
June 30, 2017 (unaudited)
|
|
|
Condensed Consolidated Statements of Operations and Comprehensive Loss for the
three and nine months ended March 31, 2018 and 2017 (unaudited)
|
|
|
Condensed Consolidated Statement of Stockholders' Equity for the nine months ended March 31, 2018 (unaudited)
|
|
|
Condensed Consolidated
Statements of Cash Flows for the
nine months ended
March 31, 2018 and 2017 (unaudited)
|
|
|
Notes to the Unaudited Condensed
Consolidated
Financial Statements
|
|
|
|
|
|
||
|
|
|
|
||
Item 5.
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
March 31,
|
|
June 30,
|
||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
73,855
|
|
|
$
|
125,933
|
|
Marketable securities
|
364,555
|
|
|
108,390
|
|
||
Accounts receivable
|
44,158
|
|
|
31,279
|
|
||
Prepaid expenses and other current assets
|
5,222
|
|
|
4,575
|
|
||
Total current assets
|
487,790
|
|
|
270,177
|
|
||
|
|
|
|
||||
Long-term assets
|
|
|
|
||||
Marketable securities
|
1,108
|
|
|
732
|
|
||
Property and equipment, net
|
7,554
|
|
|
8,132
|
|
||
Other long-term assets
|
555
|
|
|
104
|
|
||
Total long-term assets
|
9,217
|
|
|
8,968
|
|
||
Total assets
|
$
|
497,007
|
|
|
$
|
279,145
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
11,723
|
|
|
$
|
8,636
|
|
Accrued outsourcing costs
|
34,334
|
|
|
31,388
|
|
||
Accrued compensation and benefits
|
10,345
|
|
|
10,172
|
|
||
Other accrued expenses
|
2,779
|
|
|
1,575
|
|
||
Deferred rent
|
689
|
|
|
624
|
|
||
Notes payable at fair value
|
12,800
|
|
|
—
|
|
||
Deferred revenue
|
12,419
|
|
|
17,156
|
|
||
Total current liabilities
|
85,089
|
|
|
69,551
|
|
||
|
|
|
|
||||
Long-term liabilities
|
|
|
|
||||
Deferred rent
|
5,783
|
|
|
5,714
|
|
||
Deferred revenue
|
44,945
|
|
|
57,325
|
|
||
Long-term debt, net
|
94,555
|
|
|
121,305
|
|
||
Notes payable at fair value
|
—
|
|
|
12,600
|
|
||
Other long-term liabilities
|
1,485
|
|
|
923
|
|
||
Total long-term liabilities
|
146,768
|
|
|
197,867
|
|
||
Total liabilities
|
231,857
|
|
|
267,418
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
||||
|
|
|
|
||||
Stockholders' equity
|
|
|
|
||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 280,000,000 shares authorized, 210,503,949 and 171,307,715 shares issued and outstanding as of March 31, 2018 and June 30, 2017, respectively
|
210
|
|
|
171
|
|
||
Additional paid-in capital
|
1,279,256
|
|
|
930,293
|
|
||
Accumulated other comprehensive loss
|
(757
|
)
|
|
(76
|
)
|
||
Accumulated deficit
|
(1,013,559
|
)
|
|
(918,661
|
)
|
||
Total stockholders' equity
|
265,150
|
|
|
11,727
|
|
||
Total liabilities and stockholders' equity
|
$
|
497,007
|
|
|
$
|
279,145
|
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Reimbursement revenue
|
$
|
24,751
|
|
|
$
|
26,085
|
|
|
$
|
65,338
|
|
|
$
|
85,354
|
|
Collaboration and other revenue
|
10,113
|
|
|
5,530
|
|
|
26,629
|
|
|
17,849
|
|
||||
License and milestone revenue
|
31,503
|
|
|
1,665
|
|
|
46,364
|
|
|
13,871
|
|
||||
Total revenue
|
66,367
|
|
|
33,280
|
|
|
138,331
|
|
|
117,074
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Cost of partnered programs
|
17,712
|
|
|
7,432
|
|
|
43,187
|
|
|
25,303
|
|
||||
Research and development for proprietary programs
|
53,636
|
|
|
46,069
|
|
|
137,694
|
|
|
139,101
|
|
||||
Selling, general and administrative
|
16,773
|
|
|
11,714
|
|
|
40,428
|
|
|
28,410
|
|
||||
Total operating expenses
|
88,121
|
|
|
65,215
|
|
|
221,309
|
|
|
192,814
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss from operations
|
(21,754
|
)
|
|
(31,935
|
)
|
|
(82,978
|
)
|
|
(75,740
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Loss on extinguishment and conversion of Notes
|
—
|
|
|
—
|
|
|
(6,457
|
)
|
|
—
|
|
||||
Impairment loss related to cost method investment
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,500
|
)
|
||||
Realized gains on investments and other
|
69
|
|
|
785
|
|
|
69
|
|
|
785
|
|
||||
Change in fair value of notes payable
|
(100
|
)
|
|
(1,300
|
)
|
|
(200
|
)
|
|
(2,100
|
)
|
||||
Interest income
|
1,295
|
|
|
228
|
|
|
3,075
|
|
|
510
|
|
||||
Interest expense
|
(2,361
|
)
|
|
(3,095
|
)
|
|
(8,407
|
)
|
|
(9,181
|
)
|
||||
Total other income (expense), net
|
(1,097
|
)
|
|
(3,382
|
)
|
|
(11,920
|
)
|
|
(11,486
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(22,851
|
)
|
|
$
|
(35,317
|
)
|
|
$
|
(94,898
|
)
|
|
$
|
(87,226
|
)
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized loss on marketable securities
|
(81
|
)
|
|
(36
|
)
|
|
(681
|
)
|
|
(93
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive loss
|
$
|
(22,932
|
)
|
|
$
|
(35,353
|
)
|
|
$
|
(95,579
|
)
|
|
$
|
(87,319
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic
|
208,994
|
|
|
169,020
|
|
|
194,434
|
|
|
160,689
|
|
||||
Weighted average shares outstanding – diluted
|
208,994
|
|
|
169,020
|
|
|
194,434
|
|
|
160,689
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per share – basic
|
$
|
(0.11
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
(0.54
|
)
|
Net loss per share – diluted
|
$
|
(0.11
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
(0.54
|
)
|
|
|
|
|
|
|
|
|
||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
|
|
|
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Loss
|
|
Accumulated Deficit
|
|
Total
|
|||||||||||
|
Common Stock
|
|
|
|
|
|||||||||||||||||
|
Shares
|
|
Amounts
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2017
|
171,308
|
|
|
$
|
171
|
|
|
$
|
930,293
|
|
|
$
|
(76
|
)
|
|
$
|
(918,661
|
)
|
|
$
|
11,727
|
|
Shares issued for cash under employee share plans
|
3,703
|
|
|
3
|
|
|
18,271
|
|
|
—
|
|
|
—
|
|
|
18,274
|
|
|||||
Employee share-based compensation expense
|
—
|
|
|
—
|
|
|
13,538
|
|
|
—
|
|
|
—
|
|
|
13,538
|
|
|||||
Issuance of common stock, net of offering costs / At-the-market offering
|
2,554
|
|
|
3
|
|
|
40,337
|
|
|
—
|
|
|
—
|
|
|
40,340
|
|
|||||
Issuance of common stock, net of offering costs / Public offering
|
24,070
|
|
|
24
|
|
|
242,994
|
|
|
—
|
|
|
—
|
|
|
243,018
|
|
|||||
Extinguishment of 2020 Notes
|
7,956
|
|
|
8
|
|
|
(15,705
|
)
|
|
—
|
|
|
—
|
|
|
(15,697
|
)
|
|||||
Conversion of 2020 Notes
|
913
|
|
|
1
|
|
|
5,418
|
|
|
—
|
|
|
—
|
|
|
5,419
|
|
|||||
Issuance of 2024 Notes
|
—
|
|
|
—
|
|
|
44,110
|
|
|
—
|
|
|
—
|
|
|
44,110
|
|
|||||
Change in unrealized loss on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
(681
|
)
|
|
—
|
|
|
(681
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94,898
|
)
|
|
(94,898
|
)
|
|||||
Balance as of March 31, 2018
|
210,504
|
|
|
$
|
210
|
|
|
$
|
1,279,256
|
|
|
$
|
(757
|
)
|
|
$
|
(1,013,559
|
)
|
|
$
|
265,150
|
|
|
||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
|
|
Nine Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net loss
|
$
|
(94,898
|
)
|
|
$
|
(87,226
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization expense
|
1,700
|
|
|
1,499
|
|
||
Non-cash interest expense
|
4,931
|
|
|
5,311
|
|
||
Share-based compensation expense
|
13,538
|
|
|
6,898
|
|
||
Loss on extinguishment and conversion of Notes
|
6,457
|
|
|
—
|
|
||
Realized gain from investment
|
—
|
|
|
(529
|
)
|
||
Impairment loss related to cost method investment
|
—
|
|
|
1,500
|
|
||
Financing fees on notes payable
|
—
|
|
|
240
|
|
||
Change in fair value of notes payable
|
200
|
|
|
2,100
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(12,879
|
)
|
|
6,795
|
|
||
Prepaid expenses and other assets
|
(1,098
|
)
|
|
3,040
|
|
||
Accounts payable and other accrued expenses
|
4,291
|
|
|
(1,084
|
)
|
||
Accrued outsourcing costs
|
2,946
|
|
|
11,468
|
|
||
Accrued compensation and benefits
|
173
|
|
|
(1,196
|
)
|
||
Deferred rent
|
134
|
|
|
1,721
|
|
||
Deferred revenue
|
(17,117
|
)
|
|
(7,278
|
)
|
||
Other long-term liabilities
|
468
|
|
|
80
|
|
||
Net cash used in operating activities
|
(91,154
|
)
|
|
(56,661
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
||||
Purchases of property and equipment
|
(1,122
|
)
|
|
(3,307
|
)
|
||
Purchases of marketable securities
|
(395,369
|
)
|
|
(351,438
|
)
|
||
Proceeds from sales and maturities of marketable securities
|
138,241
|
|
|
281,751
|
|
||
Proceeds from investment
|
—
|
|
|
529
|
|
||
Net cash used in investing activities
|
(258,250
|
)
|
|
(72,465
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from issuance of common stock / Public offering
|
258,750
|
|
|
132,250
|
|
||
Offering costs for issuance of common stock / Public offering
|
(15,732
|
)
|
|
(8,058
|
)
|
||
Proceeds from issuance of common stock / At-the-market offering
|
41,216
|
|
|
20,076
|
|
||
Offering costs for the issuance of common stock / At-the-market offering
|
(876
|
)
|
|
(499
|
)
|
||
Net proceeds from notes payable at fair value
|
—
|
|
|
9,760
|
|
||
Proceeds from employee stock purchases and options exercised
|
18,274
|
|
|
2,298
|
|
||
Proceeds from Silicon Valley Bank term loan
|
—
|
|
|
15,000
|
|
||
Repayment of Comerica term loan principal
|
—
|
|
|
(14,550
|
)
|
||
Payment for debt issuance costs
|
(4,306
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
297,326
|
|
|
156,277
|
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
(52,078
|
)
|
|
27,151
|
|
||
Cash and cash equivalents at beginning of period
|
125,933
|
|
|
56,598
|
|
||
Cash and cash equivalents at end of period
|
$
|
73,855
|
|
|
$
|
83,749
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
||||
Cash paid for interest
|
$
|
2,260
|
|
|
$
|
2,324
|
|
Change in unrealized loss on marketable securities
|
$
|
(681
|
)
|
|
$
|
(93
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Novartis Pharmaceuticals
|
37.3
|
%
|
|
79.7
|
%
|
|
47.2
|
%
|
|
74.1
|
%
|
ASLAN
|
34.7
|
%
|
|
—
|
%
|
|
16.6
|
%
|
|
—
|
%
|
Pierre Fabre
|
9.2
|
%
|
|
8.0
|
%
|
|
10.6
|
%
|
|
7.1
|
%
|
Loxo Oncology
|
3.6
|
%
|
|
6.1
|
%
|
|
5.9
|
%
|
|
11.4
|
%
|
|
84.8
|
%
|
|
93.8
|
%
|
|
80.3
|
%
|
|
92.6
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
North America
|
$
|
4,682
|
|
|
$
|
3,200
|
|
|
$
|
14,845
|
|
|
$
|
16,826
|
|
Europe
|
33,744
|
|
|
29,223
|
|
|
82,892
|
|
|
97,564
|
|
||||
Asia Pacific
|
27,941
|
|
|
857
|
|
|
40,594
|
|
|
2,684
|
|
||||
Total revenue
|
$
|
66,367
|
|
|
$
|
33,280
|
|
|
$
|
138,331
|
|
|
$
|
117,074
|
|
|
March 31, 2018
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Short-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
$
|
365,243
|
|
|
$
|
—
|
|
|
$
|
(757
|
)
|
|
$
|
364,486
|
|
Mutual fund securities
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
||||
|
365,312
|
|
|
—
|
|
|
(757
|
)
|
|
364,555
|
|
||||
Long-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Mutual fund securities
|
1,108
|
|
|
—
|
|
|
—
|
|
|
1,108
|
|
||||
|
1,108
|
|
|
—
|
|
|
—
|
|
|
1,108
|
|
||||
Total
|
$
|
366,420
|
|
|
$
|
—
|
|
|
$
|
(757
|
)
|
|
$
|
365,663
|
|
|
June 30, 2017
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
Short-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
$
|
108,174
|
|
|
$
|
—
|
|
|
$
|
(76
|
)
|
|
$
|
108,098
|
|
Mutual fund securities
|
292
|
|
|
—
|
|
|
—
|
|
|
292
|
|
||||
|
108,466
|
|
|
—
|
|
|
(76
|
)
|
|
108,390
|
|
||||
Long-term available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
Mutual fund securities
|
732
|
|
|
—
|
|
|
—
|
|
|
732
|
|
||||
|
732
|
|
|
—
|
|
|
—
|
|
|
732
|
|
||||
Total
|
$
|
109,198
|
|
|
$
|
—
|
|
|
$
|
(76
|
)
|
|
$
|
109,122
|
|
|
Amortized
|
|
Fair
|
||||
|
Cost
|
|
Value
|
||||
Due in one year or less
|
$
|
365,243
|
|
|
$
|
364,486
|
|
Total
|
$
|
365,243
|
|
|
$
|
364,486
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
March 31,
|
|
March 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Reimbursement revenue
|
|
|
|
|
|
|
|
|
||||||||
Novartis (1)
|
|
$
|
24,751
|
|
|
$
|
26,085
|
|
|
$
|
65,338
|
|
|
$
|
85,354
|
|
|
|
|
|
|
|
|
|
|
||||||||
Collaboration and other revenue
|
|
|
|
|
|
|
|
|||||||||
Pierre Fabre
|
|
5,347
|
|
|
1,919
|
|
|
12,370
|
|
|
6,072
|
|
||||
Loxo
|
|
2,416
|
|
|
1,937
|
|
|
7,069
|
|
|
6,742
|
|
||||
Mirati
|
|
1,376
|
|
|
875
|
|
|
4,187
|
|
|
2,625
|
|
||||
Amgen
|
|
530
|
|
|
—
|
|
|
1,530
|
|
|
—
|
|
||||
Asahi Kasei
|
|
240
|
|
|
257
|
|
|
970
|
|
|
885
|
|
||||
Seattle Genetics
|
|
148
|
|
|
71
|
|
|
254
|
|
|
123
|
|
||||
Ono
|
|
36
|
|
|
—
|
|
|
123
|
|
|
—
|
|
||||
Novartis (2)
|
|
—
|
|
|
450
|
|
|
—
|
|
|
1,350
|
|
||||
Other partners
|
|
20
|
|
|
21
|
|
|
126
|
|
|
52
|
|
||||
Total collaboration and other revenue
|
10,113
|
|
|
5,530
|
|
|
26,629
|
|
|
17,849
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||||
License and milestone revenue
|
|
|
|
|
|
|
|
|
||||||||
ASLAN
|
|
23,000
|
|
|
—
|
|
|
23,000
|
|
|
—
|
|
||||
Asahi Kasei
|
|
—
|
|
|
600
|
|
|
10,000
|
|
|
1,800
|
|
||||
Ono
|
|
4,665
|
|
|
—
|
|
|
6,502
|
|
|
—
|
|
||||
Pierre Fabre
|
|
750
|
|
|
750
|
|
|
2,250
|
|
|
2,250
|
|
||||
Loxo
|
|
—
|
|
|
106
|
|
|
1,107
|
|
|
6,571
|
|
||||
Mirati
|
|
208
|
|
|
209
|
|
|
625
|
|
|
625
|
|
||||
Roche
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,500
|
|
||||
Other partners
|
|
2,880
|
|
|
—
|
|
|
2,880
|
|
|
125
|
|
||||
Total license and milestone revenue
|
|
31,503
|
|
|
1,665
|
|
|
46,364
|
|
|
13,871
|
|
||||
Total revenue
|
|
$
|
66,367
|
|
|
$
|
33,280
|
|
|
$
|
138,331
|
|
|
$
|
117,074
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Represents the recognition of revenue that was deferred from the consideration received in March 2015 upon the effective date of the Termination and Asset Transfer Agreement with Novartis relating to binimetinib.
|
|
March 31,
|
|
June 30,
|
||||
|
2018
|
|
2017
|
||||
Ono
|
$
|
28,473
|
|
|
$
|
31,229
|
|
Pierre Fabre
|
23,145
|
|
|
25,395
|
|
||
Asahi Kasei
|
—
|
|
|
9,000
|
|
||
Mirati
|
2,043
|
|
|
4,167
|
|
||
Loxo
|
3,203
|
|
|
2,690
|
|
||
Amgen
|
500
|
|
|
2,000
|
|
||
Total deferred revenue
|
57,364
|
|
|
74,481
|
|
||
Less: Current portion
|
(12,419
|
)
|
|
(17,156
|
)
|
||
Deferred revenue, long-term portion
|
$
|
44,945
|
|
|
$
|
57,325
|
|
|
March 31,
|
|
June 30,
|
||||
|
2018
|
|
2017
|
||||
Notes Payable at fair value
|
$
|
12,800
|
|
|
$
|
12,600
|
|
|
|
|
|
||||
2020 convertible senior notes
|
$
|
—
|
|
|
$
|
132,250
|
|
2024 convertible senior notes
|
126,060
|
|
|
—
|
|
||
Silicon Valley Bank term loan (1)
|
16,200
|
|
|
16,200
|
|
||
Long-term debt, gross
|
142,260
|
|
|
148,450
|
|
||
Less: Unamortized debt discount and fees
|
(47,705
|
)
|
|
(27,145
|
)
|
||
Long-term debt, net
|
$
|
94,555
|
|
|
$
|
121,305
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Notes payable
|
|
|
|
|
|
|
|
||||||||
Simple interest
|
$
|
122
|
|
|
$
|
123
|
|
|
$
|
374
|
|
|
$
|
289
|
|
Fees paid
|
—
|
|
|
—
|
|
|
—
|
|
|
240
|
|
||||
Total interest expense on the notes payable at fair value
|
122
|
|
|
123
|
|
|
374
|
|
|
529
|
|
||||
Comerica Term Loan (1)
|
|
|
|
|
|
|
|
||||||||
Simple interest
|
—
|
|
|
—
|
|
|
—
|
|
|
247
|
|
||||
Amortization of prepaid fees for letters of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Total interest expense on the Comerica term loan
|
—
|
|
|
—
|
|
|
—
|
|
|
249
|
|
||||
Silicon Valley Bank Term Loan
|
|
|
|
|
|
|
|
||||||||
Simple interest
|
100
|
|
|
66
|
|
|
280
|
|
|
73
|
|
||||
Amortization of prepaid fees for line of credit
|
14
|
|
|
43
|
|
|
99
|
|
|
43
|
|
||||
Amortization of debt discount
|
80
|
|
|
84
|
|
|
242
|
|
|
84
|
|
||||
Total interest expense on the Silicon Valley Bank term loan
|
194
|
|
|
193
|
|
|
621
|
|
|
200
|
|
||||
Convertible Senior Notes
|
|
|
|
|
|
|
|
||||||||
Contractual interest
|
835
|
|
|
992
|
|
|
2,723
|
|
|
2,976
|
|
||||
Amortization of debt discount
|
1,141
|
|
|
1,691
|
|
|
4,432
|
|
|
4,946
|
|
||||
Amortization of debt issuance costs
|
69
|
|
|
96
|
|
|
257
|
|
|
281
|
|
||||
Total interest expense on convertible senior notes
|
2,045
|
|
|
2,779
|
|
|
7,412
|
|
|
8,203
|
|
||||
Total interest expense
|
$
|
2,361
|
|
|
$
|
3,095
|
|
|
$
|
8,407
|
|
|
$
|
9,181
|
|
|
|
Fair Value Measurement as of March 31, 2018
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Current Assets
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
|
$
|
364,486
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
364,486
|
|
Mutual fund securities
|
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
||||
Long-term Assets
|
|
|
|
|
|
|
|
|
||||||||
Mutual fund securities
|
|
1,108
|
|
|
—
|
|
|
—
|
|
|
1,108
|
|
||||
Total assets
|
|
$
|
365,663
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
365,663
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes payable, at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,800
|
|
|
$
|
12,800
|
|
|
|
Fair Value Measurement as of June 30, 2017
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Current Assets
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
|
$
|
108,098
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
108,098
|
|
Mutual fund securities
|
|
292
|
|
|
—
|
|
|
—
|
|
|
292
|
|
||||
Long-term Assets
|
|
|
|
|
|
|
|
|
||||||||
Mutual fund securities
|
|
732
|
|
|
—
|
|
|
—
|
|
|
732
|
|
||||
Total assets
|
|
$
|
109,122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
109,122
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Notes payable, at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,600
|
|
|
$
|
12,600
|
|
|
|
Notes Payable at Fair Value
|
||
Balance at June 30, 2017
|
|
$
|
12,600
|
|
Change in fair value
|
|
200
|
|
|
Balance at March 31, 2018
|
|
$
|
12,800
|
|
•
|
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,
|
||
|
2018
|
|
2017
|
Risk-free interest rate
|
1.6% - 2.4%
|
|
1.1% - 2.1%
|
Expected option term in years
|
3.82 - 4.10
|
|
5.5
|
Expected volatility
|
66.1% - 67.3%
|
|
57.0% - 64.5%
|
Dividend yield
|
0%
|
|
0%
|
Weighted average grant date fair value
|
$5.81
|
|
$4.46
|
|
Number of
Options |
|
Weighted
Average Exercise Price |
|
Weighted Average Remaining Contractual Term (in years)
|
|
Aggregate Intrinsic Value (in thousands)
|
|||||
Outstanding at June 30, 2017
|
14,844,028
|
|
|
$
|
5.57
|
|
|
|
|
|
||
Granted
|
4,762,409
|
|
|
$
|
11.42
|
|
|
|
|
|
||
Exercised
|
(3,440,136
|
)
|
|
$
|
5.25
|
|
|
|
|
|
||
Forfeited
|
(433,971
|
)
|
|
$
|
7.41
|
|
|
|
|
|
||
Expired or canceled
|
(10,000
|
)
|
|
$
|
11.28
|
|
|
|
|
|
||
Outstanding balance at March 31, 2018
|
15,722,330
|
|
|
$
|
7.36
|
|
|
7.8
|
|
$
|
141,289
|
|
Vested and expected to vest at March 31, 2018
|
15,700,108
|
|
|
$
|
7.36
|
|
|
7.8
|
|
$
|
141,071
|
|
Exercisable at March 31, 2018
|
5,305,220
|
|
|
$
|
5.01
|
|
|
6.0
|
|
$
|
60,011
|
|
|
Number of RSUs
|
|
Weighted
Average Grant Date Fair Value |
|||
Unvested at June 30, 2017
|
982,709
|
|
|
$
|
6.27
|
|
Granted
|
516,826
|
|
|
11.17
|
|
|
Vested
|
(193,901
|
)
|
|
6.59
|
|
|
Forfeited
|
(30,726
|
)
|
|
7.22
|
|
|
Unvested at March 31, 2018
|
1,274,908
|
|
|
$
|
8.20
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss - basic and diluted
|
$
|
(22,851
|
)
|
|
$
|
(35,317
|
)
|
|
$
|
(94,898
|
)
|
|
$
|
(87,226
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding -
basic and diluted
|
208,994
|
|
|
169,020
|
|
|
194,434
|
|
|
160,689
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Per share data:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
$
|
(0.11
|
)
|
|
$
|
(0.21
|
)
|
|
$
|
(0.49
|
)
|
|
$
|
(0.54
|
)
|
|
March 31,
|
||||
|
2018
|
|
2017
|
||
2.625% convertible senior notes
|
8,156
|
|
|
—
|
|
3.00% convertible senior notes
|
—
|
|
|
18,762
|
|
Stock options
|
15,722
|
|
|
14,719
|
|
RSUs
|
1,275
|
|
|
1,115
|
|
Total anti-dilutive common stock equivalents excluded from diluted loss per share calculation
|
25,153
|
|
|
34,596
|
|
|
Drug Candidate
|
|
Target/Disease State
|
|
Partner
|
|
Clinical Status
|
|
Encorafenib
|
|
BRAF inhibitor for cancer
|
|
Pierre Fabre Medicament SAS and Ono Pharmaceutical Co., Ltd.
|
|
Phase 3 / New Drug Application ("NDA")
|
|
Binimetinib
|
|
MEK inhibitor for cancer
|
|
Pierre Fabre Medicament SAS and Ono Pharmaceutical Co., Ltd.
|
|
Phase 3 / NDA
|
|
Selumetinib
|
|
MEK inhibitor for cancer and NF1 (1)
|
|
AstraZeneca, PLC
|
|
Phase 3
|
|
ASC08/Danoprevir
|
|
Protease inhibitor for Hepatitis C virus
|
|
Roche Holding AG
|
|
Phase 3 / China NDA
|
|
Larotrectinib / LOXO-101
|
|
PanTrk inhibitor for cancer
|
|
Loxo Oncology, Inc.
|
|
Phase 2 / Registration Trial / NDA
|
|
ARRY-797
|
|
p38 inhibitor for Lamin A/C-related dilated cardiomyopathy
|
|
Yarra Therapeutics, LLC, wholly-owned subsidiary of Array
|
|
Phase 3
|
|
Ipatasertib / GDC-0068
|
|
AKT inhibitor for cancer
|
|
Genentech, Inc.
|
|
Phase 3
|
|
Tucatinib / ONT-380
|
|
HER2 inhibitor for breast cancer
|
|
Seattle Genetics, Inc.
|
|
Phase 2 / Registration Trial
|
|
Varlitinib / ASLAN001
|
|
Pan-HER2 inhibitor for gastric or breast cancer
|
|
ASLAN Pharmaceuticals Pte Ltd.
|
|
Phase 2 / 3
|
|
Motolimod/VTX-2337
|
|
Toll-like receptor for cancer
|
|
Celgene Corp. / VentiRx Pharmaceuticals, Inc.
|
|
Phase 2
|
|
Prexasertib/LY2606368
|
|
Chk-1 inhibitor for cancer
|
|
Eli Lilly and Company
|
|
Phase 2
|
|
ARRY-382
|
|
CSF1R inhibitor for cancer
|
|
|
|
Phase 2
|
|
GDC-0575
|
|
Chk-1 inhibitor for cancer
|
|
Genentech, Inc.
|
|
Phase 1b
|
|
LOXO-292
|
|
Ret inhibitor for cancer
|
|
Loxo Oncology, Inc.
|
|
Phase 1
|
|
LOXO-195
|
|
Trk inhibitor for cancer
|
|
Loxo Oncology, Inc.
|
|
Phase 1
|
|
AK-1830
|
|
TrkA selective inhibitor for inflammation
|
|
Asahi Kasei Pharma Corporation
|
|
Phase 1
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2018 vs. 2017
|
|
March 31,
|
|
2018 vs. 2017
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
Reimbursement revenue
|
$
|
24,751
|
|
|
$
|
26,085
|
|
|
$
|
(1,334
|
)
|
|
(5
|
)%
|
|
$
|
65,338
|
|
|
$
|
85,354
|
|
|
$
|
(20,016
|
)
|
|
(23
|
)%
|
Collaboration and other revenue
|
10,113
|
|
|
5,530
|
|
|
$
|
4,583
|
|
|
83
|
%
|
|
26,629
|
|
|
17,849
|
|
|
$
|
8,780
|
|
|
49
|
%
|
||||
License and milestone revenue
|
31,503
|
|
|
1,665
|
|
|
$
|
29,838
|
|
|
1,792
|
%
|
|
46,364
|
|
|
13,871
|
|
|
$
|
32,493
|
|
|
234
|
%
|
||||
Total revenue
|
$
|
66,367
|
|
|
$
|
33,280
|
|
|
$
|
33,087
|
|
|
99
|
%
|
|
$
|
138,331
|
|
|
$
|
117,074
|
|
|
$
|
21,257
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2018 vs. 2017
|
|
March 31,
|
|
2018 vs. 2017
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
Cost of partnered programs
|
$
|
17,712
|
|
|
$
|
7,432
|
|
|
$
|
10,280
|
|
|
138
|
%
|
|
$
|
43,187
|
|
|
$
|
25,303
|
|
|
$
|
17,884
|
|
|
71
|
%
|
Research and development for proprietary programs
|
53,636
|
|
|
46,069
|
|
|
7,567
|
|
|
16
|
%
|
|
137,694
|
|
|
139,101
|
|
|
(1,407
|
)
|
|
(1
|
)%
|
||||||
Selling, general and administrative
|
16,773
|
|
|
11,714
|
|
|
5,059
|
|
|
43
|
%
|
|
40,428
|
|
|
28,410
|
|
|
12,018
|
|
|
42
|
%
|
||||||
Total operating expenses
|
$
|
88,121
|
|
|
$
|
65,215
|
|
|
$
|
22,906
|
|
|
35
|
%
|
|
$
|
221,309
|
|
|
$
|
192,814
|
|
|
$
|
28,495
|
|
|
15
|
%
|
|
Three Months Ended
|
|
Change
|
|
Nine Months Ended
|
|
Change
|
||||||||||||||||||||||
|
March 31,
|
|
2018 vs. 2017
|
|
March 31,
|
|
2018 vs. 2017
|
||||||||||||||||||||||
|
2018
|
|
2017
|
|
$
|
|
%
|
|
2018
|
|
2017
|
|
$
|
|
%
|
||||||||||||||
Realized gain on investment and other
|
$
|
69
|
|
|
$
|
785
|
|
|
(716
|
)
|
|
(a)
|
|
|
$
|
69
|
|
|
785
|
|
|
$
|
(716
|
)
|
|
(a)
|
|
||
Loss on extinguishment and conversion of Notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(a)
|
|
|
$
|
(6,457
|
)
|
|
$
|
—
|
|
|
$
|
(6,457
|
)
|
|
(a)
|
|
Impairment loss related to cost method investment
|
—
|
|
|
—
|
|
|
—
|
|
|
(a)
|
|
|
—
|
|
|
(1,500
|
)
|
|
1,500
|
|
|
(100
|
)%
|
||||||
Change in fair value of notes payable
|
(100
|
)
|
|
(1,300
|
)
|
|
1,200
|
|
|
(92
|
)%
|
|
(200
|
)
|
|
(2,100
|
)
|
|
1,900
|
|
|
(90
|
)%
|
||||||
Interest income
|
1,295
|
|
|
228
|
|
|
1,067
|
|
|
468
|
%
|
|
3,075
|
|
|
510
|
|
|
2,565
|
|
|
503
|
%
|
||||||
Interest expense
|
(2,361
|
)
|
|
(3,095
|
)
|
|
734
|
|
|
(24
|
)%
|
|
(8,407
|
)
|
|
(9,181
|
)
|
|
774
|
|
|
(8
|
)%
|
||||||
Total other income (expense), net
|
$
|
(1,097
|
)
|
|
$
|
(3,382
|
)
|
|
$
|
2,285
|
|
|
(68
|
)%
|
|
$
|
(11,920
|
)
|
|
$
|
(11,486
|
)
|
|
$
|
(434
|
)
|
|
4
|
%
|
|
March 31, 2018
|
|
June 30, 2017
|
|
$ Change
|
||||||
Cash and cash equivalents
|
$
|
73,855
|
|
|
$
|
125,933
|
|
|
$
|
(52,078
|
)
|
Marketable securities – short-term
|
364,555
|
|
|
108,390
|
|
|
256,165
|
|
|||
Marketable securities – long-term
|
1,108
|
|
|
732
|
|
|
376
|
|
|||
Accounts receivable
|
44,158
|
|
|
31,279
|
|
|
12,879
|
|
|||
Total
|
$
|
483,676
|
|
|
$
|
266,334
|
|
|
$
|
217,342
|
|
|
Nine Months Ended March 31,
|
|
|
||||||||
|
2018
|
|
2017
|
|
$ Change
|
||||||
Cash flows provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
(91,154
|
)
|
|
$
|
(56,661
|
)
|
|
$
|
(34,493
|
)
|
Investing activities
|
(258,250
|
)
|
|
(72,465
|
)
|
|
(185,785
|
)
|
|||
Financing activities
|
297,326
|
|
|
156,277
|
|
|
141,049
|
|
|||
Total
|
$
|
(52,078
|
)
|
|
$
|
27,151
|
|
|
$
|
(79,229
|
)
|
|
|
|
|
Incorporated by Reference
|
||||
Exhibit Number
|
|
Description of Exhibit
|
|
Form
|
|
File No.
|
|
Date Filed
|
3.1
|
|
|
10-K
|
|
001-16633
|
|
8/19/2016
|
|
3.2
|
|
|
10-Q
|
|
001-16633
|
|
2/6/2018
|
|
4.1
|
|
|
S-1/A
|
|
333-45922
|
|
10/27/2000
|
|
4.2
|
|
Indenture, dated as of December 1, 2017, by and between Array BioPharma Inc. and the Bank of New York Mellon Trust Company, N.A.
|
|
8-K
|
|
001-16633
|
|
12/4/2017
|
4.3
|
|
Form of 2.625% Convertible Senior Notes due 2024
|
|
8-K
|
|
001-16633
|
|
12/4/2017
|
5.1
|
|
|
Filed herewith
|
|||||
10.1
|
|
|
Filed herewith
|
|||||
31.1
|
|
|
Filed herewith
|
|||||
31.2
|
|
|
Filed herewith
|
|||||
32.1
|
|
|
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
|
By:
|
/s/ RON SQUARER
|
|
Ron Squarer
|
|
Chief Executive Officer
|
|
|
|
|
By:
|
/s/ JASON HADDOCK
|
|
Jason Haddock
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
1 Year Array Technologies Chart |
1 Month Array Technologies Chart |
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