Delaware
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001-38599
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82-3827296
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(State or Other Jurisdiction
of Incorporation or Organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition
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Item 7.01
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Regulation FD Disclosure.
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Item 8.01
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Other Events.
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Item 9.01
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Financial Statements and Exhibits
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Exhibit Number
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Description
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Press Release, dated November 6, 2018, announcing financial results for its third
quarter ended September 30, 2018
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||
Press Release, dated November 2, 2018, announcing the FDA’s approval Sympazan®
(clobazam) Oral Film (OF)
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Dated: November 6, 2018
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Aquestive Therapeutics, Inc.
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By:
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/s/ John T. Maxwell
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Name: John T. Maxwell
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||
Title: Chief Financial Officer
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September 30,
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December 31,
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|||||||
Assets
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2018
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2017
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||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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63,982
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$
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17,379
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||||
Accounts receivable, net
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7,450
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6,179
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||||||
Inventories, net
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4,483
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4,014
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||||||
Prepaid expenses and other current assets
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1,444
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591
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||||||
Total current assets
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77,359
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28,163
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||||||
Property and equipment, net
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12,211
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13,460
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||||||
Intangible assets, net
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216
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254
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||||||
Other assets
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224
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1,239
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||||||
Total assets
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$
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90,010
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$
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43,116
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||||
Liabilities and Shareholders' Equity/Members’ Deficit
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||||||||
Current liabilities:
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||||||||
Accounts payable and accrued expenses
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$
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17,798
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$
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14,003
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||||
Deferred revenue
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781
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1,347
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||||||
Loans payable, current
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2,750
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-
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||||||
Total current liabilities
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21,329
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15,350
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||||||
Loans payable, net
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44,054
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45,507
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||||||
Warrant liability
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-
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7,673
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||||||
Asset retirement obligations
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1,183
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1,081
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||||||
Total liabilities
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66,566
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69,611
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||||||
Commitments and contingencies (Note 14)
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||||||||
Redeemable preferred A-3 interests and accrued dividends
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-
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5,896
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||||||
Redeemable preferred A-2 interests and accrued dividends
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-
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36,205
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||||||
Shareholders'/Members’ deficit:
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||||||||
Preferred A interests, no par value. Authorized 100,000,000 units;
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||||||||
16,886,750 units issued and outstanding December 31, 2017
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-
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16,887
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||||||
Preferred A-1 interests, no par value. Authorized
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||||||||
100,000,000 units; 21,526,850 units issued and outstanding at December 31, 2017
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-
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21,883
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||||||
Common interests, no par value. Authorized 500,000,000 units;
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||||||||
121,228,353 units issued and outstanding at December 31, 2017
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-
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12,727
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||||||
Common stock, $.001 par value. Authorized 250,000,000 shares;
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||||||||
24,942,185 shares issued and outstanding at September 30, 2018 (Note 15)
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25
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-
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||||||
Additional paid-in capital
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70,851
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-
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||||||
Accumulated deficit
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(47,432
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)
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(120,093
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)
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||||
Total shareholders' equity/members’ deficit
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23,444
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(68,596
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)
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|||||
Total liabilities and shareholders' equity/members’ deficit
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$
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90,010
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$
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43,116
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
September 30,
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September 30,
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|||||||||||||||
2018
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2017
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2018
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2017
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|||||||||||||
Revenues
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$
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13,267
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$
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27,146
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$
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50,606
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$
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54,723
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||||||||
Costs and Expenses:
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||||||||||||||||
Manufacture and supply
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5,592
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4,880
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16,201
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14,205
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||||||||||||
Research and development
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4,534
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5,684
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17,429
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15,862
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||||||||||||
Selling, general and administrative
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12,345
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6,161
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53,561
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17,513
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||||||||||||
Total costs and expenses
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22,471
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16,725
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87,191
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47,580
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||||||||||||
(Loss)/ income from operations
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(9,204
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)
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10,421
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(36,585
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)
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7,143
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||||||||||
Other income (expenses):
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||||||||||||||||
Interest expense
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(1,933
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)
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(1,970
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)
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(5,809
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)
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(5,737
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)
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||||||||
Interest income
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216
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-
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238
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-
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||||||||||||
Change in fair value of warrant
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(4,116
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)
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-
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(5,278
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)
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(309
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)
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|||||||||
Other, net
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(1
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)
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-
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2
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-
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|||||||||||
Net (loss)/income before income taxes
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(15,038
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)
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8,451
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(47,432
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)
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1,097
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||||||||||
Income taxes
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-
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-
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-
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-
|
||||||||||||
Net (loss)/income
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(15,038
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)
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8,451
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(47,432
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)
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1,097
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||||||||||
Dividends on redeemable preferred interests
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-
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(626
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)
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-
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(1,854
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)
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||||||||||
Net (loss)/income attributable to common
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||||||||||||||||
shares/members' interests
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$
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(15,038
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)
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$
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7,825
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$
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(47,432
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)
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$
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(757
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)
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|||||
Comprehensive net (loss)/income
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$
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(15,038
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)
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$
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7,825
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$
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(47,432
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)
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$
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(757
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)
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|||||
Net loss per share - basic and diluted
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$
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(0.64
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)
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$
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(2.45
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)
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||||||||||
Weighted-average number of common shares
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||||||||||||||||
outstanding - basic and diluted
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23,646,192
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19,335,541
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· |
SYMPAZAN is the first and only FDA-approved oral film formulation of clobazam, a
benzodiazepine approved for adjunctive treatment of seizures associated with Lennox-Gastaut syndrome (LGS) in patients 2 years of age or older1
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· |
SYMPAZAN is delivered via Aquestive’s proprietary PharmFilm® technology
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· |
Aquestive is on track to launch SYMPAZAN in November 2018
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• |
Reserve concomitant prescribing of these drugs for use in patients for whom alternative treatment options are inadequate.
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• |
Limit dosages and durations to the minimum required.
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• |
Follow patients for signs and symptoms of respiratory depression and sedation.
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1. |
Aquestive Data on File. [SYMPAZAN Prescribing Information]. Warren, NJ: Aquestive Therapeutics Inc; 2018.
|
2. |
ONFI [package insert]. Deerfield, IL: Lundbeck; 2011.
|
3. |
Lennox-Gastaut syndrome. National Institutes of Health. https://ghr.nlm.nih.gov/condition/lennox-gastaut-syndrome. Published 2018. Accessed November 1, 2018.
|
4. |
Ogawa K, Kanemoto K, Ishii Y, Koyama M, Sirasaka Y, Kawasaki J, Yamasaki S. Long-term follow-up study of Lennox–Gastaut syndrome in patients with severe motor and
intellectual disabilities: with special reference to the problem of dysphagia. Seizure. 2001; 10:197-202.
|
5. |
LGS Foundation. About Lennox-Gastaut Syndrome. Available at: http://www.lgsfoundation.org/aboutlgs.
Accessed November 1, 2018.
|
6. |
Clobazam. Medline Plus. https://medlineplus.gov/druginfo/meds/a612008.html. Accessed October
25, 2018.
|
7. |
Living with LGS. About Lennox-Gastaut Syndrome. Available at: http://www.lgsfoundation.org/livingwithlgs.
Accessed November 1, 2018.
|
8. |
Verrotti A., Coppola G., Fiordaliso L., D’Egidio C., Loiacono G., Chiarelli F. New antiepileptic drugs in the treatment of Lennox-Gastaut syndrome. Journal of Pediatric Sciences. 2009;1:e16.
|
9. |
Ng YT, Conry JA, Drummond R, Stolle J, Weinberg MA; OV-1012 Study Investigators. Randomized, phase III study results of clobazam in Lennox-Gastaut syndrome. Neurology. 2011 Oct 11;77(15):1473-81.
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