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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Spectrum Pharmaceuticals Inc | NASDAQ:SPPI | 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% | 1.03 | 1.14 | 0.9785 | 0 | 01:00:00 |
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|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
93-0979187
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
11500 South Eastern Avenue, Suite 240
Henderson, Nevada
|
|
89052
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
ý
|
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
Item
|
|
Page
|
|
PART I. FINANCIAL INFORMATION
|
|
Item 1.
|
Condensed Consolidated Financial Statements (unaudited):
|
|
|
||
|
||
|
||
|
||
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||
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Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
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|
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PART II. OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
|
|
Item 6.
|
||
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
132,306
|
|
|
$
|
139,741
|
|
Marketable securities
|
246
|
|
|
245
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $15 and $120, respectively
|
19,248
|
|
|
30,384
|
|
||
Other receivables
|
15,175
|
|
|
12,572
|
|
||
Inventories
|
3,155
|
|
|
4,176
|
|
||
Prepaid expenses and other assets
|
2,352
|
|
|
3,507
|
|
||
Total current assets
|
172,482
|
|
|
190,625
|
|
||
Property and equipment, net of accumulated depreciation
|
810
|
|
|
918
|
|
||
Intangible assets, net of accumulated amortization and impairment charges
|
184,753
|
|
|
190,335
|
|
||
Goodwill
|
18,044
|
|
|
17,960
|
|
||
Other assets
|
25,304
|
|
|
19,211
|
|
||
Total assets
|
$
|
401,393
|
|
|
$
|
419,049
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and other accrued liabilities
|
$
|
47,503
|
|
|
$
|
56,539
|
|
Accrued payroll and benefits
|
4,555
|
|
|
8,188
|
|
||
Deferred revenue
|
1,312
|
|
|
6,130
|
|
||
Drug development liability
|
156
|
|
|
259
|
|
||
Acquisition-related contingent obligations
|
6,000
|
|
|
5,227
|
|
||
Total current liabilities
|
59,526
|
|
|
76,343
|
|
||
Drug development liability, less current portion
|
14,354
|
|
|
14,427
|
|
||
Deferred revenue, less current portion
|
1,596
|
|
|
383
|
|
||
Acquisition-related contingent obligations, less current portion
|
1,708
|
|
|
1,439
|
|
||
Deferred tax liability
|
6,849
|
|
|
6,779
|
|
||
Other long-term liabilities
|
8,109
|
|
|
7,444
|
|
||
Convertible senior notes
|
100,933
|
|
|
99,377
|
|
||
Total liabilities
|
193,075
|
|
|
206,192
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized:
|
—
|
|
|
—
|
|
||
Series B junior participating preferred stock, $0.001 par value; 1,500,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Series E Convertible Voting Preferred Stock, $0.001 par value and $10,000 stated value; 2,000 shares authorized; 20 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively (convertible into 40,000 shares of common stock, with aggregate liquidation value of $240)
|
123
|
|
|
123
|
|
||
Common stock, $0.001 par value; 175,000,000 shares authorized; 68,942,042 and
68,228,935
shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
|
68
|
|
|
68
|
|
||
Additional paid-in capital
|
555,056
|
|
|
552,108
|
|
||
Accumulated other comprehensive loss
|
(3,485
|
)
|
|
(5,319
|
)
|
||
Accumulated deficit
|
(343,444
|
)
|
|
(334,123
|
)
|
||
Total stockholders’ equity
|
208,318
|
|
|
212,857
|
|
||
Total liabilities and stockholders’ equity
|
$
|
401,393
|
|
|
$
|
419,049
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Revenues:
|
|
|
|
||||
Product sales, net
|
$
|
35,241
|
|
|
$
|
38,413
|
|
License fees and service revenue
|
8,625
|
|
|
205
|
|
||
Total revenues
|
$
|
43,866
|
|
|
$
|
38,618
|
|
Operating costs and expenses:
|
|
|
|
||||
Cost of product sales (excludes amortization and impairment charges of intangible assets)
|
5,604
|
|
|
7,071
|
|
||
Cost of service revenue
|
1,282
|
|
|
—
|
|
||
Selling, general and administrative
|
21,962
|
|
|
23,335
|
|
||
Research and development
|
15,462
|
|
|
15,851
|
|
||
Amortization and impairment charges of intangible assets
|
5,839
|
|
|
14,022
|
|
||
Total operating costs and expenses
|
50,149
|
|
|
60,279
|
|
||
Loss from operations
|
(6,283
|
)
|
|
(21,661
|
)
|
||
Other (expense) income:
|
|
|
|
||||
Interest expense, net
|
(2,340
|
)
|
|
(2,228
|
)
|
||
Change in fair value of contingent consideration related to acquisitions
|
(1,042
|
)
|
|
(500
|
)
|
||
Other income (expense), net
|
278
|
|
|
(1,035
|
)
|
||
Total other expenses
|
(3,104
|
)
|
|
(3,763
|
)
|
||
Loss before income taxes
|
(9,387
|
)
|
|
(25,424
|
)
|
||
Benefit (provision) for income taxes
|
66
|
|
|
(138
|
)
|
||
Net loss
|
$
|
(9,321
|
)
|
|
$
|
(25,562
|
)
|
Net loss per share:
|
|
|
|
||||
Basic and diluted
|
$
|
(0.14
|
)
|
|
$
|
(0.39
|
)
|
Weighted average shares outstanding:
|
|
|
|
||||
Basic and diluted
|
65,597,261
|
|
|
64,880,677
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Net loss
|
$
|
(9,321
|
)
|
|
$
|
(25,562
|
)
|
Other comprehensive (loss) income, net of income tax:
|
|
|
|
||||
Unrealized gain on available-for-sale securities
|
1,361
|
|
|
779
|
|
||
Foreign currency translation adjustments
|
473
|
|
|
(2,006
|
)
|
||
Other comprehensive income (loss)
|
1,834
|
|
|
(1,227
|
)
|
||
Total comprehensive loss
|
$
|
(7,487
|
)
|
|
$
|
(26,789
|
)
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net loss
|
$
|
(9,321
|
)
|
|
$
|
(25,562
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,008
|
|
|
7,017
|
|
||
Stock-based compensation
|
3,177
|
|
|
2,462
|
|
||
Accretion of debt discount, recorded to interest expense on 2018 Convertible Notes
(Note 14)
|
1,385
|
|
|
1,270
|
|
||
Amortization of deferred financing costs, recorded to interest expense on 2018 Convertible Notes (
Note 14
)
|
171
|
|
|
162
|
|
||
Bad debt (recovery) expense
|
(16
|
)
|
|
44
|
|
||
Impairment of intangible assets (
Note 3(f)
)
|
—
|
|
|
7,160
|
|
||
Unrealized foreign currency exchange loss
|
14
|
|
|
1,128
|
|
||
Research and development expense recognized for the value of stock issued in connection with APAZIQUONE milestone (
Note 16(b)(ix)
)
|
111
|
|
|
—
|
|
||
Change in fair value of contingent consideration related to Talon and EVOMELA acquisitions (Note 9)
|
1,042
|
|
|
500
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
11,186
|
|
|
1,864
|
|
||
Other receivables
|
(2,500
|
)
|
|
(2,399
|
)
|
||
Inventories
|
(2,741
|
)
|
|
121
|
|
||
Prepaid expenses
|
1,154
|
|
|
436
|
|
||
Deferred tax assets
|
—
|
|
|
(235
|
)
|
||
Other assets
|
(824
|
)
|
|
(404
|
)
|
||
Accounts payable and other accrued obligations
|
(9,074
|
)
|
|
(2,778
|
)
|
||
Accrued payroll and benefits
|
(3,641
|
)
|
|
(4,056
|
)
|
||
Drug development liability
|
(175
|
)
|
|
(666
|
)
|
||
Deferred revenue
|
(3,768
|
)
|
|
7,555
|
|
||
Deferred tax liability
|
70
|
|
|
239
|
|
||
Other long-term liabilities
|
659
|
|
|
855
|
|
||
Net cash used in operating activities
|
(7,083
|
)
|
|
(5,287
|
)
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Redemption of mutual funds
|
(1
|
)
|
|
—
|
|
||
Purchase of equity securities
(Note 10)
|
(17
|
)
|
|
—
|
|
||
Purchases of property and equipment
|
(61
|
)
|
|
(78
|
)
|
||
Net cash used in investing activities
|
(79
|
)
|
|
(78
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
51
|
|
|
404
|
|
||
Purchase and retirement of restricted stock to satisfy employees' tax liability at vesting
|
(392
|
)
|
|
(262
|
)
|
||
Net cash (used in) provided by financing activities
|
(341
|
)
|
|
142
|
|
||
Effect of exchange rates on cash and equivalents
|
68
|
|
|
(1,354
|
)
|
||
Net decrease in cash and cash equivalents
|
(7,435
|
)
|
|
(6,577
|
)
|
||
Cash and cash equivalents—beginning of period
|
139,741
|
|
|
129,942
|
|
||
Cash and cash equivalents—end of period
|
$
|
132,306
|
|
|
$
|
123,365
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for income taxes
|
$
|
9
|
|
|
$
|
331
|
|
Cash paid for interest
|
$
|
—
|
|
|
$
|
—
|
|
•
|
SPI-2012 for chemotherapy-induced neutropenia in patients with breast cancer.
|
•
|
APAZIQUONE for immediate intravesical instillation in post-transurethral resection of bladder tumors in patients with non-muscle invasive bladder cancer.
|
•
|
POZIOTINIB, a novel pan-HER inhibitor used in the treatment of patients with breast cancer.
|
(1)
|
appropriate evidence of a binding arrangement exists with our customer;
|
(2)
|
price is substantially fixed and determinable;
|
(3)
|
collection from our customer is reasonably assured;
|
(4)
|
our customer’s obligation to pay us is not contingent on resale of the product;
|
(5)
|
we do not have significant continued performance obligations to our customer; and
|
(6)
|
we have a reasonable basis to estimate returns.
|
(a)
|
a significant decrease in the market value of an asset;
|
(b)
|
a significant adverse change in the extent or manner in which an asset is used; or
|
(c)
|
an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset.
|
|
|
|
|
|
|
|
|
|
|
Marketable Securities
|
|||||||||||||||||
|
Cost
|
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Estimated
Fair Value |
|
Cash and Cash
Equivalents |
|
Current
|
|
Long
Term |
||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Bank deposits
|
$
|
52,160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52,160
|
|
|
$
|
52,160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
80,146
|
|
|
—
|
|
|
—
|
|
|
80,146
|
|
|
80,146
|
|
|
—
|
|
|
—
|
|
|||||||
Bank certificates of deposits
|
246
|
|
|
—
|
|
|
—
|
|
|
246
|
|
|
—
|
|
|
246
|
|
|
—
|
|
|||||||
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total cash and equivalents and marketable securities
|
$
|
132,552
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,552
|
|
|
$
|
132,306
|
|
|
$
|
246
|
|
|
$
|
—
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Bank deposits
|
$
|
59,625
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59,625
|
|
|
$
|
59,625
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
80,116
|
|
|
—
|
|
|
—
|
|
|
80,116
|
|
|
80,116
|
|
|
—
|
|
|
—
|
|
|||||||
Bank certificates of deposits
|
245
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|||||||
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total cash and equivalents and marketable securities
|
$
|
139,986
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139,986
|
|
|
$
|
139,741
|
|
|
$
|
245
|
|
|
$
|
—
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Computer hardware and software
|
$
|
3,824
|
|
|
$
|
3,785
|
|
Laboratory equipment
|
622
|
|
|
608
|
|
||
Office furniture
|
355
|
|
|
355
|
|
||
Leasehold improvements
|
2,880
|
|
|
2,872
|
|
||
Property and equipment, at cost
|
7,681
|
|
|
7,620
|
|
||
(Less): Accumulated depreciation
|
(6,871
|
)
|
|
(6,702
|
)
|
||
Property and equipment, net of accumulated depreciation
|
$
|
810
|
|
|
$
|
918
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Raw materials
|
$
|
1,782
|
|
|
$
|
1,606
|
|
Work-in-process*
|
7,457
|
|
|
4,228
|
|
||
Finished goods
|
839
|
|
|
1,498
|
|
||
(Less:) Non-current portion of inventories included within "other assets" **
|
(6,923
|
)
|
|
(3,156
|
)
|
||
Inventories
|
$
|
3,155
|
|
|
$
|
4,176
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Prepaid operating expenses
|
$
|
2,352
|
|
|
$
|
3,507
|
|
Current portion of debt issuance costs*
|
—
|
|
|
—
|
|
||
Prepaid expenses and other assets
|
$
|
2,352
|
|
|
$
|
3,507
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Income tax receivable
|
$
|
754
|
|
|
$
|
1,301
|
|
Insurance receivable
|
7,188
|
|
|
7,100
|
|
||
Mundipharma promissory note
|
2,347
|
|
|
2,215
|
|
||
CASI note - short term*
|
1,500
|
|
|
—
|
|
||
Eagle service revenue and support costs
|
1,450
|
|
|
—
|
|
||
Research and development expenses - reimbursements due
|
1,617
|
|
|
1,699
|
|
||
Other miscellaneous receivables
|
319
|
|
|
257
|
|
||
Other receivables
|
$
|
15,175
|
|
|
$
|
12,572
|
|
|
|
|
March 31, 2016
|
||||||||||||||||||||
|
Historical
Cost |
|
Accumulated
Amortization |
|
Foreign
Currency Translation |
|
Impairment
|
|
Net Amount
|
|
Full
Amortization Period (months) |
|
Remaining
Amortization Period (months) |
||||||||||
MARQIBO IPR&D (NHL and other novel indications)
|
$
|
17,600
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,600
|
|
|
n/a
|
|
n/a
|
EVOMELA distribution rights
(1)
|
7,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,700
|
|
|
156
|
|
156
|
|||||
BELEODAQ distribution rights
|
25,000
|
|
|
(3,281
|
)
|
|
—
|
|
|
—
|
|
|
21,719
|
|
|
160
|
|
139
|
|||||
MARQIBO distribution rights
|
26,900
|
|
|
(9,624
|
)
|
|
—
|
|
|
—
|
|
|
17,276
|
|
|
81
|
|
48
|
|||||
FOLOTYN distribution rights
|
118,400
|
|
|
(31,834
|
)
|
|
—
|
|
|
—
|
|
|
86,566
|
|
|
152
|
|
110
|
|||||
ZEVALIN distribution rights – U.S.
|
41,900
|
|
|
(31,477
|
)
|
|
—
|
|
|
—
|
|
|
10,423
|
|
|
123
|
|
36
|
|||||
ZEVALIN distribution rights – Ex-U.S.
|
23,490
|
|
|
(13,543
|
)
|
|
(3,566
|
)
|
|
—
|
|
|
6,381
|
|
|
96
|
|
48
|
|||||
FUSILEV distribution rights
(2)
|
16,778
|
|
|
(9,618
|
)
|
|
—
|
|
|
(7,160
|
)
|
|
—
|
|
|
56
|
|
0
|
|||||
FOLOTYN out-license
(3)
|
27,900
|
|
|
(9,789
|
)
|
|
—
|
|
|
(1,023
|
)
|
|
17,088
|
|
|
110
|
|
76
|
|||||
Total intangible assets
|
$
|
305,668
|
|
|
$
|
(109,166
|
)
|
|
$
|
(3,566
|
)
|
|
$
|
(8,183
|
)
|
|
$
|
184,753
|
|
|
|
|
|
(1)
|
The FDA approval of EVOMELA in March 2016 triggered a
$6 million
payment due to CyDex Pharmaceuticals, Inc. (a wholly-owned subsidiary of Ligand Pharmaceuticals Incorporated). This event also resulted in a reclassification of our
$7.7 million
"EVOMELA IPR&D" to "EVOMELA distribution rights" due to our ability to begin its commercialization with this FDA approval. In accordance with our capitalization policy for intangible assets, amortization will commence on the first day of the following month of this reclassification (i.e., April 1, 2016).
|
(2)
|
On February 20, 2015, the U.S. District Court for the District of Nevada found the patent covering FUSILEV to be invalid, which was upheld on appeal. On April 24, 2015, Sandoz began to commercialize a generic version of FUSILEV. This represented a “triggering event” under applicable GAAP in evaluating the value of our FUSILEV distribution rights as of March 31, 2015, resulting in a
$7.2 million
impairment charge (non-cash) in the first quarter of 2015. We accelerated amortization expense recognition in 2015 for the remaining net book value of FUSILEV distribution rights.
|
(3)
|
On May 29, 2013, we amended our FOLOTYN collaboration agreement with Mundipharma. As a result of the amendment, Europe and Turkey were excluded from Mundipharma’s commercialization territory, and their royalty rates and milestone payments to us were modified. This constituted a change under which we originally valued the FOLOTYN out-license as part of business combination accounting, resulting in an impairment charge (non-cash) of
$1.0 million
in the second quarter of 2013.
|
|
|
|
December 31, 2015
|
||||||||||||||||
|
Historical
Cost |
|
Accumulated
Amortization |
|
Foreign
Currency Translation |
|
Impairment
|
|
Net Amount
|
||||||||||
MARQIBO IPR&D (NHL and other novel indications)
|
$
|
17,600
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,600
|
|
EVOMELA IPR&D
|
7,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,700
|
|
|||||
BELEODAQ distribution rights
|
25,000
|
|
|
(2,812
|
)
|
|
—
|
|
|
—
|
|
|
22,188
|
|
|||||
MARQIBO distribution rights
|
26,900
|
|
|
(8,544
|
)
|
|
—
|
|
|
—
|
|
|
18,356
|
|
|||||
FOLOTYN distribution rights
|
118,400
|
|
|
(29,474
|
)
|
|
—
|
|
|
—
|
|
|
88,926
|
|
|||||
ZEVALIN distribution rights – U.S.
|
41,900
|
|
|
(30,608
|
)
|
|
—
|
|
|
—
|
|
|
11,292
|
|
|||||
ZEVALIN distribution rights – Ex-U.S.
|
23,490
|
|
|
(12,632
|
)
|
|
(4,353
|
)
|
|
—
|
|
|
6,505
|
|
|||||
FUSILEV distribution rights
|
16,778
|
|
|
(9,618
|
)
|
|
—
|
|
|
(7,160
|
)
|
|
—
|
|
|||||
FOLOTYN out-license
|
27,900
|
|
|
(9,109
|
)
|
|
—
|
|
|
(1,023
|
)
|
|
17,768
|
|
|||||
Total intangible assets
|
$
|
305,668
|
|
|
$
|
(102,797
|
)
|
|
$
|
(4,353
|
)
|
|
$
|
(8,183
|
)
|
|
$
|
190,335
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Acquisition of Talon (MARQIBO rights)
|
$
|
10,526
|
|
|
$
|
10,526
|
|
Acquisition of ZEVALIN Ex-U.S. distribution rights
|
2,525
|
|
|
2,525
|
|
||
Acquisition of Allos (FOLOTYN rights)
|
5,346
|
|
|
5,346
|
|
||
Foreign currency exchange translation effects
|
(353
|
)
|
|
(437
|
)
|
||
Goodwill
|
$
|
18,044
|
|
|
$
|
17,960
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Equity securities and secured promissory note - CASI (see Note 10)*
|
$
|
7,520
|
|
|
$
|
6,689
|
|
Supplies and deposits**
|
1,165
|
|
|
185
|
|
||
2018 Convertible Notes issuance costs (excluding current portion)***
|
—
|
|
|
—
|
|
||
Executive officer life insurance – cash surrender value
|
9,651
|
|
|
9,181
|
|
||
Inventories - non-current portion
|
6,923
|
|
|
3,156
|
|
||
Other miscellaneous assets
|
45
|
|
|
—
|
|
||
Other assets
|
$
|
25,304
|
|
|
$
|
19,211
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Trade accounts payable and other accrued liabilities
|
$
|
31,922
|
|
|
$
|
26,684
|
|
Accrued rebates
|
6,978
|
|
|
18,166
|
|
||
Accrued product royalty
|
4,076
|
|
|
4,908
|
|
||
Allowance for returns
|
1,429
|
|
|
1,394
|
|
||
Accrued data and distribution fees
|
1,126
|
|
|
1,830
|
|
||
Accrued GPO administrative fees
|
521
|
|
|
1,058
|
|
||
Accrued inventory management fee
|
210
|
|
|
498
|
|
||
Allowance for chargebacks
|
1,241
|
|
|
2,001
|
|
||
Accounts payable and other accrued liabilities
|
$
|
47,503
|
|
|
$
|
56,539
|
|
|
Rebates and
Chargebacks |
|
Data and
Distribution, GPO Fees, and Inventory Management Fees |
|
Returns
|
||||||
Balance as of December 31, 2014
|
$
|
45,822
|
|
|
$
|
8,284
|
|
|
$
|
1,135
|
|
Add: provisions
|
75,498
|
|
|
15,928
|
|
|
1,486
|
|
|||
(Less): credits or actual allowances
|
(101,153
|
)
|
|
(20,826
|
)
|
|
(1,227
|
)
|
|||
Balance as of December 31, 2015
|
20,167
|
|
|
3,386
|
|
|
1,394
|
|
|||
Add: provisions
|
19,952
|
|
|
2,227
|
|
|
590
|
|
|||
(Less): credits or actual allowances
|
(31,900
|
)
|
|
(3,755
|
)
|
|
(555
|
)
|
|||
Balance as of March 31, 2016
|
$
|
8,219
|
|
|
$
|
1,858
|
|
|
$
|
1,429
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Mundipharma deferred revenue (see
Note 11
)
|
$
|
2,472
|
|
|
$
|
—
|
|
FUSILEV deferred revenue*
|
—
|
|
|
6,083
|
|
||
Dr. Reddy's out-license (see
Note 16(b)(iii)
)
|
436
|
|
|
430
|
|
||
Deferred revenue
|
$
|
2,908
|
|
|
$
|
6,513
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Accrued executive deferred compensation
|
$
|
7,117
|
|
|
$
|
6,458
|
|
Deferred rent (non-current portion)
|
235
|
|
|
248
|
|
||
Clinical study holdback costs, non-current
|
19
|
|
|
—
|
|
||
Other tax liabilities
|
738
|
|
|
738
|
|
||
Other long-term liabilities
|
$
|
8,109
|
|
|
$
|
7,444
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Gross product sales
|
$
|
58,011
|
|
|
$
|
62,598
|
|
Commercial rebates and government chargebacks
|
(19,953
|
)
|
|
(18,144
|
)
|
||
Data and distribution fees, GPO fees, and inventory management fees
|
(2,227
|
)
|
|
(5,571
|
)
|
||
Product returns allowance
|
(590
|
)
|
|
(470
|
)
|
||
Net product sales
|
$
|
35,241
|
|
|
$
|
38,413
|
|
|
Three Months Ended
March 31, |
||||||||||||
|
2016
|
|
2015
|
||||||||||
United States
|
$
|
33,779
|
|
|
95.9
|
%
|
|
$
|
36,546
|
|
|
95.1
|
%
|
International:
|
|
|
|
|
|
||||||||
Europe
|
1,462
|
|
|
4.1
|
%
|
|
644
|
|
|
1.7
|
%
|
||
Asia Pacific*
|
—
|
|
|
—
|
%
|
|
1,223
|
|
|
3.2
|
%
|
||
Total international
|
1,462
|
|
|
4.1
|
%
|
|
1,867
|
|
|
4.9
|
%
|
||
Net product sales
|
$
|
35,241
|
|
|
100.0
|
%
|
|
$
|
38,413
|
|
|
100.0
|
%
|
|
Three Months Ended
March 31, |
||||||||||||
|
2016
|
|
2015
|
||||||||||
FUSILEV
|
$
|
15,209
|
|
|
43.2
|
%
|
|
$
|
20,167
|
|
|
52.5
|
%
|
FOLOTYN
|
13,292
|
|
|
37.7
|
%
|
|
9,316
|
|
|
24.3
|
%
|
||
ZEVALIN
|
2,783
|
|
|
7.9
|
%
|
|
4,223
|
|
|
11.0
|
%
|
||
MARQIBO
|
929
|
|
|
2.6
|
%
|
|
1,893
|
|
|
4.9
|
%
|
||
BELEODAQ
|
3,028
|
|
|
8.6
|
%
|
|
2,814
|
|
|
7.3
|
%
|
||
Net product sales
|
$
|
35,241
|
|
|
100.0
|
%
|
|
$
|
38,413
|
|
|
100.0
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Cost of product sales
|
$
|
27
|
|
|
$
|
—
|
|
Research and development
|
381
|
|
|
433
|
|
||
Selling, general and administrative
|
2,769
|
|
|
2,029
|
|
||
Total stock-based compensation
|
$
|
3,177
|
|
|
$
|
2,462
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Net loss
|
$
|
(9,321
|
)
|
|
$
|
(25,562
|
)
|
Weighted average shares – basic and diluted
|
65,597,261
|
|
|
64,880,677
|
|
||
Net loss per share – basic and diluted
|
$
|
(0.14
|
)
|
|
$
|
(0.39
|
)
|
|
Three Months Ended
March 31, |
||||
|
2016
|
|
2015
|
||
2018 Convertible Notes
|
11,401,284
|
|
|
11,401,284
|
|
Common stock options
|
982,748
|
|
|
1,825,868
|
|
Restricted stock awards
|
2,592,614
|
|
|
1,528,815
|
|
Common stock warrants
|
—
|
|
|
71,227
|
|
Preferred stock
|
40,000
|
|
|
40,000
|
|
Total
|
15,016,646
|
|
|
14,867,194
|
|
|
March 31, 2016
Fair Value Measurements |
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Bank certificates of deposits
|
$
|
—
|
|
|
$
|
246
|
|
|
$
|
—
|
|
|
$
|
246
|
|
Money market currency funds
|
—
|
|
|
80,146
|
|
|
—
|
|
|
80,146
|
|
||||
Equity securities
|
7,520
|
|
|
—
|
|
|
—
|
|
|
7,520
|
|
||||
Secured promissory note
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Mutual funds
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
||||
Deferred compensation investments, including life insurance cash surrender value
|
—
|
|
|
9,651
|
|
|
—
|
|
|
9,651
|
|
||||
|
$
|
7,520
|
|
|
$
|
90,088
|
|
|
$
|
—
|
|
|
$
|
97,608
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred executive compensation liability
|
$
|
—
|
|
|
$
|
7,117
|
|
|
$
|
—
|
|
|
$
|
7,117
|
|
Deferred drug development liability
|
—
|
|
|
—
|
|
|
14,510
|
|
|
14,510
|
|
||||
Ligand Contingent Consideration
|
—
|
|
|
—
|
|
|
6,000
|
|
|
6,000
|
|
||||
Talon CVR
|
—
|
|
|
—
|
|
|
1,646
|
|
|
1,646
|
|
||||
Corixa Liability
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
||||
|
$
|
—
|
|
|
$
|
7,117
|
|
|
$
|
22,218
|
|
|
$
|
29,335
|
|
|
December 31, 2015
Fair Value Measurements |
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Bank certificates of deposits
|
$
|
—
|
|
|
$
|
245
|
|
|
$
|
—
|
|
|
$
|
245
|
|
Money market currency funds
|
—
|
|
|
80,116
|
|
|
—
|
|
|
80,116
|
|
||||
Equity securities
|
5,189
|
|
|
—
|
|
|
—
|
|
|
5,189
|
|
||||
Deferred compensation investments, including life insurance cash surrender value
|
—
|
|
|
9,181
|
|
|
—
|
|
|
9,181
|
|
||||
|
$
|
5,189
|
|
|
$
|
89,542
|
|
|
$
|
—
|
|
|
$
|
94,731
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred executive compensation liability
|
$
|
—
|
|
|
$
|
6,458
|
|
|
$
|
—
|
|
|
$
|
6,458
|
|
Deferred drug development costs
|
—
|
|
|
—
|
|
|
14,686
|
|
|
14,686
|
|
||||
Ligand Contingent Consideration
|
—
|
|
|
—
|
|
|
5,227
|
|
|
5,227
|
|
||||
Talon CVR
|
—
|
|
|
—
|
|
|
1,377
|
|
|
1,377
|
|
||||
Corixa Liability
|
—
|
|
|
—
|
|
|
62
|
|
|
62
|
|
||||
|
$
|
—
|
|
|
$
|
6,458
|
|
|
$
|
21,352
|
|
|
$
|
27,810
|
|
|
Fair Value Measurements of
Unobservable Inputs (Level 3) |
||
Balance at December 31, 2014
|
$
|
23,127
|
|
Deferred drug development costs
|
(1,099
|
)
|
|
Ligand Contingent Consideration
|
326
|
|
|
Talon CVR
|
(1,002
|
)
|
|
Corixa Liability
|
—
|
|
|
Balance at December 31, 2015
|
21,352
|
|
|
Deferred drug development costs (see
Note 15
)
|
(176
|
)
|
|
Ligand Contingent Consideration (see Note 9(b))
|
773
|
|
|
Talon CVR (see Note 9(a))
|
269
|
|
|
Corixa Liability (see
Note 16(b)(i)
)
|
—
|
|
|
Balance at March 31, 2016*
|
$
|
22,218
|
|
•
|
$5 million
upon the achievement of net sales of MARQIBO in excess of
$30 million
in any calendar year
|
•
|
$10 million
upon the achievement of net sales of MARQIBO in excess of
$60 million
in any calendar year
|
•
|
$25 million
upon the achievement of net sales of MARQIBO in excess of
$100 million
in any calendar year
|
•
|
$50 million
upon the achievement of net sales of MARQIBO in excess of
$200 million
in any calendar year
|
•
|
$100 million
upon the achievement of net sales of MARQIBO in excess of
$400 million
in any calendar year
|
•
|
$5 million
upon receipt of marketing authorization from the FDA regarding Menadione Topical Lotion
|
|
Fair Value
of Talon CVR |
||
December 31, 2015
|
$
|
1,377
|
|
Fair value adjustment for the three months ended March 31, 2016
|
269
|
|
|
March 31, 2016
|
$
|
1,646
|
|
|
|
||
Cash consideration
|
$
|
3,000
|
|
Ligand Contingent Consideration
|
4,700
|
|
|
Total purchase consideration
|
$
|
7,700
|
|
EVOMELA IPR&D
|
$
|
7,700
|
|
|
Fair Value of
Ligand Contingent Consideration |
||
December 31, 2015
|
$
|
5,227
|
|
Fair value adjustment for the three months ended March 31, 2016
|
773
|
|
|
March 31, 2016
|
$
|
6,000
|
|
CASI common stock (5.4 million shares)
|
$
|
8,649
|
|
(a)
|
CASI secured promissory note due March 17, 2017, net of fair value discount ($1.5 million face value and 0.5% annual coupon)
|
1,310
|
|
(b)
|
|
Total consideration received, net of fair value discount
|
$
|
9,959
|
|
|
(a)
|
Value determined based on the September 17, 2014 closing price of
5.4 million
shares of CASI common stock on the NASDAQ Capital Market of
$1.60
per share. Our current intention is to hold these securities on a long-term basis. Accordingly, we have presented its value of
$7.5 million
as of
March 31, 2016
within "other assets" (rather than "marketable securities") on our accompanying Condensed Consolidated Balance Sheets. The change in fair value of these securities is reported within “unrealized gain on available-for-sale securities" on the Condensed Consolidated Statements of Comprehensive Loss.
|
(b)
|
Value estimated using the terms of the
$1.5 million
promissory note, the application of a synthetic debt rating based on CASI’s publicly-available financial information, and the prevailing interest yields on similar public debt securities as of September 17, 2014. The face value of the promissory note as of
March 31, 2016
is included within "other receivables" on the accompanying Condensed Consolidated Balance Sheets.
|
Principal amount
|
$
|
120,000
|
|
(Less): Unamortized debt discount (amortized through December 2018)
|
(17,067
|
)
|
|
(Less): Debt issuance costs (see
Note 3(d)
)
|
(2,000
|
)
|
|
March 31, 2016 carrying value
|
$
|
100,933
|
|
Contractual coupon interest expense
|
$
|
825
|
|
Amortization of debt issuance costs
|
171
|
|
|
Accretion of debt discount
|
1,385
|
|
|
Total
|
$
|
2,381
|
|
Effective interest rate
|
8.66
|
%
|
|
Drug
Development Liability, Current – FOLOTYN |
|
Drug
Development Liability, Long Term – FOLOTYN |
|
Total Drug
Development Liability – FOLOTYN |
||||||
Balance at December 31, 2015
|
$
|
259
|
|
|
$
|
14,427
|
|
|
$
|
14,686
|
|
Transfer from long-term to current in 2016
|
74
|
|
|
(74
|
)
|
|
—
|
|
|||
(Less): Expenses incurred in 2016
|
(176
|
)
|
|
—
|
|
|
(176
|
)
|
|||
Balance at March 31, 2016
|
$
|
157
|
|
|
$
|
14,353
|
|
|
$
|
14,510
|
|
•
|
our ability to successfully develop, obtain regulatory approval for and market our products;
|
•
|
our ability to continue to grow sales revenue of our marketed products;
|
•
|
risks associated with doing business internationally;
|
•
|
our ability to generate and maintain sufficient cash resources to fund our business;
|
•
|
our ability to enter into strategic alliances with partners for manufacturing, development and commercialization;
|
•
|
efforts of our development partners;
|
•
|
the ability of our manufacturing partners to meet our timelines;
|
•
|
the ability to timely deliver product supplies to our customers;
|
•
|
our ability to identify new product candidates and to successfully integrate those product candidates into our operations;
|
•
|
the timing and/or results of pending or future clinical trials, and our reliance on contract research organizations;
|
•
|
our ability to protect our intellectual property rights;
|
•
|
competition in the marketplace for our drugs;
|
•
|
delay in approval of our products or new indications for our products by the FDA;
|
•
|
actions by the FDA and other regulatory agencies, including international agencies;
|
•
|
securing positive reimbursement for our products;
|
•
|
the impact of any product liability, or other litigation to which we are, or may become a party;
|
•
|
the impact of legislative or regulatory reform of the healthcare industry and the impact of recently enacted healthcare reform legislation;
|
•
|
the availability and price of acceptable raw materials and components from third-party suppliers, and their ability to meet our demands;
|
•
|
our ability, and that of our suppliers, development partners, and manufacturing partners, to comply with laws, regulations and standards, and the application and interpretation of those laws, regulations and standards, that govern or affect the pharmaceutical and biotechnology industries, the non-compliance with which may delay or prevent the development, manufacturing, regulatory approvals and sale of our products;
|
•
|
defending against claims relating to improper handling, storage or disposal of hazardous chemical, radioactive or biological materials which could be time consuming and expensive;
|
•
|
our ability to maintain the services of our key executives and technical and sales and marketing personnel;
|
•
|
the difficulty in predicting the timing or outcome of product development efforts and regulatory approvals; and
|
•
|
demand and market acceptance for our approved products.
|
•
|
APAZIQUONE for immediate intravesical instillation in post-transurethral resection of bladder tumors in patients with non-muscle invasive bladder cancer.
|
•
|
POZIOTINIB, a novel pan-HER inhibitor used in the treatment of patients with breast cancer.
|
•
|
Company Overview
|
•
|
Cancer Background and Market Size
|
•
|
Product Portfolio
|
•
|
Manufacturing
|
•
|
Sales and Marketing
|
•
|
Customers
|
•
|
Competition
|
•
|
Research and Development
|
•
|
SPI-2012
: During January 2016, we initiated our Phase III ADVANCE trial of SPI-2012, being conducted under a Special Protocol Assessment ("SPA") agreement with the FDA. Enrollment in this study is progressing and we have designated more than 100 sites for the study.
|
•
|
APAZIQUONE
: In August 2015, we reached agreement with the FDA on the SPA of the planned Phase 3 clinical trial of APAZIQUONE. This trial commenced with its first patient dosing in October 2015, and is designed to evaluate the intravesical use of this drug for the treatment of patients with non-muscle invasive bladder cancer ("NMIBC") as one or two instillations, immediately following transurethral resection of bladder tumor ("TURBT"). Due to the high rate of recurrence for NMIBC, there is a significant unmet medical need and the overall cost of bladder cancer treatment in the U.S. is $3.4 billion annually, most of which is related to the direct treatment of this disease. Accordingly, this drug represents much-needed therapy for patients and provides a meaningful opportunity to reduce overall medical costs. In December 2015, we submitted our NDA for APAZIQUONE with the FDA, and in February 2016, the FDA communicated its acceptance of this NDA with a target decision date of December 11, 2016.
|
•
|
POZIOTINIB
: In November 2015, we submitted an Investigational New Drug ("IND") application with the FDA. In March 2016, we initiated our Phase 2 breast cancer trial. The Phase 2 study is an open-label study that will enroll approximately 70 patients with HER-2 positive metastatic breast cancer, who have failed at least two HER-2 directed therapies. The dose and schedule of oral POZIOTINIB will be based on clinical experience from the studies in Korea, and in addition include the use of prophylactic therapies to help minimize known side-effects of HER-2 directed therapies.
|
•
|
EVOMELA
(formerly referred to as Captisol-Enabled MELPHALAN): On October 23, 2015, we received a Complete Response Letter ("CRL") from the FDA for our EVOMELA NDA. A CRL is a standard communication from the FDA that informs companies that an application cannot be approved in its present form. Nonclinical deficiencies were identified, however, the FDA did not identify any clinical deficiencies for this drug in the CRL, and we subsequently resubmitted our NDA. On March 10, 2016, the FDA communicated its NDA approval for EVOMELA as a high-dose conditioning treatment prior to hematopoietic progenitor (stem) cell transplantation in patients with MM, and for the
|
•
|
Out-license with Servier Canada
: On January 8, 2016, we entered into a strategic partnership with Servier Canada, Inc. for the out-licenses of ZEVALIN, FOLOTYN, BELEODAQ, and MARQIBO. We received $6 million in upfront payments in the first quarter of 2016 which was recognized within "license fees and service revenue" in the accompanying Condensed Consolidated Statement of Operations. We will also receive development milestone payments if/when achieved, and a high single-digit royalty on their sales of these products.
|
•
|
Revenue recognition
|
•
|
Inventories – lower of cost or market
|
•
|
Fair value of acquired assets and assumed liabilities
|
•
|
Goodwill and intangible assets – impairment evaluations
|
•
|
Income taxes
|
•
|
Stock-based compensation
|
•
|
Litigation accruals
|
|
|
Three Months Ended
March 31, |
||||||||||||
|
|
2016
|
|
2015
|
||||||||||
|
|
($ in thousands)
|
||||||||||||
Total revenues
|
|
$
|
43,866
|
|
|
100.0
|
%
|
|
$
|
38,618
|
|
|
100.0
|
%
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
||||||
Cost of product sales (excludes amortization and impairment charges of intangible assets)
|
|
5,604
|
|
|
12.8
|
%
|
|
7,071
|
|
|
18.3
|
%
|
||
Cost of service revenue
|
|
1,282
|
|
|
2.9
|
%
|
|
—
|
|
|
—
|
%
|
||
Selling, general and administrative
|
|
21,962
|
|
|
50.1
|
%
|
|
23,335
|
|
|
60.4
|
%
|
||
Research and development
|
|
15,462
|
|
|
35.2
|
%
|
|
15,851
|
|
|
41.0
|
%
|
||
Amortization and impairment charges of intangible assets
|
|
5,839
|
|
|
13.3
|
%
|
|
14,022
|
|
|
36.3
|
%
|
||
Total operating costs and expenses
|
|
50,149
|
|
|
114.3
|
%
|
|
60,279
|
|
|
156.1
|
%
|
||
Loss from operations
|
|
(6,283
|
)
|
|
(14.3
|
)%
|
|
(21,661
|
)
|
|
(56.1
|
)%
|
||
Interest expense, net
|
|
(2,340
|
)
|
|
(5.3
|
)%
|
|
(2,228
|
)
|
|
(5.8
|
)%
|
||
Change in fair value of contingent consideration related to acquisitions
|
|
(1,042
|
)
|
|
(2.4
|
)%
|
|
(500
|
)
|
|
(1.3
|
)%
|
||
Other income (expense), net
|
|
278
|
|
|
0.6
|
%
|
|
(1,035
|
)
|
|
(2.7
|
)%
|
||
Loss before income taxes
|
|
(9,387
|
)
|
|
(21.4
|
)%
|
|
(25,424
|
)
|
|
(65.8
|
)%
|
||
Benefit (provision) for income taxes
|
|
66
|
|
|
0.2
|
%
|
|
(138
|
)
|
|
(0.4
|
)%
|
||
Net loss
|
|
$
|
(9,321
|
)
|
|
(21.2
|
)%
|
|
$
|
(25,562
|
)
|
|
(66.2
|
)%
|
|
|
Three months ended March 31,
|
|
|
|
|
|||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
|
($ in millions)
|
|
|
|
|
|||||||||
Product sales, net:
|
|
|
|
|
|
|
|
|
|||||||
FUSILEV
|
|
$
|
15.2
|
|
|
$
|
20.2
|
|
|
$
|
(5.0
|
)
|
|
(24.8
|
)%
|
FOLOTYN
|
|
13.3
|
|
|
9.3
|
|
|
4.0
|
|
|
43.0
|
%
|
|||
ZEVALIN
|
|
2.8
|
|
|
4.2
|
|
|
(1.4
|
)
|
|
(33.3
|
)%
|
|||
MARQIBO
|
|
0.9
|
|
|
1.9
|
|
|
(1.0
|
)
|
|
(52.6
|
)%
|
|||
BELEODAQ
|
|
3.0
|
|
|
2.8
|
|
|
0.2
|
|
|
7.1
|
%
|
|||
|
|
$
|
35.2
|
|
|
$
|
38.4
|
|
|
$
|
(3.2
|
)
|
|
(8.3
|
)%
|
License fees and service revenue
|
|
8.6
|
|
|
0.2
|
|
|
8.4
|
|
|
>100.0
|
%
|
|||
Total revenues
|
|
$
|
43.8
|
|
|
$
|
38.6
|
|
|
$
|
5.2
|
|
|
13.5
|
%
|
|
|
Three months ended March 31,
|
|
|
|
|
|||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
|
($ in millions)
|
|
|
|
|
|||||||||
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Cost of product sales (excludes amortization of intangible assets)
|
|
$
|
5.6
|
|
|
$
|
7.1
|
|
|
$
|
(1.5
|
)
|
|
(21.1
|
)%
|
Cost of service revenue
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
|
100.0
|
%
|
|||
Selling, general and administrative
|
|
22.0
|
|
|
23.3
|
|
|
(1.3
|
)
|
|
(5.6
|
)%
|
|||
Research and development
|
|
15.5
|
|
|
15.9
|
|
|
(0.4
|
)
|
|
(2.5
|
)%
|
|||
Amortization and impairment of intangible assets
|
|
5.8
|
|
|
14.0
|
|
|
(8.2
|
)
|
|
(58.6
|
)%
|
|||
Total operating costs and expenses
|
|
$
|
50.2
|
|
|
$
|
60.3
|
|
|
$
|
(10.1
|
)
|
|
(16.7
|
)%
|
|
|
Three months ended March 31,
|
|
|
|
|
|||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
|
($ in millions)
|
|
|
|
|
|||||||||
Total other expenses
|
|
$
|
(3.1
|
)
|
|
$
|
(3.8
|
)
|
|
$
|
0.7
|
|
|
18.4
|
%
|
|
|
Three months ended March 31,
|
|
|
|
|
|||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
|
($ in millions)
|
|
|
|
|
|||||||||
Benefit (provision) for income taxes
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
|
200.0
|
%
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
||||||
|
(in thousands, except financial metrics data)
|
||||||||||
Cash, cash equivalents and marketable securities
|
$
|
132,552
|
|
|
$
|
139,986
|
|
|
$
|
126,673
|
|
Accounts receivable, net
|
$
|
19,248
|
|
|
$
|
30,384
|
|
|
$
|
68,755
|
|
Total current assets
|
$
|
172,482
|
|
|
$
|
190,625
|
|
|
$
|
215,966
|
|
Total current liabilities
|
$
|
59,526
|
|
|
$
|
76,343
|
|
|
$
|
109,808
|
|
Working capital surplus (a)
|
$
|
112,956
|
|
|
$
|
114,282
|
|
|
$
|
106,158
|
|
Current ratio (b)
|
2.9
|
|
|
2.5
|
|
|
2.0
|
|
(a)
|
Total current assets at period end
minus
total current liabilities at period end.
|
(b)
|
Total current assets at period end
divided by
total current liabilities at period end.
|
•
|
the need for additional capital to fund future development programs;
|
•
|
the need for additional capital to fund strategic acquisitions;
|
•
|
the need for additional capital to fund licensing arrangements;
|
•
|
our requirement for additional information technology infrastructure and systems; and
|
•
|
adverse outcomes from potential litigation and the cost to defend such litigation.
|
|
|
SPECTRUM PHARMACEUTICALS, INC.
|
|
|
|
|
|
Date:
|
May 6, 2016
|
By:
|
/s/ Kurt A. Gustafson
|
|
|
|
Kurt A. Gustafson
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Authorized Signatory and Principal Financial and Accounting Officer)
|
1 Year Spectrum Pharmaceuticals Chart |
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