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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): November 8, 2023
AVADEL PHARMACEUTICALS PLC
(Exact name of registrant as specified
in its charter)
Ireland |
001-37977 |
98-1341933 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
10
Earlsfort Terrace
Dublin 2, Ireland, D02
T380 |
Not Applicable |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: +353
1 901-5201
Not applicable
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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*
Ordinary Shares, nominal value
$0.01 per share** |
AVDL
N/A |
The Nasdaq Global Market |
*American Depositary Shares may be evidenced
by American Depositary Receipts. Each American Depositary Share represents one (1) Ordinary Share.
** Not for trading, but only in connection with the listing
of American Depositary Shares on The Nasdaq Global Market.
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Item 2.02 |
Results of Operations and Financial Condition |
On November 8, 2023, Avadel Pharmaceuticals plc announced its financial
results for the quarter ended September 30, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report
on Form 8-K.
The information in this Current Report on Form 8-K and Exhibit 99.1
attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth
by specific reference in such filing.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
AVADEL PHARMACEUTICALS PLC |
|
|
|
|
By: |
/s/ Jerad G. Seurer |
Date: November 8, 2023 |
|
Name: |
Jerad G. Seurer |
|
|
Title: |
General Counsel & Corporate Secretary |
Exhibit 99.1
Avadel Pharmaceuticals
Provides Corporate Update and Reports Third Quarter 2023 Financial Results
-- $7.0 million in third quarter LUMRYZ™
net revenue from U.S. commercial launch --
-- Generated robust demand for LUMRYZ with greater
than 1,000 patients enrolled in RYZUPTM and more than 400 patients initiating therapy as of September 30 --
-- LUMRYZ to be added to preferred position
for CVS commercial formularies effective January 1, 2024 --
-- Submitted sNDA for LUMRYZ in pediatric narcolepsy
population on November 7th --
-- Management to
host a conference call today at 8:30 a.m. ET --
DUBLIN, Ireland, November 8, 2023 - Avadel Pharmaceuticals plc
(Nasdaq: AVDL), a biopharmaceutical company focused on transforming medicines to transform lives, today provided a corporate update and
announced its financial results for the third quarter ended September 30, 2023.
“We are very pleased with the significant progress we made during
the first full quarter of the launch of LUMRYZ, underscored by the early patient demand and the overwhelmingly positive feedback received
from across the narcolepsy community. Our team continues to execute on our launch plan, actively engaging with all stakeholders, driving
patient enrollments, converting RYZUP enrollments to patients on therapy, and securing key coverage policy decisions with payers, such
as the recent CVS decision to move LUMRYZ to preferred status effective January 1, 2024,” said Greg Divis, Chief Executive Officer
of Avadel Pharmaceuticals. “We are building on the momentum we saw during the quarter, as we continue our mission to transform the
lives of those living with narcolepsy. This includes the recently completed submission of our supplemental NDA for LUMRYZ in the pediatric
population, which, if approved, will allow us to bring LUMRYZ to eligible children living with narcolepsy and expand the reach of LUMRYZ.”
Third Quarter and Recent Company Highlights
LUMRYZ Commercial Updates:
| · | Launch progress through September 30, 2023: |
| o | Generated $7 million of LUMRYZ net revenue in the first full quarter of launch. |
| o | Greater than 1,000 patients enrolled in Avadel’s RYZUP patient support services: |
| § | More than 400 patients initiated therapy with LUMRYZ during Q3. |
| § | Approximately 600 patients remained in the RYZUP process, going through the benefits investigation or pending their first shipment. |
| § | RYZUP enrollments and patients currently being treated with LUMRYZ includes majority switch patients from first generation oxybates,
followed by patients who previously tried and discontinued a first generation oxybate, and patients who are new to oxybates. |
| o | Secured LUMRYZ coverage policies for over 100 million commercial lives representing approximately 60% of the total commercially insured
lives across the country. |
| § | Announced that LUMRYZ is moving to preferred status within the CVS commercial formularies effective January 1, 2024. |
| o | Nearly 1,400 health care providers have completed the LUMRYZ REMS certification process, including both experienced oxybate prescribers
as well as providers who have never previously prescribed an oxybate. |
Pipeline Updates:
| · | Submitted Supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) for LUMRYZ for treatment of cataplexy
or EDS in the pediatric narcolepsy population on November 7, 2023. An approval decision is expected in the second half of 2024. |
| o | LUMRYZ has the potential to significantly alleviate the burden placed on families and caregivers of children with narcolepsy who are
responsible for waking up in the middle of the night to administer a second dose. |
| o | Pediatric patients currently represent approximately 5% of all oxybate treated narcolepsy patients. |
Clinical Updates:
| · | In October, announced new and encore data supporting the clinical profile for
LUMRYZ and patient preference for a once-nightly oxybate in 15 poster presentations and two oral presentations, at World Sleep 2023. |
| ○ | New
post-hoc analyses demonstrated the robust clinical efficacy of LUMRYZ and provided further insight into the improvements on measures
of excessive daytime sleepiness (EDS) and cataplexy compared with placebo in different demographic and clinical subgroups. |
| o | Post-hoc analyses reinforced data from the completed pivotal Phase 3 REST-ON trial, demonstrating that treatment with LUMRYZ resulted
in statistically significant and clinically meaningful improvement in EDS. |
| o | RESTORE study poster demonstrated long-term tolerability and clinically significant improvement in symptoms. |
Overview of Third Quarter Results
Recognized $7.0 million in net product revenue
for the quarter ended September 30, 2023. Net product revenue consists of LUMRYZ product sales, which was launched in the U.S. on June
5, 2023.
R&D expenses were $2.8 million in the quarter ended September 30,
2023, compared to $2.9 million for the same period in 2022.
SG&A expenses were $39.2 million in the quarter ended September
30, 2023, compared to $14.1 million for the same period in 2022. This increase was
driven by higher compensation costs due to increased headcount, higher selling and marketing and launch-related activities and higher
legal fees.
Net loss for the quarter ended September 30,
2023, was $36.3 million, or ($0.41) per diluted
share, compared to net loss of $20.1 million, or ($0.33) per diluted share, for the same period in 2022.
Cash, cash equivalents and marketable securities
were $153.2 million as of September 30, 2023. The Company drew the first $30.0 million tranche
from a $75.0 million royalty financing arrangement on August 1, 2023. Subsequent to September 30, 2023, the Company paid off the remaining
$21.2 million of convertible notes.
About LUMRYZ™
(sodium oxybate) for extended-release oral suspension
LUMRYZ, is an extended-release
sodium oxybate medication approved by the FDA on May 1, 2023, as the first and only once-at-bedtime treatment for cataplexy or excessive
daytime sleepiness (EDS) in adults with narcolepsy.
The FDA approval of LUMRYZ was
supported by results from REST-ON, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial in adults with narcolepsy. LUMRYZ
demonstrated statistically significant and clinically meaningful improvements in the three co-primary endpoints: EDS, clinicians’
overall assessment of patients’ functioning (CGI-I) and cataplexy attacks, for all three evaluated doses when compared to placebo.
With its approval,
the FDA also granted seven years of Orphan Drug Exclusivity to LUMRYZ for the treatment of cataplexy or EDS in adults with narcolepsy
due to a finding of clinical superiority of LUMRYZ relative to currently available oxybate treatments. In particular, the FDA found
that LUMRYZ makes a major contribution to patient care over currently available, twice-nightly oxybate products by providing a once-nightly
dosing regimen that avoids nocturnal arousal to take a second dose.
About Avadel Pharmaceuticals plc
Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company
focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development of medications
that address the challenges patients face with current treatment options. Avadel’s commercial product, LUMRYZ, was approved by
the U.S. Food & Drug Administration (FDA) as the first and only once-at-bedtime oxybate for the treatment of cataplexy or excessive
daytime sleepiness (EDS) in adults with narcolepsy. For more information, please visit www.avadel.com.
IMPORTANT SAFETY INFORMATION
WARNING: Taking LUMRYZ™ (sodium oxybate) with other central
nervous system (CNS) depressants, such as medicines used to make you fall asleep, including opioid analgesics, benzodiazepines, sedating
antidepressants, antipsychotics, sedating anti-epileptic medicines, general anesthetics, muscle relaxants, alcohol or street drugs, may
cause serious medical problems, including trouble breathing (respiratory depression), low blood pressure (hypotension), changes in alertness
(drowsiness), fainting (syncope) and death.
The active ingredient of LUMRYZ (sodium oxybate) is a form of gamma
hydroxybutyrate (GHB), a controlled substance. Abuse or misuse of illegal GHB alone or with other CNS depressants (drugs that cause changes
in alertness or consciousness) have caused serious side effects. These effects include seizures, trouble breathing (respiratory depression),
changes in alertness (drowsiness), coma and death. Call your doctor right away if you have any of these serious side effects.
Because of these risks, LUMRYZ is available only by prescription
and filled through certified pharmacies in the LUMRYZ REMS. You must be enrolled in the LUMRYZ REMS to receive LUMRYZ. Further information
is available at www.LUMRYZREMS.com or by calling 1-877-453-1029. |
INDICATIONS
LUMRYZ (sodium oxybate) for extended-release oral suspension is
a prescription medicine used to treat the following symptoms in adults with narcolepsy:
| · | sudden
onset of weak or paralyzed muscles (cataplexy) |
| · | excessive daytime sleepiness (EDS) |
It is not known if LUMRYZ is safe and effective in people less than
18 years of age.
Do not take LUMRYZ if you take other sleep medicines or sedatives
(medicines that cause sleepiness), drink alcohol or have a rare problem called succinic semialdehyde dehydrogenase deficiency.
Keep LUMRYZ in a safe place to prevent abuse and misuse. Selling or
giving away LUMRYZ may harm others and is against the law. Tell your doctor if you have ever abused or been dependent on alcohol, prescription
medicines or street drugs.
Anyone who takes LUMRYZ should not do anything that requires them to
be fully awake or is dangerous, including driving a car, using heavy machinery or flying an airplane, for at least six (6) hours after
taking LUMRYZ. Those activities should not be done until you know how LUMRYZ affects you.
Falling asleep quickly, including while standing or while getting up
from the bed, has led to falls with injuries that have required some people to be hospitalized.
LUMRYZ can cause serious side effects, including the following:
| · | Breathing
problems, including slower breathing, trouble breathing and/or short periods of not breathing while sleeping (e.g., sleep apnea).
People who already have breathing or lung problems have a higher chance of having breathing problems when they take LUMRYZ. |
| · | Mental
health problems, including confusion, seeing or hearing things that are not real (hallucinations), unusual or disturbing thoughts
(abnormal thinking), feeling anxious or upset, depression, thoughts of killing yourself or trying to kill yourself, increased tiredness,
feelings of guilt or worthlessness and difficulty concentrating. Tell your doctor if you have or had depression or have tried to harm
yourself. Call your doctor right away if you have symptoms of mental health problems or a change in weight or appetite. |
| · | Sleepwalking. Sleepwalking
can cause injuries. Call your doctor if you start sleepwalking. |
Tell your doctor if you are on a salt-restricted diet or if you have
high blood pressure, heart failure or kidney problems. LUMRYZ contains a lot of sodium (salt) and may not be right for you.
The most common side effects of LUMRYZ in adults include nausea, dizziness,
bedwetting, headache and vomiting. Your side effects may increase when you take higher doses of LUMRYZ. LUMRYZ can cause physical dependence
and craving for the medicine when it is not taken as directed. These are not all the possible side effects of LUMRYZ.
For more information, ask your doctor or pharmacist. Call your doctor
for medical advice about side effects.
You are encouraged to report negative side effects of prescription
drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.
Please see full Prescribing Information, including
BOXED Warning.
Cautionary Disclosure Regarding Forward-Looking
Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements relate to our future expectations, beliefs, plans, strategies, objectives, results, conditions, financial
performance, prospects or other events. Such forward-looking statements include, but are not limited to, expectations regarding the potential
therapeutic benefit of LUMRYZ; the success of the commercialization of LUMRYZ; the anticipated market availability, demand and sales opportunity
of LUMRYZ; the potential expansion of LUMRYZ into the pediatric narcolepsy population including acceptability for filing and FDA’s
review of the sNDA for such population; the potential benefits of payor coverage, including CVS preferred status; the Company’s
anticipated financial condition, expenses, uses of capital and other future financial results. In some cases,
forward-looking statements can be identified by the use of words such as “will,” “may,” “could,” “believe,”
“expect,” “look forward,” “on track,” “guidance,” “anticipate,” “estimate,”
“project,” “next steps” and similar expressions and the negatives thereof (if applicable).
The Company’s forward-looking statements are based on estimates
and assumptions that are made within the bounds of our knowledge of our business and operations and that we consider reasonable. However,
the Company’s business and operations are subject to significant risks, and, as a result, there can be no assurance that actual
results and the results of the company’s business and operations will not differ materially from the results contemplated in such
forward-looking statements. Factors that could cause actual results to differ from expectations in the Company’s forward-looking
statements include the risks and uncertainties described in the “Risk Factors” section of Part I, Item 1A of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission (SEC) on
March 29, 2023, and subsequent SEC filings.
Forward-looking statements speak only as of the date they are made
and are not guarantees of future performance. Accordingly, you should not place undue reliance on forward-looking statements. The Company
does not undertake any obligation to publicly update or revise our forward-looking statements, except as required by law.
Investor Contact:
Courtney Turiano
Stern Investor Relations, Inc.
Courtney.Turiano@sternir.com
(212) 698-8687
Media Contact:
Lesley Stanley
Real Chemistry
lestanley@realchemistry.com
(609) 273-3162
AVADEL PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(In thousands, except per share data)
(Unaudited)
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net product revenue | |
$ | 7,014 | | |
$ | — | | |
$ | 8,510 | | |
$ | — | |
Cost of products sold | |
| 117 | | |
| — | | |
| 153 | | |
| — | |
Gross profit | |
| 6,897 | | |
| — | | |
| 8,357 | | |
| — | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development expenses | |
| 2,849 | | |
| 2,933 | | |
| 10,902 | | |
| 14,465 | |
Selling, general and administrative expenses | |
| 39,158 | | |
| 14,096 | | |
| 110,404 | | |
| 57,535 | |
Restructuring (income) expense | |
| — | | |
| (69 | ) | |
| — | | |
| 3,523 | |
Total operating expense | |
| 42,007 | | |
| 16,960 | | |
| 121,306 | | |
| 75,523 | |
Operating loss | |
| (35,110 | ) | |
| (16,960 | ) | |
| (112,949 | ) | |
| (75,523 | ) |
Investment and other income, net | |
| 903 | | |
| 448 | | |
| 1,719 | | |
| 536 | |
Interest expense | |
| (1,978 | ) | |
| (3,564 | ) | |
| (7,532 | ) | |
| (9,087 | ) |
Loss on extinguishment of debt | |
| — | | |
| — | | |
| (13,129 | ) | |
| — | |
Loss before income taxes | |
| (36,185 | ) | |
| (20,076 | ) | |
| (131,891 | ) | |
| (84,074 | ) |
Income tax provision (benefit) | |
| 89 | | |
| 70 | | |
| (401 | ) | |
| 25,940 | |
Net loss | |
$ | (36,274 | ) | |
$ | (20,146 | ) | |
$ | (131,490 | ) | |
$ | (110,014 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share – basic | |
$ | (0.41 | ) | |
$ | (0.33 | ) | |
$ | (1.71 | ) | |
$ | (1.85 | ) |
Net loss per share – diluted | |
| (0.41 | ) | |
| (0.33 | ) | |
| (1.71 | ) | |
| (1.85 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding - basic | |
| 89,380 | | |
| 60,201 | | |
| 76,931 | | |
| 59,359 | |
Weighted average number of shares outstanding - diluted | |
| 89,380 | | |
| 60,201 | | |
| 76,931 | | |
| 59,359 | |
AVADEL PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 51,811 | | |
$ | 73,981 | |
Marketable securities | |
| 101,368 | | |
| 22,518 | |
Accounts receivable, net | |
| 6,239 | | |
| — | |
Inventories | |
| 5,286 | | |
| — | |
Research and development tax credit receivable | |
| 1,199 | | |
| 2,248 | |
Prepaid expenses and other current assets | |
| 6,352 | | |
| 2,096 | |
Total current assets | |
| 172,255 | | |
| 100,843 | |
Property and equipment, net | |
| 648 | | |
| 839 | |
Operating lease right-of-use assets | |
| 2,804 | | |
| 1,713 | |
Goodwill | |
| 16,836 | | |
| 16,836 | |
Research and development tax credit receivable | |
| 409 | | |
| 1,232 | |
Other non-current assets | |
| 10,148 | | |
| 11,322 | |
Total assets | |
$ | 203,100 | | |
$ | 132,785 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Current portion of long-term debt | |
$ | 21,187 | | |
$ | 37,668 | |
Current portion of operating lease liability | |
| 916 | | |
| 960 | |
Accounts payable | |
| 13,263 | | |
| 7,890 | |
Accrued expenses | |
| 17,957 | | |
| 7,334 | |
Other current liabilities | |
| 731 | | |
| 1,941 | |
Total current liabilities | |
| 54,054 | | |
| 55,793 | |
Long-term debt | |
| — | | |
| 91,614 | |
Long-term operating lease liability | |
| 1,928 | | |
| 780 | |
Royalty financing obligation | |
| 31,151 | | |
| — | |
Other non-current liabilities | |
| 5,818 | | |
| 5,743 | |
Total liabilities | |
| 92,951 | | |
| 153,930 | |
| |
| | | |
| | |
Shareholders’ equity (deficit): | |
| | | |
| | |
Preferred shares, nominal value of $0.01 per share; 50,000 shares authorized; 5,194 issued and outstanding at September 30, 2023 and 488 issued and outstanding at December 31, 2022 | |
| 52 | | |
| 5 | |
Ordinary shares, nominal value of $0.01 per share; 500,000 shares authorized; 89,398 issued and outstanding at September 30, 2023 and 62,878 issued and outstanding at December 31, 2022 | |
| 893 | | |
| 628 | |
Additional paid-in capital | |
| 851,865 | | |
| 589,783 | |
Accumulated deficit | |
| (716,710 | ) | |
| (585,220 | ) |
Accumulated other comprehensive loss | |
| (25,951 | ) | |
| (26,341 | ) |
Total shareholders’ equity (deficit) | |
| 110,149 | | |
| (21,145 | ) |
Total liabilities and shareholders’ equity (deficit) | |
$ | 203,100 | | |
$ | 132,785 | |
AVADEL PHARMACEUTICALS PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (131,490 | ) | |
$ | (110,014 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,784 | | |
| 907 | |
Amortization of debt discount and debt issuance costs | |
| 2,796 | | |
| 4,147 | |
Changes in deferred taxes | |
| — | | |
| 25,916 | |
Share-based compensation expense | |
| 12,293 | | |
| 5,086 | |
Loss on extinguishment of debt | |
| 13,129 | | |
| — | |
Other adjustments | |
| (349 | ) | |
| 1,506 | |
Net changes in assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (6,239 | ) | |
| — | |
Inventories | |
| (5,286 | ) | |
| — | |
Prepaid expenses and other current assets | |
| (4,277 | ) | |
| 27,948 | |
Research and development tax credit receivable | |
| 1,918 | | |
| 27 | |
Accounts payable & other current liabilities | |
| 3,837 | | |
| (11,629 | ) |
Accrued expenses | |
| 10,621 | | |
| 4,277 | |
Other assets and liabilities | |
| 781 | | |
| (3,109 | ) |
Net cash used in operating activities | |
| (100,482 | ) | |
| (54,938 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and equipment | |
| — | | |
| (716 | ) |
Proceeds from sales of marketable securities | |
| 125,498 | | |
| 59,873 | |
Purchases of marketable securities | |
| (203,519 | ) | |
| (2,334 | ) |
Net cash (used in) provided by investing activities | |
| (78,021 | ) | |
| 56,823 | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from April 2023 public offering, net of issuance costs | |
| 134,149 | | |
| — | |
Payments for February 2023 Notes | |
| (17,500 | ) | |
| — | |
Payments for debt issuance costs | |
| (4,357 | ) | |
| (4,803 | ) |
Proceeds from royalty purchase agreement | |
| 30,000 | | |
| — | |
Proceeds from issuance of shares off the at-the-market offering program | |
| 11,913 | | |
| 10,532 | |
Proceeds from stock option exercises and employee share purchase plan | |
| 2,241 | | |
| 2,192 | |
Net cash provided by financing activities | |
| 156,446 | | |
| 7,921 | |
| |
| | | |
| | |
Effect of foreign currency exchange rate changes on cash and cash equivalents | |
| (113 | ) | |
| 201 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (22,170 | ) | |
| 10,007 | |
Cash and cash equivalents at January 1, | |
| 73,981 | | |
| 50,708 | |
Cash and cash equivalents at September 30, | |
$ | 51,811 | | |
$ | 60,715 | |
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