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SEC Filings

10-K
MYOKARDIA INC filed this Form 10-K on 03/08/2018
Entire Document
 

 

5. Balance Sheet Components

Property and Equipment

Property and equipment consists of the following (in thousands):

 

 

 

As of December 31,

 

 

 

2017

 

 

2016

 

Scientific equipment

 

$

5,935

 

 

$

4,858

 

Furniture and equipment

 

 

1,064

 

 

 

546

 

Capitalized software

 

 

278

 

 

 

237

 

Leasehold improvements

 

 

331

 

 

 

308

 

Total

 

 

7,608

 

 

 

5,949

 

Less: Accumulated depreciation

 

 

(4,461

)

 

 

(3,191

)

Property and equipment, net

 

$

3,147

 

 

$

2,758

 

 

Depreciation expense was $1.3 million, $1.1 million and $1.0 million for the years ended December 31, 2017, 2016 and 2015 respectively.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

 

 

 

As of December 31,

 

 

 

2017

 

 

2016

 

Clinical research and development

 

$

5,981

 

 

$

3,981

 

Payroll related liabilities

 

 

4,412

 

 

 

3,717

 

Other

 

 

1,246

 

 

 

992

 

Total accrued liabilities

 

$

11,639

 

 

$

8,690

 

 

 

6. Commitments and Contingencies

Purchase Commitments

The Company conducts product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations; however, these contracts are generally cancelable on 30 days’ notice and the obligations under these contracts are largely based on services performed.

Facility Leases

On June 29, 2012, the Company entered into a 66-month lease for approximately 12,000 square feet of office and laboratory space in South San Francisco with annual payments of approximately $0.5 million. In connection with this lease agreement, the Company also entered into a shared facilities and services agreement with Global Blood Therapeutics, Inc. (“GBT”), a co-tenant in the office building (See Note 10). In October 2014, the Company entered into a lease assignment agreement with the owner of the building and GBT to allow GBT to sublease the Company’s portion of the building beginning in March 2015. For the year ended December 31, 2017, the Company recorded approximately $0.4 million of sublease income and $0.4 million of sublease expense, which is recorded in interest and other income, net in the consolidated statements of operations and comprehensive loss.

On September 15, 2014, the Company entered into a five-year lease for approximately 34,400 square feet of office and laboratory space in South San Francisco. The Company may extend the lease for an additional three-year term. The initial annual lease payments are $1.3 million, increasing to $1.6 million in the final year of the agreement. The lease period commenced in January 2015. The Company received a lease abatement for the first three months of the lease term, which is recorded as deferred rent and recognized over the lease term.

F-17