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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to                    

Commission File Number: 001-38722

 

ORCHARD THERAPEUTICS PLC

(Exact Name of Registrant as Specified in its Charter)

 

 

England and Wales

Not Applicable

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

108 Cannon Street

London, United Kingdom

EC4N 6EU

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: +44 (0) 203 808-8286

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

American Depositary Shares, each representing one ordinary share, nominal value £0.10 per share

 

ORTX

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes  ☒    No  

As of October 30, 2020, the registrant had 97,749,444 ordinary shares, nominal value £0.10 per share, outstanding.

 

 


Table of Contents

 

 

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

2

 

Condensed Consolidated Statements of Cash Flows

3

 

Condensed Consolidated Statements of Shareholders’ Equity

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

PART II.

OTHER INFORMATION

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

100

Item 3.

Defaults Upon Senior Securities

100

Item 4.

Mine Safety Disclosures

100

Item 5.

Other Information

101

Item 6.

Exhibits

102

Signatures

103

 

i


 

Summary of the Material Risks Associated with Our Business

Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. These risks include, but are not limited to, the following:

 

We have incurred net losses since inception. We expect to incur net losses for the foreseeable future and may never achieve or maintain profitability.

 

 

We will need additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate our product development efforts or other operations.

 

 

Our gene therapy product candidates are based on a novel technology, which makes it difficult to predict the time and cost of product candidate development and of subsequently obtaining regulatory approval.

 

 

The results from our clinical trials for Libmeldy (formerly OTL-200), OTL-103 for Wiskott Aldrich syndrome, or WAS, and for any of our other product candidates may not be sufficiently robust to support marketing approval or the submission of marketing approval. Before we submit our product candidates for marketing approval, the United States Food and Drug Administration, or FDA, and/or the European Medicines Agency, or EMA, may require us to conduct additional clinical trials, or evaluate patients for an additional follow-up period.

 

 

Interim data and ad hoc analyses are preliminary in nature.  Success in preclinical studies or early clinical trials may not be indicative of results obtained in later trials.

 

 

Gene therapies are novel, complex and difficult to manufacture. We have limited manufacturing experience. We could experience manufacturing problems that result in delays in the development or commercialization of our commercial product or our product candidates or otherwise harm our business.

 

 

Our commercial product and product candidates and the process for administering our commercial product and product candidates may cause serious or undesirable side effects or adverse events or have other properties that could delay or prevent regulatory approval, limit commercial potential or result in significant negative consequences for our company.

 

 

We may find it difficult to enroll patients in our clinical trials, which could delay or prevent us from proceeding with clinical trials of our product candidates.

 

 

We currently have limited sales and marketing capabilities. If we are unable to establish effective sales and marketing capabilities or enter into agreements with third parties to market and sell our product candidates that may be approved, we may not be successful in commercializing our product candidates if and when approved, and we may be unable to generate any product revenue.

 

 

If the size and value of the market opportunities for our product candidates are smaller than our estimates, our product revenues may be adversely affected and our business may suffer.

 

 

We face significant competition in our industry and there can be no assurance that our product candidates, if approved, will achieve acceptance in the market over existing established therapies. In addition, our competitors may develop therapies that are more advanced or effective than ours, which may adversely affect our ability to successfully market or commercialize any of our product candidates.

 

 

Business interruptions resulting from the COVID-19 pandemic or similar public health crises have caused and may continue to cause a disruption to the development of our product candidates and adversely impact our business.

 

 

We may not be able to protect our intellectual property rights throughout the world.

 

 

We may become subject to claims that we are infringing certain third party patents, for example, patents relating to lentiviral vectors, or other third party intellectual property rights, any of which may prevent or delay our development and commercialization efforts and have a material adverse effect on our business.

 

ii


 

The market price of our ADSs may be highly volatile, and may fluctuate due to factors beyond our control.

The summary risk factors described above should be read together with the text of the full risk factors below, in the section entitled “Risk Factors” in Part II, Item 1.A. and the other information set forth in this Quarterly Report on Form 10-Q, including our consolidated financial statements and the related notes, as well as in other documents that we file with the Securities and Exchange Commission. The risks summarized above or described in full below are not the only risks that we face. Additional risks and uncertainties not precisely known to us, or that we currently deem to be immaterial may also materially adversely affect our business, financial condition, results of operations and future growth prospects.

iii


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains express or implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. In some cases, forward-looking statements may be identified by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this Quarterly Report on Form 10-Q are based upon information available to our management as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

the timing, progress and results of clinical trials and preclinical studies for our programs and product candidates, including statements regarding the timing of initiation and completion of trials or studies and related preparatory work, the period during which the results of the trials will become available and our research and development programs;

 

the timing, scope or likelihood of regulatory submissions, filings, and approvals;

 

our ability to develop and advance product candidates into, and successfully complete, clinical trials;

 

the long-term safety, activity or durability of effect of our commercial product and product candidates and our ability to support regulatory submissions or maintain marketing approvals in the US and European Union (EU);

 

our expectations regarding the market opportunity for and size of the patient populations for our product candidates, if approved for commercial use;

 

the implementation of our business model and our strategic plans for our business, commercial product, product candidates and technology, including the execution of recent revisions to our vision and growth strategy;

 

our commercialization, marketing and manufacturing capabilities and strategy;

 

the pricing and reimbursement of our commercial product and product candidates, if approved;

 

the adequacy, scalability and commercial viability of our manufacturing capacity, methods and processes, including those of our manufacturing partners, and plans for future development;

 

the rate and degree of market acceptance and clinical utility of our commercial product and product candidates, in particular, and gene therapy, in general;

 

our ability to establish or maintain collaborations or strategic relationships or obtain additional funding;

 

the impact of the COVID-19 global pandemic and related downturn of the U.S. and global economies, as well as on our business operations, including clinical trials, and the operations of our third-party manufacturers and suppliers;  

 

our competitive position;

 

the scope of protection we and/or our licensors are able to establish and maintain for intellectual property rights covering our commercial product and product candidates;

 

developments and projections relating to our competitors and our industry;

 

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; the impact of laws and regulations;

 

our ability to attract and retain qualified employees and key personnel;

 

our ability to raise capital, particularly in light of the impact of the COVID-19 global pandemic and the related impact on the US and global economies;

 

our ability to contract with third party suppliers and manufacturers and their ability to perform adequately;

 

the expected cost savings resulting from our recently announced changes to our strategic vision;

 

our projected financial performance and financial condition, including the sufficiency of our cash, cash equivalents and investments to fund operations in future periods and future liquidity, working capital and capital requirements;

 

our cash runway into 2022; and

 

our risks and uncertainties, including those listed under the caption “Item 1A. Risk Factors.”

iv


 

You should refer to the section in Part II titled “Item 1A. Risk Factors” for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot be assured that the forward-looking statements in this Quarterly Report on Form 10-Q will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, these statements should not be regarded as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q, if any, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

v


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

ORCHARD THERAPEUTICS PLC

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

41,161

 

 

$

19,053

 

Marketable securities

 

 

160,183

 

 

 

305,937

 

Trade receivables

 

 

3,183

 

 

 

1,442

 

Prepaid expenses and other current assets

 

 

11,537

 

 

 

8,530

 

Research and development tax credit receivable, current

 

 

18,047

 

 

 

14,934

 

Total current assets

 

 

234,111

 

 

 

349,896

 

Non-current assets:

 

 

 

 

 

 

 

 

Operating lease right-of-use-assets

 

 

30,476

 

 

 

19,415

 

Property and equipment, net

 

 

4,912

 

 

 

7,596

 

Research and development tax credit receivable

 

 

12,440

 

 

 

13,710

 

Restricted cash

 

 

4,266

 

 

 

4,264

 

Other assets

 

 

12,110

 

 

 

4,400

 

Total assets

 

$

298,315

 

 

$

399,281

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,861

 

 

$

11,984

 

Accrued expenses and other current liabilities

 

 

23,135

 

 

 

37,980

 

Operating lease liabilities

 

 

8,990

 

 

 

5,892

 

Notes payable, current

 

 

2,778

 

 

 

 

Total current liabilities

 

 

40,764

 

 

 

55,856

 

Notes payable, long-term

 

 

22,199

 

 

 

24,699

 

Operating lease liabilities, net of current portion

 

 

24,162

 

 

 

15,320

 

Other long-term liabilities

 

 

4,123

 

 

 

4,213

 

Total liabilities

 

 

91,248

 

 

 

100,088

 

Commitments and contingencies (see Note 12)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Ordinary shares, £0.10 nominal value

 

 

12,426

 

 

 

12,331

 

Additional paid-in capital

 

 

763,229

 

 

 

738,481

 

Accumulated other comprehensive income

 

 

3,432

 

 

 

2,042

 

Accumulated deficit

 

 

(572,020

)

 

 

(453,661

)

Total shareholders’ equity

 

 

207,067

 

 

 

299,193

 

Total liabilities and shareholders’ equity

 

$

298,315

 

 

$

399,281

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Product sales, net

 

$

1,998

 

 

$

1,918

 

 

$

2,595

 

 

$

1,918

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sales

 

 

667

 

 

 

614

 

 

 

858

 

 

 

614

 

Research and development

 

 

14,678

 

 

 

28,493

 

 

 

71,082

 

 

 

86,464

 

Selling, general and administrative

 

 

12,956

 

 

 

14,223

 

 

 

48,760

 

 

 

38,687

 

Total costs and operating expenses

 

 

28,301

 

 

 

43,330

 

 

 

120,700

 

 

 

125,765

 

Loss from operations

 

 

(26,303

)

 

 

(41,412

)

 

 

(118,105

)

 

 

(123,847

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

534

 

 

 

2,169

 

 

 

2,906

 

 

 

5,519

 

Interest expense

 

 

(572

)

 

 

(660

)

 

 

(1,753

)

 

 

(905

)

Other income (expense), net

 

 

5,510

 

 

 

972

 

 

 

(2,223

)

 

 

(1,146

)

Total other income (expense), net

 

 

5,472

 

 

 

2,481

 

 

 

(1,070

)

 

 

3,468

 

Net loss before income tax

 

 

(20,831

)

 

 

(38,931

)

 

 

(119,175

)

 

 

(120,379

)

Income tax benefit

 

 

541

 

 

 

2,194

 

 

 

816

 

 

 

2,373

 

Net loss

 

 

(20,290

)

 

 

(36,737

)

 

 

(118,359

)

 

 

(118,006

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(5,310

)

 

 

(613

)

 

 

1,334

 

 

 

995

 

Unrealized gain (loss) on marketable securities

 

 

(308

)

 

 

178

 

 

 

56

 

 

 

286

 

Total other comprehensive income (loss)

 

 

(5,618

)

 

 

(435

)

 

 

1,390

 

 

 

1,281

 

Total comprehensive loss

 

$

(25,908

)

 

$

(37,172

)

 

$

(116,969

)

 

$

(116,725

)

Net loss per share, basic

   and diluted

 

$

(0.20

)

 

$

(0.38

)

 

$

(1.19

)

 

$

(1.29

)

Weighted average number of ordinary shares outstanding, basic

   and diluted

 

 

99,664,616

 

 

 

97,817,847

 

 

 

99,255,370

 

 

 

91,553,803

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(118,359

)

 

$

(118,006

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

1,558

 

 

 

1,213

 

Non-cash share-based compensation

 

 

21,221

 

 

 

13,753

 

Impairment of long-lived assets

 

 

5,650

 

 

 

 

Non-cash interest expense

 

 

378

 

 

 

180

 

Non-cash consideration for licenses

 

 

791

 

 

 

 

Amortization of Strimvelis loss provision

 

 

(2,018

)

 

 

(2,921

)

Amortization of premium (discount) on marketable securities

 

 

465

 

 

 

(559

)

Other non-cash adjustments

 

 

650

 

 

 

(3,314

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade receivables

 

 

(1,750

)

 

 

(543

)

Research and development tax credit receivable

 

 

(2,423

)

 

 

(12,390

)

Prepaid expenses, other current assets and other assets

 

 

(2,680

)

 

 

(6,286

)

Operating leases, right-of-use assets

 

 

4,253

 

 

 

2,123

 

Accounts payable, accrued expenses and other current liabilities

 

 

(16,166

)

 

 

3,520

 

Other long-term liabilities

 

 

 

 

 

(1,465

)

Operating lease liabilities

 

 

(6,010

)

 

 

(514

)

Net cash used in operating activities

 

 

(114,440

)

 

 

(125,209

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales and maturities of marketable securities

 

 

221,538

 

 

 

43,249

 

Purchases of marketable securities

 

 

(76,203

)

 

 

(373,080

)

Payment of construction deposit

 

 

(10,000

)

 

 

 

Receipt of funds from construction deposit

 

 

1,876

 

 

 

 

Purchases of property and equipment

 

 

(2,551

)

 

 

(1,528

)

Net cash provided by (used in) investing activities

 

 

134,660

 

 

 

(331,359

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Issuance of debt from credit facility, net of debt issuance costs paid

 

 

 

 

 

24,473

 

Proceeds from share options and ESPP shares

 

 

2,831

 

 

 

1,741

 

Issuance of ADSs in follow-on offering, net of underwriters' discount

 

 

 

 

 

130,257

 

Payment of offering costs

 

 

 

 

 

(605

)

Net cash provided by financing activities

 

 

2,831

 

 

 

155,866

 

Effect of exchange rate changes on cash, cash equivalents, and

   restricted cash

 

 

(941

)

 

 

708

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

22,110

 

 

 

(299,994

)

Cash, cash equivalents, and restricted cash, beginning of period

 

 

23,317

 

 

 

339,681

 

Cash, cash equivalents, and restricted cash, end of period

 

$

45,427

 

 

$

39,687

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

 

 

 

Property and equipment included in accounts payable and accrued expenses

 

 

15

 

 

 

29

 

Shares issued as part of license agreement

 

 

791

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for taxes

 

 

2,375

 

 

 

 

Cash paid for interest

 

 

1,374

 

 

 

726

 

Lease assets obtained in exchange for new operating lease liabilities

 

 

17,486

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


ORCHARD THERAPEUTICS PLC

Condensed Consolidated Statements Shareholders’ Equity

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

Ordinary Shares

 

 

Additional

Paid-In

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Total

 

Balance at December 31, 2018

 

 

85,865,557

 

 

$

10,924

 

 

$

587,490

 

 

$

3,163

 

 

$

(290,239

)

 

$

311,338

 

Share-based compensation expense

 

 

 

 

 

 

 

 

3,821

 

 

 

 

 

 

 

 

 

3,821

 

Exercise of share options

 

 

1,471

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

3,051

 

 

 

 

 

 

3,051

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,739

)

 

 

(30,739

)

Balance at March 31, 2019

 

 

85,867,028

 

 

$

10,924

 

 

$

591,315

 

 

$

6,214

 

 

$

(320,978

)

 

$

287,475

 

Share-based compensation expense

 

 

-

 

 

 

-

 

 

 

4,630

 

 

 

 

 

 

 

 

 

4,630

 

Exercise of share options

 

 

532,889

 

 

 

69

 

 

 

504

 

 

 

 

 

 

 

 

 

573

 

Issuance of ESPP shares

 

 

60,335

 

 

 

8

 

 

 

685

 

 

 

 

 

 

 

 

 

693

 

Issuance of ADSs in follow-on offering, net of issuance costs of $620

 

 

9,725,268

 

 

 

1,233

 

 

 

128,418

 

 

 

 

 

 

 

 

 

129,651

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(1,335

)

 

 

 

 

 

(1,335

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

(50,530

)

 

 

(50,530

)

Balance at June 30, 2019

 

 

96,185,520

 

 

$

12,234

 

 

$

725,552

 

 

$

4,879

 

 

$

(371,508

)

 

$

371,157

 

Share-based compensation expense

 

 

 

 

 

 

 

 

5,302

 

 

 

 

 

 

 

 

 

5,302

 

Exercise of share options

 

 

332,014

 

 

 

43

 

 

 

414

 

 

 

 

 

 

 

 

 

457

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(435

)

 

 

 

 

 

(435

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,737

)

 

 

(36,737

)

Balance at September 30, 2019

 

 

96,517,534

 

 

$

12,277

 

 

$

731,268

 

 

$

4,444

 

 

$

(408,245

)

 

$

339,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

96,923,729

 

 

$

12,331

 

 

$

738,481

 

 

$

2,042

 

 

$

(453,661

)

 

$

299,193

 

Share-based compensation expense

 

 

 

 

 

 

 

 

9,479

 

 

 

 

 

 

 

 

 

9,479

 

Exercise of share options

 

 

230,836

 

 

 

30

 

 

 

1,408

 

 

 

 

 

 

 

 

 

1,438

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

5,013

 

 

 

 

 

 

5,013

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,569

)

 

 

(50,569

)

Balance at March 31, 2020

 

 

97,154,565

 

 

$

12,361

 

 

$

749,368

 

 

$

7,055

 

 

$

(504,230

)

 

$

264,554

 

Share-based compensation expense

 

 

 

 

 

 

 

 

6,079