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

TL;DR

<b>REGENXBIO Inc. filed its Q1 2024 10-Q, detailing financial performance, ongoing collaborations, and equity plan information.</b>

AI Summary

REGENXBIO Inc. (RGNX) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. REGENXBIO Inc. reported its financial results for the quarter ended March 31, 2024. The company's filings reference various agreements, including those with Novartis Gene Therapies and AbbVie Collaboration and License Agreement. Key financial statement items such as Cash Equivalents, Accumulated Other Comprehensive Income, and Additional Paid In Capital are detailed as of March 31, 2024, and prior periods. Expenses related to Research and Development and General and Administrative activities for the periods ending March 31, 2023, and March 31, 2024, are noted. The filing includes details on equity plans, including the 2015 Equity Incentive Plan and 2014 and 2015 Equity Incentive Plan, as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking REGENXBIO Inc., this filing contains several important signals. The filing provides a snapshot of REGENXBIO's financial health and operational activities for the first quarter of 2024, including details on cash, investments, and expenses. Information on licensing agreements and collaborations with entities like Novartis and AbbVie is crucial for understanding potential future revenue streams and development progress.

Risk Assessment

Risk Level: medium — REGENXBIO Inc. shows moderate risk based on this filing. The company's reliance on collaborations and licensing agreements, as evidenced by multiple mentions of Novartis and AbbVie agreements, indicates a medium risk profile due to potential dependencies on third-party performance and milestone achievements.

Analyst Insight

Investors should closely monitor the progress and financial terms of REGENXBIO's collaborations with Novartis and AbbVie, as these are key drivers of potential future revenue and value.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report filing)
• 2024-05-08 — Filing Date (10-Q filing date)
• 2023-01-01 — Start Date for Expense Comparison (Research and Development Expense comparison)
• 2023-03-31 — End Date for Expense Comparison (Research and Development Expense comparison)

Key Players & Entities

• REGENXBIO Inc. (company) — Filer name
• Novartis Gene Therapies (company) — Mentioned in relation to license agreements
• AbbVie Collaboration and License Agreement (company) — Mentioned in relation to various financial activities and expenses
• 2015 Equity Incentive Plan (company) — Details provided as of March 31, 2024
• AN Jerry Karabelas (person) — Mentioned in context of March 31, 2024

FAQ

Risk Factors

• Reliance on Collaboration and License Agreements [medium — financial]: The company's financial success is significantly dependent on the performance and milestones achieved under its collaboration and license agreements with third parties.
• Development and Commercialization Risks [high — operational]: The success of REGENXBIO's product candidates is subject to the inherent risks and uncertainties associated with the development, regulatory approval, and commercialization of gene therapy products.

Key Dates

• 2024-03-31: Quarter End Date — Reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and operations for the quarter.)

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share RGNX The Nasdaq Global Se

Filing Documents

• rgnx-20240331.htm (10-Q) — 1731KB
• rgnx-ex31_1.htm (EX-31.1) — 12KB
• rgnx-ex31_2.htm (EX-31.2) — 11KB
• rgnx-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-055691.txt (&nbsp;) — 8848KB
• rgnx-20240331.xsd (EX-101.SCH) — 1351KB
• rgnx-20240331_htm.xml (XML) — 1769KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 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 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 Table of Contents INFORMATION REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes such as "anticipate," "assume," "believe," "continue," "could," "design," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "position," "potential," "predict," "project," "seek," "should," "will," "would" or variations of such words or by similar expressions. We have based these forward-looking statements on our current expectations, estimates and assumptions and analyses in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks, uncertainties, assumptions and other important factors, including, but not limited to: our ability to establish and maintain development partnerships, including our collaboration with AbbVie to develop and commercialize ABBV-RGX-314; our ability to obtain and maintain regulatory approval of our product candidates and the labeling for any approved products; the timing of enrollment, commencement, completion and the success of our AAVIATE , AFFINITY BEYOND , AFFINITY DUCHENNE , ALTITUDE , ASCENT, ATMOSPHERE and CAMPSIITE clinical trials; the timing of commencement and completion and the success of preclinical studies conducted by us and our development partners; the timely development and launch of new products; the scope, progress, expansion and cos

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. REGENXBIO INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except per share data) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 112,975 $ 34,522 Marketable securities 225,728 240,736 Accounts receivable, net 15,828 24,790 Prepaid expenses 13,590 14,520 Other current assets 27,297 20,403 Total current assets 395,418 334,971 Marketable securities 41,807 38,871 Accounts receivable 523 701 Property and equipment, net 127,662 132,103 Operating lease right-of-use assets 57,558 60,487 Restricted cash 2,030 2,030 Other assets 4,217 4,807 Total assets $ 629,215 $ 573,970 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 31,356 $ 22,786 Accrued expenses and other current liabilities 33,129 49,703 Deferred revenue 13 148 Operating lease liabilities 7,066 7,068 Liability related to sale of future royalties 38,615 50,567 Total current liabilities 110,179 130,272 Operating lease liabilities 80,183 82,222 Liability related to sale of future royalties 44,702 43,485 Other liabilities 3,485 6,249 Total liabilities 238,549 262,228 Stockholders' equity Preferred stock; $ 0.0001 par value; 10,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock; $ 0.0001 par value; 100,000 shares authorized at March 31, 2024 and December 31, 2023; 49,043 and 44,046 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 5 4 Additional paid-in capital 1,162,267 1,021,214 Accumulated other comprehensive loss ( 3,229 ) ( 4,429 ) Accumulated deficit ( 768,377 ) ( 705,047 ) Total stockholders' equity 390,666 311,742 Total liabilities and stockholders' equity $ 629,215 $ 573,970 The accompanyin

View Full Filing

View this 10-Q filing on SEC EDGAR