Rocket Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Rocket Pharmaceuticals, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and corporate information.</b>

AI Summary

ROCKET PHARMACEUTICALS, INC. (RCKTW) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Rocket Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and equity components. Specific dates mentioned include March 31, 2024, December 31, 2023, and March 31, 2023. The company's address is 350 Fifth Avenue, Suite 7530, New York, NY 10118. The SIC code for the company is Pharmaceutical Preparations [2834].

Why It Matters

For investors and stakeholders tracking ROCKET PHARMACEUTICALS, INC., this filing contains several important signals. This 10-Q filing provides a snapshot of Rocket Pharmaceuticals' financial position and operational activities as of the first quarter of 2024, which is crucial for investors to assess performance and make informed decisions. The detailed financial data within the report, including information on various equity and debt instruments, is essential for understanding the company's capital structure and potential future financial health.

Risk Assessment

Risk Level: low — ROCKET PHARMACEUTICALS, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which is a routine disclosure for publicly traded companies and does not contain immediate, significant new risks or opportunities.

Analyst Insight

Monitor future 10-Q filings for revenue growth, net income trends, and updates on clinical trial progress and regulatory approvals.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)
• 001-36829 — SEC File Number (SEC file number)

Key Players & Entities

• ROCKET PHARMACEUTICALS, INC. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• 0000950170-24-054465 (other) — Accession number
• 350 FIFTH AVENUE, SUITE 7530, NEW YORK, NY 10118 (address) — Business address
• 2834 (other) — Standard Industrial Classification
• INOTEK PHARMACEUTICALS CORP (company) — Former company name
• 2004-02-26 (date) — Date of name change

FAQ

Industry Context

Rocket Pharmaceuticals, Inc. operates within the Pharmaceutical Preparations industry, focusing on the development and commercialization of treatments.

Regulatory Implications

As a publicly traded company, Rocket Pharmaceuticals is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the company's cash flow and liquidity position in the balance sheet.
3. Identify any new or updated risk factors disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. Previous filings would include the 10-K annual report and prior 10-Q reports.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share RCKT Nasdaq Glo

Filing Documents

• rckt-20240331.htm (10-Q) — 1611KB
• rckt-ex10_1.htm (EX-10.1) — 94KB
• rckt-ex31_1.htm (EX-31.1) — 15KB
• rckt-ex31_2.htm (EX-31.2) — 15KB
• rckt-ex32_1.htm (EX-32.1) — 11KB
• img173859252_0.jpg (GRAPHIC) — 380KB
• img173859252_1.jpg (GRAPHIC) — 138KB
• 0000950170-24-054465.txt (&nbsp;) — 9610KB
• rckt-20240331.xsd (EX-101.SCH) — 1314KB
• rckt-20240331_htm.xml (XML) — 1597KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 6 Item 1.

Financial Statements

Financial Statements 6 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 202 3 6 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited ) 7 Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 (unaudited) 8 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 9 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 10

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 41

- OTHER INFORMATION

PART II - OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 Table of Contents Summary of Abbreviated Terms Rocket Pharmaceuticals, Inc. may be referred to as Rocket, the Company, we, our or us, in this Quarterly Report, unless the context otherwise indicates. Throughout this Quarterly Report, we have used terms which are defined below: 2023 Form 10-K Annual Report on Form 10-K for the fiscal year ended December 31, 2023 AAV Adeno-associated virus ACM Arrhythmogenic cardiomyopathy ASC Accounting Standard Codification ASGCT American Society of Gene & Cell Therapy BLA Biologics License Application BNP Brain natriuretic peptide cGMP Current Good Manufacturing Practice CIEMAT Centro de Investigaciones Energticas, Medioambientales y Tecnolgicas CIRM California Institute for Regenerative Medicine DCM Dilated Cardiomyopathy DD Danon Disease DNA Deoxyrubonucleic acid EMA European Medicines Agency EU European Union Europe EU FA Fanconi Anemia FASB Financial Accounting Standards Board FDA U.S. Food and Drug Administration GOSH Great Ormond Street Hospital HNJ Hospital Infantil de Nino Jesus ICD Implantable cardiac defibrillator IND Investigational New Drug application IPR&D In process research and development KCCQ Kansas City Cardiovascular Questionnaire LAD-I Leukocyte Adhesion Deficiency-I LV Lentiviral vector MHRA Medicines and Healthcare Products Regulatory Agency NYHA New York Heart Association PKD Pyruvate Kinase Deficiency PKP2-ACM Plakophilin-2 Arrhythmogenic Cardiomyopathy PSU Performance stock unit R&D Research and development Renovacor Renovacor, Inc. acquired by Rocket on December 1, 2022 RSU Restricted stock unit SEC Securities and Exchange Commission Stanford Center for Definitive and Curative Medicine at Stanford University School of Medicine U.S. United States U.S. GAAP U.S. Generally Accepted Accounting Principles UCLA University of Califor

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Rocket Pharmaceuticals, Inc. Consolidated Balance Sheets ($ in thousands, except shares and per share amounts) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 35,276 $ 55,904 Investments 295,037 317,271 Prepaid expenses and other current assets 14,846 5,047 Total current assets 345,159 378,222 Property and equipment, net 39,337 39,172 Goodwill 39,154 39,154 Intangible assets 25,150 25,150 Restricted cash 1,362 1,372 Deposits 533 533 Investments - 34,320 Operating lease right-of-use assets, net 4,768 3,901 Finance lease right-of-use asset, net 43,979 44,517 Total assets $ 499,442 $ 566,341 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 30,085 $ 45,789 Operating lease liabilities, current 1,064 925 Finance lease liability, current 1,808 1,791 Total current liabilities 32,957 48,505 Operating lease liabilities, non-current 3,714 2,973 Finance lease liability, non-current 19,363 19,353 Other liabilities 1,906 2,936 Total liabilities 57,940 73,767 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock, $ 0.01 par value, authorized 5,000,000 shares: Series A convertible preferred stock; 300,000 shares designated; 0 shares issued and outstanding - - Series B convertible preferred stock; 300,000 shares designated; 0 shares issued and outstanding - - Common stock, $ 0.01 par value, 120,000,000 shares authorized; 90,646,590 and 90,282,267 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 906 903 Additional paid-in capital 1,462,155 1,450,722 Accumulated other comprehensive income (loss) ( 135 ) 319 Accumulated deficit ( 1,021,424 ) ( 959,370 ) Total stockholders' equity 441,502 492,574

View Full Filing

View this 10-Q filing on SEC EDGAR