0001564590-22-027764 | 10-Q | XBRL Viewer | Regenxbio INC

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Label

Element

Value

Due From And To Related Parties Current

rgnx_DueFromAndToRelatedPartiesCurrent

$ (5,212,000)

Due From And To Related Parties Current

rgnx_DueFromAndToRelatedPartiesCurrent

(8,094,000)

Due From And To Related Parties Current

rgnx_DueFromAndToRelatedPartiesCurrent

296,000

Due From And To Related Parties Current

rgnx_DueFromAndToRelatedPartiesCurrent

204,000

Due From And To Related Parties Current

rgnx_DueFromAndToRelatedPartiesCurrent

(4,916,000)

Due From And To Related Parties Current

rgnx_DueFromAndToRelatedPartiesCurrent

(7,890,000)

Related Party Transaction Expenses Revenue From Transactions With Related Party

rgnx_RelatedPartyTransactionExpensesRevenueFromTransactionsWithRelatedParty

9,200,000

Allowance For Credit Losses Non Current

rgnx_AllowanceForCreditLossesNonCurrent

3,950,000

Allowance For Credit Losses Non Current

rgnx_AllowanceForCreditLossesNonCurrent

3,758,000

Accrued Expenses And Other Current Liabilities

rgnx_AccruedExpensesAndOtherCurrentLiabilities

47,014,000

Accrued Expenses And Other Current Liabilities

rgnx_AccruedExpensesAndOtherCurrentLiabilities

$ 76,111,000

Schedule Of License Revenue Table [Text Block]

rgnx_ScheduleOfLicenseRevenueTableTextBlock

License and royalty revenue consisted of the following (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Zolgensma royalties		$	28,386			$	18,428			$	49,925			$	36,691
Other license and royalty revenue			4,263				3,607				4,942				4,228
Total license and royalty revenue		$	32,649			$	22,035			$	54,867			$	40,919

Schedule Of License Revenue Table [Text Block]

rgnx_ScheduleOfLicenseRevenueTableTextBlock

The Company recognized the following amounts under the Novartis License (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Zolgensma royalties		$	28,386			$	18,428			$	49,925			$	36,691
Other license revenue			31				—				31				—
Total license and royalty revenue		$	28,417			$	18,428			$	49,956			$	36,691

Interest income from licensing		$	71			$	5			$	76			$	12

Sublicense Fees Previously Recognized

rgnx_SublicenseFeesPreviouslyRecognized

$ 8,100,000

Liability Related To Non Cash Interest Expense

rgnx_LiabilityRelatedToNonCashInterestExpense

2,900,000

Liability Related To Non Cash Interest Expense

rgnx_LiabilityRelatedToNonCashInterestExpense

9,100,000

Liability Related To Non Cash Interest Expense

rgnx_LiabilityRelatedToNonCashInterestExpense

15,300,000

Accrued External Research And Development Expenses

rgnx_AccruedExternalResearchAndDevelopmentExpenses

13,321,000

Accrued External Research And Development Expenses

rgnx_AccruedExternalResearchAndDevelopmentExpenses

11,783,000

Unbilled Receivables Non Current

rgnx_UnbilledReceivablesNonCurrent

5,984,000

Unbilled Receivables Non Current

rgnx_UnbilledReceivablesNonCurrent

6,020,000

Present Value Of Cost Of Revenue

rgnx_PresentValueOfCostOfRevenue

17,300,000

Amount Payable To Net Present Value Discount

rgnx_AmountPayableToNetPresentValueDiscount

9,600,000

Amount Payable To Net Present Value Discount

rgnx_AmountPayableToNetPresentValueDiscount

2,100,000

Amount Payable To Net Present Value Discount

rgnx_AmountPayableToNetPresentValueDiscount

$ 7,600,000

Schedule Of Cash And Cash Equivalents And Restricted Cash Table [Text Block]

rgnx_ScheduleOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock

The following table provides a reconciliation of cash and cash equivalents and restricted cash as reported on the consolidated balance sheets to the total of these amounts as reported at the end of the period in the consolidated statements of cash flows (in thousands):

		June 30, 2022				June 30, 2021
Cash and cash equivalents		$	121,374			$	257,072
Restricted cash			2,030				1,330
Total cash and cash equivalents and restricted cash		$	123,404			$	258,402

Proceeds From Stock Options Exercised Including Unsettled Options

rgnx_ProceedsFromStockOptionsExercisedIncludingUnsettledOptions

$ 1,800,000

Transaction Costs Associated With Stock Issuance

rgnx_TransactionCostsAssociatedWithStockIssuance

14,194,000

Remeasurements Or Impairment Losses On Non Marketable Equity Securities

rgnx_RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities

0

Remeasurements Or Impairment Losses On Non Marketable Equity Securities

rgnx_RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities

0

Remeasurements Or Impairment Losses On Non Marketable Equity Securities

rgnx_RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities

0

Remeasurements Or Impairment Losses On Non Marketable Equity Securities

rgnx_RemeasurementsOrImpairmentLossesOnNonMarketableEquitySecurities

0

Imputed Interest Income From Licensing

rgnx_ImputedInterestIncomeFromLicensing

247,000

Imputed Interest Income From Licensing

rgnx_ImputedInterestIncomeFromLicensing

231,000

Changes In Present Value Discount Of Receivables

rgnx_ChangesInPresentValueDiscountOfReceivables

192,000

Accrued External General And Administrative Expenses

rgnx_AccruedExternalGeneralAndAdministrativeExpenses

2,711,000

Accrued External General And Administrative Expenses

rgnx_AccruedExternalGeneralAndAdministrativeExpenses

$ 3,642,000

Vesting Of Restricted Stock Units Shares

rgnx_VestingOfRestrictedStockUnitsShares

3,000

Vesting Of Restricted Stock Units Shares

rgnx_VestingOfRestrictedStockUnitsShares

55,000

Credit Losses And Other

rgnx_CreditLossesAndOther

$ 391,000

Credit Losses And Other

rgnx_CreditLossesAndOther

135,000

Credit Losses And Other

rgnx_CreditLossesAndOther

474,000

Credit Losses And Other

rgnx_CreditLossesAndOther

650,000

Other Comprehensive Income Realized Holding Gain Loss On Securities Arising During Period Before Tax

rgnx_OtherComprehensiveIncomeRealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax

72,000

Other Comprehensive Income Realized Holding Gain Loss On Securities Arising During Period Before Tax

rgnx_OtherComprehensiveIncomeRealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax

72,000

Other Comprehensive Income Realized Holding Gain Loss On Securities Arising During Period Before Tax

rgnx_OtherComprehensiveIncomeRealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax

(7,000)

Non Cash Interest Expense

rgnx_NonCashInterestExpense

874,000

Non Cash Interest Expense

rgnx_NonCashInterestExpense

3,952,000

Taxes Paid Related To Net Settlement Of Stock Based Awards

rgnx_TaxesPaidRelatedToNetSettlementOfStockBasedAwards

284,000

Increase Decrease In Operating Lease Liabilities

rgnx_IncreaseDecreaseInOperatingLeaseLiabilities

547,000

Increase Decrease In Operating Lease Liabilities

rgnx_IncreaseDecreaseInOperatingLeaseLiabilities

10,492,000

Available For Sale Debt Securities Remaining Maturities Greater Than Three Years

rgnx_AvailableForSaleDebtSecuritiesRemainingMaturitiesGreaterThanThreeYears

0

Available For Sale Debt Securities Remaining Maturities Greater Than Three Years

rgnx_AvailableForSaleDebtSecuritiesRemainingMaturitiesGreaterThanThreeYears

0

Proceeds From Issuances Of Common Stock Net Of Underwriting Discounts And Commissions

rgnx_ProceedsFromIssuancesOfCommonStockNetOfUnderwritingDiscountsAndCommissions

216,438,000

Repayments Under Liability Related To Sale Of Future Royalties

rgnx_RepaymentsUnderLiabilityRelatedToSaleOfFutureRoyalties

16,685,000

Repayments Under Liability Related To Sale Of Future Royalties

rgnx_RepaymentsUnderLiabilityRelatedToSaleOfFutureRoyalties

12,839,000

Accrued Purchases Of Property And Equipment

rgnx_AccruedPurchasesOfPropertyAndEquipment

1,503,000

Accrued Purchases Of Property And Equipment

rgnx_AccruedPurchasesOfPropertyAndEquipment

5,285,000

Non Marketable Equity Securities Carrying Value

rgnx_NonMarketableEquitySecuritiesCarryingValue

0

Non Marketable Equity Securities Carrying Value

rgnx_NonMarketableEquitySecuritiesCarryingValue

0

Revenue Recognized Performance Obligation

rgnx_RevenueRecognizedPerformanceObligation

28,420,000

Revenue Recognized Performance Obligation

rgnx_RevenueRecognizedPerformanceObligation

21,696,000

Revenue Recognized Performance Obligation

rgnx_RevenueRecognizedPerformanceObligation

49,961,000

Revenue Recognized Performance Obligation

rgnx_RevenueRecognizedPerformanceObligation

$ 40,347,000

Number Of Equal Annual Installments

rgnx_NumberOfEqualAnnualInstallments

4

Increase Decrease In Capital Expenditures Incurred But Not Yet Paid

rgnx_IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid

$ (7,700,000)

Increase Decrease In Capital Expenditures Incurred But Not Yet Paid

rgnx_IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid

3,500,000

Payments Of Transaction Costs For Sale Of Future Loyalties

rgnx_PaymentsOfTransactionCostsForSaleOfFutureLoyalties

265,000

Increase Decrease In Operating Lease Right Of Use Assets

rgnx_IncreaseDecreaseInOperatingLeaseRightOfUseAssets

(2,017,000)

Increase Decrease In Operating Lease Right Of Use Assets

rgnx_IncreaseDecreaseInOperatingLeaseRightOfUseAssets

(2,482,000)

Proceeds Due To Company From Sales Of Non Marketable Equity Securities

rgnx_ProceedsDueToCompanyFromSalesOfNonMarketableEquitySecurities

600,000

Proceeds Due To Company From Sales Of Non Marketable Equity Securities

rgnx_ProceedsDueToCompanyFromSalesOfNonMarketableEquitySecurities

0

Vesting Of Restricted Stock Units

rgnx_VestingOfRestrictedStockUnits

(284,000)

Vesting Of Restricted Stock Units

rgnx_VestingOfRestrictedStockUnits

$ (284,000)

Summary Of Changes In Receivables And Contract Assets And Contract Liabilities Table [Text Block]

rgnx_SummaryOfChangesInReceivablesAndContractAssetsAndContractLiabilitiesTableTextBlock

The following table presents changes in the balances of the Company’s net accounts receivable, contract assets and deferred revenue, as well as other information regarding revenue recognized during the periods presented (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Accounts receivable, net, current and non-current:
Balance, beginning of period		$	29,106			$	43,898			$	34,701			$	46,266
Additions			39,922				22,441				67,979				41,160
Deductions			(29,494	)			(19,137	)			(63,146	)			(40,224	)
Balance, end of period		$	39,534			$	47,202			$	39,534			$	47,202

Contract assets:
Balance, beginning of period		$	1,126			$	649			$	1,074			$	350
Additions			704				53				1,256				702
Deductions			(1,830	)			—				(2,330	)			(350	)
Balance, end of period		$	—			$	702			$	—			$	702

Deferred revenue, current and non-current:
Balance, beginning of period		$	3,333			$	4,124			$	3,333			$	4,232
Additions			3,720				—				3,720				—
Deductions			(417	)			(99	)			(417	)			(207	)
Balance, end of period		$	6,636			$	4,025			$	6,636			$	4,025

Revenue recognized during the period from:
Amounts included in deferred revenue at beginning of period		$	—			$	99			$	—			$	207
Performance obligations satisfied in previous periods		$	28,420			$	21,696			$	49,961			$	40,347

Accrued Sublicense Fees And Royalties On Reagent Sales

rgnx_AccruedSublicenseFeesAndRoyaltiesOnReagentSales

$ 15,591,000

Accrued Sublicense Fees And Royalties On Reagent Sales

rgnx_AccruedSublicenseFeesAndRoyaltiesOnReagentSales

$ 23,483,000

Accounts Receivable Table Text Block1

rgnx_AccountsReceivableTableTextBlock1

Accounts receivable, net consisted of the following (in thousands):

		June 30, 2022				December 31, 2021
Current accounts receivable:
Billed to customers		$	4,028			$	365
Unbilled			33,472				32,074
Allowance for credit losses			—				—
Current accounts receivable, net			37,500				32,439
Non-current accounts receivable:
Unbilled			5,984				6,020
Allowance for credit losses			(3,950	)			(3,758	)
Non-current accounts receivable, net			2,034				2,262
Total accounts receivable, net		$	39,534			$	34,701

License and Collaboration Agreements - Summary of Changes in Balances of Receivables, Contract Assets and Deferred Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts receivable, net, current and non-current:
Additions	$ 39,922	$ 22,441	$ 67,979	$ 41,160
Deductions	(29,494)	(19,137)	(63,146)	(40,224)
Contract assets:
Additions	704	53	1,256	702
Deductions	(1,830)		(2,330)	(350)
Deferred revenue, current and non-current:
Additions	3,720		3,720
Deductions	$ (417)	$ (99)	$ (417)	$ (207)

Liability Related to Sale of Future Royalties -Schedule of Activity Within Liability Related to Sale of Future Royalties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Liability Related To Sale Of Future Royalties [Line Items]
Balance at December 31, 2021	$ 171,349
Zolgensma royalties paid to HCR	(28,801)
Interest expense recognized	12,712
Balance at June 30, 2022	155,260
Current portion of liability related to sale of future royalties	(41,089)	$ (37,889)
Liability related to sale of future royalties	$ 114,171	$ 133,460

Liability Related to Sale of Future Royalties - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Liability Related To Sale Of Future Royalties [Line Items]
Purchase Agreement	$ 200.0
Royalty Payment Cap Amount	300.0
Repurchase of call option amount	300.0
Repurchase of call option amount, before exercised	1.0
Proceeds from sale of future royalties	196.0
Deferred Transaction Cost	$ 3.5

Liability Related to Sale of Future Royalties

6 Months Ended

Jun. 30, 2022

Liability Related To Sale Of Future Royalties [Abstract]

Liability Related to Sale of Future Royalties

6. Liability Related to Sale of Future Royalties

In December 2020, the Company entered into a royalty purchase agreement (the Royalty Purchase Agreement) with entities managed by Healthcare Royalty Management, LLC (collectively, HCR). Under the agreement, HCR purchased the Company’s rights to a capped amount of Zolgensma royalty payments under the Company’s license agreement (the Novartis License) with Novartis Gene Therapies, Inc. (formerly AveXis, Inc.) (Novartis Gene Therapies), including $4.0 million of royalty payments received by the Company in the fourth quarter of 2020 (the Pledged Royalties). In consideration for these rights, HCR paid the Company $200.0 million (the Purchase Price), less $4.0 million representing the payment of the Pledged Royalties to HCR. Beginning upon the effective date of the Royalty Purchase Payment, Zolgensma royalty payments, up to a specified threshold, shall be paid to HCR, net of upstream royalties payable by the Company to certain licensors in accordance with existing license agreements.

Pursuant to the Royalty Purchase Agreement, the total amount of royalty payments to be received by HCR under the agreement is subject to an increasing cap (the Cap Amount) equal to (i) $260.0 million applicable for the period from the effective date of the Royalty Purchase Agreement through November 7, 2024, and (ii) $300.0 million applicable for the period from November 8, 2024 through the effective date of termination of the Novartis License. If, on or prior to the defined dates for each Cap Amount, the total amount of royalty payments received by HCR equals or exceeds the Cap Amount applicable to such date, the Royalty Purchase Agreement will automatically terminate and all rights to the Zolgensma royalty payments will revert back to the Company. The Company has no obligation to repay any amounts to HCR if total future Zolgensma royalty payments are not sufficient to achieve the applicable Cap Amount prior to the termination of the Novartis License.

The Company has a call option to repurchase its rights to the purchased royalties from HCR for a repurchase price equal to, as of the option exercise date, $300.0 million minus the total amount of royalty payments received by HCR; provided, however, that with respect to a call option exercised on or before November 7, 2024, in the event that the then applicable Cap Amount minus the total amount of royalty payments received by HCR is less than $1.0 million, the repurchase price shall equal such difference.

The proceeds received from HCR of $196.0 million were recorded as a liability, net of transaction costs of $3.5 million, which is amortized over the estimated life of the arrangement using the effective interest method. In order to determine the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received by HCR, subject to the Cap Amount, over the life of the arrangement. The total amount of royalty payments received by HCR under the Royalty Purchase Agreement, less the net proceeds received by the Company of $192.5 million, is recorded as interest expense over the life of the arrangement using the effective interest method. Due to its continuing involvement in the underlying Novartis License, the Company continues to recognize royalty revenue on net sales of Zolgensma and records the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement.

The Company estimates the effective interest rate used to record interest expense under the Royalty Purchase Agreement based on its estimate of future royalty payments to be received by HCR. As of June 30, 2022, the estimated effective interest rate under the Royalty Purchase Agreement was 17.0%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and timing of the royalty payments received by HCR and changes in the Company’s forecasted royalties. At each reporting date, the Company reassesses its estimate of total future royalty payments to be received by HCR at the applicable Cap Amount, and prospectively adjusts the effective interest rate and amortization of the liability, as necessary.

The following table presents the changes in the liability related to the sale of future royalties under the Royalty Purchase Agreement with HCR (in thousands):

				Liability Related to
				Sale of Future Royalties
Balance at December 31, 2021				$	171,349
Zolgensma royalties paid to HCR					(28,801	)
Interest expense recognized					12,712
Balance at June 30, 2022					155,260
Current portion of liability related to sale of future royalties					(41,089	)
Liability related to sale of future royalties, non-current				$	114,171

License and Collaboration Agreements - Additional Information (Detail)	1 Months Ended		6 Months Ended
	Nov. 30, 2021 USD ($)	Nov. 30, 2018 USD ($)	Jun. 30, 2022 USD ($) ProductCandidate	Dec. 31, 2021 USD ($)
License Revenue [Line Items]
Number of commercial product candidates \| ProductCandidate			1
Milestone payment upon commencement of clinical trials in humans			$ 537,800,000
Milestone payment upon submission of regulatory approval filings			19,000,000.0
Milestone payment upon approval of commercial products by regulatory agencies			136,000,000.0
Milestone payment upon achievement of specified sales targets for licensed products			877,000,000.0
Aggregate milestone payment for all the targets			1,570,000
Aggregate transaction price of license agreements			$ 7,800,000
Aggregate transaction price of license agreements, expected satisfaction period			3 years
License fee		$ 8,000,000.0
Up-front and annual fees		$ 20,000,000.0
Interest percentage on unpaid balances under license agreement		1.50%
Settlement agreement payable			$ 5,000,000.0
Up-front fee paid	$ 370,000,000.0
Milestone fee payments upon achievement of various development and commercialization	$ 820,000,000.0
Transaction price of license			820,000,000.0	$ 820,000,000.0
Change in transaction price			$ 0