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Share Name | Share Symbol | Market | Type |
---|---|---|---|
La Jolla Pharmaceutical Company | NASDAQ:LJPC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.23 | 6.54 | 6.25 | 0 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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California
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33-0361285
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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10182 Telesis Court, 6th Floor, San Diego, CA
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92121
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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o
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Accelerated filer
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x
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Non-accelerated filer
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o
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Smaller reporting company
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o
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September 30,
2016 |
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December 31,
2015 |
||||
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(Unaudited)
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ASSETS
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||||
Current assets:
|
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||||
Cash and cash equivalents
|
$
|
85,035
|
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$
|
126,467
|
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Restricted cash
|
200
|
|
|
237
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|
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Prepaid clinical expenses
|
105
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223
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Prepaid expenses and other current assets
|
1,396
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|
618
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Total current assets
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86,736
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|
127,545
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Property and equipment, net
|
2,566
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|
|
1,732
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Other assets
|
219
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|
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70
|
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Total assets
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$
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89,521
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$
|
129,347
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||
Current liabilities:
|
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||||
Accounts payable
|
$
|
1,998
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$
|
2,506
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Accrued expenses
|
3,917
|
|
|
1,224
|
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Accrued payroll and related expenses
|
1,321
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|
|
1,090
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Total current liabilities
|
7,236
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|
4,820
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Shareholders’ equity:
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Common Stock, $0.0001 par value; 100,000,000 shares authorized, 18,254,009 and 18,244,009 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively
|
2
|
|
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2
|
|
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Series C-1
2
Convertible Preferred Stock, $0.0001 par value; 11,000 shares authorized, 3,906 shares issued and outstanding at September 30, 2016 and December 31, 2015, and liquidation preference of $3,906 at September 30, 2016 and December 31, 2015
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3,906
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3,906
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Series F Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized, 2,737 shares issued and outstanding at September 30, 2016 and December 31, 2015, and liquidation preference of $2,737 at September 30, 2016 and December 31, 2015
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2,737
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2,737
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Additional paid-in capital
|
657,464
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|
646,408
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Accumulated deficit
|
(581,824
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)
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(528,526
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)
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Total shareholders’ equity
|
82,285
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|
|
124,527
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Total liabilities and shareholders’ equity
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$
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89,521
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$
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129,347
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
||||||||||||
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2016
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|
2015
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2016
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|
2015
|
||||||||
Revenue
|
|
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||||||||
Contract revenue - related party
|
$
|
44
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$
|
647
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$
|
531
|
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$
|
647
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Total revenue
|
44
|
|
|
647
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531
|
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|
647
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||||
Expenses
|
|
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||||||||
Research and development
|
16,992
|
|
|
7,781
|
|
|
42,111
|
|
|
19,637
|
|
||||
General and administrative
|
4,349
|
|
|
3,353
|
|
|
11,868
|
|
|
11,122
|
|
||||
Total expenses
|
21,341
|
|
|
11,134
|
|
|
53,979
|
|
|
30,759
|
|
||||
Loss from operations
|
(21,297
|
)
|
|
(10,487
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)
|
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(53,448
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)
|
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(30,112
|
)
|
||||
Other income, net
|
46
|
|
|
13
|
|
|
150
|
|
|
33
|
|
||||
Net loss
|
$
|
(21,251
|
)
|
|
$
|
(10,474
|
)
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$
|
(53,298
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)
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$
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(30,079
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)
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Basic and diluted net loss per share
|
$
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(1.23
|
)
|
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$
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(0.70
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)
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$
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(3.10
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)
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$
|
(1.99
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)
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Shares used in computing basic and diluted net loss per share
|
17,211
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|
|
14,899
|
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|
17,211
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|
15,129
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|
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Nine Months Ended
September 30, |
||||||
|
2016
|
|
2015
|
||||
Operating activities
|
|
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|
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Net loss
|
$
|
(53,298
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)
|
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$
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(30,079
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)
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Adjustments to reconcile net loss to net cash used for operating activities:
|
|
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|
||||
Share-based compensation expense
|
10,804
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|
9,330
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Third party share-based compensation expense
|
167
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|
|
1,013
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Depreciation expense
|
510
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|
209
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Loss on disposal of equipment
|
75
|
|
|
—
|
|
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Changes in operating assets and liabilities:
|
|
|
|
||||
Restricted cash
|
37
|
|
|
(200
|
)
|
||
Prepaid clinical expenses
|
118
|
|
|
1,168
|
|
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Prepaid expenses and other current assets
|
(778
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)
|
|
(347
|
)
|
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Other assets
|
(149
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)
|
|
(57
|
)
|
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Accounts payable
|
(508
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)
|
|
1,837
|
|
||
Accrued expenses
|
2,693
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|
|
219
|
|
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Accrued payroll and related expenses
|
231
|
|
|
205
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|
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Net cash used for operating activities
|
(40,098
|
)
|
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(16,702
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)
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Investing activities
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|
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Purchase of property and equipment
|
(1,419
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)
|
|
(1,681
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)
|
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Net cash used for investing activities
|
(1,419
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)
|
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(1,681
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)
|
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Financing activities
|
|
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|
||||
Net proceeds from the issuance of common stock
|
—
|
|
|
104,596
|
|
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Net proceeds from the exercise of stock options for common stock
|
85
|
|
|
287
|
|
||
Net cash provided by financing activities
|
85
|
|
|
104,883
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|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
(41,432
|
)
|
|
86,500
|
|
||
Cash and cash equivalents at beginning of period
|
126,467
|
|
|
48,555
|
|
||
Cash and cash equivalents at end of period
|
$
|
85,035
|
|
|
$
|
135,055
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
||||
Non-cash investing and financing activity:
|
|
|
|
||||
Conversion of Series C-1
2
Convertible Preferred Stock into common stock
|
$
|
—
|
|
|
$
|
11
|
|
Conversion of Series F Convertible Preferred Stock into common stock
|
$
|
—
|
|
|
$
|
61
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Research and development:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
$
|
1,678
|
|
|
$
|
636
|
|
|
$
|
4,154
|
|
|
$
|
1,609
|
|
Restricted stock
|
—
|
|
|
240
|
|
|
30
|
|
|
1,452
|
|
||||
Warrants
|
10
|
|
|
15
|
|
|
25
|
|
|
40
|
|
||||
Research and development share-based compensation expense
|
1,688
|
|
|
891
|
|
|
4,209
|
|
|
3,101
|
|
||||
General and administrative:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
1,666
|
|
|
1,443
|
|
|
4,934
|
|
|
2,950
|
|
||||
Restricted stock
|
516
|
|
|
545
|
|
|
1,645
|
|
|
3,719
|
|
||||
Warrants
|
56
|
|
|
182
|
|
|
183
|
|
|
573
|
|
||||
General and administrative share-based compensation expense
|
2,238
|
|
|
2,170
|
|
|
6,762
|
|
|
7,242
|
|
||||
Total share-based compensation expense included in expenses
|
$
|
3,926
|
|
|
$
|
3,061
|
|
|
$
|
10,971
|
|
|
$
|
10,343
|
|
|
Nine Months Ended
September 30, |
||||
|
2016
|
|
2015
|
||
Expected volatility
|
141
|
%
|
|
147
|
%
|
Expected life (years)
|
5.74 years
|
|
|
4.91 years
|
|
Risk-free interest rate
|
1.3
|
%
|
|
1.4
|
%
|
Dividend yield
|
—
|
|
|
—
|
|
|
Outstanding Stock Options
|
|||||
|
Shares
Underlying
Stock Options
|
|
Weighted-
Average
Exercise Price
per Share
|
|||
Outstanding at December 31, 2015
|
2,318,685
|
|
|
$
|
22.01
|
|
Granted
|
364,500
|
|
|
$
|
17.59
|
|
Exercised
|
(10,000
|
)
|
|
$
|
8.52
|
|
Forfeited
|
(47,700
|
)
|
|
$
|
25.76
|
|
Outstanding at September 30, 2016
|
2,625,485
|
|
|
$
|
21.38
|
|
|
Number of
Shares
|
|
Weighted-
Average Grant
Date Fair
Market Value
|
|||
Unvested at December 31, 2015
|
1,072,899
|
|
|
$
|
13.00
|
|
Vested
|
(30,220
|
)
|
|
$
|
5.53
|
|
Unvested at September 30, 2016
|
1,042,679
|
|
|
$
|
13.22
|
|
•
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Business Overview
. This section provides a general description of our business and significant events and transactions that we believe are important in understanding our financial condition and results of operations.
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•
|
Program Overview.
This section provides a current status overview for each of our product candidates in development.
|
•
|
Critical Accounting Policies and Estimates
. This section provides a description of our significant accounting policies, including the critical accounting policies and estimates, which are summarized in Note 2 to the accompanying unaudited condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.
|
•
|
Results of Operations
. This section provides an analysis of our results of operations presented in the accompanying unaudited condensed consolidated statements of operations by comparing the results for the
three and nine
months ended
September 30, 2016
to the results for the
three and nine
months ended
September 30, 2015
.
|
•
|
Liquidity and Capital Resources
. This section provides an analysis of our historical cash flows, as well as our future capital requirements.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Contract revenue - related party
|
$
|
44
|
|
|
$
|
647
|
|
|
$
|
531
|
|
|
$
|
647
|
|
Research and development expense
|
(16,992
|
)
|
|
(7,781
|
)
|
|
(42,111
|
)
|
|
(19,637
|
)
|
||||
General and administrative expense
|
(4,349
|
)
|
|
(3,353
|
)
|
|
(11,868
|
)
|
|
(11,122
|
)
|
||||
Other income, net
|
46
|
|
|
13
|
|
|
150
|
|
|
33
|
|
||||
Net loss
|
$
|
(21,251
|
)
|
|
$
|
(10,474
|
)
|
|
$
|
(53,298
|
)
|
|
$
|
(30,079
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Clinical development costs
|
$
|
9,438
|
|
|
$
|
3,097
|
|
|
$
|
22,740
|
|
|
$
|
9,137
|
|
Personnel and related costs
|
3,690
|
|
|
1,857
|
|
|
9,067
|
|
|
4,131
|
|
||||
Share-based compensation expense
|
1,688
|
|
|
891
|
|
|
4,209
|
|
|
3,101
|
|
||||
Technology in-licensing costs
|
199
|
|
|
404
|
|
|
384
|
|
|
439
|
|
||||
Other research and development costs
|
1,977
|
|
|
1,532
|
|
|
5,711
|
|
|
2,829
|
|
||||
Total research and development expense
|
$
|
16,992
|
|
|
$
|
7,781
|
|
|
$
|
42,111
|
|
|
$
|
19,637
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Personnel and related costs
|
$
|
1,008
|
|
|
$
|
598
|
|
|
$
|
2,707
|
|
|
$
|
1,831
|
|
Share-based compensation expense
|
2,238
|
|
|
2,170
|
|
|
6,762
|
|
|
7,242
|
|
||||
Other general and administrative expense
|
1,103
|
|
|
585
|
|
|
2,399
|
|
|
2,049
|
|
||||
Total general and administrative expense
|
$
|
4,349
|
|
|
$
|
3,353
|
|
|
$
|
11,868
|
|
|
$
|
11,122
|
|
|
|
|
Incorporated by Reference Herein
|
|
Exhibit Number
|
|
Description
|
Form
|
Date
|
31.1
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
31.2
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
32.1
|
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
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.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Filed herewith
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
Filed herewith
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Filed herewith
|
|
|
|
La Jolla Pharmaceutical Company
|
|
|
|
Date:
|
November 3, 2016
|
/s/ George F. Tidmarsh
|
|
|
George F. Tidmarsh, M.D., Ph.D.
|
|
|
President, Chief Executive Officer and Secretary
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Dennis M. Mulroy
|
|
|
Dennis M. Mulroy
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year La Jolla Pharmaceutical Chart |
1 Month La Jolla Pharmaceutical Chart |
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