| Delaware | | | 2836 | | | 38-3982704 | |
| (State or other jurisdiction of incorporation or organization) | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer (Do not check if a smaller reporting company) | | | Smaller reporting company ☒ | |
CALCULATION OF REGISTRATION FEE | | |||||||||||||||||||||||||||||||||||||
CALCULATION OF REGISTRATION FEE(1) | CALCULATION OF REGISTRATION FEE(1) | | ||||||||||||||||||||||||||||||||||||
Title of each class of securities to be registered | | Proposed maximum aggregate offering price(1)(2) | | Amount of registration fee(3) | | | Amount to be registered(1) | | Aggregate offering price per security(2) | | Maximum aggregate offering price(2) | | Amount of registration fee | | ||||||||||||||||||||||||
Common stock, $0.01 par value per share | | | $ | 74,750,000 | | | | $ | 7,527.33 | | | | | | 2,024,000(3) | | | | $ | 3.44 | | | | $ | 6,962,560 | | | | $ | 806.96 | | | ||||||
Total | | | | | | | | | | | | | $ | 6,962,560 | | | | $ | 806.96 | | | |||||||||||||||||
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| | | | F-1 | | |
| | | Year Ended September 30, | | | Three Months Ended December 31, | ||||||||||||||||||
| | | 2014 | | | 2015 | | | 2014 | | | 2015 | ||||||||||||
| | | | | | | | | | | | | | | (Unaudited) | |||||||||
Consolidated Statements of Operations Data: | | | | | | |||||||||||||||||||
| | | | | | |||||||||||||||||||
Collaboration revenues | | | | $ | 9,050,542 | | | | | $ | 5,219,237 | | | | | $ | 2,934,555 | | | | | $ | 994,894 | |
Operating expenses: | | | | | | |||||||||||||||||||
| | | | | | |||||||||||||||||||
Research and development | | | | | 14,124,631 | | | | | | 38,876,040 | | | | | | 5,840,030 | | | | | | 12,733,976 | |
General and administrative | | | | | 7,318,314 | | | | | | 12,905,823 | | | | | | 1,237,839 | | | | | | 4,674,155 | |
| | | | | 21,442,945 | | | | | | 51,781,863 | | | | | | 7,077,869 | | | | | | 17,408,131 | |
Loss from operations | | | | | (12,392,403) | | | | | | (46,562,626) | | | | | | (4,143,314) | | | | | | (16,413,237) | |
Interest expense | | | | | 901,052 | | | | | | 2,297,339 | | | | | | 357,580 | | | | | | 398,975 | |
Loss before income taxes | | | | | (13,293,455) | | | | | | (48,859,965) | | | | | | (4,500,894) | | | | | | (16,812,212) | |
Income tax expense (benefit) | | | | | 439,018 | | | | | | (190,111) | | | | | | 406,363 | | | | | | 52,000 | |
Net loss | | | | | (13,732,473) | | | | | | (48,669,854) | | | | | | (4,907,257) | | | | | | (16,864,212) | |
Less: Net loss attributable to noncontrolling interests | | | | | — | | | | | | (1,276,571) | | | | | | — | | | | | | — | |
Net loss attributable to Oncobiologics, Inc. | | | | | (13,732,473) | | | | | | (47,393,283) | | | | | | (4,907,257) | | | | | | (16,864,212) | |
Accretion of redeemable preferred stock and noncontrolling interests | | | | | (3,588,996) | | | | | | (4,306,488) | | | | | | (1,071,164) | | | | | | (939,539) | |
Deemed dividends upon the repurchase of Series A redeemable preferred stock and redeemable noncontrolling interests | | | | | (3,336,855) | | | | | | (1,298,631) | | | | | | (1,230,998) | | | | | | — | |
Net loss attributable to common stockholders of Oncobiologics, Inc. | | | | $ | (20,658,324) | | | | | $ | (52,998,402) | | | | | $ | (7,209,419) | | | | | $ | (17,803,751) | |
Per share information:(1) | | | | | | |||||||||||||||||||
| | | | | | |||||||||||||||||||
Net loss per share of common stock, basic and diluted | | | | $ | (2.43) | | | | | $ | (5.43) | | | | | $ | (0.77) | | | | | $ | (1.36) | |
Weighted-average shares outstanding, basic and diluted | | | | | 8,509,654 | | | | | | 9,753,616 | | | | | | 9,377,450 | | | | | | 13,061,557 | |
Pro forma net loss per share of common stock – basic and diluted (unaudited) | | | | | | | | | | $ | (3.60) | | | | | | | | | | | $ | (1.20) | |
Pro forma weighted-average shares outstanding (unaudited) | | | | | | | | | | | 13,158,777 | | | | | | | | | | | | 14,046,456 | |
|
| | | As of December 31, 2015 | | |||||||||||||||
| | | (Unaudited) | | |||||||||||||||
| | | Actual | | | Pro forma(1) | | | Pro forma as adjusted(2)(3) | | |||||||||
Consolidated Balance Sheet Data: | | | | | |||||||||||||||
Cash | | | | $ | 5,582,255 | | | | | $ | 10,806,901 | | | | | $ | 63,806,901 | | |
Working capital (deficit) | | | | | (25,087,988) | | | | | | (22,562,819) | | | | | | 30,437,181 | | |
Total assets | | | | | 31,322,869 | | | | | | 33,797,518 | | | | | | 84,822,674 | | |
Debt obligations, current and long-term | | | | | 15,488,800 | | | | | | 15,488,800 | | | | | | 15,488,800 | | |
Redeemable common stock | | | | | 16,366,212 | | | | | | — | | | | | | — | | |
Total stockholders’ equity (deficit) | | | | | (30,914,816) | | | | | | (12,023,435) | | | | | | 40,976,565 | | |
| | | Common Stock | | |||||||||
| | | High | | | Low | | ||||||
Fiscal Year 2017 Year-to-Date | | | | ||||||||||
Second quarter (through February 14, 2017) | | | | $ | 3.95 | | | | | $ | 2.70 | | |
First quarter | | | | | 3.61 | | | | | | 3.40 | | |
Fiscal Year Ended September 30, 2016 | | | | ||||||||||
Fourth quarter | | | | | 5.49 | | | | | | 3.04 | | |
Third quarter (from June 13, 2016) | | | | | 4.48 | | | | | | 3.25 | | |
| | | Before Offering | | | After Offering | | ||||||||||||||||||
| | | Securities Held | | | Percentage | | | Securities Held(1) | | | Percentage* | | ||||||||||||
Sabby Management, LLC | | | | | 2,376,202(2) | | | | | | 9.9% | | | | | | 2,448,702 | | | | | | 9.9% | | |
PointState Fund LP | | | | | 1,120,000(3) | | | | | | 4.5% | | | | | | 200,000 | | | | | | * | | |
venBio Select Advisor LLC | | | | | 1,680,925(4) | | | | | | 6.8% | | | | | | 1,301,425 | | | | | | 5.3% | | |
Dennis O’Donnell | | | | | 57,745(5) | | | | | | * | | | | | | 34,745 | | | | | | * | | |
Simon Woodhouse | | | | | 15,075(6) | | | | | | * | | | | | | 3,575 | | | | | | * | | |
| | | As of December 31, 2015 | | |||||||||||||||
| | | (Unaudited) | | |||||||||||||||
| | | Actual | | | Pro forma | | | Pro forma as adjusted(1) | | |||||||||
Cash | | | | $ | 5,582,255 | | | | | $ | 10,806,901 | | | | | $ | 63,806,091 | | |
Debt obligations, current and long term | | | | | 15,488,800 | | | | | | 15,488,800 | | | | | | 15,488,800 | | |
Redeemable common stock | | | | | 16,366,212 | | | | | | — | | | | | | — | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | | | |||||
Series A preferred stock, par value $0.01 per share: 10,000,000 shares authorized, 11,819 shares issued and outstanding actual; no shares issued and outstanding pro forma and pro forma as adjusted | | | | | 118 | | | | | | — | | | | | | — | | |
Common stock, par value $0.01 per share; 100,000,000 shares authorized, 12,339,877 shares issued and outstanding actual; 15,151,193 issued and outstanding pro forma; and 20,151,193 shares issued and outstanding pro forma as adjusted | | | | | 123,399 | | | | | | 151,512 | | | | | | 201,512 | | |
Additional paid-in capital | | | | | 79,890,165 | | | | | | 98,753,551 | | | | | | 151,703,551 | | |
Accumulated deficit | | | | | (110,928,498) | | | | | | (110,928,498) | | | | | | (110,928,498) | | |
Total stockholders’ equity (deficit) | | | | | (30,914,816) | | | | | | (12,023,435) | | | | | | 40,976,565 | | |
Total capitalization | | | | $ | 940,196 | | | | | $ | 3,465,365 | | | | | $ | 56,465,365 | | |
|
| Assumed initial public offering price per share | | | | | | | | | | $ | 12.00 | | |
| Historical net tangible book value (deficit) per share at December 31, 2015 | | | | $ | (2.51) | | | | | | | | |
| Increase per share attributable to pro forma adjustments | | | | | 1.72 | | | | | | | | |
| Pro forma net tangible book value (deficit) per share at December 31, 2015 | | | | | (0.79) | | | | | | | | |
| Increase in pro forma net tangible book value (deficit) per share attributable to this offering | | | | | 2.82 | | | | | | | | |
| Pro forma as adjusted net tangible book value per share after this offering | | | | | | | | | | | 2.03 | | |
| Dilution in net tangible book value per share to new investors in this offering | | | | | | | | | | $ | 9.97 | | |
|
| | | Shares Purchased | | | Total Consideration | | | Average Price Per Share | | |||||||||||||||||||||
| | | Number | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Existing Stockholders | | | | | 15,151,193 | | | | | | 75% | | | | | $ | 81,394,129 | | | | | | 58% | | | | | $ | 5.37 | | |
New Investors | | | | | 5,000,000 | | | | | | 25 | | | | | | 60,000,000 | | | | | | 42 | | | | | | 12.00 | | |
Total | | | | | 21,151,193 | | | | | | 100% | | | | | $ | 141,394,129 | | | | | | 100% | | | | | | 7.02 | | |
|
| | | Year Ended September 30, | | | Three Months Ended December 31, | ||||||||||||||||||
| | | 2014 | | | 2015 | | | 2014 | | | 2015 | ||||||||||||
| | | | | | | | | | | | | | | (Unaudited) | |||||||||
Consolidated Statements of Operations Data: | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | |||||||||
Collaboration revenues | | | | $ | 9,050,542 | | | | | $ | 5,219,237 | | | | | $ | 2,934,555 | | | | | $ | 994,894 | |
Operating expenses: | | | | | | |||||||||||||||||||
| | | | | | |||||||||||||||||||
Research and development | | | | | 14,124,631 | | | | | | 38,876,040 | | | | | | 5,840,030 | | | | | | 12,733,976 | |
General and administrative | | | | | 7,318,314 | | | | | | 12,905,823 | | | | | | 1,237,839 | | | | | | 4,674,155 | |
| | | | | 21,442,945 | | | | | | 51,781,863 | | | | | | 7,077,869 | | | | | | 17,408,131 | |
Loss from operations | | | | | (12,392,403) | | | | | | (46,562,626) | | | | | | (4,143,314) | | | | | | (16,413,237) | |
Interest expense | | | | | 901,052 | | | | | | 2,297,339 | | | | | | 357,580 | | | | | | 398,975 | |
Loss before income taxes | | | | | (13,293,455) | | | | | | (48,859,965) | | | | | | (4,500,894) | | | | | | (16,812,212) | |
Income tax expense (benefit) | | | | | 439,018 | | | | | | (190,111) | | | | | | 406,363 | | | | | | 52,000 | |
Net loss | | | | | (13,732,473) | | | | | | (48,669,854) | | | | | | (4,907,257) | | | | | | (16,864,212) | |
Less: Net loss attributable to noncontrolling interests | | | | | — | | | | | | (1,276,571) | | | | | | — | | | | | | — | |
Net loss attributable to Oncobiologics, Inc. | | | | | (13,732,473) | | | | | | (47,393,283) | | | | | | (4,907,257) | | | | | | (16,864,212) | |
Accretion of redeemable preferred stock and noncontrolling interests | | | | | (3,588,996) | | | | | | (4,306,488) | | | | | | (1,071,164) | | | | | | (939,539) | |
Deemed dividends upon the repurchase of Series A redeemable preferred stock and redeemable noncontrolling interests | | | | | (3,336,855) | | | | | | (1,298,631) | | | | | | (1,230,998) | | | | | | — | |
Net loss attributable to common stockholders of Oncobiologics, Inc. | | | | $ | (20,658,324) | | | | | $ | (52,998,402) | | | | | $ | (7,209,419) | | | | | $ | (17,803,751) | |
Per share information:(1) | | | | | | |||||||||||||||||||
| | | | | | |||||||||||||||||||
Net loss per share of common stock, basic and diluted | | | | $ | (2,43) | | | | | $ | (5.43) | | | | | $ | (0.77) | | | | | $ | (1.36) | |
Weighted-average shares outstanding, basic and diluted | | | | | 8,509,654 | | | | | | 9,753,616 | | | | | | 9,377,450 | | | | | | 13,061,557 | |
Pro forma net loss per share of common stock – basic and diluted (unaudited) | | | | | | | | | | $ | (3.60) | | | | | | | | | | | $ | (1.20) | |
Pro forma weighted-average shares outstanding (unaudited) | | | | | | | | | | | 13,158,777 | | | | | | | | | | | | 14,046,456 | |
|
| | | As of September 30, | | | As of December 31, 2015 | | ||||||||||||
| | | 2014 | | | 2015 | | ||||||||||||
| | | | | | | | | | | | | | | (Unaudited) | | |||
Consolidated Balance Sheet Data: | | | | | |||||||||||||||
Cash | | | | $ | 2,349,313 | | | | | $ | 9,070,975 | | | | | $ | 5,582,255 | | |
Working capital (deficit) | | | | | (17,063,539) | | | | | | (21,877,366) | | | | | | (25,087,988) | | |
Total assets | | | | | 11,603,707 | | | | | | 35,008,621 | | | | | | 31,322,869 | | |
Debt obligations, current and long-term | | | | | 15,168,532 | | | | | | 21,961,828 | | | | | | 15,488,800 | | |
Redeemable preferred stock, common stock and noncontrolling interests | | | | | 24,704,011 | | | | | | 27,321,311 | | | | | | 16,366,212 | | |
Total stockholders’ equity (deficit) | | | | | (45,151,218) | | | | | | (54,873,803) | | | | | | (30,914,816) | | |
| | Year ended September 30, | | Three months ended December 31, | | | Year ended September 30, | | Three months ended December 31, | | ||||||||||||||||||||||||||||||||||||||||
| | 2014 | | 2015 | | 2014 | | 2015 | | | 2016 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||
IPCA Collaboration | | | $ | 1,439,472 | | | | $ | 1,702,377 | | | | $ | 586,078 | | | | $ | 105,433 | | | |||||||||||||||||||||||||||||
Liomont Collaboration | | | | 34,091 | | | | | 341,280 | | | | | 54,582 | | | | | 595,566 | | | |||||||||||||||||||||||||||||
Huahai Collaboration | | | | 7,576,979 | | | | | 3,175,580 | | | | | 2,293,895 | | | | | 293,895 | | | |||||||||||||||||||||||||||||
IPCA collaboration | | | $ | 421,732 | | | | $ | 1,702,377 | | | | $ | 65,268 | | | | $ | 105,433 | | | |||||||||||||||||||||||||||||
Liomont collaboration | | | | 1,382,264 | | | | | 341,280 | | | | | 59,160 | | | | | 595,566 | | | |||||||||||||||||||||||||||||
Huahai collaboration | | | | 1,175,580 | | | | | 3,175,580 | | | | | 178,712 | | | | | 293,895 | | | |||||||||||||||||||||||||||||
| | | $ | 9,050,542 | | | | $ | 5,219,237 | | | | $ | 2,934,555 | | | | $ | 994,894 | | | | | $ | 2,979,576 | | | | $ | 5,219,237 | | | | $ | 303,140 | | | | $ | 994,894 | | | |
| | Year ended September 30, | | Three months ended December 31, | | | Year ended September 30, | | Three months ended December 31, | | ||||||||||||||||||||||||||||||||||||||||
| | 2014 | | 2015 | | 2014 | | 2015 | | | 2016 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||||||
Milestone payments | | | $ | 7,000,000 | | | | $ | 2,500,000 | | | | $ | 2,500,000 | | | | $ | 500,000 | | | | | $ | 1,000,000 | | | | $ | 2,500,000 | | | | $ | — | | | | $ | 500,000 | | | ||||||||
Recognition of deferred revenues | | | | 1,300,542 | | | | | 1,919,237 | | | | | 434,555 | | | | | 494,894 | | | | | | 1,979,576 | | | | | 1,919,237 | | | | | 303,140 | | | | | 494,894 | | | ||||||||
Research and development payments | | | | 750,000 | | | | | 800,000 | | | | | — | | | | | — | | | | | | — | | | | | 800,000 | | | | | — | | | | | — | | | ||||||||
| | | $ | 9,050,542 | | | | $ | 5,219,237 | | | | $ | 2,934,555 | | | | $ | 994,894 | | | | | $ | 2,979,576 | | | | $ | 5,219,237 | | | | $ | 303,140 | | | | $ | 994,894 | | | |
| | | Three Months ended December 31, | | | Change | | ||||||||||||
| | | 2016 | | | 2015 | | ||||||||||||
Collaboration revenues | | | | $ | 303,140 | | | | | $ | 994,894 | | | | | $ | (691,754) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 13,312,306 | | | | | | 12,733,976 | | | | | | 578,330 | | |
General and administrative | | | | | 4,888,860 | | | | | | 4,674,155 | | | | | | 214,705 | | |
| | | | | 18,201,166 | | | | | | 17,408,131 | | | | | | 793,035 | | |
Loss from operations | | | | | (17,898,026) | | | | | | (16,413,237) | | | | | | (1,484,789) | | |
Interest expense | | | | | 386,713 | | | | | | 398,975 | | | | | | (12,262) | | |
Change in fair value of warrant liability | | | | | 810,083 | | | | | | — | | | | | | 810,083 | | |
Loss before income taxes | | | | | (19,094,822) | | | | | | (16,812,212) | | | | | | (2,282,610) | | |
Income tax expense | | | | | 4,000 | | | | | | 52,000 | | | | | | (48,000) | | |
Net loss | | | | $ | (19,098,822) | | | | | $ | (16,864,212) | | | | | $ | (2,234,610) | | |
|
| | | Three Months Ended December 31, | | | | | | | | |||||||||
| | | 2014 | | | 2015 | | | Change | | |||||||||
| | | (Unaudited) | | | | | | | | |||||||||
Collaboration revenues | | | | $ | 2,934,555 | | | | | $ | 994,894 | | | | | $ | (1,939,661) | | |
Operating expenses: | | | | | |||||||||||||||
Research and development | | | | | 5,840,030 | | | | | | 12,733,976 | | | | | | 6,893,946 | | |
General and administrative | | | | | 1,237,839 | | | | | | 4,674,155 | | | | | | 3,436,316 | | |
| | | | | 7,077,869 | | | | | | 17,408,131 | | | | | | 10,330,262 | | |
Loss from operations | | | | | (4,143,314) | | | | | | (16,413,237) | | | | | | (12,269,923) | | |
Interest expense | | | | | 357,580 | | | | | | 398,975 | | | | | | 41,395 | | |
Loss before income taxes | | | | | (4,500,894) | | | | | | (16,812,212) | | | | | | (12,311,318) | | |
Income tax expense | | | | | 406,363 | | | | | | 52,000 | | | | | | (354,363) | | |
Net loss | | | | $ | (4,907,257) | | | | | $ | (16,864,212) | | | | | $ | (11,956,955) | | |
|
| | Three months ended December 31, | | | Period from January 5, 2010 (inception) through December 31, 2015 | | ||||||||||||||||||||||||||
| | 2014 | | 2015 | | | Three months ended December 31, | | ||||||||||||||||||||||||
| | (Unaudited) | | | | | | | | 2016 | | 2015 | | |||||||||||||||||||
Preclinical and clinical development | | | $ | 3,524,528 | | | | $ | 7,007,033 | | | | $ | 40,174,156 | | | | | $ | 8,944,890 | | | | $ | 7,007,033 | | | |||||
Compensation and related benefits | | | | 2,193,204 | | | | | 3,815,357 | | | | | 27,366,937 | | | | | | 2,469,609 | | | | | 2,054,773 | | | |||||
Stock-based compensation | | | | 84,275 | | | | | 1,356,408 | | | | | 7,907,386 | | | | | | 386,109 | | | | | 1,356,408 | | | |||||
Regulatory filings and other | | | | 38,023 | | | | | 555,178 | | | | | 2,765,050 | | | ||||||||||||||||
Other research and development | | | | 1,511,698 | | | | | 2,315,762 | | | |||||||||||||||||||||
Total research and development expenses | | | $ | 5,840,030 | | | | $ | 12,733,976 | | | | $ | 78,213,529 | | | | | $ | 13,312,306 | | | | $ | 12,733,976 | | | |
| | Three months ended December 31, | | | Period from January 5, 2010 (inception) through December 31, 2015 | | ||||||||||||||||||||||||||
| | 2014 | | 2015 | | | Three months ended December 31, | | ||||||||||||||||||||||||
| | (Unaudited) | | | | | | | | 2016 | | 2015 | | |||||||||||||||||||
ONS-3010 | | | $ | 1,547,912 | | | | $ | 4,208,306 | | | | $ | 19,405,507 | | | | | $ | 5,590,557 | | | | $ | 4,379,396 | | | |||||
ONS-1045 | | | | 1,718,730 | | | | | 2,740,735 | | | | | 17,652,009 | | | | | | 2,755,025 | | | | | 2,158,166 | | | |||||
Early-stage compounds | | | | 599,308 | | | | | 469,471 | | | |||||||||||||||||||||
Personnel related and stock-based compensation | | | | 2,855,718 | | | | | 3,411,181 | | | |||||||||||||||||||||
Other research and development | | | | 295,909 | | | | | 613,169 | | | | | 5,881,689 | | | | | | 1,511,698 | | | | | 2,315,762 | | | |||||
Personnel related and stock-based compensation | | | | 2,277,479 | | | | | 5,171,766 | | | | | 35,274,324 | | | ||||||||||||||||
Total research and development expenses | | | $ | 5,840,030 | | | | $ | 12,733,976 | | | | $ | 78,213,529 | | | | | $ | 13,312,306 | | | | $ | 12,733,976 | | | |
| | | Three months ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Professional fees | | | | $ | 1,177,179 | | | | | $ | 2,288,093 | | |
Compensation and related benefits | | | | | 722,134 | | | | | | 692,689 | | |
Stock-based compensation | | | | | 2,077,943 | | | | | | 1,133,626 | | |
Facilities, fees and other related costs | | | | | 911,604 | | | | | | 559,747 | | |
Total general and administration expenses | | | | $ | 4,888,860 | | | | | $ | 4,674,155 | | |
|
| | Year Ended September 30, | | | | Year ended September 30, | | | ||||||||||||||||||||||||||||||
| | 2014 | | 2015 | | Change | | | 2016 | | 2015 | | Change | | ||||||||||||||||||||||||
Collaboration revenues | | | $ | 9,050,542 | | | | $ | 5,219,237 | | | | $ | (3,831,305) | | | | | $ | 2,979,576 | | | | $ | 5,219,237 | | | | $ | (2,239,661) | | | ||||||
Operating expenses: | | | | | ||||||||||||||||||||||||||||||||||
Research and development | | | | 14,124,631 | | | | | 38,876,040 | | | | | 24,751,409 | | | | | | 33,101,543 | | | | | 38,876,040 | | | | | (5,774,497) | | | ||||||
General and administrative | | | | 7,318,314 | | | | | 12,905,823 | | | | | 5,587,509 | | | | | | 21,636,345 | | | | | 12,905,823 | | | | | 8,730,522 | | | ||||||
| | | | 21,442,945 | | | | | 51,781,863 | | | | | 30,338,918 | | | | | | 54,737,888 | | | | | 51,781,863 | | | | | 2,956,025 | | | ||||||
Loss from operations | | | | (12,392,403) | | | | | (46,562,626) | | | | | (34,170,223) | | | | | | (51,758,312) | | | | | (46,562,626) | | | | | (5,195,686) | | | ||||||
Interest expense | | | | 901,052 | | | | | 2,297,339 | | | | | 1,396,287 | | | | | | 1,467,950 | | | | | 2,297,339 | | | | | (829,389) | | | ||||||
Loss before income taxes | | | | (13,293,455) | | | | | (48,859,965) | | | | | (35,566,510) | | | | | | (53,226,262) | | | | | (48,859,965) | | | | | (4,366,297) | | | ||||||
Income tax expense (benefit) | | | | 439,018 | | | | | (190,111) | | | | | (629,129) | | | | | | 103,000 | | | | | (190,111) | | | | | 293,111 | | | ||||||
Net loss | | | $ | (13,732,473) | | | | $ | (48,669,854) | | | | $ | (34,937,381) | | | | | $ | (53,329,262) | | | | $ | (48,669,854) | | | | $ | (4,659,408) | | | |
| | Year ended September 30, | | | Period from January 5, 2010 (inception) through September 30, 2015 | | | Year ended September 30, | | |||||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||||||||
Preclinical and clinical development | | | $ | 6,715,346 | | | | $ | 21,714,405 | | | | $ | 33,167,123 | | | | | $ | 14,820,730 | | | | $ | 21,469,678 | | | |||||
Compensation and related benefits | | | | 6,424,884 | | | | | 10,202,065 | | | | | 23,477,173 | | | | | | 9,214,216 | | | | | 6,576,810 | | | |||||
Stock-based compensation | | | | 671,745 | | | | | 5,817,830 | | | | | 6,625,385 | | | | | | 2,044,379 | | | | | 5,817,830 | | | |||||
Regulatory filings and other | | | | 312,656 | | | | | 1,141,740 | | | | | 2,209,872 | | | ||||||||||||||||
Other research and development | | | | 7,022,218 | | | | | 5,011,722 | | | |||||||||||||||||||||
Total research and development expenses | | | $ | 14,124,631 | | | | $ | 38,876,040 | | | | $ | 65,479,553 | | | | | $ | 33,101,543 | | | | $ | 38,876,040 | | | |
| | Year ended September 30, | | | Period from January 5, 2010 (inception) through September 30, 2015 | | | Year ended September 30, | | |||||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||||||||
ONS-3010 | | | $ | 4,641,138 | | | | $ | 6,942,002 | | | | $ | 15,197,201 | | | | | $ | 10,124,418 | | | | $ | 7,894,315 | | | |||||
ONS-1045 | | | | 1,819,446 | | | | | 12,763,886 | | | | | 14,911,274 | | | | | | 4,088,686 | | | | | 12,763,886 | | | |||||
Early-stage compounds | | | | 607,626 | | | | | 811,477 | | | |||||||||||||||||||||
Personnel related and stock-based compensation | | | | 11,258,595 | | | | | 12,394,640 | | | |||||||||||||||||||||
Other research and development | | | | 567,418 | | | | | 3,150,257 | | | | | 5,268,520 | | | | | | 7,022,218 | | | | | 5,011,722 | | | |||||
Personnel related and stock-based compensation | | | | 7,096,629 | | | | | 16,019,895 | | | | | 30,102,558 | | | ||||||||||||||||
Total research and development expenses | | | $ | 14,124,631 | | | | $ | 38,876,040 | | | | $ | 65,479,553 | | | | | $ | 33,101,543 | | | | $ | 38,876,040 | | | |
| | | Year ended September 30, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Professional fees | | | | $ | 4,549,315 | | | | | $ | 2,724,465 | | |
Compensation and related benefits | | | | | 4,131,014 | | | | | | 2,579,810 | | |
Stock-based compensation | | | | | 10,405,700 | | | | | | 5,360,027 | | |
Facilities, fees and other related costs | | | | | 2,550,316 | | | | | | 2,241,521 | | |
Total general and administration expenses | | | | $ | 21,636,345 | | | | | $ | 12,905,823 | | |
|
| | Year Ended September 30, | | Three months ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||
| | 2014 | | 2015 | | 2014 | | 2015 | | | Year ended September 30, | | Three months ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | (Unaudited) | | | 2016 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||||||||||||||
Net cash used in operating activities | | | $ | (7,020,469) | | | | $ | (27,476,200) | | | | $ | (3,666,423) | | | | $ | (12,012,281) | | | | | $ | (45,482,672) | | | | $ | (27,476,200) | | | | $ | (5,841,668) | | | | $ | (12,012,281) | | | ||||||||
Net cash used in investing activities | | | | (2,366,772) | | | | | (8,804,244) | | | | | (527,877) | | | | | (364,242) | | | | | | (1,098,180) | | | | | (8,804,244) | | | | | (148,362) | | | | | (364,242) | | | ||||||||
Net cash provided by financing activities | | | | 11,474,146 | | | | | 43,002,106 | | | | | 3,670,527 | | | | | 8,887,803 | | | | | | 39,861,764 | | | | | 43,002,106 | | | | | 5,716,678 | | | | | 8,887,803 | | | ||||||||
Net increase (decrease) in cash | | | $ | 2,086,905 | | | | $ | 6,721,662 | | | | $ | (523,773) | | | | $ | (3,488,720) | | | |||||||||||||||||||||||||||||
Net (decrease) increase in cash | | | $ | (6,719,088) | | | | $ | 6,721,662 | | | | $ | (273,352) | | | | $ | (3,488,720) | | | |
| | Payments Due by Period | | | Payments Due by Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | | Less Than 1 Year | | 1 − 3 Years | | 3 – 5 Years | | More Than 5 Years | | | Total | | Less Than 1 Year | | 1 – 3 Years | | 3 – 5 Years | | More Than 5 Years | | ||||||||||||||||||||||||||||||||||||||||
Operating lease commitments | | | $ | 5,027,353 | | | | $ | 888,710 | | | | $ | 1,731,526 | | | | $ | 1,763,368 | | | | $ | 643,749 | | | | | $ | 11,950,610 | | | | $ | 1,551,513 | | | | $ | 3,488,586 | | | | $ | 3,368,521 | | | | $ | 3,541,990 | | | ||||||||||
Debt obligations | | | | 19,953,048 | | | | | 14,956,842 | | | | | 3,355,273 | | | | | 1,032,926 | | | | | 608,007 | | | | | | 7,493,981 | | | | | 5,198,954 | | | | | 1,065,487 | | | | | 1,066,633 | | | | | 162,907 | | | ||||||||||
Capital leases | | | | 2,082,222 | | | | | 862,849 | | | | | 1,219,373 | | | | | — | | | | | — | | | | | | 1,297,985 | | | | | 977,248 | | | | | 320,737 | | | | | — | | | | | — | | | ||||||||||
Total | | | $ | 27,062,623 | | | | $ | 16,708,401 | | | | $ | 6,306,172 | | | | $ | 2,796,294 | | | | $ | 1,251,756 | | | | | $ | 20,742,576 | | | | $ | 7,727,715 | | | | $ | 4,874,810 | | | | $ | 4,435,154 | | | | $ | 3,704,897 | | | |
| | | Year ended September 30, | | | Three months ended December 31, | | ||||||||||||||||||
| | | 2014 | | | 2015 | | | 2014 | | | 2015 | | ||||||||||||
Research and development | | | | $ | 671,745 | | | | | $ | 5,817,830 | | | | | $ | 84,275 | | | | | $ | 1,356,408 | | |
General and administrative | | | | | 3,286,735 | | | | | | 5,360,028 | | | | | | 61,399 | | | | | | 1,133,626 | | |
| | | | $ | 3,958,480 | | | | | $ | 11,177,858 | | | | | $ | 145,674 | | | | | $ | 2,490,034 | | |
|
| | | Year ended September 30, | | | Three months ended December 31, | | ||||||||||||||||||
| | | 2014 | | | 2015 | | | 2014 | | | 2015 | | ||||||||||||
Equity-classified compensation | | | | $ | 2,764,878 | | | | | $ | 8,925 | | | | | $ | 2,231 | | | | | $ | 98,172 | | |
Liability-classified compensation | | | | | 1,193,602 | | | | | | 11,168,933 | | | | | | 143,443 | | | | | | 2,391,862 | | |
| | | | $ | 3,958,480 | | | | | $ | 11,177,858 | | | | | $ | 145,674 | | | | | $ | 2,490,034 | | |
|
| | | Year ended September 30, | | | Three months ended December 31, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | | ||||||||||||
Research and development | | | | $ | 2,044,379 | | | �� | | $ | 5,817,830 | | | | | $ | 386,109 | | | | | $ | 1,356,408 | | |
General and administrative | | | | | 10,405,700 | | | | | | 5,360,028 | | | | | | 2,077,943 | | | | | | 1,133,626 | | |
| | | | $ | 12,450,079 | | | | | $ | 11,177,858 | | | | | $ | 2,464,052 | | | | | $ | 2,490,034 | | |
|
| | | Year ended September 30, | | | Three months ended December 31, | | ||||||||||||||||||
| | | 2016 | | | 2015 | | | 2016 | | | 2015 | | ||||||||||||
Equity-classified compensation | | | | $ | 10,058,217 | | | | | $ | 8,925 | | | | | $ | 2,464,052 | | | | | $ | 98,172 | | |
Liability-classified compensation | | | | | 2,391,862 | | | | | | 11,168,933 | | | | | | — | | | | | | 2,391,862 | | |
| | | | $ | 12,450,079 | | | | | $ | 11,177,858 | | | | | $ | 2,464,052 | | | | | $ | 2,490,034 | | |
|
| | | |
Adverse Event | | | ONS-3010 N (%) | | | EU-Humira N (%) | | | U.S.-Humira N (%) | | |||||||||
Burning sensation | | | | | 12 (18.2) | | | | | | 29 (43.9) | | | | | | 31 (47.0) | | |
Headache | | | | | 29 (43.9) | | | | | | 20 (30.3) | | | | | | 27 (39.4) | | |
Nasopharyngitis | | | | | 12 (18.2) | | | | | | 19 (28.8) | | | | | | 12 (18.2) | | |
Name | | | Age | | | Position(s) | | |||
Executive Officers | | | | | | | | | | |
Pankaj Mohan, Ph.D. | | | | | 52 | | | | Chairman, President and Chief Executive Officer | |
Kenneth M. Bahrt, M.D. | | | | | 63 | | | | Chief Medical Officer | |
Kogan Bao, Ph.D. | | | | | 47 | | | | Vice President, Analytical Sciences | |
Scott A. Gangloff | | | | | | | | Senior Vice President, Development & Manufacturing | | |
Lawrence A. Kenyon | | | | | | | | Chief Financial Officer and Secretary | | |
Stephen J. McAndrew, Ph.D. | | | | | 62 | | | | Senior Vice President, Business Strategy & Development | |
Elizabeth A. Yamashita | | | | | | | | Vice President, Regulatory Affairs | | |
Non-Employee Directors | | | | | | | | | | |
Todd C. Brady, M.D., Ph.D.(1)(3) | | | | | | | | Director | | |
Scott Canute(2) | | | | | | | | Director | | |
Albert D. Dyrness(2)(3) | | | | | | | | Director | | |
Donald J. Griffith | | | | | | | | Director | | |
Kurt J. Hilzinger(1)(2) | | | | | | | | Director | | |
Robin Smith Hoke(1)(3) | | | | | | | | Director | |
Name | | Fees Earned or Paid in Cash(1) ($) | | Total ($) | | | Fees Earned or Paid in Cash(1) ($) | | Total ($) | | ||||||||||||||||
Todd C. Brady, M.D., Ph.D. | | | | 100,000 | | | | | 100,000 | | | | | | 17,867 | | | | | 17,867 | | | ||||
Scott Canute | | | | 100,000 | | | | | 100,000 | | | | | | 19,212 | | | | | 19,212 | | | ||||
Albert Dyrness | | | | 19,789 | | | | | 19,789 | | | |||||||||||||||
Donald J. Griffith | | | | 13,449 | | | | | 13,449 | | | |||||||||||||||
Kurt Hilzinger | | | | 24,015 | | | | | 24,015 | | | |||||||||||||||
Robin Smith Hoke | | | | 18,060 | | | | | 18,060 | | |
Board Committee | | | Chairperson Fee | | | Member Fee | | ||||||
Audit Committee | | | | $ | 15,000 | | | | | $ | 7,500 | | |
Compensation Committee | | | | | 10,000 | | | | | | 5,000 | | |
Nominating and Corporate Governance Committee | | | | | 8,000 | | | | | | 4,000 | | |
Name and Principal Position | | Year | | Salary ($) | | Bonus ($)(1) | | Equity Plan Awards ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | | Year | | Salary ($) | | Bonus ($)(1) | | Equity Plan Awards ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | |||||||||||||||||||||||||||||||||||||||||||||
Pankaj Mohan, Ph.D. Chairman, President and Chief Executive Officer | | | | 2015 | | | | | 290,004 | | | | | | | — | | | | | 29,839 | | | | | 319,843 | | | | | | | 2016 | | | | | 369,926 | | | | | 990,000 | | | | | 11,787,997 | | | | | 26,658 | | | | | 13,174,581 | | | |||||||||||
Kenneth M. Bahrt, M.D.(4) Chief Medical Officer | | | | 2015 | | | | | 65,542 | | | | | | | 644,000 | | | | | 6,881 | | | | | 716,423 | | | |||||||||||||||||||||||||||||||||||||||||||
Elizabeth A. Yamashita Vice President, Regulatory Affairs | | | | 2015 | | | | | 235,746 | | | | | | | — | | | | | 15,809 | | | | | 251,555 | | | |||||||||||||||||||||||||||||||||||||||||||
Pankaj Mohan, Ph.D. Chairman, President and Chief Executive Officer | | | | | 2015 | | | | | 290,004 | | | | | — | | | | | — | | | | | 29,839 | | | | | 319,843 | | | |||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 309,359 | | | | | — | | | | | 1,262,992 | | | | | 17,727 | | | | | 1,590,078 | | | |||||||||||||||||||||||||||||||||||||||||
Lawrence A. Kenyon(4) Chief Financial Officer | | | | | 2015 | | | | | 14,000 | | | | | — | | | | | — | | | | | — | | | | | 14,000 | | | |||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 160,309 | | | | | — | | | | | 260,868 | | | | | 7,798 | | | | | 428,975 | | | |||||||||||||||||||||||||||||||||||||||||
Kogan Bao, Ph.D.(5) Vice President, Analytical Sciences | | | | | 2015 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | | | | | | | Equity Awards(1) | | |||||||||||||||||||||
| | | Grant Date | | | Number of Securities Underlying Unexercised Exercisable (#) | | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned (#) | | | Exercise Price ($) | | | Expiration Date | | |||||||||||||||
Pankaj Mohan, Ph.D. | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | | | | | | | | | | | | — | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | — | | | | | | | | | | | | |
Related Party | | | # of Shares of Series A Redeemable Preferred Stock Converted | | | # of Shares of Common Stock Received Upon Conversion | | | # of Shares of DE Series A Preferred Stock Received Upon Conversion | |
Mr. Canute | | | 250 shares | | | 72,463 shares | | | 351 shares | |
Dr. Brady | | | 100 shares | | | 28,985 shares | | | 141 shares | |
Dr. Mohan’s immediate family | | | 150 shares | | | 43,478 shares | | | 212 shares | |
Mr. Gangloff’s immediate family | | | 55 shares | | | 15,942 shares | | | 79 shares | |
Mr. Griffith’s immediate family | | | 35 shares | | | 10,144 shares | | | 50 shares | |
Related Party | | | # of Series A Redeemable Preferred Stock Repurchased | | | Cash Received | | | Principal Amount of 4% Promissory Notes Received | | |||||||||
Dr. Mohan | | | | | 175 | | | | | $ | — | | | | | $ | 423,003 | | |
Mr. Canute | | | | | 900 | | | | | $ | 500,000 | | | | | $ | 1,511,384 | | |
Mr. Griffith and his immediate family | | | | | 165 | | | | | $ | 130,000 | | | | | $ | 247,068 | | |
Mr. Gangloff’s immediate family | | | | | 45 | | | | | $ | 90,000 | | | | | $ | 12,580 | | |
Mr. Dyrness’ affiliate | | | | | 100 | | | | | $ | 200,000 | | | | | $ | 35,107 | | |
Related Party | | | Restricted Stock | | | PSUs | | ||||||
Mr. Gangloff | | | | | 115,942 | | | | | | 129,855 | | |
Mr. Griffith | | | | | 144,927 | | | | | | 162,318 | | |
Dr. McAndrew | | | | | 57,971 | | | | | | 64,927 | | |
Ms. Yamashita | | | | | 43,478 | | | | | | 48,695 | | |
| | | | | | | | | Percentage of Shares Beneficially Owned | | |||||||||
Name of Beneficial Owner | | | Number | | | Before Offering | | | After Offering | | |||||||||
Five Percent Stockholders (other than directors and officers): | | | | | |||||||||||||||
Strides Pharma Limited(1) | | | | | 1,739,130 | | | | | | 11.5% | | | | | | 8.6% | | |
Named Executive Officers and Directors: | | | | | |||||||||||||||
Pankaj Mohan, Ph.D., Chairman, President and Chief Executive Officer(2) | | | | | 7,479,845 | | | | | | 49.4% | | | | | | 37.1% | | |
Kenneth M. Bahrt, M.D., Chief Medical Officer(3) | | | | | — | | | | | | — | | | | | | — | | |
Elizabeth A. Yamashita, Vice President, Regulatory Affairs(4) | | | | | — | | | | | | — | | | | | | — | | |
Todd C. Brady, M.D., Ph.D., Director(5) | | | | | 91,136 | | | | | | * | | | | | | * | | |
Scott Canute, Director(6) | | | | | 101,713 | | | | | | * | | | | | | * | | |
Albert D. Dyrness, Director(7) | | | | | — | | | | | | — | | | | | | — | | |
Donald J. Griffith, Director(8) | | | | | — | | | | | | — | | | | | | — | | |
Kurt J. Hilzinger, Director(9) | | | | | — | | | | | | — | | | | | | — | | |
Robin Smith Hoke, Director(10) | | | | | — | | | | | | — | | | | | | — | | |
All executive officers and directors as a group (13 persons) | | | | | 7,672,694 | | | | | | 50.6% | | | | | | 38.1% | | |
Related Party | | | # of Shares of Series A Redeemable Preferred Stock Converted | | | # of Shares of Common Stock Received Upon Conversion | | | # of Shares of DE Series A Preferred Stock Received Upon Conversion | |
Mr. Canute | | | 250 shares | | | 72,463 shares | | | 351 shares | |
Dr. Brady | | | 100 shares | | | 28,985 shares | | | 141 shares | |
Dr. Mohan’s immediate family | | | 150 shares | | | 43,478 shares | | | 212 shares | |
Mr. Gangloff’s immediate family | | | 55 shares | | | 15,942 shares | | | 79 shares | |
Mr. Griffith’s immediate family | | | 35 shares | | | 10,144 shares | | | 50 shares | |
Related Party | | | # of Series A Redeemable Preferred Stock Repurchased | | | Cash Received | | | Principal Amount of 4% Promissory Notes Received | | |||||||||
Dr. Mohan | | | | | 175 | | | | | $ | — | | | | | $ | 423,003 | | |
Mr. Canute | | | | | 900 | | | | | $ | 500,000 | | | | | $ | 1,511,384 | | |
Mr. Griffith and his immediate family | | | | | 165 | | | | | $ | 130,000 | | | | | $ | 247,068 | | |
Mr. Gangloff’s immediate family | | | | | 45 | | | | | $ | 90,000 | | | | | $ | 12,580 | | |
Mr. Dyrness’ affiliate | | | | | 100 | | | | | $ | 200,000 | | | | | $ | 35,107 | | |
Related Party | | | Restricted Stock | | | PSUs | | ||||||
Mr. Gangloff | | | | | 115,942 | | | | | | 129,855 | | |
Mr. Griffith | | | | | 144,927 | | | | | | 162,318 | | |
Dr. McAndrew | | | | | 57,971 | | | | | | 64,927 | | |
Ms. Yamashita | | | | | 43,478 | | | | | | 48,695 | | |
Related Party | | | # of Shares of Series A Redeemable Preferred Stock Converted | | | # of Shares of Common Stock Received Upon Conversion | | | # of Shares of DE Series A Preferred Stock Received Upon Conversion | |
Mr. Canute | | | 250 shares | | | 72,463 shares | | | 351 shares | |
Dr. Brady | | | 100 shares | | | 28,985 shares | | | 141 shares | |
Dr. Mohan’s immediate family | | | 150 shares | | | 43,478 shares | | | 212 shares | |
Mr. Gangloff’s immediate family | | | 55 shares | | | 15,942 shares | | | 79 shares | |
Mr. Griffith’s immediate family | | | 35 shares | | | 10,144 shares | | | 50 shares | |
Related Party | | | # of Series A Redeemable Preferred Stock Repurchased | | | Cash Received | | | Principal Amount of 4% Promissory Notes Received | | |||||||||
Dr. Mohan | | | | | 175 | | | | | $ | — | | | | | $ | 423,003 | | |
Mr. Canute | | | | | 900 | | | | | $ | 500,000 | | | | | $ | 1,511,384 | | |
Mr. Griffith and his immediate family | | | | | 165 | | | | | $ | 130,000 | | | | | $ | 247,068 | | |
Mr. Gangloff’s immediate family | | | | | 45 | | | | | $ | 90,000 | | | | | $ | 12,580 | | |
Mr. Dyrness’ affiliate | | | | | 100 | | | | | $ | 200,000 | | | | | $ | 35,107 | | |
Related Party | | | Restricted Stock | | | PSUs | | ||||||
Mr. Gangloff | | | | | 115,942 | | | | | | 129,855 | | |
Mr. Griffith | | | | | 144,927 | | | | | | 162,318 | | |
Dr. McAndrew | | | | | 57,971 | | | | | | 64,927 | | |
Ms. Yamashita | | | | | 43,478 | | | | | | 48,695 | | |
Name of Beneficial Owner | | | Number | | | Percentage of Shares Beneficially Owned | | ||||||
Five Percent Stockholders (other than directors and officers): | | | | ||||||||||
Perceptive Advisors, LLC(1) | | | | | 2,456,490 | | | | | | 9.9% | | |
Sabby Management, LLC(2) | | | | | 2,376,202 | | | | | | 9.9% | | |
Strides Pharma (UK) Limited(3) | | | | | 1,739,130 | | | | | | 7.4% | | |
venBio Select Advisor(4) | | | | | 1,301,425 | | | | | | 5.4% | | |
Named Executive Officers and Directors: | | | | ||||||||||
Pankaj Mohan, Ph.D., Chairman, President and Chief Executive Officer(5) | | | | | 7,691,575 | | | | | | 32.3% | | |
Lawrence A. Kenyon, Chief Financial Officer(6) | | | | | — | | | | | | — | | |
Kogan Bao, Ph.D., Vice President, Analytical Sciences(7) | | | | | — | | | | | | — | | |
Todd C. Brady, M.D., Ph.D., Director(8) | | | | | 153,288 | | | | | | * | | |
Scott Canute, Director(9) | | | | | 364,157 | | | | | | 1.5% | | |
Albert D. Dyrness, Director(10) | | | | | 11,500 | | | | | | — | | |
Donald J. Griffith, Director(11) | | | | | 144,926 | | | | | | — | | |
Kurt J. Hilzinger, Director(12) | | | | | 30,544 | | | | | | — | | |
Robin Smith Hoke, Director(13) | | | | | 3,199 | | | | | | — | | |
All executive officers and directors as a group (13 persons) | | | | | 8,518,376 | | | | | | 35.6% | | |
| | | Page | |||||||||
| ||||||||||||
| | | | F-2 | | | ||||||
| | | | F-3 | | | ||||||
| | | | F-4 | | | ||||||
| | | | F-5 | | | ||||||
| | | | | | |||||||
| | | | | | |||||||
Unaudited Interim Financial Statements | | | ||||||||||
| | | | F-26 | | | ||||||
| | | | F-27 | | | ||||||
| | | | F-28 | | | ||||||
| | | | F-29 | | | ||||||
| | | | F-30 | ||||||||
| |
| | September 30, | | | September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Assets | | | | | ||||||||||||||||||||||
Current assets: | | | | | | | | | | | | | | |||||||||||||
Cash | | | $ | 2,349,313 | | | | $ | 9,070,975 | | | | | $ | 2,351,887 | | | | $ | 9,070,975 | | | ||||
Accounts receivable | | | | — | | | | | 20,000 | | | | | | — | | | | | 20,000 | | | ||||
Stock subscription receivable | | | | — | | | | | 4,280,149 | | | | | | — | | | | | 4,280,149 | | | ||||
Prepaid and other current assets | | | | 797,279 | | | | | 1,793,109 | | | | | | 3,326,607 | | | | | 1,793,109 | | | ||||
Total current assets | | | | 3,146,592 | | | | | 15,164,233 | | | | | | 5,678,494 | | | | | 15,164,233 | | | ||||
Property and equipment, net | | | | 8,009,564 | | | | | 17,759,938 | | | | | | 16,958,553 | | | | | 17,759,938 | | | ||||
Restricted cash | | | | 211,452 | | | | | 213,663 | | | | | | 216,086 | | | | | 213,663 | | | ||||
Deferred offering costs | | | | — | | | | | 960,563 | | | | | | — | | | | | 960,563 | | | ||||
Other assets | | | | 236,099 | | | | | 910,224 | | | | | | 852,801 | | | | | 910,224 | | | ||||
Total assets | | | $ | 11,603,707 | | | | $ | 35,008,621 | | | | | $ | 23,705,934 | | | | $ | 35,008,621 | | | ||||
Liabilities, redeemable preferred stock, common stock, noncontrolling interests and stockholders’ equity (deficit) | | | Liabilities, redeemable preferred stock, common stock, noncontrolling interests and stockholders’ equity (deficit) | | ||||||||||||||||||||||
Current liabilities: | | | | | ||||||||||||||||||||||
Current portion of debt | | | $ | 725,706 | | | | $ | 742,646 | | | | | $ | 586,454 | | | | $ | 742,646 | | | ||||
Current portion of capital lease obligations | | | | 132,090 | | | | | 862,849 | | | | | | 977,248 | | | | | 862,849 | | | ||||
Current portion of stockholder notes | | | | 10,624,784 | | | | | 14,214,196 | | | | | | 4,612,500 | | | | | 14,214,196 | | | ||||
Accounts payable | | | | 3,101,445 | | | | | 11,563,055 | | | | | | 5,071,520 | | | | | 11,563,055 | | | ||||
Accrued expenses | | | | 2,560,279 | | | | | 5,924,648 | | | | | | 6,121,942 | | | | | 5,924,648 | | | ||||
Income taxes payable | | | | 1,564,411 | | | | | 1,754,629 | | | | | | 1,854,629 | | | | | 1,754,629 | | | ||||
Deferred revenue | | | | 1,501,416 | | | | | 1,979,576 | | | | | | 1,212,561 | | | | | 1,979,576 | | | ||||
Total current liabilities | | | | 20,210,131 | | | | | 37,041,599 | | | | | | 20,436,854 | | | | | 37,041,599 | | | ||||
Long-term debt | | | | 3,653,038 | | | | | 2,922,764 | | | | | | 2,233,803 | | | | | 2,922,764 | | | ||||
Capital lease obligations | | | | 32,914 | | | | | 1,219,373 | | | | | | 320,737 | | | | | 1,219,373 | | | ||||
Stockholder notes | | | | — | | | | | 2,000,000 | | | | | | — | | | | | 2,000,000 | | | ||||
Deferred revenue | | | | 6,313,342 | | | | | 6,365,945 | | | | | | 5,153,384 | | | | | 6,365,945 | | | ||||
Stock-based compensation liability | | | | 1,557,789 | | | | | 12,726,722 | | | | | | — | | | | | 12,726,722 | | | ||||
Other liabilities | | | | 283,700 | | | | | 284,710 | | | | | | 761,334 | | | | | 284,710 | | | ||||
Total liabilities | | | | 32,050,914 | | | | | 62,561,113 | | | | | | 28,906,112 | | | | | 62,561,113 | | | ||||
Commitments (Note 9) | | | | | ||||||||||||||||||||||
Redeemable preferred stock, common stock and noncontrolling interests: | | | | | | | | | | | | | | |||||||||||||
Redeemable preferred stock, no par value: | | | | | | | | | | | | | | |||||||||||||
Series A – 8,000 shares authorized; 3,681 and 3,568 shares issued and outstanding at September 30, 2014 and 2015, respectively; (liquidation preference of $5,072,653 at September 30, 2015) | | | | 4,787,996 | | | | | 5,072,653 | | | |||||||||||||||
Series B – 4,000 shares authorized; 4,000 shares issued and outstanding; (liquidation preference of $5,118,208 at September 30, 2015) | | | | 4,589,872 | | | | | 5,118,208 | | | |||||||||||||||
Redeemable common stock – 1,739,130 shares issued and outstanding | | | | 12,225,096 | | | | | 15,426,673 | | | |||||||||||||||
Series A – No shares authorized, issued and outstanding at September 30, 2016; 8,000 shares authorized; 3,568 issued and outstanding at September 30, 2015 | | | | — | | | | | 5,072,653 | | | |||||||||||||||
Series B – No shares authorized, issued and outstanding at September 30, 2016; 4,000 shares authorized, issued and outstanding at September 30, 2015; | | | | — | | | | | 5,118,208 | | | |||||||||||||||
Redeemable common stock – 1,739,130 shares issued and outstanding at September 30, 2015 | | | | — | | | | | 15,426,673 | | | |||||||||||||||
Redeemable noncontrolling interests | | | | 3,101,047 | | | | | 1,703,777 | | | | | | — | | | | | 1,703,777 | | | ||||
Total redeemable preferred stock, common stock and noncontrolling interests | | | | 24,704,011 | | | | | 27,321,311 | | | | | | — | | | | | 27,321,311 | | | ||||
Stockholders’ equity (deficit): | | | | | ||||||||||||||||||||||
Common stock, no par value; 100,000,000 shares authorized; 7,670,783 and 9,436,294 shares issued and outstanding at September 30, 2014 and 2015, respectively; actual | | | | — | | | | | 39,844,900 | | | |||||||||||||||
Series A preferred stock, par value $0.01 per share: 10,000,000 shares authorized, no shares issued and outstanding | | | | — | | | | | — | | | |||||||||||||||
Common stock, par value $0.01 per share; 200,000,000 shares authorized at September 30, 2016; 22,802,778 shares issued and outstanding at September 30, 2016; No shares authorized, issued and outstanding at September 30, 2015 | | | | 228,028 | | | | | — | | | |||||||||||||||
Common stock, no shares authorized issued and outstanding at September 30, 2016; no par value; 100,000,000 shares authorized; 9,436,294 shares issued and outstanding at September��30, 2015 | | | | — | | | | | 39,844,900 | | | |||||||||||||||
Additional paid-in capital | | | | — | | | | | — | | | | | | 141,965,342 | | | | | — | | | ||||
Accumulated deficit | | | | (45,151,218) | | | | | (94,064,286) | | | | | | (147,393,548) | | | | | (94,064,286) | | | ||||
Total Oncobiologics, Inc. stockholders’ equity (deficit) | | | | (45,151,218) | | | | | (54,219,386) | | | | | | (5,200,178) | | | | | (54,219,386) | | | ||||
Noncontrolling interests | | | | — | | | | | (654,417) | | | | | | — | | | | | (654,417) | | | ||||
Total stockholders’ equity (deficit) | | | | (45,151,218) | | | | | (54,873,803) | | | | | | (5,200,178) | | | | | (54,873,803) | | | ||||
Total liabilities, redeemable preferred stock, common stock, noncontrolling interests and stockholders’ equity (deficit) | | | $ | 11,603,707 | | | | $ | 35,008,621 | | | | | $ | 23,705,934 | | | | $ | 35,008,621 | | | |
| | Year Ended September 30, | | | Year Ended September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Collaboration revenues | | | $ | 9,050,542 | | | | $ | 5,219,237 | | | | | $ | 2,979,576 | | | | $ | 5,219,237 | | | ||||
Operating expenses: | | | | | | | | | | | | | | |||||||||||||
Research and development | | | | 14,124,631 | | | | | 38,876,040 | | | | | | 33,101,543 | | | | | 38,876,040 | | | ||||
General and administrative | | | | 7,318,314 | | | | | 12,905,823 | | | | | | 21,636,345 | | | | | 12,905,823 | | | ||||
| | | | 21,442,945 | | | | | 51,781,863 | | | | | | 54,737,888 | | | | | 51,781,863 | | | ||||
Loss from operations | | | | (12,392,403) | | | | | (46,562,626) | | | | | | (51,758,312) | | | | | (46,562,626) | | | ||||
Interest expense | | | | 901,052 | | | | | 2,297,339 | | | |||||||||||||||
Interest expense, net | | | | 1,467,950 | | | | | 2,297,339 | | | |||||||||||||||
Loss before income taxes | | | | (13,293,455) | | | | | (48,859,965) | | | | | | (53,226,262) | | | | | (48,859,965) | | | ||||
Income tax expense (benefit) | | | | 439,018 | | | | | (190,111) | | | | | | 103,000 | | | | | (190,111) | | | ||||
Net loss | | | | (13,732,473) | | | | | (48,669,854) | | | | | | (53,329,262) | | | | | (48,669,854) | | | ||||
Less: Net loss attributable to noncontrolling interests | | | | — | | | | | (1,276,571) | | | | | | — | | | | | (1,276,571) | | | ||||
Net loss attributable to Oncobiologics, Inc. | | | | (13,732,473) | | | | | (47,393,283) | | | | | | (53,329,262) | | | | | (47,393,283) | | | ||||
Accretion of redeemable preferred stock and noncontrolling interests | | | | (3,588,996) | | | | | (4,306,488) | | | | | | (2,463,160) | | | | | (4,306,488) | | | ||||
Deemed dividends upon the repurchase of Series A redeemable preferred stock and redeemable noncontrolling interests | | | | (3,336,855) | | | | | (1,298,631) | | | | | | — | | | | | (1,298,631) | | | ||||
Deemed dividend upon issuance of warrants to common stockholders | | | | (7,373,820) | | | | | — | | | |||||||||||||||
Net loss attributable to common stockholders of Oncobiologics, Inc. | | | $ | (20,658,324) | | | | $ | (52,998,402) | | | | | $ | (63,166,242) | | | | $ | (52,998,402) | | | ||||
Per share information: | | | | | | | | | | | | | | |||||||||||||
Net loss per share of common stock, basic and diluted | | | $ | (2.43) | | | | $ | (5.43) | | | | | $ | (3.67) | | | | $ | (5.43) | | | ||||
Weighted-average shares outstanding, basic and diluted | | | | 8,509,654 | | | | | 9,753,616 | | | |||||||||||||||
Pro forma net loss per share of common stock – basic and diluted (unaudited) | | | | | | | | $ | (3.60) | | | |||||||||||||||
Pro forma weighted average shares outstanding (unaudited) | | | | | | | | | 13,158,777 | | | |||||||||||||||
Weighted average shares outstanding, basic and diluted | | | | 17,212,983 | | | | | 9,753,616 | | | |
| | | Redeemable Preferred Stock, Common Stock and Noncontrolling Interests | | | | Stockholders’ Equity (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Preferred Stock | | | Common Stock | | | Noncontrolling Interests | | | | Common Stock | | | Accumulated Deficit | | | Noncontrolling Interests | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series B | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2013 | | | | | 6,995 | | | | | $ | 8,226,922 | | | | | | 3,600 | | | | | $ | 3,067,039 | | | | | | — | | | | | $ | — | | | | | $ | 2,829,733 | | | | | | | 9,665,786 | | | | | $ | — | | | | | $ | (22,608,182) | | | | | $ | — | | | | | $ | (22,608,182) | | |
Sale of redeemable common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,739,130 | | | | | | 10,895,000 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sale of Series B redeemable preferred stock and common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | 400 | | | | | | 252,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | 115,942 | | | | | | 148,000 | | | | | | — | | | | | | — | | | | | | 148,000 | | |
Issuance of restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 90,869 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Repurchase of restricted stock in exchange for notes payable | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (636,376) | | | | | | (148,000) | | | | | | (949,750) | | | | | | — | | | | | | (1,097,750) | | |
Exchange of restricted stock for performance-based stock units | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (602,463) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Reclassification of equity classified stock-based compensation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (364,187) | | | | | | — | | | | | | (364,187) | | |
Employee tax witholdings related to the vesting of restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (2,831) | | | | | | — | | | | | | (23,153) | | | | | | — | | | | | | (23,153) | | |
Repurchase of common stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (960,144) | | | | | | — | | | | | | (3,312,500) | | | | | | — | | | | | | (3,312,500) | | |
Repurchase of Series A redeemable preferred stock and deemed dividends | | | | | (3,314) | | | | | | (4,155,679) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (3,336,855) | | | | | | — | | | | | | (3,336,855) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | 2,764,878 | | | | | | — | | | | | | — | | | | | | 2,764,878 | | |
Accretion of redeemable preferred stock, common stock and noncontrolling interests | | | | | — | | | | | | 716,753 | | | | | | — | | | | | | 1,270,833 | | | | | | — | | | | | | 1,330,096 | | | | | | 271,314 | | | | | | | — | | | | | | (2,764,878) | | | | | | (824,118) | | | | | | — | | | | | | (3,588,996) | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (13,732,473) | | | | | | — | | | | | | (13,732,473) | | |
Balance at September 30, 2014 | | | | | 3,681 | | | | | | 4,787,996 | | | | | | 4,000 | | | | | | 4,589,872 | | | | | | 1,739,130 | | | | | | 12,225,096 | | | | | | 3,101,047 | | | | | | | 7,670,783 | | | | | | — | | | | | | (45,151,218) | | | | | | — | | | | | | (45,151,218) | | |
| | | Redeemable Preferred Stock, Common Stock and Noncontrolling Interests | | | | Stockholders’ Equity (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Preferred Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Noncontrolling Interests | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||||||||
| | | Series A | | | Series B | | | Common Stock | | | Noncontrolling Interests | | | | Series A Preferred Stock | | | Common Stock | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2014 | | | | | 3,681 | | | | | $ | 4,787,996 | | | | | | 4,000 | | | | | $ | 4,589,872 | | | | | | 1,739,130 | | | | | $ | 12,225,096 | | | | | $ | 3,101,047 | | | | | | | — | | | | | $ | — | | | | | | 7,670,783 | | | | | $ | — | | | | | $ | — | | | | | $ | (45,151,218) | | | | | $ | — | | | | | $ | (45,151,218) | | |
Distribution of common stock in Sonnet Biotherapeutics, Inc. to stockholders | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (221,154) | | | | | | 221,154 | | | | | | — | | |
Contributions to noncontrolling interests | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 401,000 | | | | | | 401,000 | | |
Repurchase of Series A redeemable preferred stock and deemed dividends | | | | | (113) | | | | | | (142,370) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (83,631) | | | | | | — | | | | | | (83,631) | | |
Repurchase of redeemable noncontrolling interests and deemed dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,546,818) | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,215,000) | | | | | | — | | | | | | (1,215,000) | | |
Forfeitures of restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sale of common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,765,511 | | | | | | 44,142,463 | | | | | | — | | | | | | — | | | | | | — | | | | | | 44,142,463 | | |
Accretion of redeemable preferred stock, common stock and noncontrolling interests | | | | | — | | | | | | 427,027 | | | | | | — | | | | | | 528,336 | | | | | | — | | | | | | 3,201,577 | | | | | | 149,548 | | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,306,488) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,306,488) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,925 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,925 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (47,393,283) | | | | | | (1,276,571) | | | | | | (48,669,854) | | |
Balance at September 30, 2015 | | | | | 3,568 | | | | | | 5,072,653 | | | | | | 4,000 | | | | | | 5,118,208 | | | | | | 1,739,130 | | | | | | 15,426,673 | | | | | | 1,703,777 | | | | | | | — | | | | | | — | | | | | | 9,436,294 | | | | | | 39,844,900 | | | | | | — | | | | | | (94,064,286) | | | | | | (654,417) | | | | | | (54,873,803) | | |
Deconsolidation of Sonnet Biotherapeutics, Inc. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 654,417 | | | | | | 654,417 | | |
Employee tax withholdings related to the vesting of restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (2,782) | | | | | | (71,760) | | | | | | — | | | | | | — | | | | | | — | | | | | | (71,760) | | |
Reincorporation to a Delaware Corporation | | | | | (3,568) | | | | | | (5,072,653) | | | | | | (4,000) | | | | | | (5,118,208) | | | | | | — | | | | | | — | | | | | | — | | | | | | | 10,193 | | | | | | 102 | | | | | | 2,193,601 | | | | | | (39,656,869) | | | | | | 49,847,628 | | | | | | — | | | | | | — | | | | | | 10,190,861 | | |
Issuance of common stock upon the dissolution of Parilis | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,703,777) | | | | | | | 1,626 | | | | | | 16 | | | | | | 226,663 | | | | | | 2,267 | | | | | | 1,701,494 | | | | | | — | | | | | | — | | | | | | 1,703,777 | | |
Sale of common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 573,388 | | | | | | 5,734 | | | | | | 16,132,179 | | | | | | — | | | | | | — | | | | | | 16,137,913 | | |
Reclassification of stock-based compensation liability | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,118,584 | | | | | | — | | | | | | — | | | | | | 15,118,584 | | |
Accretion of redeemable common stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,463,160 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,463,160) | | | | | | — | | | | | | — | | | | | | (2,463,160) | | |
Sale of common stock units upon consummation of initial public offering and concurrent private placement, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 6,666,666 | | | | | | 66,667 | | | | | | 33,717,538 | | | | | | 33,784,205 | | | | | | — | | | | | | 33,784,205 | | |
Reclassification of redeemable common stock upon consummation of the initial public offering | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,739,130) | | | | | | (17,889,833) | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,739,130 | | | | | | 17,391 | | | | | | 17,872,442 | | | | | | — | | | | | | — | | | | | | 17,889,833 | | |
Conversion of Series A preferred stock in connection with the initial public offering | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | (11,819) | | | | | | (118) | | | | | | 1,969,818 | | | | | | 19,698 | | | | | | (19,580) | | | | | | — | | | | | | — | | | | | | — | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,058,217 | | | | | | — | | | | | | — | | | | | | 10,058,217 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (53,329,262) | | | | | | — | | | | | | (53,329,262) | | |
Balance at September 30, 2016 | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | | — | | | | | $ | — | | | | | | 22,802,778 | | | | | $ | 228,028 | | | | | $ | 141,965,342 | | | | | $ | (147,393,548) | | | | | $ | — | | | | | $ | (5,200,178) | | |
|
| | | Redeemable Preferred Stock, Common Stock and Noncontrolling Interests | | | | Stockholders’ Equity (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Preferred Stock | | | Common Stock | | | Noncontrolling Interests | | | | Common Stock | | | Accumulated Deficit | | | Noncontrolling Interests | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series B | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of common stock in Sonnet Biotherapeutics, Inc. to stockholders | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (221,154) | | | | | | 221,154 | | | | | | — | | |
Contributions to noncontrolling interests | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 401,000 | | | | | | 401,000 | | |
Repurchase of Series A redeemable preferred stock and deemed dividends | | | | | (113) | | | | | | (142,370) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (83,631) | | | | | | — | | | | | | (83,631) | | |
Repurchase of redeemable noncontrolling interests and deemed dividends | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,546,818) | | | | | | | — | | | | | | — | | | | | | (1,215,000) | | | | | | — | | | | | | (1,215,000) | | |
Forfeitures of restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sale of common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | 1,765,511 | | | | | | 44,142,463 | | | | | | — | | | | | | — | | | | | | 44,142,463 | | |
Accretion of redeemable preferred stock, common stock and noncontrolling interests | | | | | — | | | | | | 427,027 | | | | | | — | | | | | | 528,336 | | | | | | — | | | | | | 3,201,577 | | | | | | 149,548 | | | | | | | — | | | | | | (4,306,488) | | | | | | — | | | | | | — | | | | | | (4,306,488) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | 8,925 | | | | | | — | | | | | | — | | | | | | 8,925 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (47,393,283) | | | | | | (1,276,571) | | | | | | (48,669,854) | | |
Balance at September 30, 2015 | | | | | 3,568 | | | | | $ | 5,072,653 | | | | | | 4,000 | | | | | $ | 5,118,208 | | | | | | 1,739,130 | | | | | $ | 15,426,673 | | | | | $ | 1,703,777 | | | | | | | 9,436,294 | | | | | $ | 39,844,900 | | | | | $ | (94,064,286) | | | | | $ | (654,417) | | | | | $ | (54,873,803) | | |
|
| | Year Ended September 30, | | | Year Ended September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Operating activities: | | | ||||||||||||||||||||||||
OPERATING ACTIVITIES | | | ||||||||||||||||||||||||
Net loss | | | $ | (13,732,473) | | | | $ | (48,669,854) | | | | | $ | (53,329,262) | | | | $ | (48,669,854) | | | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | ||||||||||||||||||||||
Depreciation and amortization | | | | 878,477 | | | | | 1,824,600 | | | | | | 2,394,279 | | | | | 1,824,600 | | | ||||
Non-cash interest expense | | | | 12,264 | | | | | 12,264 | | | | | | 13,465 | | | | | 12,264 | | | ||||
Stock-based compensation | | | | 3,958,480 | | | | | 11,177,858 | | | | | | 12,450,079 | | | | | 11,177,858 | | | ||||
Loss on disposal of fixed assets | | | | 13,647 | | | | | — | | | |||||||||||||||
Changes in operating assets and liabilities: | | | | | ||||||||||||||||||||||
Accounts receivable | | | | — | | | | | (20,000) | | | | | | 20,000 | | | | | (20,000) | | | ||||
Prepaid expenses and other current assets | | | | (719,302) | | | | | (1,021,852) | | | | | | (1,533,498) | | | | | (1,021,852) | | | ||||
Other assets | | | | (84,330) | | | | | (322,729) | | | | | | 57,423 | | | | | (322,729) | | | ||||
Accounts payable | | | | (96,403) | | | | | 6,580,722 | | | | | | (5,326,374) | | | | | 6,580,722 | | | ||||
Accrued expenses | | | | 598,266 | | | | | 2,240,800 | | | | | | 1,154,712 | | | | | 2,240,800 | | | ||||
Income taxes payable | | | | 1,084,921 | | | | | 190,218 | | | | | | 100,000 | | | | | 190,218 | | | ||||
Deferred revenue | | | | 949,458 | | | | | 530,763 | | | | | | (1,979,576) | | | | | 530,763 | | | ||||
Other liabilities | | | | 130,173 | | | | | 1,010 | | | | | | 482,433 | | | | | 1,010 | | | ||||
Net cash used in operating activities | | | | (7,020,469) | | | | | (27,476,200) | | | | | | (45,482,672) | | | | | (27,476,200) | | | ||||
Investing activities: | | | ||||||||||||||||||||||||
INVESTING ACTIVITIES | | | ||||||||||||||||||||||||
Purchase of property and equipment | | | | (2,366,772) | | | | | (8,804,244) | | | | | | (1,098,180) | | | | | (8,804,244) | | | ||||
Net cash used in investing activities | | | | (2,366,772) | | | | | (8,804,244) | | | | | | (1,098,180) | | | | | (8,804,244) | | | ||||
Financing activities: | | | ||||||||||||||||||||||||
Proceeds from the sale of Series B redeemable preferred stock | | | | 252,000 | | | | | — | | | |||||||||||||||
FINANCING ACTIVITIES | | | ||||||||||||||||||||||||
Repurchase of Series A redeemable preferred stock | | | | (4,128,000) | | | | | (226,001) | | | | | | — | | | | | (226,001) | | | ||||
Proceeds from the sale of redeemable common stock | | | | 10,895,000 | | | | | — | | | |||||||||||||||
Proceeds from the sale of common stock | | | | 148,000 | | | | | 41,249,998 | | | |||||||||||||||
Proceeds from the sale of common stock, net of offering costs | | | | 16,137,913 | | | | | 41,249,998 | | | |||||||||||||||
Proceeds from sale of common stock units in connection with initial public offering and private placement | | | | 37,074,996 | | | | | — | | | |||||||||||||||
Payment of offering costs and common stock issuance costs | | | | (4,637,647) | | | | | — | | | |||||||||||||||
Proceeds from subscriptions receivable | | | | 4,280,149 | | | | | — | | | |||||||||||||||
Proceeds from the sale of equity in noncontrolling interest | | | | — | | | | | 401,000 | | | | | | — | | | | | 401,000 | | | ||||
Proceeds from stockholders notes | | | | — | | | | | 10,880,252 | | | |||||||||||||||
Payments of capital leases obligations | | | | (193,973) | | | | | (686,676) | | | | | | (884,620) | | | | | (686,676) | | | ||||
Proceeds from debt | | | | 2,460,434 | | | | | — | | | | | | 200,416 | | | | | — | | | ||||
Repayment of debt | | | | (753,531) | | | | | (725,598) | | | | | | (1,059,034) | | | | | (725,598) | | | ||||
Proceeds from stockholder notes | | | | 6,000,000 | | | | | 10,880,252 | | | |||||||||||||||
Repayment of stockholder notes | | | | (3,125,000) | | | | | (7,888,658) | | | | | | (11,601,696) | | | | | (7,888,658) | | | ||||
Change in restricted cash | | | | (3,383) | | | | | (2,211) | | | | | | (2,423) | | | | | (2,211) | | | ||||
Payment of employee tax witholdings related to the vesting of restricted stock | | | | (23,153) | | | | | — | | | |||||||||||||||
Payment of financing costs | | | | (54,248) | | | | | — | | | |||||||||||||||
Proceeds from Sonnet Biotherapeutics, Inc. | | | | 826,561 | | | | | — | | | |||||||||||||||
Deconsolidation of Sonnet Biotherapeutics, Inc. | | | | (401,091) | | | | | — | | | |||||||||||||||
Payment of employee tax withholdings related to the vesting of restricted stock | | | | (71,760) | | | | | — | | | |||||||||||||||
Net cash provided by financing activities | | | | 11,474,146 | | | | | 43,002,106 | | | | | | 39,861,764 | | | | | 43,002,106 | | | ||||
Net increase in cash | | | | 2,086,905 | | | | | 6,721,662 | | | |||||||||||||||
Net (decrease) increase in cash | | | | (6,719,088) | | | | | 6,721,662 | | | |||||||||||||||
Cash at beginning of year | | | | 262,408 | | | | | 2,349,313 | | | | | | 9,070,975 | | | | | 2,349,313 | | | ||||
Cash at end of year | | | $ | 2,349,313 | | | | $ | 9,070,975 | | | | | $ | 2,351,887 | | | | $ | 9,070,975 | | | ||||
Supplemental disclosure of cash flow information | | | | | | | | | | | | | | |||||||||||||
Cash paid for interest | | | $ | 817,965 | | | | $ | 1,402,209 | | | | | $ | 1,477,913 | | | | $ | 1,402,209 | | | ||||
Cash paid for taxes | | | $ | 1,750 | | | | $ | 2,250 | | | |||||||||||||||
Cash paid for income taxes | | | $ | 3,000 | | | | $ | 2,250 | | | |||||||||||||||
Supplemental schedule of noncash investing activities: | | | | | ||||||||||||||||||||||
Purchases of property and equipment in accounts payable and accrued expenses | | | $ | (215,907) | | | | $ | (2,770,730) | | | | | $ | 634,941 | | | | $ | (2,770,730) | | | ||||
Supplemental schedule of noncash financing activities: | | | | | ||||||||||||||||||||||
Accretion of redeemable preferred stock | | | $ | 3,588,996 | | | | $ | 4,306,488 | | | |||||||||||||||
Accretion of redeemable preferred stock, common stock and noncontrolling interests | | | $ | 2,463,160 | | | | $ | 4,306,488 | | | |||||||||||||||
Deemed dividend upon repurchase of Series A redeemable preferred stock in excess of carrying value | | | $ | (3,336,855) | | | | $ | (1,298,631) | | | | | $ | — | | | | $ | (1,298,631) | | | ||||
Issuance of subscription receivable upon sale of common stock | | | $ | — | | | | $ | (4,280,149) | | | |||||||||||||||
Issuance of common and Series A preferred stock to redeemable preferred stockholders and noncontrolling interests upon reincorporation | | | $ | 11,894,638 | | | | $ | — | | | |||||||||||||||
Reclassification of equity classified stock-based compensation | | | $ | (364,187) | | | | $ | — | | | | | $ | 15,118,584 | | | | $ | — | | | ||||
Issuance of notes upon repurchase of restricted stock and common stock | | | $ | 4,410,250 | | | | $ | — | | | |||||||||||||||
Issuance of subscription receivable upon sale of common stock | | | $ | — | | | | $ | (4,280,149) | | | |||||||||||||||
Distribution of common stock in Sonnet Biotherapeutics Inc. to stockholders | | | $ | — | | | | $ | (221,154) | | | |||||||||||||||
Distribution of common stock in Sonnet Biotherapeutics, Inc. to stockholders | | | $ | — | | | | $ | (221,154) | | | |||||||||||||||
Issuance of capital lease obligations in connection with purchase of property and equipment | | | $ | 215,908 | | | | $ | 2,603,894 | | | | | $ | 100,383 | | | | $ | 2,603,894 | | | ||||
Deferred offering costs and common stock issuance costs in accounts payable and accrued expenses | | | $ | — | | | | $ | 2,310,961 | | | | | $ | 3,144 | | | | $ | 2,310,961 | | | |
| | September 30, | | | September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Series A redeemable preferred stock | | | | 1,066,956 | | | | | 1,034,181 | | | | | | — | | | | | 1,034,181 | | | ||||
Series B redeemable preferred stock | | | | 1,159,418 | | | | | 1,159,418 | | | | | | — | | | | | 1,159,418 | | | ||||
Unvested shares of restricted common stock | | | | 32,463 | | | | | — | | | |||||||||||||||
Performance-based stock units | | | | 247,309 | | | | | — | | | |||||||||||||||
Restricted stock units | | | | 1,094,351 | | | | | — | | | |||||||||||||||
Convertible stockholder note | | | | — | | | | | 96,618 | | | | | | — | | | | | 96,618 | | | ||||
Common stock warrants | | | | 8,186,934 | | | | | — | | |
| | | September 30, 2014 | |||||||||||||||
| | | (Level 1) | | | (Level 2) | | | (Level 3) | |||||||||
Liabilities | | | | | ||||||||||||||
Stock-based compensation liability | | | | $ | — | | | | | $ | — | | | | | $ | 1,557,789 | |
|
| | September 30, 2015 | | September 30, 2015 | | ||||||||||||||||||||||||||||||||
| | (Level 1) | | (Level 2) | | (Level 3) | | (Level 1) | | (Level 2) | | (Level 3) | | ||||||||||||||||||||||||
Liabilities | | | | | | ||||||||||||||||||||||||||||||||
Stock-based compensation liability | | | $ | — | | | | $ | — | | | | $ | 12,726,722 | | | $ | — | | | | $ | — | | | | $ | 12,726,722 | | | |||||||
|
| Balance at October 1, 2013 | | | $ | — | | | Balance at October 1, 2014 | | | $ | 1,557,789 | | | ||
| Issued | | | | 364,187 | | | Change in fair value | | | | 11,168,933 | | | ||
| Change in fair value | | | | 1,193,602 | | | Balance at September 30, 2015 | | | | 12,726,722 | | | ||
| Balance at September 30, 2014 | | | | 1,557,789 | | | Change in fair value | | | | 2,391,862 | | | ||
| Change in fair value | | | | 11,168,933 | | | Reclassification to stockholders’ equity (deficit) | | | | (15,118,584) | | | ||
| Balance at September 30, 2015 | | | $ | 12,726,722 | | | Balance at September 30, 2016 | | | $ | — | | | |
| | | September 30, | | |||
| | | 2014 | | | 2015 | |
Risk-free interest rate | | | 1.8% | | | 1.4% | |
Derived service period | | | 5 years | | | 5 years | |
Expected volatility | | | 60% | | | 60% | |
Annual dividend yield | | | 0% | | | 0% | |
Fair value of common stock | | | $7.62 per share | | | $25.79 per share | |
| | | September 30, 2015 | |
Risk-free interest rate | | | 1.4% | |
Derived service period | | | 5 years | |
Expected volatility | | | 60% | |
Annual dividend yield | | | 0% | |
Fair value of common stock | | | $25.79 per share | |
| | September 30, | | | September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Laboratory equipment | | | $ | 6,847,970 | | | | $ | 10,936,364 | | | | | $ | 11,452,858 | | | | $ | 10,936,364 | | | ||||
Leasehold improvements | | | | 2,756,291 | | | | | 9,889,521 | | | | | | 10,031,739 | | | | | 9,889,521 | | | ||||
Computer software and hardware | | | | 224,150 | | | | | 402,075 | | | | | | 421,206 | | | | | 402,075 | | | ||||
Construction in process | | | | — | | | | | 175,425 | | | |||||||||||||||
Construction in progress | | | | 1,014,690 | | | | | 175,425 | | | |||||||||||||||
| | | | 9,828,411 | | | | | 21,403,385 | | | | | | 22,920,493 | | | | | 21,403,385 | | | ||||
Less: accumulated depreciation and amortization | | | | (1,818,847) | | | | | (3,643,447) | | | | | | (5,961,940) | | | | | (3,643,447) | | | ||||
| | | $ | 8,009,564 | | | | $ | 17,759,938 | | | | | $ | 16,958,553 | | | | $ | 17,759,938 | | | |
| 2016 | | | $ | 1,087,192 | | | 2017 | | | $ | 1,093,624 | | | ||
| 2017 | | | | 1,053,748 | | | 2018 | | | | 341,740 | | | ||
| 2018 | | | | 295,010 | | | | | | | 1,435,364 | | | ||
| | | | | 2,435,950 | | | Less: amounts representing interest | | | | (137,379) | | | ||
| Less: amounts representing interest | | | | (353,728) | | | Less: current portion | | | | (977,248) | | | ||
| Less: current portion | | | | (862,849) | | | Capital lease obligations, excluding current portion | | | $ | 320,737 | | | ||
| Capital lease obligations, excluding current portion | | | $ | 1,219,373 | | | | ||||||||
|
| | September 30, | | | September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Compensation | | | $ | 1,907,684 | | | | $ | 2,321,508 | | | | | $ | 3,884,386 | | | | $ | 2,321,508 | | | ||||
Research and development | | | | 170,513 | | | | | 951,759 | | | | | | 1,343,910 | | | | | 951,759 | | | ||||
Interest payable | | | | 106,940 | | | | | 806,475 | | | | | | 234,754 | | | | | 806,475 | | | ||||
Deferred offering costs | | | | — | | | | | 657,892 | | | | | | 26,028 | | | | | 657,892 | | | ||||
Professional fees | | | | 131,668 | | | | | 594,572 | | | | | | 486,705 | | | | | 594,572 | | | ||||
Director fees | | | | 239,420 | | | | | 414,421 | | | | | | 73,125 | | | | | 414,421 | | | ||||
Other accrued expenses | | | | 4,054 | | | | | 178,021 | | | | | | 73,034 | | | | | 178,021 | | | ||||
| | | $ | 2,560,279 | | | | $ | 5,924,648 | | | | | $ | 6,121,942 | | | | $ | 5,924,648 | | | |
| | | September 30, | | |||||||||
| | | 2014 | | | 2015 | | ||||||
Series A repurchase notes | | | | $ | 3,014,534 | | | | | $ | 800,534 | | |
Parilis Series A repurchase notes | | | | | — | | | | | | 2,275,818 | | |
Restricted stock repurchase notes | | | | | 1,097,750 | | | | | | 1,097,750 | | |
Common stock repurchase note | | | | | 2,812,500 | | | | | | 2,812,500 | | |
Convertible note | | | | | — | | | | | | 2,000,000 | | |
Working capital notes | | | | | 3,700,000 | | | | | | 7,227,594 | | |
| | | | | 10,624,784 | | | | | | 16,214,196 | | |
Less current portion | | | | | (10,624,784) | | | | | | (14,214,196) | | |
Stockholder notes, excluding current portion | | | | $ | — | | | | | $ | 2,000,000 | | |
|
| | | September 30, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Series A repurchase notes | | | | $ | — | | | | | $ | 800,534 | | |
Parilis Series A repurchase notes | | | | | — | | | | | | 2,275,818 | | |
Restricted stock repurchase notes | | | | | 800,000 | | | | | | 1,097,750 | | |
Common stock repurchase note | | | | | 2,812,500 | | | | | | 2,812,500 | | |
Convertible note | | | | | — | | | | | | 2,000,000 | | |
Working capital notes | | | | | 1,000,000 | | | | | | 7,227,594 | | |
| | | | | 4,612,500 | | | | | | 16,214,196 | | |
Less: current portion | | | | | (4,612,500) | | | | | | (14,214,196) | | |
| | | | $ | — | | | | | $ | 2,000,000 | | |
|
| | | September 30, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Term loans – Bank | | | | $ | 2,526,502 | | | | | $ | 3,404,759 | | |
Equipment loans | | | | | 354,979 | | | | | | 334,093 | | |
Unamortized debt discount | | | | | (61,224) | | | | | | (73,442) | | |
| | | | | 2,820,257 | | | | | | 3,665,410 | | |
Less: current portion | | | | | (586,454) | | | | | | (742,646) | | |
Long-term debt | | | | $ | 2,233,803 | | | | | $ | 2,922,764 | | |
|
| | | September 30, | | |||||||||
| | | 2014 | | | 2015 | | ||||||
Term loans-Bank | | | | $ | 3,935,574 | | | | | $ | 3,404,759 | | |
Equipment loans | | | | | 528,876 | | | | | | 334,093 | | |
Unamortized debt discount | | | | | (85,706) | | | | | | (73,442) | | |
| | | | | 4,378,744 | | | | | | 3,665,410 | | |
Less current portion | | | | | 725,706 | | | | | | 742,646 | | |
Long-term debt, excluding current portion | | | | $ | 3,653,038 | | | | | $ | 2,922,764 | | |
|
| 2016 | | | $ | 742,646 | | | 2017 | | | $ | 586,454 | | | ||
| 2017 | | | | 717,794 | | | 2018 | | | | 515,793 | | | ||
| 2018 | | | | 637,479 | | | 2019 | | | | 549,694 | | | ||
| 2019 | | | | 509,864 | | | 2020 | | | | 569,142 | | | ||
| 2020 | | | | 523,062 | | | 2021 | | | | 497,491 | | | ||
| Thereafter | | | | 608,007 | | | Thereafter | | | | 162,907 | | | ||
| | | | $ | 3,738,852 | | | | | | $ | 2,881,481 | | | |
| 2016 | | | $ | 888,710 | | | 2017 | | | $ | 1,551,513 | | | ||
| 2017 | | | | 865,763 | | | 2018 | | | | 1,735,263 | | | ||
| 2018 | | | | 865,763 | | | 2019 | | | | 1,753,323 | | | ||
| 2019 | | | | 876,323 | | | 2020 | | | | 1,771,545 | | | ||
| 2020 | | | | 887,045 | | | 2021 | | | | 1,596,976 | | | ||
| Thereafter | | | | 643,749 | | | Thereafter | | | | 3,541,990 | | | ||
| | | | $ | 5,027,353 | | | | | | $ | 11,950,610 | | | |
| | | September 30, | | |||||||||
| | | 2014 | | | 2015 | | ||||||
Research and development | | | | $ | 671,745 | | | | | $ | 5,817,830 | | |
General and administrative | | | | | 3,286,735 | | | | | | 5,360,028 | | |
| | | | $ | 3,958,480 | | | | | $ | 11,177,858 | | |
|
| | | September 30, | | |||||||||
| | | 2014 | | | 2015 | | ||||||
Equity-classified compensation | | | | $ | 2,764,878 | | | | | $ | 8,925 | | |
Liability-classified compensation | | | | | 1,193,602 | | | | | | 11,168,933 | | |
| | | | $ | 3,958,480 | | | | | $ | 11,177,858 | | |
|
| | | Year ended September 30, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Research and development | | | | $ | 2,044,379 | | | | | $ | 5,817,830 | | |
General and administrative | | | | | 10,405,700 | | | | | | 5,360,028 | | |
| | | | $ | 12,450,079 | | | | | $ | 11,177,858 | | |
|
| | | Year ended September 30, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Equity-classified compensation | | | | $ | 10,058,217 | | | | | $ | 8,925 | | |
Liability-classified compensation | | | | | 2,391,862 | | | | | | 11,168,933 | | |
| | | | $ | 12,450,079 | | | | | $ | 11,177,858 | | |
|
| | | Number of PSUs | | | Base Price Per PSU | | ||||||
Balance at October 1, 2014 | | | | | 658,498 | | | | | $ | 3.45 | | |
Granted | | | | | 39,988 | | | | | | 3.45 | | |
Forfeitures | | | | | (11,473) | | | | | | 3.45 | | |
Balance at October 1, 2015 | | | | | 687,013 | | | | | | 3.45 | | |
Forfeitures | | | | | (4,924) | | | | | | 4.85 | | |
Exchanged for restricted stock units | | | | | (434,780) | | | | | | 3.45 | | |
Balance at September 30, 2016 | | | | | 247,309 | | | | | $ | 6.33 | | |
|
| | | December 31, 2015 | |
Risk-free interest rate | | | 1.0% | |
Derived service period | | | 2.3 years | |
Expected volatility | | | 57.6% | |
Annual dividend yield | | | 0% | |
Fair value of common stock | | | $29.05 per share | |
| | | Employees | | | Non Employees | | | Weighted Average Grant Date Fair Value | | |||||||||
Balance at October 1, 2013 | | | | | 657,681 | | | | | | 555,217 | | | | | $ | 1.04 | | |
Granted | | | | | 90,869 | | | | | | — | | | | | | 5.55 | | |
Vested | | | | | (29,565) | | | | | | (2,898) | | | | | | 0.69 | | |
Exchange for PSUs | | | | | (573,478) | | | | | | (28,986) | | | | | | 1.38 | | |
Repurchased for stockholder notes | | | | | (115,942) | | | | | | (520,435) | | | | | | 1.35 | | |
Balance at September 30, 2014 | | | | | 29,565 | | | | | | 2,898 | | | | | | 0.69 | | |
Vested | | | | | (29,565) | | | | | | (2,898) | | | | | | 0.69 | | |
Balance at September 30, 2015 | | | | | — | | | | | | — | | | | | $ | — | | |
|
| | | Number of RSUs | | | Weighted Average Grant Date Fair Value | | ||||||
Balance at October 1, 2015 | | | | | — | | | | | $ | — | | |
Granted | | | | | 705,311 | | | | | | 28.31 | | |
Forfeitures | | | | | (2,263) | | | | | | 13.78 | | |
Issued in connection with PSU exchange | | | | | 391,303 | | | | | | 29.05 | | |
Balance at September 30, 2016 | | | | | 1,094,351 | | | | | $ | 28.61 | | |
|
| | | Number of Options | | | Weighted Average Exercise Price Per Share | | ||||||
Balance at October 1, 2013 | | | | | 31,304 | | | | | $ | 3.45 | | |
Exchange for PSUs | | | | | (31,304) | | | | | | 3.45 | | |
Balance at September 30, 2014 | | | | | — | | | | | $ | — | | |
|
| | Year Ended September 30, | | | Year Ended September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
State tax, including sale of New Jersey losses and credits | | | $ | (833,403) | | | | | (725,969) | | | | | $ | 3,000 | | | | $ | (725,969) | | | ||||
Foreign tax provision | | | | 1,272,421 | | | | | 535,858 | | | | | | 100,000 | | | | | 535,858 | | | ||||
| | | $ | 439,018 | | | | $ | (190,111) | | | | | $ | 103,000 | | | | $ | (190,111) | | | |
| | Year Ended September 30, | | | Year Ended September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
U.S. federal statutory rate | | | | (34.0)% | | | | | (34.0)% | | | | | | (34.0)% | | | | | (34.0)% | | | ||||
State taxes, net of federal benefit | | | | (5.1) | | | | | (5.5) | | | | | | (5.9) | | | | | (5.5) | | | ||||
Foreign withholding tax | | | | 9.6 | | | | | 1.1 | | | | | | 0.2 | | | | | 1.1 | | | ||||
Permanent differences | | | | 2.7 | | | | | 1.8 | | | | | | — | | | | | 1.8 | | | ||||
Foreign tax credits | | | | (9.6) | | | | | (1.1) | | | | | | — | | | | | (1.1) | | | ||||
Research and development credit | | | | (11.7) | | | | | (6.9) | | | | | | — | | | | | (6.9) | | | ||||
Change in valuation allowance | | | | 51.1 | | | | | 44.6 | | | | | | 40.0 | | | | | 44.6 | | | ||||
Other | | | | 0.3 | | | | | (0.4) | | | | | | (0.1) | | | | | (0.4) | | | ||||
Effective income tax rate | | | | 3.3% | | | | | (0.4)% | | | | | | 0.2% | | | | | (0.4)% | | | |
| | Year Ended September 30, | | | Year Ended September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Current and long term deferred tax assets: | | | ||||||||||||||||||||||||
Deferred tax assets | | | ||||||||||||||||||||||||
Net operating loss carryforwards | | | $ | 7,340,745 | | | | $ | 20,164,392 | | | | | $ | 36,146,789 | | | | $ | 20,164,392 | | | ||||
Stock compensation | | | | 1,853,056 | | | | | 6,317,492 | | | | | | 11,249,314 | | | | | 6,317,492 | | | ||||
Deferred revenue | | | | 3,121,214 | | | | | 3,333,201 | | | | | | 2,542,558 | | | | | 3,333,201 | | | ||||
Research and development credit carryforward | | | | 2,680,441 | | | | | 5,979,964 | | | | | | 757,701 | | | | | 5,979,964 | | | ||||
Foreign tax credits | | | | 2,067,091 | | | | | 2,602,949 | | | | | | 2,257,309 | | | | | 2,602,949 | | | ||||
Accruals and others | | | | 1,040,117 | | | | | 1,072,422 | | | | | | 1,287,592 | | | | | 1,072,422 | | | ||||
Gross deferred tax assets | | | | (18,102,664) | | | | | (39,470,420) | | | | | | 54,241,263 | | | | | 39,470,420 | | | ||||
Less valuation allowance | | | | (17,400,409) | | | | | (38,694,795) | | | |||||||||||||||
Less: valuation allowance | | | | (52,737,104) | | | | | (38,694,795) | | | |||||||||||||||
| | | | 702,255 | | | | | 775,625 | | | | | | 1,504,159 | | | | | 775,625 | | | ||||
Deferred tax liability: | | | | | ||||||||||||||||||||||
Fixed assets | | | | (702,255) | | | | | (775,625) | | | | | | (1,504,159) | | | | | (775,625) | | | ||||
Net deferred tax assets | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | |
| | Year Ended September 30, | | | Year Ended September 30, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Balance at beginning of year | | | $ | 479,490 | | | | $ | 1,564,411 | | | | | $ | 1,754,629 | | | | $ | 1,564,411 | | | ||||
Additions based on tax positions related to the current year | | | | 1,084,921 | | | | | 190,218 | | | | | | 100,000 | | | | | 190,218 | | | ||||
Balance at end of year | | | $ | 1,564,411 | | | | $ | 1,754,629 | | | | | | 1,854,629 | | | | | 1,754,629 | | | |
| | | September 30, 2015 | | | December 31, 2015 | | | Pro Forma December 31, 2015 | | |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | |||||||||||||||
Cash | | | | $ | 9,070,975 | | | | | $ | 5,582,255 | | | | | $ | 10,806,901 | | |
Accounts receivable | | | | | 20,000 | | | | | | 103,090 | | | | | | 103,090 | | |
Stock subscription receivable | | | | | 4,280,149 | | | | | | 2,749,997 | | | | | | — | | |
Related party receivable | | | | | — | | | | | | 639,173 | | | | | | 639,173 | | |
Prepaid and other current assets | | | | | 1,793,109 | | | | | | 1,651,036 | | | | | | 1,651,036 | | |
Total current assets | | | | | 15,164,233 | | | | | | 10,725,551 | | | | | | 13,200,200 | | |
Property and equipment, net | | | | | 17,759,938 | | | | | | 17,504,020 | | | | | | 17,504,020 | | |
Restricted cash | | | | | 213,663 | | | | | | 213,663 | | | | | | 213,663 | | |
Deferred offering costs | | | | | 960,563 | | | | | | 1,974,844 | | | | | | 1,974,844 | | |
Other assets | | | | | 910,224 | | | | | | 904,791 | | | | | | 904,791 | | |
Total assets | | | | $ | 35,008,621 | | | | | $ | 31,322,869 | | | | | $ | 33,797,518 | | |
Liabilities, redeemable preferred stock, common stock, noncontrolling interests and stockholders’ equity (deficit) | | | | | |||||||||||||||
Current liabilities: | | | | | |||||||||||||||
Current portion of debt | | | | $ | 742,646 | | | | | $ | 751,190 | | | | | $ | 751,190 | | |
Current portion of capital lease obligations | | | | | 862,849 | | | | | | 864,902 | | | | | | 864,902 | | |
Current portion of stockholder notes | | | | | 14,214,196 | | | | | | 10,140,813 | | | | | | 10,140,813 | | |
Accounts payable | | | | | 11,563,055 | | | | | | 11,667,512 | | | | | | 11,616,992 | | |
Accrued expenses | | | | | 5,924,648 | | | | | | 8,604,917 | | | | | | 8,604,917 | | |
Income taxes payable | | | | | 1,754,629 | | | | | | 1,804,629 | | | | | | 1,804,629 | | |
Deferred revenue | | | | | 1,979,576 | | | | | | 1,979,576 | | | | | | 1,979,576 | | |
Total current liabilities | | | | | 37,041,599 | | | | | | 35,813,539 | | | | | | 35,763,019 | | |
Long-term debt | | | | | 2,922,764 | | | | | | 2,737,227 | | | | | | 2,737,227 | | |
Capital lease obligations | | | | | 1,219,373 | | | | | | 994,668 | | | | | | 994,668 | | |
Stockholder notes | | | | | 2,000,000 | | | | | | — | | | | | | — | | |
Deferred revenue | | | | | 6,365,945 | | | | | | 5,871,051 | | | | | | 5,871,051 | | |
Stock-based compensation liability | | | | | 12,726,722 | | | | | | — | | | | | | — | | |
Other liabilities | | | | | 284,710 | | | | | | 454,988 | | | | | | 454,988 | | |
Total liabilities | | | | | 62,561,113 | | | | | | 45,871,473 | | | | | | 45,820,953 | | |
Redeemable preferred stock, common stock and noncontrolling interests: | | | | | |||||||||||||||
Redeemable preferred stock, no par value: | | | | | |||||||||||||||
Series A – 8,000 shares authorized; 3,568 issued and outstanding at September 30, 2015; No shares authorized, issued or outstanding at December 31, 2015 | | | | | 5,072,653 | | | | | | — | | | | | | — | | |
Series B – 4,000 shares authorized, issued and outstanding at September 30, 2015; No shares authorized, issued or outstanding at December 31, 2015 | | | | | 5,118,208 | | | | | | — | | | | | | — | | |
Redeemable common stock – 1,739,130 shares issued and outstanding at September 30, 2015 and December 31, 2015 actual | | | | | 15,426,673 | | | | | | 16,366,212 | | | | | | — | | |
Redeemable noncontrolling interests | | | | | 1,703,777 | | | | | | — | | | | | | — | | |
Total redeemable preferred stock, common stock and noncontrolling interests | | | | | 27,321,311 | | | | | | 16,366,212 | | | | | | — | | |
Stockholders’ equity (deficit): | | | | | |||||||||||||||
Series A preferred stock, par value $0.01 per share: 10,0000,000 shares authorized, 11,819 shares issued and outstanding at December 31, 2015 (liquidation prefence of $11,819,000 at December 31, 2015) | | | | | — | | | | | | 118 | | | | | | — | | |
Common stock, par value $0.01 per share; 100,000,000 shares authorized at December 31, 2015; 12,339,877 shares issued and outstanding at December 31, 2015 actual and 15,151,193 shares issued and outstanding pro forma | | | | | — | | | | | | 123,399 | | | | | | 151,512 | | |
Common stock, no par value; 100,000,000 shares authorized at September 30, 2015; 9,436,294 shares issued and outstanding at September 30, 2015; no shares authorized issued or outstanding at December 31, 2015 | | | | | 39,844,900 | | �� | | | | — | | | | | | — | | |
Additional paid-in capital | | | | | — | | | | | | 79,890,165 | | | | | | 98,753,551 | | |
Accumulated deficit | | | | | (94,064,286) | | | | | | (110,928,498) | | | | | | (110,928,498) | | |
Total Oncobiologics, Inc. stockholders' equity (deficit) | | | | | (54,219,386) | | | | | | (30,914,816) | | | | | | (12,023,435) | | |
Non controlling interests | | | | | (654,417) | | | | | | — | | | | | | — | | |
Total stockholders' equity (deficit) | | | | | (54,873,803) | | | | | | (30,914,816) | | | | | | (12,023,435) | | |
Total liabilities, redeemable preferred stock, common stock, noncontrolling interests and stockholders' equity (deficit) | | | | $ | 35,008,621 | | | | | $ | 31,322,869 | | | | | $ | 33,797,518 | | |
|
| | | December 31, 2016 | | | September 30, 2016 | | ||||||
Assets | | | | ||||||||||
Current assets: | | | | ||||||||||
Cash | | | | $ | 2,078,535 | | | | | $ | 2,351,887 | | |
Prepaid and other current assets | | | | | 1,095,976 | | | | | | 3,326,607 | | |
Total current assets | | | | | 3,174,511 | | | | | | 5,678,494 | | |
Property and equipment, net | | | | | 16,440,919 | | | | | | 16,958,553 | | |
Restricted cash | | | | | — | | | | | | 216,086 | | |
Other assets | | | | | 830,887 | | | | | | 852,801 | | |
Total assets | | | | $ | 20,446,317 | | | | | $ | 23,705,934 | | |
Liabilities and stockholders’ equity (deficit) | | | | ||||||||||
Current liabilities: | | | | ||||||||||
Senior secured notes | | | | $ | 4,933,661 | | | | | $ | — | | |
Current portion of debt | | | | | 110,394 | | | | | | 586,454 | | |
Current portion of capital lease obligations | | | | | 1,014,563 | | | | | | 977,248 | | |
Current portion of stockholder notes | | | | | 4,612,500 | | | | | | 4,612,500 | | |
Accounts payable | | | | | 11,049,027 | | | | | | 5,071,520 | | |
Accrued expenses | | | | | 7,342,102 | | | | | | 6,121,942 | | |
Income taxes payable | | | | | 1,854,629 | | | | | | 1,854,629 | | |
Deferred revenue | | | | | 1,212,561 | | | | | | 1,212,561 | | |
Total current liabilities | | | | | 32,129,437 | | | | | | 20,436,854 | | |
Long-term debt | | | | | 191,236 | | | | | | 2,233,803 | | |
Capital lease obligations | | | | | 113,082 | | | | | | 320,737 | | |
Warrant liability | | | | | 4,128,727 | | | | | | — | | |
Deferred revenue | | | | | 4,850,244 | | | | | | 5,153,384 | | |
Other liabilities | | | | | 865,526 | | | | | | 761,334 | | |
Total liabilities | | | | | 42,278,252 | | | | | | 28,906,112 | | |
Stockholders’ equity (deficit): | | | | ||||||||||
Series A preferred stock, par value $0.01 per share: 10,000,000 shares authorized, no shares issued and outstanding | | | | | — | | | | | | — | | |
Common stock, par value $0.01 per share; 200,000,000 shares authorized; 23,588,031 and 22,802,778 shares issued and outstanding at December 31, 2016 and September 30, 2016, respectively | | | | | 235,881 | | | | | | 228,028 | | |
Additional paid-in capital | | | | | 144,424,554 | | | | | | 141,965,342 | | |
Accumulated deficit | | | | | (166,492,370) | | | | | | (147,393,548) | | |
Total stockholders’ equity (deficit) | | | | | (21,831,935) | | | | | | (5,200,178) | | |
Total liabilities and stockholders’ equity (deficit) | | | | $ | 20,446,317 | | | | | $ | 23,705,934 | | |
|
| | Three Months Ended December 31, | | Three Months Ended December 31, | | ||||||||||||||||||||
| | 2014 | | 2015 | | 2016 | | 2015 | | ||||||||||||||||
Collaboration revenues | | | $ | 2,934,555 | | | | $ | 994,894 | | | $ | 303,140 | | | | $ | 994,894 | | | |||||
Operating expenses: | | | | | | ||||||||||||||||||||
Research and development | | | | 5,840,030 | | | | | 12,733,976 | | | | 13,312,306 | | | | | 12,733,976 | | | |||||
General and administrative | | | | 1,237,839 | | | | | 4,674,155 | | | | 4,888,860 | | | | | 4,674,155 | | | |||||
| | | | 7,077,869 | | | | | 17,408,131 | | | | 18,201,166 | | | | | 17,408,131 | | | |||||
Loss from operations | | | | (4,143,314) | | | | | (16,413,237) | | | | (17,898,026) | | | | | (16,413,237) | | | |||||
Interest expense | | | | 357,580 | | | | | 398,975 | ||||||||||||||||
Interest expense, net | | | | 386,713 | | | | | 398,975 | | | ||||||||||||||
Change in fair value of warrant liability | | | | 810,083 | | | | | — | | | ||||||||||||||
Loss before income taxes | | | | (4,500,894) | | | | | (16,812,212) | | | | (19,094,822) | | | | | (16,812,212) | | | |||||
Income tax expense | | | | 406,363 | | | | | 52,000 | | | | 4,000 | | | | | 52,000 | | | |||||
Net loss | | | | (4,907,257) | | | | | (16,864,212) | | | | (19,098,822) | | | | | (16,864,212) | | | |||||
Accretion of redeemable preferred stock and noncontrolling interests | | | | (1,071,164) | | | | | (939,539) | ||||||||||||||||
Deemed dividends upon the repurchase of Series A redeemable preferred stock and redeemable noncontrolling interests | | | | (1,230,998) | | | | | — | ||||||||||||||||
Net loss attributable to common stockholders of Oncobiologics, Inc. | | | $ | (7,209,419) | | | | $ | (17,803,751) | ||||||||||||||||
Accretion of redeemable common stock | | | | — | | | | | (939,539) | | | ||||||||||||||
Net loss attributable to common stockholders | | | $ | (19,098,822) | | | | $ | (17,803,751) | | | ||||||||||||||
Per share information: | | | | | | ||||||||||||||||||||
Net loss per share of common stock, basic and diluted | | | $ | (0.77) | | | | $ | (1.36) | | | $ | (0.82) | | | | $ | (1.36) | | | |||||
Weighted average shares outstanding, basic and diluted | | | | 9,377,450 | | | | | 13,061,557 | | | | 23,196,959 | | | | | 13,061,557 | | | |||||
Pro forma net loss per share of common stock – basic and diluted | | | | | | | | $ | (1.20) | ||||||||||||||||
Pro forma weighted average shares outstanding | | | | | | | | | 14,046,456 | |
| | | Redeemable Preferred Stock, Common Stock and Noncontrolling Interests | | | | Stockholders’ Equity (Deficit) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Preferred Stock | | | Common Stock | | | Noncontrolling Interests | | | | Series A Preferred Stock | | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Noncontrolling Interests | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Series A | | | Series B | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2015 | | | | | 3,568 | | | | | $ | 5,072,653 | | | | | | 4,000 | | | | | $ | 5,118,208 | | | | | | 1,739,130 | | | | | $ | 15,426,673 | | | | | $ | 1,703,777 | | | | | | | — | | | | | $ | — | | | | | | 9,436,294 | | | | | $ | 39,844,900 | | | | | $ | — | | | | | $ | (94,064,286) | | | | | $ | (654,417) | | | | | $ | (54,873,803) | | |
Deconsolidation of Sonnet Biotherapeutics, Inc. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 654,417 | | | | | | 654,417 | | |
Employee tax witholdings related to the vesting of restricted stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | (2,782) | | | | | | (71,760) | | | | | | — | | | | | | — | | | | | | — | | | | | | (71,760) | | |
Reincorporation to a Delaware Corporation | | | | | (3,568) | | | | | | (5,072,653) | | | | | | (4,000) | | | | | | (5,118,208) | | | | | | — | | | | | | — | | | | | | — | | | | | | | 10,193 | | | | | | 102 | | | | | | 2,193,601 | | | | | | (39,656,869) | | | | | | 49,847,628 | | | | | | — | | | | | | — | | | | | | 10,190,861 | | |
Issuance of preferred and common stock upon the dissolution of Parilis | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,703,777) | | | | | | | 1,626 | | | | | | 16 | | | | | | 226,663 | | | | | | 2,267 | | | | | | 1,701,494 | | | | | | — | | | | | | — | | | | | | 1,703,777 | | |
Sale of common stock, net of issuance costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 486,101 | | | | | | 4,861 | | | | | | 14,063,826 | | | | | | — | | | | | | — | | | | | | 14,068,687 | | |
Reclassification of stock-based compensation liability | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,118,584 | | | | | | — | | | | | | — | | | | | | 15,118,584 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 98,172 | | | | | | — | | | | | | — | | | | | | 98,172 | | |
Accretion of redeemable common stock | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 939,539 | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (939,539) | | | | | | — | | | | | | — | | | | | | (939,539) | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,864,212) | | | | | | — | | | | | | (16,864,212) | | |
Balance at December 31, 2015 | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 1,739,130 | | | | | $ | 16,366,212 | | | | | $ | — | | | | | | | 11,819 | | | | | $ | 118 | | | | | | 12,339,877 | | | | | $ | 123,399 | | | | | $ | 79,890,165 | | | | | $ | (110,928,498) | | | | | $ | — | | | | | $ | (30,914,816) | | |
|
| | | Common Stock | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Total Stockholders’ Equity (Deficit) | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance at October 1, 2016 | | | | | 22,802,778 | | | | | $ | 228,028 | | | | | $ | 141,965,342 | | | | | $ | (147,393,548) | | | | | $ | (5,200,178) | | |
Proceeds from exercise of common stock warrants | | | | | 301,340 | | | | | | 3,013 | | | | | | — | | | | | | — | | | | | | 3,013 | | |
Issuance of vested restricted stock units | | | | | 483,913 | | | | | | 4,840 | | | | | | (4,840) | | | | | | — | | | | | | — | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 2,464,052 | | | | | | — | | | | | | 2,464,052 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (19,098,822) | | | | | | (19,098,822) | | |
Balance at December 31, 2016 | | | | | 23,588,031 | | | | | $ | 235,881 | | | | | $ | 144,424,554 | | | | | $ | (166,492,370) | | | | | $ | (21,831,935) | | |
|
| | Three Months Ended December 31, | | | Three Months Ended December 31, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Operating activities: | | | ||||||||||||||||||||||||
OPERATING ACTIVITIES | | | ||||||||||||||||||||||||
Net loss | | | $ | (4,907,257) | | | | $ | (16,864,212) | | | | | $ | (19,098,822) | | | | $ | (16,864,212) | | | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | ||||||||||||||||||||||
Depreciation and amortization | | | | 222,075 | | | | | 593,977 | | | | | | 669,780 | | | | | 593,977 | | | ||||
Non-cash interest expense | | | | 2,117 | | | | | 3,065 | | | | | | 140,820 | | | | | 3,065 | | | ||||
Stock-based compensation | | | | 145,674 | | | | | 2,490,034 | | | | | | 2,464,052 | | | | | 2,490,034 | | | ||||
Change in fair value of warrant liability | | | | 810,083 | | | | | — | | | |||||||||||||||
Changes in operating assets and liabilities: | | | | | ||||||||||||||||||||||
Accounts receivable | | | | (2,501,360) | | | | | (83,090) | | | | | | — | | | | | (83,090) | | | ||||
Prepaid expenses and other current assets | | | | (702,599) | | | | | 142,073 | | | | | | 2,230,631 | | | | | 142,073 | | | ||||
Other assets | | | | — | | | | | 5,433 | | | | | | 21,914 | | | | | 5,433 | | | ||||
Accounts payable | | | | 1,594,145 | | | | | (233,942) | | | | | | 5,898,662 | | | | | (233,942) | | | ||||
Accrued expenses | | | | 239,224 | | | | | 2,203,188 | | | | | | 1,220,160 | | | | | 2,203,188 | | | ||||
Income taxes payable | | | | 226,113 | | | | | 50,000 | | | | | | — | | | | | 50,000 | | | ||||
Deferred revenue | | | | 2,015,445 | | | | | (494,894) | | | | | | (303,140) | | | | | (494,894) | | | ||||
Other liabilities | | | | — | | | | | 176,087 | | | | | | 104,192 | | | | | 176,087 | | | ||||
Net cash used in operating activities | | | | (3,666,423) | | | | | (12,012,281) | | | | | | (5,841,668) | | | | | (12,012,281) | | | ||||
Investing activities: | | | ||||||||||||||||||||||||
INVESTING ACTIVITIES | | | ||||||||||||||||||||||||
Purchase of property and equipment | | | | (527,877) | | | | | (364,242) | | | | | | (148,362) | | | | | (364,242) | | | ||||
Net cash used in investing activities | | | | (527,877) | | | | | (364,242) | | | | | | (148,362) | | | | | (364,242) | | | ||||
Financing activities: | | | ||||||||||||||||||||||||
Repurchase of Series A redeemable preferred stock | | | | (50,001) | | | | | — | | | |||||||||||||||
Proceeds from the sale of common stock | | | | — | | | | | 11,318,690 | | | |||||||||||||||
FINANCING ACTIVITIES | | | ||||||||||||||||||||||||
Proceeds from the sale of common stock, net of offering costs | | | | — | | | | | 11,318,690 | | | |||||||||||||||
Payment of debt issuance costs | | | | (40,000) | | | | | — | | | |||||||||||||||
Proceeds from subscriptions receivable | | | | — | | | | | 4,280,149 | | | | | | — | | | | | 4,280,149 | | | ||||
Proceeds from future stock issuance | | | | — | | | | | 50,520 | | | | | | — | | | | | 50,520 | | | ||||
Proceeds from exercise of common stock warrants | | | | 3,013 | | | | | — | | | |||||||||||||||
Proceeds from the sale of senior secured notes and detachable warrants | | | | 8,350,000 | | | | | — | | | |||||||||||||||
Payments of capital leases obligations | | | | (88,984) | | | | | (222,652) | | | | | | (232,570) | | | | | (222,652) | | | ||||
Repayment of debt | | | | (189,938) | | | | | (180,058) | | | | | | (2,579,851) | | | | | (180,058) | | | ||||
Proceeds from stockholder notes | | | | 4,000,000 | | | | | — | | | |||||||||||||||
Repayment of stockholder notes | | | | — | | | | | (6,073,383) | | | | | | — | | | | | (6,073,383) | | | ||||
Change in restricted cash | | | | (550) | | | | | — | | | | | | 216,086 | | | | | — | | | ||||
Proceeds from related party receivable | | | | — | | | | | 187,388 | | | | | | — | | | | | 187,388 | | | ||||
Deconsolidation of Sonnet Biotherapeutics, Inc. | | | | — | | | | | (401,091) | | | | | | — | | | | | (401,091) | | | ||||
Payment of employee tax witholdings related to the vesting of restricted stock | | | | — | | | | | (71,760) | | | | | | — | | | | | (71,760) | | | ||||
Net cash provided by financing activities | | | | 3,670,527 | | | | | 8,887,803 | | | | | | 5,716,678 | | | | | 8,887,803 | | | ||||
Net decrease in cash | | | | (523,773) | | | | | (3,488,720) | | | | | | (273,352) | | | | | (3,488,720) | | | ||||
Cash at beginning of period | | | | 2,349,313 | | | | | 9,070,975 | | | | | | 2,351,887 | | | | | 9,070,975 | | | ||||
Cash at end of period | | | $ | 1,825,540 | | | | $ | 5,582,255 | | | | | $ | 2,078,535 | | | | $ | 5,582,255 | | | ||||
| | | ||||||||||||||||||||||||
Supplemental disclosure of cash flow information | | | | | ||||||||||||||||||||||
Cash paid for interest | | | $ | 265,078 | | | | $ | 496,296 | | | | | $ | 221,266 | | | | $ | 407,403 | | | ||||
Cash paid for taxes | | | $ | 250 | | | | $ | 2,000 | | | |||||||||||||||
Cash paid for income taxes | | | $ | — | | | | $ | 2,000 | | | |||||||||||||||
Supplemental schedule of noncash investing activities: | | | | | ||||||||||||||||||||||
Purchases of property and equipment in accounts payable and accrued expenses | | | $ | (402,050) | | | | $ | (200,780) | | | | | $ | (20,711) | | | | $ | (200,780) | | | ||||
Supplemental schedule of noncash financing activities: | | | | | ||||||||||||||||||||||
Accretion of redeemable preferred stock, common stock and noncontrolling interests | | | $ | 1,071,164 | | | | $ | 939,539 | | | |||||||||||||||
Deemed dividend upon repurchase of Series A redeemable preferred stock in excess of carrying value | | | $ | 1,230,998 | | | | $ | — | | | |||||||||||||||
Issuance of common stock and Series A preferred stock to redeemable preferred stockholders and noncontrolling interests upon reincorporation | | | $ | — | | | | $ | (11,894,638) | | | |||||||||||||||
Accretion of redeemable common stock | | | $ | — | | | | $ | 939,539 | | | |||||||||||||||
Issuance of common and Series A preferred stock to redeemable preferred stockholders and noncontrolling interests upon reincorporation | | | $ | — | | | | $ | (11,894,638) | | | |||||||||||||||
Reclassification of equity classified stock-based compensation | | | $ | — | | | | $ | (15,118,584) | | | | | $ | — | | | | $ | (15,118,584) | | | ||||
Issuance of capital lease obligations in connection with purchase of property and equipment | | | $ | 523,293 | | | | $ | — | | | |||||||||||||||
Issuance of notes payable upon repurchase of redeemable noncontrolling interests | | | $ | 2,761,818 | | | | $ | — | | | |||||||||||||||
Issuance of subscription receivable upon sale of common stock | | | $ | — | | | | $ | (2,749,997) | | | | | $ | — | | | | $ | (2,749,997) | | | ||||
Deferred offering costs and common stock issuance costs in accounts payable and accrued expenses | | | $ | — | | | | $ | (1,014,281) | | | | | $ | (137,291) | | | | $ | (1,014,281) | | | |
| | December 31, | | | December 31, | | ||||||||||||||||||||
| | 2014 | | 2015 | | | 2016 | | 2015 | | ||||||||||||||||
Series A redeemable preferred stock | | | | 1,059,710 | | | | | — | | | |||||||||||||||
Series B redeemable preferred stock | | | | 1,159,418 | | | | | — | | | |||||||||||||||
Series A preferred stock | | | | — | | | | | 984,899 | | | | | | — | | | | | 1,969,818 | | | ||||
Performance share units | | | | — | | | | | 249,510 | | | |||||||||||||||
Performance-based stock units | | | | 243,774 | | | | | 249,510 | | | |||||||||||||||
Restricted stock units | | | | — | | | | | 1,066,193 | | | | | | 1,224,957 | | | | | 1,066,193 | | | ||||
Unvested shares of restricted common stock | | | | 32,463 | | | | | — | | | |||||||||||||||
Convertible stockholder note | | | | 96,618 | | | | | 96,618 | | | | | | — | | | | | 96,618 | | | ||||
Common stock warrants | | | | 9,806,028 | | | | | — | | |
| | September 30, 2015 | | | December 31, 2016 | | ||||||||||||||||||||||||||||||||
| | (Level 1) | | (Level 2) | | (Level 3) | | | (Level 1) | | (Level 2) | | (Level 3) | | ||||||||||||||||||||||||
Liabilities | | | | | ||||||||||||||||||||||||||||||||||
Stock-based compensation liability | | | $ | — | | | | $ | — | | | | $ | 12,726,722 | | | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
Warrant liability | | | $ | — | | | | $ | — | | | | $ | 4,128,727 | | |
| Balance at October 1, 2015 | | | | $ | 12,726,722 | | |
| Change in fair value | | | | | 2,391,862 | | |
| Reclassification to stockholders’ equity | | | | | (15,118,584) | | |
| Balance at December 31, 2015 | | | | $ | — | | |
|
| Balance at October 1, 2016 | | | | $ | — | | |
| Issuance of warrants | | | | | 3,318,644 | | |
| Change in fair value | | | | | 810,083 | | |
| Balance at December 31, 2016 | | | | $ | 4,128,727 | | |
|
| | | September 30, 2015 | | | December 31, 2015 | |
Risk-free interest rate | | | 1.4% | | | 1.2% | |
Derived service period | | | 5 years | | | 3 years | |
Expected volatility | | | 60% | | | 55% | |
Annual dividend yield | | | 0% | | | 0% | |
Fair value of common stock | | | $25.79 per share | | | $29.05 per share | |
| | | December 31, 2016 | |
Risk-free interest rate | | | 1.93% | |
Remaining contractual life of warrant | | | 5 years | |
Expected volatility | | | 93% | |
Annual dividend yield | | | 0% | |
Fair value of common stock | | | $3.01 per share | |
| | | December 31, 2016 | | | September 30, 2016 | | ||||||
Laboratory equipment | | | | $ | 11,486,716 | | | | | $ | 11,452,858 | | |
Leasehold improvements | | | | | 10,031,739 | | | | | | 10,031,739 | | |
Computer software and hardware | | | | | 471,152 | | | | | | 421,206 | | |
Construction in progress | | | | | 1,083,032 | | | | | | 1,014,690 | | |
| | | | | 23,072,639 | | | | | | 22,920,493 | | |
Less: accumulated depreciation and amortization | | | | | (6,631,720) | | | | | | (5,961,940) | | |
| | | | $ | 16,440,919 | | | | | $ | 16,958,553 | | |
|
| | | September 30, 2015 | | | December 31, 2015 | | ||||||
Laboratory equipment | | | | $ | 10,936,364 | | | | | $ | 10,841,019 | | |
Leasehold improvements | | | | | 9,889,521 | | | | | | 9,927,614 | | |
Computer software and hardware | | | | | 402,075 | | | | | | 419,684 | | |
Construction in process | | | | | 175,425 | | | | | | 484,985 | | |
| | | | | 21,403,385 | | | | | | 21,673,302 | | |
Less: accumulated depreciation and amortization | | | | | (3,643,447) | | | | | | (4,169,282) | | |
| | | | $ | 17,759,938 | | | | | $ | 17,504,020 | | |
|
| | | December 31, 2016 | | | September 30, 2016 | | ||||||
Compensation | | | | $ | 3,786,902 | | | | | $ | 3,884,386 | | |
Research and development | | | | | 1,991,612 | | | | | | 1,343,910 | | |
Interest payable | | | | | 345,087 | | | | | | 234,754 | | |
Deferred offering costs | | | | | — | | | | | | 26,028 | | |
Professional fees | | | | | 582,731 | | | | | | 486,705 | | |
Director fees | | | | | 146,250 | | | | | | 73,125 | | |
Other accrued expenses | | | | | 489,520 | | | | | | 73,034 | | |
| | | | $ | 7,342,102 | | | | | $ | 6,121,942 | | |
|
| | | December 31, 2016 | | |||
Senior secured notes | | | | $ | 8,350,000 | | |
Unamortized debt discount | | | | | (3,416,339) | | |
| | | | $ | 4,933,661 | | |
|
| | | September 30, 2015 | | | December 31, 2015 | | ||||||
Compensation | | | | $ | 2,321,508 | | | | | $ | 2,535,850 | | |
Research and development | | | | | 951,759 | | | | | | 2,342,960 | | |
Interest payable | | | | | 806,475 | | | | | | 671,532 | | |
Deferred offering costs | | | | | 657,892 | | | | | | 1,434,973 | | |
Professional fees | | | | | 594,572 | | | | | | 938,426 | | |
Director fees | | | | | 414,421 | | | | | | 464,422 | | |
Other accrued expenses | | | | | 178,021 | | | | | | 216,754 | | |
| | | | $ | 5,924,648 | | | | | $ | 8,604,917 | | |
|
| | | Outstanding | | | Exercise price per share | | | Expiration date | | |||||||||
Series A warrants | | | | | 3,333,333 | | | | | $ | 6.60 | | | | | | February 18,2018 | | |
Series B warrants | | | | | 3,333,333 | | | | | $ | 8.50 | | | | | | May 18,2018 | | |
Common stock warrants issued with IPO | | | | | 1,218,862 | | | | | $ | 0.01 | | | | | | November 11,2019 | | |
Common stock warrants issued with senior secured notes | | | | | 1,920,500 | ��� | | | | $ | 3.00 | | | | | | December 22,2021 | | |
| | | | | 9,806,028 | | | | | ||||||||||
|
| | | December 31, | | |||||||||
| | | 2014 | | | 2015 | | ||||||
Research and development | | | | $ | 84,275 | | | | | $ | 1,356,408 | | |
General and administrative | | | | | 61,399 | | | | | | 1,133,626 | | |
| | | | $ | 145,674 | | | | | $ | 2,490,034 | | |
|
| | | December 31, | | |||||||||
| | | 2014 | | | 2015 | | ||||||
Equity-classified compensation | | | | $ | 2,231 | | | | | $ | 98,172 | | |
Liability-classified compensation | | | | | 143,443 | | | | | | 2,391,862 | | |
| | | | $ | 145,674 | | | | | $ | 2,490,034 | | |
|
| | | Three months ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Research and development | | | | $ | 386,109 | | | | | $ | 1,356,408 | | |
General and administrative | | | | | 2,077,943 | | | | | | 1,133,626 | | |
| | | | $ | 2,464,052 | | | | | $ | 2,490,034 | | |
|
| | | Three months ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Equity-classified compensation | | | | $ | 2,464,052 | | | | | $ | 98,172 | | |
Liability-classified compensation | | | | | — | | | | | | 2,391,862 | | |
| | | | $ | 2,464,052 | | | | | $ | 2,490,034 | | |
|
| | | Number of PSUs | | | Base Price Per PSU | | ||||||
Balance at October 1, 2015 | | | | | 687,013 | | | | | $ | 3.45 | | |
Forfeitures | | | | | (2,723) | | | | | | 3.45 | | |
Exchanged for restricted stock units | | | | | (434,780) | | | | | | 3.45 | | |
Balance at December 31, 2015 | | | | | 249,510 | | | | | $ | 6.35 | | |
|
| | | Number of PSUs | | | Base Price Per PSU | | ||||||
Balance at October 1, 2016 | | | | | 247,309 | | | | | $ | 6.33 | | |
Forfeitures | | | | | (3,535) | | | | | | 7.40 | | |
Balance at December 31, 2016 | | | | | 243,774 | | | | | $ | 6.35 | | |
|
| | Number of RSUs | | Grant Date Fair Value | | | Number of RSUs | | Weighted Average Grant Date Fair Value | | ||||||||||||||||
Balance at October 1, 2015 | | | | — | | | | $ | — | | | |||||||||||||||
Balance at October 1, 2016 | | | | 1,094,351 | | | | $ | 28.61 | | | |||||||||||||||
Granted | | | | 674,890 | | | | | 29.05 | | | | | | 615,000 | | | | | 2.11 | | | ||||
Issued in connection with PSU exchange | | | | 391,303 | | | | | 29.05 | | | |||||||||||||||
Balance at December 31, 2015 | | | | 1,066,193 | | | | $ | 29.05 | | | |||||||||||||||
Vested and settled | | | | (483,913) | | | | | 29.05 | | | |||||||||||||||
Forfeitures | | | | (481) | | | | | 29.05 | | | |||||||||||||||
Balance at December 31, 2016 | | | | 1,224,957 | | | | $ | 15.13 | | | |
Item | | | Amount to be paid | | |||
SEC registration fee | | | | $ | 7,527.33 | | |
FINRA filing fee | | | | | 11,712.50 | | |
NASDAQ listing fee | | | | | 125,000 | | |
Printing and engraving expenses | | | | | 65,000 | | |
Legal fees and expenses | | | | | 1,700,000 | | |
Accounting fees and expenses | | | | | 800,000 | | |
Transfer agent fees and expenses | | | | | 4,000 | | |
Miscellaneous expenses | | | | | 76,669.50 | | |
Total | | | | $ | 2,800,000 | | |
|
Item | | | Amount to be paid | | |||
Legal fees and expenses | | | | $ | 25,000 | | |
Accounting fees and expenses | | | | | 8,500 | | |
Printing and miscellaneous expenses | | | | | 40,000 | | |
Total | | | | $ | 73,500 | | |
|
| | | | ONCOBIOLOGICS, INC. | | |||
| | | | By: | | | /s/ Pankaj Mohan | |
| | | | | | | Pankaj Mohan, Ph.D. | |
| | | | | | | Chairman, President and Chief Executive Officer | |
| Signature | | | Title | | | Date | |
| /s/ Pankaj Mohan Pankaj Mohan, Ph.D. | | | Chairman, President and Chief Executive Officer (Principal Executive Officer) | | | | |
| /s/ Lawrence A. Kenyon Lawrence A. Kenyon | | | Chief Financial Officer (Principal Accounting and Financial Officer) | | | | |
| Todd C. Brady, M.D., Ph.D. | | | Director | | | | |
| Scott Canute | | | Director | | | | |
| Albert D. Dyrness | | | Director | | | | |
| Donald J. Griffith | | | Director | | | | |
| Kurt J. Hilzinger | | | Director | | | | |
| Robin Smith Hoke | | | Director | | | |
Exhibit Number | | | Description | |
| | |||
| ||||
| | | ||
3.3 | | | Amendment to the Amended and Restated Bylaws of | |
5.1 | | | Opinion of Cooley LLP. | |
10.1 | | | Investors’ Rights Agreement by and among Oncobiologics, Inc. and certain of its stockholders, dated March 10, 2014, as | |
| | 2011 Stock Incentive | | |
| | Form of Amended and Restated Performance Stock Unit Agreement for 2011 Stock Incentive Plan (incorporated by reference to Exhibit 10.29 to the Registrant’s registration statement on Form S-1 filed on April 27, 2016). | | |
10.4 | | | 2015 Equity Incentive | |
| | Forms of agreements and award grant notices for 2015 Equity Incentive | | |
| | 2016 Employee Stock Purchase | | |
| | Form of Indemnity Agreement, by and between Oncobiologics, Inc. and each of its directors and executive | | |
| | Research License Agreement by and between Oncobiologics, Inc. and Selexis SA, effective as of October 3, 2011, as amended by Amendment No. 1 dated as of October 9, | | |
| | ONS-3010 Commercial License Agreement by and between Oncobiologics, Inc. and Selexis SA effective as of April 11, 2013, as amended effective as of May 21, | | |
| | ONS-1045 Commercial License Agreement by and between Oncobiologics, Inc. and Selexis SA effective as of April 11, 2013, as amended effective as of May 21, | | |
| | ONS-1050 Commercial License Agreement by and between Oncobiologics, Inc. and Selexis SA effective as of April 11, 2013, as amended effective as of May 21, | | |
| | Joint Participation Agreement by and between Oncobiologics, Inc. and Zhejiang Huahai Pharmaceutical Co., Ltd., effective as of May 6, 2013, as amended by that Amendment No. 1 and Mutual Termination Agreement re: Joint Participation Agreement, dated December 23, | | |
| | Lease Agreement by and between Oncobiologics, Inc. and Cedar Brook 7 Corporate Center, LP, dated as of March 18, | | |
| | First Amendment to Lease Agreement by and between Oncobiologics, Inc. and Cedar Brook 7 Corporate Center, LP, dated as of December | | |
| | Second Amendment to Lease Agreement by and between Oncobiologics, Inc. and Cedar Brook 7 Corporate Center, LP, dated as of July 18, | | |
| | Third Amendment to Lease Agreement by and between Oncobiologics, Inc. and Cedar Brook 7 Corporate Center, LP, dated as of January 16, | | |
| | Fourth Amendment to Lease Agreement by and between Oncobiologics, Inc. and Cedar Brook 7 Corporate Center, LP, dated as of February 9, | |
Exhibit Number | | | Description | |
| | Fifth Amendment to Lease Agreement by and between Oncobiologics, Inc. and Cedar Brook 7 Corporate Center, LP, dated as of September 26, | | |
| | Lease Agreement by and between Cedar Brook East Corporate Center, LP and Oncobiologics, Inc., dated as of August 31, |
2015 (incorporated by reference to Exhibit | | |||
| | Employment Agreement between Oncobiologics, Inc. and Pankaj Mohan, Ph.D., dated February 22, 2016 (incorporated by reference to | | |
| | Employment Agreement between Oncobiologics, Inc. and Lawrence A. Kenyon, dated February 18, 2016 (incorporated by reference to | | |
10.22 | | | Employment Agreement between Oncobiologics, Inc. and Kogan Bao, Ph.D., dated February 22, 2016 (incorporated by reference to Exhibit 10.22 to the Registrant’s registration statement on Form S-1 (File No. 333-209011) filed on January 4, 2017). | |
10.23 | | | Form of Warrant to Purchase Common Stock (incorporated by reference to Exhibit 10.30 to the Registrant’s registration statement on Form S-1 filed on May 11, 2016). | |
10.24 | | | Securities Purchase Agreement between Oncobiologics, Inc. and Sabby Healthcare Master Fund Ltd., dated May 11, 2016 (incorporated by reference to Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on May 19, 2016). | |
10.25 | | | Warrant Agreement by and between Oncobiologics, Inc. and American Stock Transfer & Trust Company LLC, as Warrant Agent dated May 18, 2016 (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on June 27, 2016). | |
10.26 | | | Amendment to the Warrant Agreement, dated May 18, 2016, by and between Oncobiologics, Inc. and American Stock Transfer & Trust Company LLC, as Warrant Agent, dated February 6, 2017 (incorporated by reference to Exhibit 10.1 to the Registrant’s current report on Form 8-K filed with the SEC on February 6, 2017). | |
10.27 | | | Form of Series A warrant certificate (included in | |
10.28 | | | Form of | |
10.29 | | | Note and Warrant Purchase Agreement by and between Oncobiologics, Inc. and the Purchasers named therein dated December 22, 2016 (incorporated by reference to Exhibit 10.1 to the Registrant’s current report on Form | |
10.30 | | | Form of Senior Secured Promissory Note (included as Exhibit A to the Note and Warrant Purchase Agreement filed as Exhibit 10.28). | |
10.31 | | | Form of Warrant (included as Exhibit B to the Note Purchase | |
10.32 | | | Security Agreement by and between Oncobiologics, Inc. and the Secured Parties named therein dated December 22, 2016 (incorporated by reference to Exhibit 10.4 to the Registrant’s current report on Form 8-K filed with the SEC on December 23, 2016). | |
10.33 | | | Intellectual Property Security Agreement by and between Oncobiologics, Inc. and the Secured Parties named therein dated December 22, 2016 (incorporated by reference to Exhibit 10.5 to the Registrant’s current report on Form 8-K filed with the SEC on December 23, 2016). | |
10.34 | | | Registration Rights Agreement by and between Oncobiologics, Inc. and the Investors named therein dated February 3, 2017 (incorporated by reference to Exhibit 10.1 to the Registrant’s current report on Form 8-K filed with the SEC on February 3, 2017). | |
23.1 | | | Consent of independent registered public accounting firm. | |
23.2 | | | Consent of Cooley LLP (included in Exhibit 5.1). | |
| | Power of Attorney (included on signature | | |
101.INS | | | XBRL Instance Document | |
101.SCH | | | XBRL Taxonomy Extension Schema Document | |
101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | | | XBRL Definition Linkbase Document | |
101.LAB | | | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | |