myok-10q_20190930.htm
false 2019 Q3 MyoKardia Inc 0001552451 --12-31 Large Accelerated Filer true true myok:ResearchAndDevelopmentMember 2020-04-01 2019 P4M24D P1Y 0001552451 2019-01-01 2019-09-30 xbrli:shares 0001552451 2019-10-30 iso4217:USD 0001552451 2019-09-30 0001552451 2018-12-31 iso4217:USD xbrli:shares 0001552451 2018-07-01 2018-09-30 0001552451 2018-01-01 2018-09-30 0001552451 2019-07-01 2019-09-30 0001552451 us-gaap:CommonStockMember 2018-12-31 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001552451 us-gaap:RetainedEarningsMember 2018-12-31 0001552451 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001552451 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001552451 2019-01-01 2019-03-31 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001552451 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001552451 us-gaap:CommonStockMember 2019-03-31 0001552451 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001552451 us-gaap:RetainedEarningsMember 2019-03-31 0001552451 2019-03-31 0001552451 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001552451 2019-04-01 2019-06-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001552451 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001552451 us-gaap:CommonStockMember 2019-06-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001552451 us-gaap:RetainedEarningsMember 2019-06-30 0001552451 2019-06-30 0001552451 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0001552451 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0001552451 us-gaap:CommonStockMember 2019-09-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001552451 us-gaap:RetainedEarningsMember 2019-09-30 0001552451 us-gaap:CommonStockMember 2017-12-31 0001552451 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001552451 us-gaap:RetainedEarningsMember 2017-12-31 0001552451 2017-12-31 0001552451 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001552451 2018-01-01 2018-03-31 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001552451 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001552451 us-gaap:CommonStockMember 2018-03-31 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001552451 us-gaap:RetainedEarningsMember 2018-03-31 0001552451 2018-03-31 0001552451 myok:FollowOnPublicOfferingMember us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001552451 myok:FollowOnPublicOfferingMember us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001552451 myok:FollowOnPublicOfferingMember 2018-04-01 2018-06-30 0001552451 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001552451 2018-04-01 2018-06-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001552451 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001552451 us-gaap:CommonStockMember 2018-06-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001552451 us-gaap:RetainedEarningsMember 2018-06-30 0001552451 2018-06-30 0001552451 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0001552451 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0001552451 us-gaap:CommonStockMember 2018-09-30 0001552451 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001552451 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001552451 us-gaap:RetainedEarningsMember 2018-09-30 0001552451 2018-09-30 0001552451 us-gaap:CommonStockMember myok:FollowOnOfferingMember 2019-01-01 2019-03-31 0001552451 us-gaap:CommonStockMember myok:FollowOnOfferingMember 2018-04-01 2018-06-30 0001552451 myok:FollowOnOfferingMember 2019-03-01 2019-03-31 0001552451 myok:FollowOnOfferingMember 2019-03-31 0001552451 us-gaap:OverAllotmentOptionMember 2019-03-01 2019-03-31 0001552451 myok:FollowOnOfferingMember 2019-01-01 2019-09-30 myok:Segment 0001552451 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2014-08-01 2018-12-31 0001552451 myok:TerminationAgreementMember myok:AventisIncMember myok:RoyaltyRightsMember 2019-07-31 0001552451 myok:TerminationAgreementMember myok:AventisIncMember myok:RoyaltyRightsMember 2019-07-01 2019-07-31 0001552451 myok:TerminationAgreementMember myok:AventisIncMember myok:RoyaltyRightsMember myok:MYK491ProgramMember 2019-07-01 2019-07-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2014-08-30 2014-08-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2014-09-01 2018-03-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember srt:MaximumMember 2014-08-30 2014-08-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2016-10-01 2016-12-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2017-01-01 2017-01-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2017-01-01 2018-12-31 0001552451 myok:AventisIncMember us-gaap:CollaborativeArrangementMember 2019-01-01 2019-09-30 0001552451 myok:AventisIncMember us-gaap:CollaborativeArrangementMember 2018-01-01 2018-09-30 0001552451 myok:AventisIncMember us-gaap:CollaborativeArrangementMember 2019-09-30 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2019-07-01 2019-09-30 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2018-12-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2017-12-31 0001552451 us-gaap:CollaborativeArrangementMember myok:AventisIncMember 2018-09-30 0001552451 us-gaap:MoneyMarketFundsMember 2019-09-30 0001552451 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0001552451 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-09-30 0001552451 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001552451 us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0001552451 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001552451 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0001552451 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0001552451 us-gaap:MoneyMarketFundsMember 2018-12-31 0001552451 us-gaap:MoneyMarketFundsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0001552451 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001552451 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001552451 us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0001552451 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001552451 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0001552451 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0001552451 us-gaap:CashAndCashEquivalentsMember 2019-09-30 0001552451 us-gaap:ShortTermInvestmentsMember 2019-09-30 0001552451 myok:LongTermInvestmentsMember 2019-09-30 0001552451 us-gaap:CashAndCashEquivalentsMember 2018-12-31 0001552451 us-gaap:ShortTermInvestmentsMember 2018-12-31 0001552451 myok:LongTermInvestmentsMember 2018-12-31 utr:sqft 0001552451 myok:ExistingFacilityMember 2019-09-30 myok:Facility 0001552451 myok:ExistingFacilityMember 2019-01-01 2019-09-30 0001552451 us-gaap:AccountingStandardsUpdate201602Member 2019-09-30 xbrli:pure 0001552451 myok:NewFacilityMember 2018-09-30 0001552451 myok:NewFacilityMember 2018-09-01 2018-09-30 0001552451 myok:NewFacilityMember 2019-09-30 0001552451 us-gaap:MachineryAndEquipmentMember 2019-09-30 0001552451 us-gaap:MachineryAndEquipmentMember 2018-12-31 0001552451 us-gaap:FurnitureAndFixturesMember 2019-09-30 0001552451 us-gaap:FurnitureAndFixturesMember 2018-12-31 0001552451 us-gaap:SoftwareDevelopmentMember 2019-09-30 0001552451 us-gaap:SoftwareDevelopmentMember 2018-12-31 0001552451 us-gaap:LeaseholdImprovementsMember 2019-09-30 0001552451 us-gaap:LeaseholdImprovementsMember 2018-12-31 0001552451 us-gaap:ConstructionInProgressMember 2019-09-30 0001552451 us-gaap:EmployeeStockOptionMember 2019-09-30 0001552451 us-gaap:EmployeeStockOptionMember 2018-12-31 0001552451 myok:TwoThousandFifteenStockOptionAndIncentivePlanMember 2019-09-30 0001552451 myok:TwoThousandFifteenStockOptionAndIncentivePlanMember 2018-12-31 0001552451 myok:TwoThousandFifteenEmployeeStockPurchasePlanMember 2019-09-30 0001552451 myok:TwoThousandFifteenEmployeeStockPurchasePlanMember 2018-12-31 0001552451 us-gaap:ResearchAndDevelopmentExpenseMember 2019-07-01 2019-09-30 0001552451 us-gaap:ResearchAndDevelopmentExpenseMember 2018-07-01 2018-09-30 0001552451 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-09-30 0001552451 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-09-30 0001552451 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-07-01 2019-09-30 0001552451 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-07-01 2018-09-30 0001552451 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-01-01 2019-09-30 0001552451 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2018-01-01 2018-09-30 0001552451 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 0001552451 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-09-30 0001552451 us-gaap:RestrictedStockUnitsRSUMember 2019-09-30 0001552451 myok:TwoThousandFifteenEmployeeStockPurchasePlanMember 2019-04-30 2019-04-30 0001552451 myok:PerformanceCriteriaMember 2019-07-01 2019-09-30 0001552451 myok:PerformanceCriteriaMember 2018-07-01 2018-09-30 0001552451 myok:PerformanceCriteriaMember 2019-01-01 2019-09-30 0001552451 myok:PerformanceCriteriaMember 2018-01-01 2018-09-30 0001552451 us-gaap:PerformanceSharesMember 2019-09-30 0001552451 myok:CommonStockSubjectToRepurchaseMember 2018-01-01 2018-09-30 0001552451 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0001552451 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0001552451 myok:TwoThousandFifteenEmployeeStockPurchasePlanMember 2019-01-01 2019-09-30 0001552451 myok:TwoThousandFifteenEmployeeStockPurchasePlanMember 2018-01-01 2018-09-30

 

0

 

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, 2019

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: 001-37609

MYOKARDIA, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

44-5500552

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

333 Allerton Ave.

South San Francisco, CA

(Address of principal executive offices)

94080

(Zip Code)

(650) 741-0900

(Registrant’s telephone number, including area code)

 

 

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

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock

MYOK

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 

 

The number of outstanding shares of the registrant’s common stock on October 30, 2019 was 46,225,917 shares.

 

 

 

 


 

MYOKARDIA, INC.

TABLE OF CONTENTS

 

 

Page

PART I—FINANCIAL INFORMATION

 

3

Item 1. Unaudited Condensed Consolidated Financial Statements

 

3

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

 

3

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 2019 and 2018

 

4

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 2019 and 2018

 

5

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 2019 and 2018

 

6

Notes to Condensed Consolidated Financial Statements

 

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

28

Item 4. Controls and Procedures

 

28

PART II—OTHER INFORMATION

 

29

Item 1. Legal Proceedings

 

29

Item 1A. Risk Factors

 

29

Item 6. Exhibits

 

59

SIGNATURES

 

60

 

 

 

2


 

PART I—FINANCIAL INFORMATION

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

MYOKARDIA, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

235,159

 

 

$

246,122

 

Short-term investments

 

 

181,932

 

 

 

68,564

 

Prepaid expenses and other current assets

 

 

7,598

 

 

 

4,760

 

Total current assets

 

 

424,689

 

 

 

319,446

 

Property and equipment, net

 

 

7,148

 

 

 

5,138

 

Operating lease right-of-use assets

 

 

1,028

 

 

 

 

Long-term investments

 

 

63,328

 

 

 

80,148

 

Restricted cash and other

 

 

2,404

 

 

 

2,521

 

Total assets

 

$

498,597

 

 

$

407,253

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

6,528

 

 

$

2,946

 

Accrued liabilities

 

 

36,507

 

 

 

20,758

 

Prepayment from collaboration partner

 

 

 

 

 

12,973

 

Operating lease liabilities - current

 

 

1,050

 

 

 

 

Total current liabilities

 

 

44,085

 

 

 

36,677

 

Other long-term liabilities

 

 

2,159

 

 

 

9

 

Total liabilities

 

 

46,244

 

 

 

36,686

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none

   issued and outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value, 150,000,000 shares authorized

   at September 30, 2019 and December 31, 2018; 46,218,925 and

   40,288,949 shares issued and outstanding at September 30, 2019

   and December 31, 2018, respectively

 

 

5

 

 

 

4

 

Additional paid-in capital

 

 

871,894

 

 

 

573,183

 

Accumulated other comprehensive income (loss)

 

 

453

 

 

 

(67

)

Accumulated deficit

 

 

(419,999

)

 

 

(202,553

)

Total stockholders’ equity

 

 

452,353

 

 

 

370,567

 

Total liabilities and stockholders’ equity

 

$

498,597

 

 

$

407,253

 

 

 

 

 

 

 

 

 

 

 

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

 

 

3


 

MYOKARDIA, INC.

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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Collaboration and license revenue

 

$

 

 

$

9,188

 

 

$

 

 

$

21,158

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of royalty rights

 

 

80,000

 

 

 

 

 

 

80,000

 

 

 

 

Research and development

 

 

47,372

 

 

 

15,910

 

 

 

101,270

 

 

 

49,746

 

Selling, general and administrative

 

 

17,746

 

 

 

10,957

 

 

 

45,153

 

 

 

27,182

 

Total operating expenses

 

 

145,118

 

 

 

26,867

 

 

 

226,423

 

 

 

76,928

 

Loss from operations

 

 

(145,118

)

 

 

(17,679

)

 

 

(226,423

)

 

 

(55,770

)

Interest and other income, net

 

 

3,332

 

 

 

1,890

 

 

 

8,775

 

 

 

3,748

 

Loss before income taxes

 

 

(141,786

)

 

 

(15,789

)

 

 

(217,648

)

 

 

(52,022

)

Income tax expense (benefit)

 

 

16

 

 

 

 

 

 

(202

)

 

 

 

Net loss

 

 

(141,802

)

 

 

(15,789

)

 

 

(217,446

)

 

 

(52,022

)

Other comprehensive (loss) income, net of tax effect of

   $17, $0, $(202), and $0, respectively

 

 

(44

)

 

 

37

 

 

 

520

 

 

 

(30

)

Comprehensive loss

 

$

(141,846

)

 

$

(15,752

)

 

$

(216,926

)

 

$

(52,052

)

Net loss per share, basic and diluted

 

$

(3.07

)

 

$

(0.39

)

 

$

(4.91

)

 

$

(1.38

)

Weighted average number of shares used to compute net loss

   per share, basic and diluted

 

 

46,133,068

 

 

 

40,116,644

 

 

 

44,255,657

 

 

 

37,765,631

 

 

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

 

4


 

MYOKARDIA, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share and per share amounts)

(Unaudited)

 

For the nine months ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

income/ (loss)

 

 

Deficit

 

 

Equity

 

BALANCE—December 31, 2018

 

 

40,288,949

 

 

$

4

 

 

$

573,183

 

 

$

(67

)

 

$

(202,553

)

 

$

370,567

 

Issuance of common stock in connection with the

   2019 follow-on offering, net of issuance costs of $17,638

 

 

5,663,750

 

 

 

1

 

 

 

271,212

 

 

 

 

 

 

 

 

 

271,213

 

Issuance of common stock upon the exercise of options

   and release of stock awards

 

 

49,076

 

 

 

 

 

 

280

 

 

 

 

 

 

 

 

 

280

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

8

 

Stock-based compensation

 

 

 

 

 

 

 

 

6,981

 

 

 

 

 

 

 

 

 

6,981

 

Unrealized gains, net of tax expense

 

 

 

 

 

 

 

 

 

 

 

363

 

 

 

 

 

 

363

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,470

)

 

 

(37,470

)

BALANCE—March 31, 2019

 

 

46,001,775

 

 

$

5

 

 

$

851,664

 

 

$

296

 

 

$

(240,023

)

 

$

611,942

 

Issuance of common stock upon the exercise of options,

   release of stock awards and purchases under employee

   stock purchase plan

 

 

96,284

 

 

 

 

 

 

1,571

 

 

 

 

 

 

 

 

 

1,571

 

Repurchase of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

Stock-based compensation

 

 

 

 

 

 

 

 

8,638

 

 

 

 

 

 

 

 

 

8,638

 

Unrealized gains, net of tax expense

 

 

 

 

 

 

 

 

 

 

 

201

 

 

 

 

 

 

201

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,174

)

 

 

(38,174

)

BALANCE—June 30, 2019

 

 

46,098,059

 

 

$

5

 

 

$

861,880

 

 

$

497

 

 

$

(278,197

)

 

$

584,185

 

Issuance of common stock upon the exercise of options

   and release of stock awards

 

 

120,866

 

 

 

 

 

 

1,739

 

 

 

 

 

 

 

 

 

1,739

 

Repurchase of early exercised stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

8,275

 

 

 

 

 

 

 

 

 

8,275

 

Unrealized loss, net of tax benefit

 

 

 

 

 

 

 

 

 

 

 

(44

)

 

 

 

 

 

(44

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(141,802

)

 

 

(141,802

)

BALANCE—September 30, 2019

 

 

46,218,925

 

 

$

5

 

 

$

871,894

 

 

$

453

 

 

$

(419,999

)

 

$

452,353

 

 

For the nine months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

other

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

income/ (loss)

 

 

Deficit

 

 

Equity

 

BALANCE—December 31, 2017

 

 

35,812,791

 

 

$

4

 

 

$

365,719

 

 

$

(192

)

 

$

(134,855

)

 

$

230,676

 

Issuance of common stock upon the exercise

   of options

 

 

110,961

 

 

 

 

 

 

806

 

 

 

 

 

 

 

 

 

806

 

Repurchase of early exercised stock options

 

 

(770

)

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

18

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,631

 

 

 

 

 

 

 

 

 

3,631

 

Unrealized loss, net of tax benefit

 

 

 

 

 

 

 

 

 

 

 

(137

)

 

 

 

 

 

(137

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,820

)

 

 

(17,820

)

BALANCE—March 31, 2018

 

 

35,922,982

 

 

$

4

 

 

$

370,173

 

 

$

(329

)

 

$

(152,675

)

 

$

217,173

 

Issuance of common stock in connection with the

   2018 follow-on offering, net of issuance costs of $12,233

 

 

3,961,147

 

 

 

 

 

 

181,863

 

 

 

 

 

 

 

 

 

181,863

 

Issuance of common stock upon the exercise of options

   and purchases under employee stock purchase plan

 

 

165,031

 

 

 

 

 

 

1,544

 

 

 

 

 

 

 

 

 

1,544

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

14

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,782

 

 

 

 

 

 

 

 

 

4,782

 

Unrealized gains, net of tax expense

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

70

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,413

)

 

 

(18,413

)

BALANCE—June 30, 2018

 

 

40,049,160

 

 

$

4

 

 

$

558,376

 

 

$

(259

)

 

$

(171,088

)

 

$

387,033

 

Issuance of common stock upon the exercise of options

   and purchases under employee stock purchase plan

 

 

191,370

 

 

 

 

 

 

2,818

 

 

 

 

 

 

 

 

 

2,818

 

Vesting of early exercised stock options

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

 

 

 

12

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,226

 

 

 

 

 

 

 

 

 

5,226

 

Unrealized gains, net of tax expense

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

 

 

 

37

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,789

)

 

 

(15,789

)

BALANCE—September 30, 2018

 

 

40,240,530

 

 

$

4

 

 

$

566,432

 

 

$

(222

)

 

$

(186,877

)

 

$

379,337

 

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

5


 

MYOKARDIA, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(217,446

)

 

$

(52,022

)

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

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

23,894

 

 

 

13,639

 

Depreciation

 

 

1,441

 

 

 

1,134

 

Amortization of discount on investments

 

 

(1,034

)

 

 

(127

)

Income tax benefit of unrealized gains on short and long-term investments

 

 

(202

)

 

 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Receivable from collaboration partner

 

 

 

 

 

(1,552

)

Prepaid expenses and other current assets

 

 

(2,457

)

 

 

(690

)

Operating lease right-of-use assets

 

 

2,007

 

 

 

 

Other long-term assets

 

 

(169

)

 

 

(87

)

Accounts payable

 

 

3,589

 

 

 

357

 

Accrued liabilities

 

 

14,702

 

 

 

7,100

 

Prepayment from collaboration partner

 

 

(12,973

)

 

 

6,511

 

Operating lease liabilities

 

 

(2,171

)

 

 

 

Other long-term liabilities

 

 

1,907

 

 

 

(133

)

Deferred revenue

 

 

 

 

 

(21,158

)

Net cash used in operating activities

 

 

(188,912

)

 

 

(47,028

)

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(145,792

)

 

 

(48,421

)

Sales of investments

 

 

4,000

 

 

 

8,000

 

Maturities of investments

 

 

47,000

 

 

 

16,000

 

Purchases of property and equipment

 

 

(1,978

)

 

 

(3,017

)

Net cash used in investing activities

 

 

(96,770

)

 

 

(27,438

)

Cash flow from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock in follow-on offerings,

   net of issuance and financing costs

 

 

271,224

 

 

 

181,863

 

Proceeds from exercise of stock options and employee stock purchase plan

 

 

3,573