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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Accelerate Diagnostics Inc | NASDAQ:AXDX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0171 | -1.82% | 0.9248 | 0.8903 | 0.96 | 0.98 | 0.9199 | 0.94 | 26,878 | 23:39:32 |
Delaware
|
84-1072256
|
(State or other jurisdiction
|
(I.R.S. Employer Identification No.)
|
of incorporation or organization)
|
|
|
|
3950 South Country Club, Suite 470
|
|
Tucson, Arizona
|
85714
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
|
o
|
Accelerated filer
|
|
þ
|
Non-accelerated file
|
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
|
o
|
|
|
|
|
|
Unaudited
|
Audited
|
||||
|
September 30,
|
December 31,
|
||||
|
2016
|
2015
|
||||
ASSETS
|
||||||
Current assets:
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
28,731
|
|
$
|
120,585
|
|
Investments
|
61,422
|
|
11,839
|
|
||
Trade accounts receivable
|
159
|
|
77
|
|
||
Prepaid expenses
|
1,267
|
|
1,638
|
|
||
Other current assets
|
102
|
|
12
|
|
||
Total current assets
|
91,681
|
|
134,151
|
|
||
Property and equipment, net
|
4,802
|
|
5,016
|
|
||
Intellectual property, net
|
149
|
|
157
|
|
||
Total assets
|
$
|
96,632
|
|
$
|
139,324
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||
Current liabilities:
|
|
|
|
|
||
Accounts payable
|
$
|
2,400
|
|
$
|
2,623
|
|
Accrued liabilities
|
2,005
|
|
2,543
|
|
||
Deferred revenue and income
|
44
|
|
127
|
|
||
Capital lease obligations
|
—
|
|
13
|
|
||
Total current liabilities
|
4,449
|
|
5,306
|
|
||
Long-term deferred income
|
1,000
|
|
1,000
|
|
||
Total liabilities
|
$
|
5,449
|
|
$
|
6,306
|
|
|
|
|
||||
Commitments and contingencies see Note 12, Commitments
|
—
|
|
—
|
|
||
|
|
|
||||
Stockholders' equity:
|
|
|
|
|
||
Common stock, $0.001 par value;
|
|
|
|
|
||
75,000,000 common shares authorized with 51,404,551 shares issued and outstanding on September 30, 2016 and 55,000,000 authorized with 51,191,184 shares issued and outstanding on December 31, 2015
|
51
|
|
51
|
|
||
Preferred shares, $0.001 par value;
|
|
|
||||
5,000,000 preferred shares authorized and none outstanding as of September 30, 2016 and December 31, 2015
|
—
|
|
—
|
|
||
Contributed capital
|
252,295
|
|
243,894
|
|
||
Accumulated deficit
|
(161,154
|
)
|
(110,915
|
)
|
||
Accumulated other comprehensive gain (loss)
|
(9
|
)
|
(12
|
)
|
||
Total stockholders' equity
|
91,183
|
|
133,018
|
|
||
Total liabilities and stockholders' equity
|
$
|
96,632
|
|
$
|
139,324
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||
|
September 30,
|
September 30,
|
|
September 30,
|
September 30,
|
||||||||
|
2016
|
2015
|
|
2016
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||
Product sales
|
$
|
2
|
|
$
|
76
|
|
|
$
|
145
|
|
$
|
76
|
|
Licensing and royalty revenues
|
22
|
|
16
|
|
|
62
|
|
49
|
|
||||
Total revenues
|
24
|
|
92
|
|
|
207
|
|
125
|
|
||||
|
|
|
|
|
|
||||||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||
Research and development
|
7,531
|
|
6,499
|
|
|
22,948
|
|
19,356
|
|
||||
Sales, general and administrative
|
9,308
|
|
4,332
|
|
|
25,983
|
|
11,953
|
|
||||
Amortization
|
3
|
|
3
|
|
|
8
|
|
8
|
|
||||
Depreciation
|
598
|
|
465
|
|
|
1,745
|
|
1,194
|
|
||||
Total costs and expenses
|
17,440
|
|
11,299
|
|
|
50,684
|
|
32,511
|
|
||||
|
|
|
|
|
|
||||||||
Loss from operations
|
(17,416
|
)
|
(11,207
|
)
|
|
(50,477
|
)
|
(32,386
|
)
|
||||
|
|
|
|
|
|
||||||||
Interest expense and other
|
—
|
|
(1
|
)
|
|
—
|
|
(3
|
)
|
||||
Foreign currency exchange gain (loss)
|
(42
|
)
|
1
|
|
|
(115
|
)
|
1
|
|
||||
Interest and dividend income
|
159
|
|
21
|
|
|
353
|
|
53
|
|
||||
Total other income
|
117
|
|
21
|
|
|
238
|
|
51
|
|
||||
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(17,299
|
)
|
$
|
(11,186
|
)
|
|
$
|
(50,239
|
)
|
$
|
(32,335
|
)
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
$
|
(0.34
|
)
|
$
|
(0.25
|
)
|
|
$
|
(0.98
|
)
|
$
|
(0.72
|
)
|
Weighted average shares outstanding
|
51,239
|
|
44,727
|
|
|
51,216
|
|
44,685
|
|
||||
|
|
|
|
|
|
||||||||
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||
Net loss
|
$
|
(17,299
|
)
|
$
|
(11,186
|
)
|
|
$
|
(50,239
|
)
|
$
|
(32,335
|
)
|
Net unrealized (loss) gain on available-for-sale investments
|
(70
|
)
|
(1
|
)
|
|
11
|
|
(4
|
)
|
||||
Foreign currency translation adjustment
|
(8
|
)
|
(2
|
)
|
|
(8
|
)
|
(2
|
)
|
||||
Comprehensive loss
|
$
|
(17,377
|
)
|
$
|
(11,189
|
)
|
|
$
|
(50,236
|
)
|
$
|
(32,341
|
)
|
|
Nine Months Ended
|
|||||
|
September 30,
|
September 30,
|
||||
|
2016
|
2015
|
||||
Cash flows from operating activities:
|
|
|
||||
Net loss
|
$
|
(50,239
|
)
|
$
|
(32,335
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
||
Depreciation
|
1,745
|
|
1,194
|
|
||
Amortization of intangible assets
|
8
|
|
8
|
|
||
Amortization of investment discount
|
251
|
|
147
|
|
||
Equity-based compensation
|
6,591
|
|
5,995
|
|
||
Realized (gain) on sale of investments
|
(6
|
)
|
—
|
|
||
(Increase) decrease in assets:
|
|
|
|
|
||
Accounts receivable
|
(82
|
)
|
(664
|
)
|
||
Prepaid expense and other
|
525
|
|
(642
|
)
|
||
Other current assets
|
(90
|
)
|
—
|
|
||
Increase (decrease) in liabilities:
|
|
|
|
|
||
Accounts payable
|
103
|
|
(329
|
)
|
||
Accrued liabilities
|
670
|
|
1,400
|
|
||
Deferred revenue and income
|
(83
|
)
|
(14
|
)
|
||
Net cash used in operating activities
|
(40,607
|
)
|
(25,240
|
)
|
||
Cash flows from investing activities:
|
|
|
||||
Purchases of equipment
|
(2,301
|
)
|
(2,594
|
)
|
||
Purchases of available-for-sale securities
|
(73,585
|
)
|
(12,418
|
)
|
||
Sales of available-for-sale securities
|
8,716
|
|
141
|
|
||
Maturity of available-for-sale securities
|
14,955
|
|
11,307
|
|
||
Net cash used in investing activities
|
(52,215
|
)
|
(3,564
|
)
|
||
Cash flows from financing activities:
|
|
|
||||
Issuance of common stocks
|
80
|
|
—
|
|
||
Exercise of options and warrants
|
864
|
|
542
|
|
||
Common stock issuance costs
|
(814
|
)
|
—
|
|
||
Payments on capital lease obligations
|
(13
|
)
|
(110
|
)
|
||
Recovery of related party short-swing profits
|
866
|
|
—
|
|
||
Net cash provided by financing activities
|
983
|
|
432
|
|
||
|
|
|
||||
Effect of exchange rate on cash
|
(15
|
)
|
—
|
|
||
|
|
|
||||
Decrease in cash and cash equivalents
|
(91,854
|
)
|
(28,372
|
)
|
||
Cash and cash equivalents, beginning of period
|
120,585
|
|
53,563
|
|
||
Cash and cash equivalents, end of period
|
$
|
28,731
|
|
$
|
25,191
|
|
|
September 30, 2016
|
|||||||||||
|
(in thousands)
|
|||||||||||
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
28,731
|
|
$
|
—
|
|
$
|
—
|
|
$
|
28,731
|
|
Investments:
|
|
|
|
|
||||||||
Certificates of deposit
|
7,011
|
|
—
|
|
—
|
|
7,011
|
|
||||
US Treasury securities
|
8,580
|
|
—
|
|
—
|
|
8,580
|
|
||||
US Agency securities
|
—
|
|
4,507
|
|
—
|
|
4,507
|
|
||||
Asset-backed securities
|
—
|
|
6,566
|
|
—
|
|
6,566
|
|
||||
Corporate notes and bonds
|
—
|
|
34,758
|
|
—
|
|
34,758
|
|
||||
Total investments
|
15,591
|
|
45,831
|
|
—
|
|
61,422
|
|
||||
Total assets measured at fair value
|
$
|
44,322
|
|
$
|
45,831
|
|
$
|
—
|
|
$
|
90,153
|
|
|
December 31, 2015
|
|||||||||||
|
(in thousands)
|
|||||||||||
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
120,585
|
|
$
|
—
|
|
$
|
—
|
|
$
|
120,585
|
|
Investments:
|
|
|
|
|
||||||||
Asset-backed securities
|
—
|
|
2,507
|
|
—
|
|
2,507
|
|
||||
Corporate notes and bonds
|
—
|
|
9,332
|
|
—
|
|
9,332
|
|
||||
Total investments
|
—
|
|
11,839
|
|
—
|
|
11,839
|
|
||||
Total assets measured at fair value
|
$
|
120,585
|
|
$
|
11,839
|
|
$
|
—
|
|
$
|
132,424
|
|
AVAILABLE-FOR-SALE INVESTMENTS
|
||||||||||||
September 30, 2016
|
||||||||||||
(in thousands)
|
||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
||||||||
Certificates of deposit
|
$
|
7,011
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7,011
|
|
US Treasury securities
|
8,569
|
|
11
|
|
—
|
|
8,580
|
|
||||
US Agency securities
|
4,510
|
|
—
|
|
(3
|
)
|
4,507
|
|
||||
Asset-backed securities
|
6,554
|
|
12
|
|
—
|
|
6,566
|
|
||||
Corporate notes and bonds
|
34,780
|
|
8
|
|
(30
|
)
|
34,758
|
|
||||
Total
|
$
|
61,424
|
|
$
|
31
|
|
$
|
(33
|
)
|
$
|
61,422
|
|
AVAILABLE-FOR-SALE INVESTMENTS
|
||||||||||||
December 31, 2015
|
||||||||||||
(in thousands)
|
||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair Value
|
||||||||
Asset-backed securities
|
$
|
2,510
|
|
$
|
—
|
|
$
|
(3
|
)
|
$
|
2,507
|
|
Corporate notes and bonds
|
9,341
|
|
1
|
|
(10
|
)
|
9,332
|
|
||||
Total
|
$
|
11,851
|
|
$
|
1
|
|
$
|
(13
|
)
|
$
|
11,839
|
|
AVAILABLE-FOR-SALE INVESTMENT MATURITIES
|
||||||||||||
(in thousands)
|
||||||||||||
|
September 30, 2016
|
December 31, 2015
|
||||||||||
|
Amortized
Cost |
Fair Value
|
Amortized
Cost |
Fair Value
|
||||||||
Due in less than 1 year
|
$
|
41,018
|
|
$
|
41,019
|
|
$
|
11,851
|
|
$
|
11,839
|
|
Due in 1-5 years
|
20,406
|
|
20,403
|
|
—
|
|
—
|
|
||||
Total
|
$
|
61,424
|
|
$
|
61,422
|
|
$
|
11,851
|
|
$
|
11,839
|
|
PROPERTY AND EQUIPMENT
|
||||||
(in thousands)
|
||||||
|
September 30,
|
December 31,
|
||||
|
2016
|
2015
|
||||
Computer equipment
|
$
|
2,303
|
|
$
|
1,877
|
|
Technical equipment
|
2,358
|
|
1,806
|
|
||
Facilities
|
3,528
|
|
1,772
|
|
||
Capital projects in progress
|
980
|
|
2,183
|
|
||
Total property and equipment
|
$
|
9,169
|
|
$
|
7,638
|
|
Accumulated depreciation - other
|
(4,367
|
)
|
(2,622
|
)
|
||
Net property and equipment
|
$
|
4,802
|
|
$
|
5,016
|
|
•
|
Milestone 1 – Relocation of Company’s operations and corporate headquarters to Arizona and creation of
15
Qualified Jobs (as defined below).
|
•
|
Milestone 2 – Creation of
30
Qualified Jobs (including Qualified Jobs under Milestone 1).
|
•
|
Milestone 3 – Creation of
40
Qualified Jobs (including Qualified Jobs under Milestones 1 and 2).
|
•
|
Milestone 4 – Creation of
65
Qualified Jobs (including Qualified Jobs under Milestones 1, 2 and 3) and capital investment of at least
$4.5 million
.
|
Deferred Revenue and Income
|
||||||
(in thousands)
|
||||||
|
September 30,
|
December 31,
|
||||
|
2016
|
2015
|
||||
Fisher agreement
|
$
|
—
|
|
$
|
13
|
|
Products not yet delivered
|
44
|
|
114
|
|
||
Total current deferred revenue and income
|
$
|
44
|
|
$
|
127
|
|
|
|
|
|
|
||
Arizona Commerce Authority grant
|
$
|
1,000
|
|
$
|
1,000
|
|
Total long-term deferred income
|
$
|
1,000
|
|
$
|
1,000
|
|
Stock Option Activity
|
||||
|
Number of Shares
|
Weighted Average Exercise Price per Share
|
||
Options outstanding January 1, 2016
|
6,167,170
|
|
6.91
|
|
Granted
|
998,600
|
|
13.82
|
|
Forfeited
|
(125,008
|
)
|
19.90
|
|
Exercised
|
(66,764
|
)
|
8.64
|
|
Expired
|
(2,689
|
)
|
15.85
|
|
Options Outstanding September 30, 2016
|
6,971,309
|
|
7.64
|
|
Stock Option Supplemental Information
|
|||||||||
|
Options
Outstanding
|
Options
Exercisable
|
Options Vested and Expected to Vest
|
||||||
Number of options
|
6,971,309
|
|
4,451,559
|
|
6,837,977
|
|
|||
Weighted average remaining contractual term (in years)
|
6.84
|
|
6.14
|
|
6.80
|
|
|||
Weighted average exercise price
|
$
|
7.64
|
|
$
|
4.94
|
|
$
|
7.50
|
|
Weighted average fair value
|
$
|
5.90
|
|
$
|
3.72
|
|
$
|
5.79
|
|
Aggregate intrinsic value (in thousands)
|
$
|
136,748
|
|
$
|
99,339
|
|
$
|
135,135
|
|
Restricted Stock Unit (RSU) Activity
|
||||
|
Number of Shares
|
Weighted Average Grant Date Fair Value per Share
|
||
RSUs Outstanding January 1, 2016
|
40,250
|
|
20.91
|
|
Granted
|
—
|
|
—
|
|
Forfeited
|
—
|
|
—
|
|
Vested/released
|
—
|
|
—
|
|
RSUs outstanding September 30, 2016
|
40,250
|
|
20.91
|
|
Equity-Based Compensation Expenses
(in thousands)
|
||||||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||
|
9/30/2016
|
9/30/2015
|
9/30/2016
|
9/30/2015
|
||||||||
Research and development
|
$
|
504
|
|
$
|
406
|
|
$
|
1,168
|
|
$
|
1,842
|
|
Sales, general and administrative
|
2,166
|
|
1,404
|
|
5,423
|
|
4,153
|
|
||||
Equity-based compensation expense
|
$
|
2,670
|
|
$
|
1,810
|
|
$
|
6,591
|
|
$
|
5,995
|
|
Operating Lease Obligations
(in thousands)
|
|||
Year ending December 31:
|
|
||
2016
|
$
|
249
|
|
2017
|
998
|
|
|
2018
|
79
|
|
|
2019
|
—
|
|
|
Thereafter
|
—
|
|
|
Total operating lease obligations
|
$
|
1,326
|
|
Cash Flow Summary
(in thousands) |
|||||||||
|
Nine Months Ended
|
|
|||||||
|
September 30,
|
September 30,
|
Increase (Decrease)
|
||||||
|
2016
|
2015
|
|||||||
Net cash used in operating activities
|
$
|
(40,607
|
)
|
$
|
(25,240
|
)
|
$
|
(15,367
|
)
|
Net cash used in investing activities
|
(52,215
|
)
|
(3,564
|
)
|
(48,651
|
)
|
|||
Net cash provided by financing activities
|
983
|
|
432
|
|
551
|
|
Exhibit No.
|
Description
|
Filing Information
|
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
31.2
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
32
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
101**
|
XBRL Instance Document
|
|
101**
|
XBRL Taxonomy Extension Schema Document
|
|
101**
|
XBRL Taxonomy Calculation Linkbase Document
|
|
101**
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101**
|
XBRL Taxonomy Label Linkbase Document
|
|
101**
|
XBRL Taxonomy Presentation Linkbase Document
|
|
November 9, 2016
|
/s/ Lawrence Mehren
|
|
Lawrence Mehren
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
November 9, 2016
|
/s/ Steve Reichling
|
|
Steve Reichling
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
1 Year Accelerate Diagnostics Chart |
1 Month Accelerate Diagnostics Chart |
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