
REGENXBIO Reports Second Quarter 2024 Financial Results And Recent Operational Highlights
REGENXBIO INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) |
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June 30, 2024 |
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December 31, 2023 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
57,765 |
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$ |
34,522 |
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Marketable securities |
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|
232,592 |
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|
|
240,736 |
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Accounts receivable, net |
|
|
22,809 |
|
|
|
24,790 |
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Prepaid expenses |
|
|
10,021 |
|
|
|
14,520 |
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Other current assets |
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|
23,496 |
|
|
|
20,403 |
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Total current assets |
|
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346,683 |
|
|
|
334,971 |
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Marketable securities |
|
|
36,943 |
|
|
|
38,871 |
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Accounts receivable |
|
|
464 |
|
|
|
701 |
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Property and equipment, net |
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|
123,969 |
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|
132,103 |
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Operating lease right-of-use assets |
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|
56,344 |
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|
60,487 |
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Restricted cash |
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|
2,030 |
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|
2,030 |
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Other assets |
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2,946 |
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|
4,807 |
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Total assets |
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$ |
569,379 |
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$ |
573,970 |
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Liabilities and Stockholders' Equity |
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Current liabilities |
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Accounts payable |
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$ |
16,362 |
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$ |
22,786 |
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Accrued expenses and other current liabilities |
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|
42,488 |
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|
|
49,703 |
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Deferred revenue |
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|
21 |
|
|
|
148 |
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Operating lease liabilities |
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|
7,302 |
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|
|
7,068 |
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Liability related to sale of future royalties |
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|
32,100 |
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|
50,567 |
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Total current liabilities |
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|
98,273 |
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|
|
130,272 |
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Operating lease liabilities |
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|
78,234 |
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|
82,222 |
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Liability related to sale of future royalties |
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|
41,079 |
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|
43,485 |
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Other liabilities |
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|
3,526 |
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|
6,249 |
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Total liabilities |
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221,112 |
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|
262,228 |
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Stockholders' equity |
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Preferred stock; no shares issued and outstanding |
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- |
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- |
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Common stock; 49,317 and 44,046 shares issued |
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5 |
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4 |
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Additional paid-in capital |
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1,171,894 |
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1,021,214 |
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Accumulated other comprehensive loss |
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(2,266) |
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(4,429) |
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Accumulated deficit |
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(821,366) |
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(705,047) |
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Total stockholders' equity |
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348,267 |
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|
|
311,742 |
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Total liabilities and stockholders' equity |
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$ |
569,379 |
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$ |
573,970 |
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REGENXBIO INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share data) |
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Three Months |
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Six Months |
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Ended June 30, |
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Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues |
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License and royalty revenue |
$ |
22,295 |
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$ |
19,977 |
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$ |
37,917 |
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$ |
39,115 |
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Total revenues |
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22,295 |
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19,977 |
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|
37,917 |
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|
39,115 |
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Operating Expenses |
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Cost of revenues |
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10,579 |
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9,475 |
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14,862 |
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13,587 |
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Research and development |
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48,869 |
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59,886 |
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103,713 |
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118,402 |
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General and administrative |
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18,855 |
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23,698 |
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37,146 |
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|
46,332 |
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Impairment of long-lived assets |
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- |
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- |
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2,101 |
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- |
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Other operating expenses (income) |
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29 |
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26 |
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(5) |
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|
59 |
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Total operating expenses |
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78,332 |
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|
93,085 |
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|
157,817 |
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|
178,380 |
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Loss from operations |
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(56,037) |
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(73,108) |
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(119,900) |
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(139,265) |
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Other Income (Expense) |
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Interest income from licensing |
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29 |
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|
40 |
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|
66 |
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|
|
110 |
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Investment income |
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3,468 |
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|
2,127 |
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|
5,937 |
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|
4,293 |
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Interest expense |
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(449) |
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(1,120) |
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(2,422) |
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(3,875) |
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Total other income |
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3,048 |
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|
1,047 |
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|
|
3,581 |
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|
|
528 |
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Net loss |
$ |
(52,989) |
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$ |
(72,061) |
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$ |
(116,319) |
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$ |
(138,737) |
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Other Comprehensive Income |
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Unrealized gain on available-for-sale securities, net |
|
963 |
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|
|
1,524 |
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|
2,163 |
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|
5,303 |
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Total other comprehensive income |
|
963 |
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|
|
1,524 |
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|
|
2,163 |
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|
|
5,303 |
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Comprehensive loss |
$ |
(52,026) |
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$ |
(70,537) |
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$ |
(114,156) |
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$ |
(133,434) |
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Net loss per share, basic and diluted |
$ |
(1.05) |
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$ |
(1.66) |
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$ |
(2.41) |
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$ |
(3.19) |
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Weighted-average common shares outstanding, basic and diluted |
|
50,601 |
|
|
|
43,531 |
|
|
|
48,167 |
|
|
|
43,491 |
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CONTACTS:
Dana Cormack
Corporate Communications
[email protected]
Chris
Brinzey, ICR Westwicke
339-970-2843
[email protected]
SOURCE REGENXBIO Inc.

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