Rocket Pharmaceuticals Q2 2024 Update

TL;DR

Rocket Pharma's Q2 10-Q shows R&D spend and details on warrants. Keep an eye on burn rate!

AI Summary

Rocket Pharmaceuticals, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported research and development expenses for the three months ended June 30, 2024, and also for the six months ended June 30, 2024. The filing also includes details on various warrant types, including public warrants and pre-funded warrants, with exercise prices noted for some.

Why It Matters

This filing provides insight into Rocket Pharmaceuticals' ongoing R&D investments and financial structure, which are crucial for investors tracking the company's progress in drug development.

Risk Assessment

Risk Level: medium — Biotech companies like Rocket Pharmaceuticals are inherently risky due to the high failure rate in drug development and regulatory hurdles.

Key Numbers

• 2024-06-30 — Reporting Period End (Quarterly financial data)
• 2024-08-06 — Filing Date (Date of submission to SEC)

Key Players & Entities

• ROCKET PHARMACEUTICALS, INC. (company) — Filer
• 20240630 (date) — Reporting period end date
• 20240806 (date) — Filing date
• 001-36829 (dollar_amount) — SEC File Number
• INOTEK PHARMACEUTICALS CORP (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• rckt-20240630.htm (10-Q) — 1699KB
• rckt-ex31_1.htm (EX-31.1) — 15KB
• rckt-ex31_2.htm (EX-31.2) — 15KB
• rckt-ex32_1.htm (EX-32.1) — 12KB
• img173862134_0.jpg (GRAPHIC) — 62KB
• img173862134_1.jpg (GRAPHIC) — 138KB
• 0000950170-24-091838.txt ( ) — 8583KB
• rckt-20240630.xsd (EX-101.SCH) — 1291KB
• rckt-20240630_htm.xml (XML) — 1459KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 6 Item 1.

Financial Statements

Financial Statements 6 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 202 3 6 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited ) 7 Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 (unaudited) 8 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 9 Consolidated Statements of Cash Flows for the six months ended June 30, 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 24 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 CMC Chemistry Manufacturing Controls CRL Complete Response Letter Cowen Cowen and Company, LLC DCM Dilated Cardiomyopathy DD Danon Disease DNA Deoxyrubonucleic acid EMA European Medicines Agency EU European Union Europe EU ESGCT European Society of Gene & Cell Therapy 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 MAA Marketing Authorization Application 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 RTW RTW Investments, L.P SEC Securities and Ex

— 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) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 38,607 $ 55,904 Investments 240,218 317,271 Prepaid expenses and other current assets 13,900 5,047 Total current assets 292,725 378,222 Property and equipment, net 39,548 39,172 Goodwill 39,154 39,154 Intangible assets 25,150 25,150 Restricted cash 1,362 1,372 Deposits 481 533 Investments - 34,320 Operating lease right-of-use assets, net 4,551 3,901 Finance lease right-of-use asset, net 43,440 44,517 Total assets $ 446,411 $ 566,341 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 34,733 $ 45,789 Operating lease liabilities, current 1,033 925 Finance lease liability, current 1,826 1,791 Total current liabilities 37,592 48,505 Operating lease liabilities, non-current 3,565 2,973 Finance lease liability, non-current 19,374 19,353 Other liabilities 1,245 2,936 Total liabilities 61,776 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, 180,000,000 shares authorized; 90,956,613 and 90,282,267 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 910 903 Additional paid-in capital 1,475,013 1,450,722 Accumulated other comprehensive income (loss) ( 218 ) 319 Accumulated deficit ( 1,091,070 ) ( 959,370 ) Total stockholders' equity 384,635 49

View Full Filing

View this 10-Q filing on SEC EDGAR