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SEC Filings

10-Q
MYOKARDIA INC filed this Form 10-Q on 05/09/2019
Entire Document
 

 

In September 2018, the Company provided a standby letter of credit of $1.9 million as security for its obligations under the Lease. This standby letter of credit, together with standby letters on Existing Facilities, are classified on the balance sheet as restricted cash and other.  

Future annual minimum operating lease payments due under the Lease are as follows (in thousands):

 

Year ending December 31:

 

Amount1

 

2019 (nine months remaining)

 

$

 

2020

 

 

5,454

 

2021

 

 

8,461

 

2022

 

 

8,757

 

2023

 

 

9,063

 

Thereafter

 

 

61,444

 

Total

 

$

93,179

 

 

(1)

The table above is prepared under the assumption that the Commencement Date at the New Facility will be January 1, 2020.

The adoption of ASC 842 did not materially affect the amount or timing of operating lease rent expense to be recognized during the year ended December 31, 2019 as compared to accounting under the prior guidance. Operating lease rent expense for the three months ended March 31, 2019 and 2018 was $0.7 million and $0.4 million, respectively, which is included in operating expenses on the Company’s condensed consolidated statements of operations and comprehensive loss. The operating leases require the Company to share in prorated operating expenses and property taxes based upon actual amounts incurred; those amounts are not fixed for future periods and, therefore, are not included in the future commitments listed above.

 

6. Balance Sheet Components

Property and Equipment

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

 

 

 

March 31,

2019

 

 

December 31,

2018

 

Scientific equipment

 

$

9,679

 

 

$

9,126

 

Furniture and equipment

 

 

1,450

 

 

 

1,248

 

Capitalized software

 

 

389

 

 

 

302

 

Leasehold improvements

 

 

524

 

 

 

451

 

Total

 

 

12,042

 

 

 

11,127

 

Less: Accumulated depreciation

 

 

(6,450

)

 

 

(5,989

)

Property and equipment, net

 

$

5,592

 

 

$

5,138

 

 

Depreciation expense was $0.5 million and $0.3 million for the three months ended March 31, 2019 and 2018, respectively.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

 

 

 

March 31,

2019

 

 

December 31,

2018

 

Clinical research and development

 

$

12,877

 

 

$

10,903

 

Payroll-related liabilities

 

 

4,741

 

 

 

8,151

 

Other

 

 

2,851

 

 

 

1,704

 

Total accrued liabilities

 

$

20,469

 

 

$

20,758

 

 

 

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