Delaware | 001-35006 | 93-0979187 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
11500 S. Eastern Ave., Ste. 240, Henderson, NV | 89052 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Exhibit Description | ||
99.1 | |||
99.2 |
SPECTRUM PHARMACEUTICALS, INC. | |||
Date: | March 7, 2019 | By: | /s/ Kurt A. Gustafson |
Kurt A. Gustafson Executive Vice President and Chief Financial Officer |
Historical | Pro Forma Adjustments | Pro Forma | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 157,480 | $ | 154,764 | (a) | $ | 312,244 | ||||
Restricted cash | — | 4,000 | (a) | 4,000 | |||||||
Marketable securities | 46,508 | — | 46,508 | ||||||||
Accounts receivable, net of allowance for doubtful accounts of $67 | 29,873 | — | 29,873 | ||||||||
Other receivables | 3,698 | — | 3,698 | ||||||||
Inventories | 3,550 | (3,550 | ) | (b) | — | ||||||
Prepaid expenses and other assets | 9,579 | (2,006 | ) | (b) | 7,573 | ||||||
Total current assets | 250,688 | 153,208 | 403,896 | ||||||||
Property and equipment, net of accumulated depreciation | 385 | — | 385 | ||||||||
Intangible assets, net of accumulated amortization | 111,594 | (111,594 | ) | (b) | — | ||||||
Goodwill | 18,061 | (18,061 | ) | (b) | — | ||||||
Other assets | 10,158 | (2,970 | ) | (b) | 7,188 | ||||||
Total assets | $ | 390,886 | $ | 20,583 | $ | 411,469 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and other accrued liabilities | $ | 69,460 | $ | — | $ | 69,460 | |||||
Accrued payroll and benefits | 9,853 | — | 9,853 | ||||||||
Contract liabilities | 4,850 | — | 4,850 | ||||||||
FOLOTYN development liability | 2,311 | (2,311 | ) | (b) | — | ||||||
Total current liabilities | 86,474 | (2,311 | ) | 84,163 | |||||||
FOLOTYN development liability, less current portion | 9,686 | (9,686 | ) | (b) | — | ||||||
Acquisition-related contingent obligations | 4,345 | (4,345 | ) | (b) | — | ||||||
Deferred tax liabilities | 1,469 | (1,469 | ) | (e) | — | ||||||
Other long-term liabilities | 5,650 | — | 5,650 | ||||||||
Total liabilities | 107,624 | (17,811 | ) | 89,813 | |||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | — | — | — | ||||||||
Common stock, $0.001 par value; 300,000,000 shares authorized; 110,525,141 issued and outstanding at December 31, 2018 | 110 | — | 110 | ||||||||
Additional paid-in capital | 886,740 | — | 886,740 | ||||||||
Accumulated other comprehensive loss | (3,702 | ) | — | (3,702 | ) | ||||||
Accumulated deficit | (599,886 | ) | 38,394 | (c) | (561,492 | ) | |||||
Total stockholders’ equity | 283,262 | 38,394 | 321,656 | ||||||||
Total liabilities and stockholders’ equity | $ | 390,886 | $ | 20,583 | $ | 411,469 |
Historical | Pro Forma Adjustments | Pro Forma | |||||||||
(d) | |||||||||||
Revenues: | |||||||||||
Product sales, net | $ | 104,466 | $ | (104,466 | ) | $ | — | ||||
License fees and service revenue | 4,867 | (4,867 | ) | — | |||||||
Total revenues | 109,333 | (109,333 | ) | — | |||||||
Operating costs and expenses: | |||||||||||
Cost of sales (excludes amortization of intangible assets) | 26,756 | (26,756 | ) | — | |||||||
Selling, general and administrative | 90,700 | (28,010 | ) | 62,690 | |||||||
Research and development | 94,956 | (19,799 | ) | 75,157 | |||||||
Amortization of intangible assets | 28,098 | (28,098 | ) | — | |||||||
Total operating costs and expenses | 240,510 | (102,663 | ) | 137,847 | |||||||
Loss from continuing operations | (131,177 | ) | (6,670 | ) | (137,847 | ) | |||||
Other income (expense): | |||||||||||
Interest expense, net | (340 | ) | — | (340 | ) | ||||||
Change in fair value of contingent consideration related to acquisitions | 1,927 | (1,927 | ) | — | |||||||
Other income, net | 9,580 | — | 9,580 | ||||||||
Total other income | 11,167 | (1,927 | ) | 9,240 | |||||||
Loss from continuing operations before income taxes | (120,010 | ) | (8,597 | ) | (128,607 | ) | |||||
(Provision) benefit for income taxes from continuing operations | (1 | ) | 30 | (e) | 29 | ||||||
Net loss from continuing operations | $ | (120,011 | ) | $ | (8,567 | ) | $ | (128,578 | ) | ||
Net loss per share from continuing operations: | |||||||||||
Basic | $ | (1.16 | ) | $ | (0.08 | ) | $ | (1.24 | ) | ||
Diluted | $ | (1.16 | ) | $ | (0.08 | ) | $ | (1.24 | ) | ||
Weighted average shares outstanding: | |||||||||||
Basic | 103,305,911 | 103,305,911 | |||||||||
Diluted | 103,305,911 | 103,305,911 |
Historical | Pro Forma Adjustments | Pro Forma | |||||||||
Revenues: | (d) | ||||||||||
Product sales, net | $ | 116,178 | $ | (116,178 | ) | $ | — | ||||
License fees and service revenue | 12,189 | (12,189 | ) | — | |||||||
Total revenues | 128,367 | (128,367 | ) | — | |||||||
Operating costs and expenses: | |||||||||||
Cost of sales (excludes amortization of intangible assets) | 42,859 | (42,859 | ) | — | |||||||
Cost of service revenue | 4,359 | (4,359 | ) | — | |||||||
Selling, general and administrative | 84,267 | (19,508 | ) | 64,759 | |||||||
Research and development | 65,895 | (14,370 | ) | 51,525 | |||||||
Amortization of intangible assets | 27,647 | (27,647 | ) | — | |||||||
Total operating costs and expenses | 225,027 | (108,743 | ) | 116,284 | |||||||
Loss from continuing operations | (96,660 | ) | (19,624 | ) | (116,284 | ) | |||||
Other (expense) income: | |||||||||||
Interest expense, net | (6,798 | ) | — | (6,798 | ) | ||||||
Change in fair value of contingent consideration related to acquisitions | (4,957 | ) | 4,957 | — | |||||||
Other income, net | 389 | — | 389 | ||||||||
Total other income (expenses) | (11,366 | ) | 4,957 | (6,409 | ) | ||||||
Loss from continuing operations before income taxes | (108,026 | ) | (14,667 | ) | (122,693 | ) | |||||
Benefit for income taxes from continuing operations | 16,778 | (5,233 | ) | (e) | 11,545 | ||||||
Net loss from continuing operations | $ | (91,248 | ) | $ | (19,900 | ) | $ | (111,148 | ) | ||
Net loss per share from continuing operations: | |||||||||||
Basic | $ | (1.07 | ) | $ | (0.24 | ) | $ | (1.31 | ) | ||
Diluted | $ | (1.07 | ) | $ | (0.24 | ) | $ | (1.31 | ) | ||
Weighted average shares outstanding: | |||||||||||
Basic | 85,115,592 | 85,115,592 | |||||||||
Diluted | 85,115,592 | 85,115,592 |
Historical | Pro Forma Adjustments | Pro Forma | |||||||||
Revenues: | (d) | ||||||||||
Product sales, net | $ | 128,596 | $ | (128,596 | ) | $ | — | ||||
License fees and service revenue | 17,848 | (17,848 | ) | — | |||||||
Total revenues | 146,444 | (146,444 | ) | — | |||||||
Operating costs and expenses: | |||||||||||
Cost of sales (excludes amortization of intangible assets) | 27,953 | (27,953 | ) | — | |||||||
Cost of service revenue | 7,890 | (7,890 | ) | — | |||||||
Selling, general and administrative | 88,418 | (28,096 | ) | 60,322 | |||||||
Research and development | 59,123 | (16,688 | ) | 42,435 | |||||||
Amortization of intangible assets | 25,946 | (25,946 | ) | — | |||||||
Total operating costs and expenses | 209,330 | (106,573 | ) | 102,757 | |||||||
Loss from continuing operations | (62,886 | ) | (39,871 | ) | (102,757 | ) | |||||
Other (expense) income: | |||||||||||
Interest expense, net | (9,435 | ) | — | (9,435 | ) | ||||||
Change in fair value of contingent consideration related to acquisitions | (649 | ) | 649 | — | |||||||
Other income, net | 887 | — | 887 | ||||||||
Total other (expense) income | (9,197 | ) | 649 | (8,548 | ) | ||||||
Loss from continuing operations before income taxes | (72,083 | ) | (39,222 | ) | (111,305 | ) | |||||
Benefit for income taxes from continuing operations | 2,313 | (96 | ) | (e) | 2,217 | ||||||
Net loss from continuing operations | $ | (69,770 | ) | $ | (39,318 | ) | $ | (109,088 | ) | ||
Net loss per share from continuing operations: | |||||||||||
Basic | $ | (0.96 | ) | $ | (0.54 | ) | $ | (1.50 | ) | ||
Diluted | $ | (0.96 | ) | $ | (0.54 | ) | $ | (1.50 | ) | ||
Weighted average shares outstanding: | |||||||||||
Basic | 72,824,070 | 72,824,070 | |||||||||
Diluted | 72,824,070 | 72,824,070 |