Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | GEVA | |
Entity Registrant Name | SYNAGEVA BIOPHARMA CORP | |
Entity Central Index Key | 911326 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,153,036 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $98,577 | $82,653 |
Short-term investments | 611,984 | 364,255 |
Accounts receivable | 926 | 986 |
Prepaid expenses and other current assets | 10,791 | 9,938 |
Total current assets | 722,278 | 457,832 |
Property and equipment, net | 31,917 | 31,559 |
Developed technology, net | 1,781 | 2,003 |
Goodwill | 8,535 | 8,535 |
Other assets | 4,035 | 4,274 |
Total assets | 768,546 | 504,203 |
Current liabilities: | ||
Accounts payable | 2,080 | 2,625 |
Accrued expenses | 24,801 | 21,710 |
Other current liabilities | 971 | 908 |
Total current liabilities | 27,852 | 25,243 |
Other liabilities | 5,568 | 5,721 |
Total liabilities | 33,420 | 30,964 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Common stock, par value $0.001; 60,000 shares authorized at March 31, 2015 and December 31, 2014; 37,002 and 33,370 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 37 | 33 |
Additional paid-in capital | 1,241,853 | 920,333 |
Accumulated other comprehensive loss | -276 | -240 |
Accumulated deficit | -506,488 | -446,887 |
Total stockholders' equity | 735,126 | 473,239 |
Total liabilities and stockholders' equity | $768,546 | $504,203 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 37,002,000 | 33,370,000 |
Common stock, shares outstanding | 37,002,000 | 33,370,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Royalty revenue | $927 | $1,447 |
Collaboration and license revenue | 139 | |
Total revenue | 927 | 1,586 |
Costs and expenses: | ||
Research and development | 38,207 | 27,868 |
Selling, general and administrative | 21,671 | 9,804 |
Amortization of developed technology | 222 | 390 |
Total costs and expenses | 60,100 | 38,062 |
Loss from operations | -59,173 | -36,476 |
Other expense, net | -252 | -5 |
Interest income, net | 83 | 75 |
Loss before provision for income taxes | -59,342 | -36,406 |
Provision for income taxes | 259 | 18 |
Net loss | ($59,601) | ($36,424) |
Basic and diluted net loss per common share | ($1.63) | ($1.16) |
Weighted average shares used in basic and diluted per common share computations | 36,495 | 31,338 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($59,601) | ($36,424) |
Other comprehensive loss: | ||
Change in fair market value of available for sale securities | -24 | 51 |
Foreign currency translation adjustments | -12 | -5 |
Total other comprehensive (loss) gain | -36 | 46 |
Comprehensive loss | ($59,637) | ($36,378) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net loss | ($59,601) | ($36,424) |
Adjustments: | ||
Depreciation and amortization | 1,641 | 1,407 |
Stock compensation expense | 7,045 | 3,181 |
Amortization of premium on investments | 1,491 | 687 |
Loss on equity method investment | 254 | |
Changes in assets and liabilities: | ||
Accounts receivable | 60 | -73 |
Prepaid expenses, other current assets and other assets | -868 | -2,552 |
Accounts payable | -545 | -956 |
Accrued expenses, other current liabilities and other liabilities | 3,080 | 693 |
Net cash used in operating activities | -47,443 | -34,037 |
Cash flows from investing activities | ||
Purchase of available for sale investments | -385,244 | -167,577 |
Proceeds from sales and maturities available for sale investments | 136,000 | 90,650 |
Capital expenditures | -1,777 | -3,245 |
Restricted cash | 320 | |
Net cash used in investing activities | -251,021 | -79,852 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 308,708 | 200,925 |
Proceeds from exercise of stock options | 5,771 | 3,163 |
Payments for lease financing obligation | -79 | |
Net cash provided by financing activities | 314,400 | 204,088 |
Effect of exchange rates on cash | -12 | -5 |
Net increase in cash and equivalents | 15,924 | 90,194 |
Cash and equivalents at the beginning of period | 82,653 | 62,137 |
Cash and equivalents at the end of period | 98,577 | 152,331 |
Capitalization of construction in progress related to facility lease obligation | 1,574 | |
Capital expenditures incurred but not yet paid | $213 | $2,633 |
Nature_of_the_Business
Nature of the Business | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Nature of the Business | 1 | Nature of the Business |
Synageva BioPharma Corp. (Synageva or the Company) is a biopharmaceutical company focused on the discovery, development, and commercialization of therapeutic products for patients with rare diseases. The Company has a pipeline of protein therapeutic programs for rare diseases with unmet medical need which are currently at various stages of development. Synageva is currently planning for a global launch of its lead program, Kanuma™ (sebelipase alfa) for lysosomal acid lipase deficiency (LAL Deficiency). Kanuma is under regulatory review in the U.S., Europe, and Mexico. The Company also has an active investigational new drug application (IND) with the U.S. Food & Drug Administration (FDA) to evaluate its second program, SBC-103 a first-mover program for mucopolysaccharidosis IIIB (MPS IIIB, also known as Sanfilippo B syndrome). The Company is currently dosing patients with MPS IIIB in a Phase 1/2 study investigating intravenous administration of SBC-103 and plans to report preliminary data from this study in the second half of 2015. The Company’s third pipeline program, SBC-105, is a first-mover enzyme therapy in preclinical development for rare disorders of calcification. Synageva has additional first-mover and potentially bio-superior protein therapeutic pipeline programs for other rare diseases at different stages of preclinical development. Synageva owns the worldwide commercial rights to all of its pipeline programs. | ||
The Company’s business is subject to risks including those common to companies in the biopharmaceutical industry, such as the successful development of products, patient enrollment, clinical trial uncertainty, regulatory approval, manufacturing and supply disruption, fluctuations in operating results and financial risks, potential need for additional funding, protection of proprietary technology and patent risks, compliance with government regulations, dependence on key personnel, competition, appropriate commercial infrastructure, technological and medical risks and management of growth. | ||
The Company has incurred losses since inception and at March 31, 2015, had an accumulated deficit of $506.5 million. The Company expects to incur losses over the next several years as it continues to expand its drug discovery, development efforts and commercial activities. As a result of continuing losses, the Company may seek additional funding through a combination of public or private financing, collaborative relationships, licensing or other arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into new collaboration or license agreements. If the Company is unable to obtain additional funding on a timely basis, it may be required to curtail or terminate some or all of its development programs and commercialization plans, including some or all of its product candidates. | ||
Through March 31, 2015, the Company has funded its operations primarily from proceeds of the sale of stock, and to a lesser extent, royalty income and collaboration agreements. In January 2015, the Company completed an offering of 3.45 million shares of common stock and received net proceeds of $308.7 million. In addition to this financing, the Company received aggregate net proceeds of approximately $674.8 million from public equity offerings in fiscal 2014, 2013 and 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies |
Basis of Presentation | ||
The accompanying Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by the accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. The Financial Statements should therefore be read in conjunction with the Financial Statements and Notes thereto for the fiscal year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2015. | ||
The accompanying Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Financial Statements and accompanying disclosures. Although these estimates are based on the information reasonably available and actions that the Company may undertake in the future, actual results may be different from those estimates. The Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. | ||
Principles of Consolidation | ||
The Company’s consolidated financial statements include the accounts of Synageva and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Variable Interest Entities | ||
The Company identifies entities that (1) do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (2) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). The Company performs an initial and on-going evaluation of the entities with which the Company has variable interests to determine if any of these entities are a VIE. If an entity is identified as a VIE, the Company performs an assessment to determine whether the Company has both (1) the power to direct activities that most significantly impact the VIE’s economic performance and (2) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, the Company is identified as the primary beneficiary of the VIE. | ||
The Company determined that a strategic investment made and disclosed in the second quarter of 2014 was a VIE. The Company is not the primary beneficiary for this entity since it does not have the power to direct the activities that most significantly impact the economic performance of the VIE. This determination has not changed through March 31, 2015. | ||
Significant Accounting Policies | ||
There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2015, as compared to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies, of the Company’s financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2014. | ||
Recent Issued and Proposed Accounting Pronouncements | ||
In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the provisions of ASU 2014-15 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows. | ||
In May 2014, the FASB and the International Accounting Standards Board jointly issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The objective of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the first quarter of 2017. An entity can elect to adopt ASU 2014-09 using one of two methods, either full retrospective adoption to each prior reporting period, or recognizing the cumulative effect of adoption at the date of initial application. The Company is in the process of evaluating the new standard and does not know the effect, if any, ASU 2014-09 will have on the Consolidated Financial Statements or which adoption method will be used. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | 3 | Fair Value of Financial Instruments | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments purchased with a maturity date of 90 days or less at the date of purchase to be cash equivalents. At March 31, 2015 and December 31, 2014, all cash equivalents were U.S. treasury bills and amounts held in money market accounts at commercial banks. | |||||||||||||||||
Investments | |||||||||||||||||
All of the Company’s investments were classified as available-for-sale at March 31, 2015 and December 31, 2014. The principal amounts of short-term investments are summarized in the tables below: | |||||||||||||||||
Less Than 12 Months to Maturity | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | (Losses) | |||||||||||||||
Balance at March 31, 2015: | |||||||||||||||||
U.S. Treasury securities | $ | 612,105 | $ | — | $ | (121 | ) | $ | 611,984 | ||||||||
Total | $ | 612,105 | $ | — | $ | (121 | ) | $ | 611,984 | ||||||||
Balance at December 31, 2014: | |||||||||||||||||
U.S. Treasury securities | $ | 364,352 | $ | — | $ | (97 | ) | $ | 364,255 | ||||||||
Total | $ | 364,352 | $ | — | $ | (97 | ) | $ | 364,255 | ||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015: | |||||||||||||||||
March 31, | Quoted | Significant | Significant | ||||||||||||||
2015 | Price in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 53,100 | $ | — | $ | 53,100 | $ | — | |||||||||
US treasury securities | 31,024 | — | 31,024 | — | |||||||||||||
Marketable securities | |||||||||||||||||
US treasury securities | 611,984 | — | 611,984 | — | |||||||||||||
Total | $ | 696,108 | $ | — | $ | 696,108 | $ | — | |||||||||
Level 1 inputs are quoted prices in active markets for identical assets or liabilities and consist of cash on deposit. Items classified as Level 2 within the valuation hierarchy consist of U.S. government-related debt securities and money market funds. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. | |||||||||||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: | |||||||||||||||||
December 31, | Quoted | Significant | Significant | ||||||||||||||
2014 | Price in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 71,226 | $ | — | $ | 71,226 | $ | — | |||||||||
US treasury securities | — | — | — | — | |||||||||||||
Marketable securities | |||||||||||||||||
US treasury securities | 364,255 | — | 364,255 | — | |||||||||||||
Total | $ | 435,481 | $ | — | $ | 435,481 | $ | — | |||||||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Supplemental Balance Sheet Information | 4 | Supplemental Balance Sheet Information | |||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Prepaid clinical, manufacturing, and scientific costs | $ | 5,269 | $ | 4,081 | |||||
Interest receivable | 1,623 | 1,018 | |||||||
Prepaid insurance | 1,054 | 1,238 | |||||||
Other | 2,845 | 3,601 | |||||||
$ | 10,791 | $ | 9,938 | ||||||
Other non-current assets consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Restricted cash | $ | 2,151 | $ | 2,151 | |||||
Equity method investment | 1,744 | 2,000 | |||||||
Other | 140 | 123 | |||||||
$ | 4,035 | $ | 4,274 | ||||||
Restricted cash relates to deposits associated with construction activities at our new Bogart, GA facility and a long-term letter of credit associated with our headquarters in Lexington, MA. The equity method investment balance relates to an investment made in 2014. | |||||||||
Accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accrued compensation and benefits | $ | 4,608 | $ | 6,093 | |||||
Clinical, manufacturing and scientific costs | 14,352 | 12,140 | |||||||
Commercial and medical costs | 3,055 | 539 | |||||||
Professional fees | 1,653 | 1,131 | |||||||
Other | 1,133 | 1,807 | |||||||
$ | 24,801 | $ | 21,710 |
Share_Based_Payments
Share Based Payments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share Based Payments | 5 | Share Based Payments | |||||||||||||||
The Company’s 2014 Equity Incentive Plan (2014 Plan) replaced the Company’s 2005 Stock Plan as the equity compensation plan from which the Company may make equity based awards to employees, directors and consultants. The 2014 Plan provides for the issuance of up to 2.5 million shares of the Company’s common stock, plus up to 1.0 million of additional shares if awards under the 2005 Stock Plan are cancelled or expire. Shares subject to outstanding awards under the 2005 Stock Plan and 2014 Plan totaled 1.8 million and 1.4 million, respectively, as of March 31, 2015. At March 31, 2015, there were 1.3 million shares remaining available for grant under the 2014 Plan. | |||||||||||||||||
The Company uses the Black-Scholes option pricing model to measure the fair value of its option awards. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The expected life assumption is based on the limited exercise historical experience at the Company, management’s expectations based on the length of time that an employee will stay at the Company, the vesting period of four years and the contractual term of ten years. The Company estimates volatility using a blended approach encompassing: (i) historical experience and peer group (including industry, size, life cycle and financial leverage), and (ii) implied volatility from publicly traded options with the longest available contractual terms. The risk-free interest rate is based on the U.S. Treasury zero coupon rate with a remaining term approximating the expected term used as the input to the Black-Scholes option pricing model. | |||||||||||||||||
The Company also maintains an Employee Stock Purchase Plan (the ESPP), which allows eligible employees to use payroll deductions to purchase shares of the Company’s common stock at a discount of 15% to the lesser of the fair market value of the Company’s stock on (i) the date on which an employee elects to participate in the ESPP and (ii) the closing price on the last day of the ESPP option period. The plan is considered a compensatory employee stock purchase plan, results in incremental stock-based compensation expense in future periods. Option periods under the ESPP run from January 1 to June 30 and July 1 to December 31 of each year. | |||||||||||||||||
A summary of stock option activity under all equity plans for the three months ended March 31, 2015 is as follows: | |||||||||||||||||
Stock Options | Restricted Stock Units | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 3,256 | $ | 53.62 | 30 | $ | 63.11 | |||||||||||
Granted | 174 | 103.61 | — | — | |||||||||||||
Exercised | (176 | ) | 30.29 | — | — | ||||||||||||
Canceled or expired | (40 | ) | 77.45 | — | — | ||||||||||||
Outstanding at March 31, 2015 | 3,214 | $ | 57.3 | 30 | $ | 63.11 | |||||||||||
The Company recognized stock-based compensation expense on all stock option awards for the three months ended March 31, 2015 and 2014, as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Research and development | $ | 2,736 | $ | 1,467 | |||||||||||||
Selling, general and administrative | 4,309 | 1,714 | |||||||||||||||
$ | 7,045 | $ | 3,181 | ||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss | 6 | Accumulated Other Comprehensive Loss | |||||||||||
The following table summarizes the changes in accumulated other comprehensive loss, net of tax by component: | |||||||||||||
Unrealized | Translation | Total | |||||||||||
Loss on | Adjustments | ||||||||||||
Available | |||||||||||||
for Sale | |||||||||||||
Securities | |||||||||||||
Balance, as of December 31, 2014 | $ | (97 | ) | $ | (143 | ) | $ | (240 | ) | ||||
Other comprehensive loss before reclassifications | (24 | ) | (12 | ) | (36 | ) | |||||||
Net current period other comprehensive loss | $ | (24 | ) | $ | (12 | ) | $ | (36 | ) | ||||
Balance, as of March 31, 2015 | $ | (121 | ) | $ | (155 | ) | $ | (276 | ) |
Basic_and_Diluted_Net_Loss_per
Basic and Diluted Net Loss per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Basic and Diluted Net Loss per Common Share | 7 | Basic and Diluted Net Loss per Common Share | |||||||
Basic net loss per common share has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share, if applicable, has been computed by dividing diluted net income by the diluted number of shares outstanding during the period. Except where the result would be antidilutive to loss from continuing operations, diluted net loss per share has been computed assuming the exercise of stock options, as well as their related income tax effects. The following table sets forth the computation of basic and diluted net loss per common share: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (59,601 | ) | $ | (36,424 | ) | |||
Denominator | |||||||||
Weighted average common shares | |||||||||
Denominator for basic calculation | 36,495 | 31,338 | |||||||
Denominator for diluted calculation | 36,495 | 31,338 | |||||||
Net loss per share: | |||||||||
Basic | $ | (1.63 | ) | $ | (1.16 | ) | |||
Diluted | $ | (1.63 | ) | $ | (1.16 | ) | |||
The Company's potential dilutive stock options and restricted stock units have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average common stock outstanding used to calculate both basic and diluted net loss per share are the same. The following shares of potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as the effect of including such securities would be antidilutive: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Common stock equivalents | 3,244 | 2,574 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 8 | Commitments and Contingencies |
There have been no significant changes to the Company's commitments and contingencies and occupancy arrangements in the three months ended March 31, 2015, as compared to those disclosed in Note 10, "Commitments and Contingencies" included in our Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by the accounting principles generally accepted in the United States of America (U.S. GAAP) for complete financial statements. The Financial Statements should therefore be read in conjunction with the Financial Statements and Notes thereto for the fiscal year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2015. | |
The accompanying Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Financial Statements and accompanying disclosures. Although these estimates are based on the information reasonably available and actions that the Company may undertake in the future, actual results may be different from those estimates. The Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. | |
Principles of Consolidation | Principles of Consolidation |
The Company’s consolidated financial statements include the accounts of Synageva and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Variable Interest Entities | Variable Interest Entities |
The Company identifies entities that (1) do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (2) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). The Company performs an initial and on-going evaluation of the entities with which the Company has variable interests to determine if any of these entities are a VIE. If an entity is identified as a VIE, the Company performs an assessment to determine whether the Company has both (1) the power to direct activities that most significantly impact the VIE’s economic performance and (2) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, the Company is identified as the primary beneficiary of the VIE. | |
The Company determined that a strategic investment made and disclosed in the second quarter of 2014 was a VIE. The Company is not the primary beneficiary for this entity since it does not have the power to direct the activities that most significantly impact the economic performance of the VIE. This determination has not changed through March 31, 2015. | |
Significant Accounting Policies | Significant Accounting Policies |
There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2015, as compared to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies, of the Company’s financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2014. | |
Recently Issued and Proposed Accounting Pronouncements | Recent Issued and Proposed Accounting Pronouncements |
In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the provisions of ASU 2014-15 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows. | |
In May 2014, the FASB and the International Accounting Standards Board jointly issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The objective of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the first quarter of 2017. An entity can elect to adopt ASU 2014-09 using one of two methods, either full retrospective adoption to each prior reporting period, or recognizing the cumulative effect of adoption at the date of initial application. The Company is in the process of evaluating the new standard and does not know the effect, if any, ASU 2014-09 will have on the Consolidated Financial Statements or which adoption method will be used. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values | The principal amounts of short-term investments are summarized in the tables below: | ||||||||||||||||
Less Than 12 Months to Maturity | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | (Losses) | |||||||||||||||
Balance at March 31, 2015: | |||||||||||||||||
U.S. Treasury securities | $ | 612,105 | $ | — | $ | (121 | ) | $ | 611,984 | ||||||||
Total | $ | 612,105 | $ | — | $ | (121 | ) | $ | 611,984 | ||||||||
Balance at December 31, 2014: | |||||||||||||||||
U.S. Treasury securities | $ | 364,352 | $ | — | $ | (97 | ) | $ | 364,255 | ||||||||
Total | $ | 364,352 | $ | — | $ | (97 | ) | $ | 364,255 | ||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015: | ||||||||||||||||
March 31, | Quoted | Significant | Significant | ||||||||||||||
2015 | Price in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 53,100 | $ | — | $ | 53,100 | $ | — | |||||||||
US treasury securities | 31,024 | — | 31,024 | — | |||||||||||||
Marketable securities | |||||||||||||||||
US treasury securities | 611,984 | — | 611,984 | — | |||||||||||||
Total | $ | 696,108 | $ | — | $ | 696,108 | $ | — | |||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2014: | |||||||||||||||||
December 31, | Quoted | Significant | Significant | ||||||||||||||
2014 | Price in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 71,226 | $ | — | $ | 71,226 | $ | — | |||||||||
US treasury securities | — | — | — | — | |||||||||||||
Marketable securities | |||||||||||||||||
US treasury securities | 364,255 | — | 364,255 | — | |||||||||||||
Total | $ | 435,481 | $ | — | $ | 435,481 | $ | — |
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Prepaid clinical, manufacturing, and scientific costs | $ | 5,269 | $ | 4,081 | |||||
Interest receivable | 1,623 | 1,018 | |||||||
Prepaid insurance | 1,054 | 1,238 | |||||||
Other | 2,845 | 3,601 | |||||||
$ | 10,791 | $ | 9,938 | ||||||
Summary of Other Non-Current Assets | Other non-current assets consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Restricted cash | $ | 2,151 | $ | 2,151 | |||||
Equity method investment | 1,744 | 2,000 | |||||||
Other | 140 | 123 | |||||||
$ | 4,035 | $ | 4,274 | ||||||
Accrued Expenses | Accrued expenses consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Accrued compensation and benefits | $ | 4,608 | $ | 6,093 | |||||
Clinical, manufacturing and scientific costs | 14,352 | 12,140 | |||||||
Commercial and medical costs | 3,055 | 539 | |||||||
Professional fees | 1,653 | 1,131 | |||||||
Other | 1,133 | 1,807 | |||||||
$ | 24,801 | $ | 21,710 | ||||||
Share_Based_Payments_Tables
Share Based Payments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity under All Equity Plans | A summary of stock option activity under all equity plans for the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Stock Options | Restricted Stock Units | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 3,256 | $ | 53.62 | 30 | $ | 63.11 | |||||||||||
Granted | 174 | 103.61 | — | — | |||||||||||||
Exercised | (176 | ) | 30.29 | — | — | ||||||||||||
Canceled or expired | (40 | ) | 77.45 | — | — | ||||||||||||
Outstanding at March 31, 2015 | 3,214 | $ | 57.3 | 30 | $ | 63.11 | |||||||||||
Recognized Stock-Based Compensation Expense on all Stock Option Awards | The Company recognized stock-based compensation expense on all stock option awards for the three months ended March 31, 2015 and 2014, as follows: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Research and development | $ | 2,736 | $ | 1,467 | |||||||||||||
Selling, general and administrative | 4,309 | 1,714 | |||||||||||||||
$ | 7,045 | $ | 3,181 | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Component of Changes in Accumulated Other Comprehensive Loss, Net of Tax | The following table summarizes the changes in accumulated other comprehensive loss, net of tax by component: | ||||||||||||
Unrealized | Translation | Total | |||||||||||
Loss on | Adjustments | ||||||||||||
Available | |||||||||||||
for Sale | |||||||||||||
Securities | |||||||||||||
Balance, as of December 31, 2014 | $ | (97 | ) | $ | (143 | ) | $ | (240 | ) | ||||
Other comprehensive loss before reclassifications | (24 | ) | (12 | ) | (36 | ) | |||||||
Net current period other comprehensive loss | $ | (24 | ) | $ | (12 | ) | $ | (36 | ) | ||||
Balance, as of March 31, 2015 | $ | (121 | ) | $ | (155 | ) | $ | (276 | ) |
Basic_and_Diluted_Net_Loss_per1
Basic and Diluted Net Loss per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Net Loss Per Common Share | The following table sets forth the computation of basic and diluted net loss per common share: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net loss | $ | (59,601 | ) | $ | (36,424 | ) | |||
Denominator | |||||||||
Weighted average common shares | |||||||||
Denominator for basic calculation | 36,495 | 31,338 | |||||||
Denominator for diluted calculation | 36,495 | 31,338 | |||||||
Net loss per share: | |||||||||
Basic | $ | (1.63 | ) | $ | (1.16 | ) | |||
Diluted | $ | (1.63 | ) | $ | (1.16 | ) | |||
Computations of Diluted Weighted Average Shares Outstanding | The following shares of potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as the effect of including such securities would be antidilutive: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Common stock equivalents | 3,244 | 2,574 |
Nature_of_the_Business_Additio
Nature of the Business - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 |
Share data in Millions, unless otherwise specified | |||||
Nature Of Business [Line Items] | |||||
Accumulated deficit | ($506,488,000) | ($446,887,000) | |||
Net proceeds from public offering | 674,800,000 | 674,800,000 | 674,800,000 | ||
Public Offering Closing on March 2014 [Member] | |||||
Nature Of Business [Line Items] | |||||
Shares of common stock offered | 3.45 | ||||
Net proceeds from public offering | $308,700,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Amortized Cost and Estimated Fair Values (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $612,105 | $364,352 |
Unrealized Gains | 0 | 0 |
Unrealized (Losses) | -121 | -97 |
Fair Value | 611,984 | 364,255 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 612,105 | 364,352 |
Unrealized Gains | 0 | 0 |
Unrealized (Losses) | -121 | -97 |
Fair Value | $611,984 | $364,255 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Marketable securities | $611,984 | $364,255 |
Assets | 696,108 | 435,481 |
Money Market Fund [Member] | ||
Assets | ||
Cash equivalents-money market fund | 53,100 | 71,226 |
U.S. Treasury Securities [Member] | ||
Assets | ||
Cash equivalents-money market fund | 31,024 | |
US Treasury Securities Marketable Securities [Member] | ||
Assets | ||
Marketable securities | 611,984 | 364,255 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Assets | 696,108 | 435,481 |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Fund [Member] | ||
Assets | ||
Cash equivalents-money market fund | 53,100 | 71,226 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member] | ||
Assets | ||
Cash equivalents-money market fund | 31,024 | |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities Marketable Securities [Member] | ||
Assets | ||
Marketable securities | $611,984 | $364,255 |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information - Summary of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Prepaid clinical, manufacturing, and scientific costs | $5,269 | $4,081 |
Interest receivable | 1,623 | 1,018 |
Prepaid insurance | 1,054 | 1,238 |
Other | 2,845 | 3,601 |
Total | $10,791 | $9,938 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information - Summary of Other Non-Current Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Restricted cash | $2,151 | $2,151 |
Equity method investment | 1,744 | 2,000 |
Other | 140 | 123 |
Other assets | $4,035 | $4,274 |
Supplemental_Balance_Sheet_Inf4
Supplemental Balance Sheet Information - Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Accrued compensation and benefits | $4,608 | $6,093 |
Clinical, manufacturing and scientific costs | 14,352 | 12,140 |
Commercial and medical costs | 3,055 | 539 |
Professional fees | 1,653 | 1,131 |
Other | 1,133 | 1,807 |
Accrued liabilities, current | $24,801 | $21,710 |
Share_Based_Payments_Additiona
Share Based Payments - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shares subject to outstanding awards under the plan | 3,214,000 | 3,256,000 |
Vesting period | 4 years | |
Contractual term | 10 years | |
Treasury stock coupon rate | 0.00% | |
2014 Equity Incentive Plan [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Issuance of common stock | 2,500,000 | |
Shares subject to outstanding awards under the plan | 1,400,000 | |
Shares available for grant under the plan | 1,300,000 | |
2014 Equity Incentive Plan [Member] | Maximum [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Additional number of shares of common stock available for issuance | 1,000,000 | |
2005 Stock Plan [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shares subject to outstanding awards under the plan | 1,800,000 | |
Employee Stock Purchase Plan [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Common stock at a discount | 15.00% | |
Employee stock purchase plan option period, description | Option periods under the ESPP run from January 1 to June 30 and July 1 to December 31 of each year. |
Share_Based_Payments_Summary_o
Share Based Payments - Summary of Stock Option Activity under all Equity Plans (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Schedule Of Stock Option Activity [Line Items] | |
Beginning balance, Shares | 3,256 |
Granted, Shares | 174 |
Exercised, Shares | -176 |
Canceled or expired, Shares | -40 |
Ending balance, Shares | 3,214 |
Beginning balance, Weighted Average Exercise Price | $53.62 |
Granted, Weighted Average Exercise Price | $103.61 |
Exercised, Weighted Average Exercise Price | $30.29 |
Canceled or expired, Weighted Average Exercise Price | $77.45 |
Ending balance, Weighted Average Exercise Price | $57.30 |
Restricted Stock Units [Member] | |
Schedule Of Stock Option Activity [Line Items] | |
Beginning balance, Shares | 30 |
Granted, Shares | 0 |
Exercised, Shares | 0 |
Canceled or expired, Shares | 0 |
Ending balance, Shares | 30 |
Beginning balance, Weighted Average Grant Date Fair Value | $63.11 |
Granted, Weighted Average Grant Date Fair Value | $0 |
Exercised, Weighted Average Grant Date Fair Value | $0 |
Canceled or expired, Weighted Average Grant Date Fair Value | $0 |
Ending balance, Weighted Average Grant Date Fair Value | $63.11 |
Share_Based_Payments_Recognize
Share Based Payments - Recognized Stock-Based Compensation Expense on all Stock Option Awards (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total operating expenses | $7,045 | $3,181 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total operating expenses | 2,736 | 1,467 |
Selling, General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total operating expenses | $4,309 | $1,714 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Component of Changes in Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning, balance | ($240) | |
Other comprehensive loss before reclassifications | -36 | |
Net current period other comprehensive loss | -36 | 46 |
Ending, balance | -276 | |
Unrealized Loss on Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning, balance | -97 | |
Other comprehensive loss before reclassifications | -24 | |
Net current period other comprehensive loss | -24 | |
Ending, balance | -121 | |
Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning, balance | -143 | |
Other comprehensive loss before reclassifications | -12 | |
Net current period other comprehensive loss | -12 | |
Ending, balance | ($155) |
Basic_and_Diluted_Net_Loss_per2
Basic and Diluted Net Loss per Common Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($59,601) | ($36,424) |
Denominator | ||
Weighted average common shares, Denominator for basic calculation | 36,495 | 31,338 |
Weighted average common shares, Denominator for diluted calculation | 36,495 | 31,338 |
Net loss per share: | ||
Basic | ($1.63) | ($1.16) |
Diluted | ($1.63) | ($1.16) |
Basic_and_Diluted_Net_Loss_per3
Basic and Diluted Net Loss per Common Share - Computations of Diluted Weighted Average Shares Outstanding (Detail) (Equity Option [Member]) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,244 | 2,574 |