SEC Filings

10-K
AUDENTES THERAPEUTICS, INC. filed this Form 10-K on 03/13/2017
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Table of Contents

 

AUDENTES THERAPEUTICS, INC.

Notes to Consolidated Financial Statements — Continued

 

During the year ended December 31, 2016, the Company entered into two other intellectual property license agreements to develop and commercialize products in multiple therapeutic areas. Pursuant to these agreements, it paid an aggregate of $0.1 million upfront that was recorded as research and development expense during the year ended December 31, 2016. The agreements also provide for the Company to pay up to an aggregate of $1.9 million in contingent future development and commercialization milestones, a royalty on related product sales of 1% or less, and a portion of any sub-license fees the Company receives.

As of December 31, 2016, the Company had not developed a commercial product using the licensed technologies and no milestones had been achieved under these agreements, except for $0.7 million to the University of Pennsylvania as a result the Company’s filing an IND for AT342 and $0.4 million to REGENXBIO based upon the entry into the license and collaboration agreement with the University of Pennsylvania.

Note 8. Stockholders’ Equity

Preferred Stock

As of December 31, 2015, the Company had 13,820,301 shares of convertible preferred stock issued and outstanding, which were converted into 13,820,301 shares of common stock on July 25, 2016, immediately prior to the closing of the IPO.

Convertible preferred stock as of December 31, 2015, consisted of the following:

 

 

 

December 31, 2015

 

 

 

Shares Authorized

 

 

Original Issue Price per Share

 

 

Shares Issued and Outstanding

 

 

Net Carrying Value

 

 

Aggregate Liquidation Preference

 

 

 

(in thousands, except share and per share amounts)

 

Series Seed

 

 

1,400,000

 

 

$

2.2300

 

 

 

627,867

 

 

$

1,378

 

 

$

1,400

 

Series A

 

 

11,199,876

 

 

 

5.9727

 

 

 

5,022,876

 

 

 

28,757

 

 

 

30,000

 

Series B

 

 

8,570,366

 

 

 

11.1942

 

 

 

3,843,604

 

 

 

42,835

 

 

 

43,026

 

Series C

 

 

9,684,789

 

 

 

15.0256

 

 

 

4,325,954

 

 

 

62,780

 

 

 

65,000

 

Total convertible preferred stock

 

 

30,855,031

 

 

 

 

 

 

 

13,820,301

 

 

$

135,750

 

 

$

139,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-22