| Consolidated Statement of Operations |
Consolidated Statement of Operations (in thousands, except share data)
|
|
|
for the six
months to
December 31,
2015
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
8,979
|
|
|
Operating expenses
|
|
|
|
|
Research and development
|
|
(24,244
|
)
|
|
General and administrative
|
|
(11,145
|
)
|
|
|
|
|
|
|
Total operating expenses
|
|
(35,389
|
)
|
|
|
|
|
|
|
Operating loss
|
|
(26,410
|
)
|
|
Interest income
|
|
489
|
|
|
Other income, net
|
|
2,866
|
|
|
|
|
|
|
|
Total other income, net
|
|
3,355
|
|
|
Loss before income taxes
|
|
(23,055
|
)
|
|
Income taxes
|
|
55
|
|
|
|
|
|
|
|
Net loss
|
|
(23,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary share basic and diluted
|
|
$
|
(0.05
|
)
|
|
| Consolidated Balance Sheet |
Consolidated Balance Sheet (in thousands)
|
|
|
December 31,
2015
|
|
June 30,
2015
|
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
194,263
|
|
$
|
229,046
|
|
|
Short-term deposits
|
|
54,620
|
|
55,292
|
|
|
Accounts receivable, net of allowance for doubtful accounts of $- and $-
|
|
744
|
|
4
|
|
|
Other current assets and prepaid expenses
|
|
13,420
|
|
10,740
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
263,047
|
|
295,082
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
4,508
|
|
—
|
|
|
Clinical materials
|
|
4,736
|
|
—
|
|
|
Property, plant and equipment, net
|
|
13,225
|
|
5,571
|
|
|
Intangibles, net
|
|
305
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
285,821
|
|
$
|
300,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ equity
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
7,884
|
|
$
|
1,982
|
|
|
Accrued expenses and other accrued liabilities
|
|
7,518
|
|
3,877
|
|
|
Deferred revenue
|
|
12,487
|
|
20,906
|
|
|
|
|
|
|
|
|
|
|
|
27,889
|
|
26,765
|
|
|
|
|
|
|
|
|
|
Deferred revenue, less current portion
|
|
22,939
|
|
14,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
50,828
|
|
41,650
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common stock - Ordinary shares par value £0.001
|
|
682
|
|
682
|
|
|
Additional paid in capital
|
|
332,363
|
|
328,795
|
|
|
Accumulated other comprehensive loss
|
|
(8,139
|
)
|
(3,561
|
)
|
|
Accumulated deficit
|
|
(89,913
|
)
|
(66,913
|
)
|
|
|
|
|
|
|
|
|
Total equity
|
|
234,993
|
|
259,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
285,821
|
|
$
|
300,653
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Statement of Cash Flows |
Consolidated Statement of Cash flows (in thousands)
|
|
|
for the six months
to
December 31,
2015
|
|
|
Cash flows from operating activities
|
|
|
|
|
Net loss
|
|
$
|
(23,000
|
)
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
Depreciation
|
|
1,176
|
|
|
Amortization
|
|
69
|
|
|
Share-based compensation expense
|
|
3,566
|
|
|
Unrealized foreign exchange gains
|
|
(2,866
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Increase in receivables and operating assets
|
|
(4,242
|
)
|
|
Increase in non-current operating assets
|
|
(4,736
|
)
|
|
Increase in payables and deferred revenue
|
|
11,971
|
|
|
|
|
|
|
|
Net cash used in operating activities
|
|
(18,062
|
)
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
Acquisition of property, plant and equipment
|
|
(9,628
|
)
|
|
Acquisition of intangibles
|
|
(210
|
)
|
|
Movements in restricted cash
|
|
(4,666
|
)
|
|
Maturity of short-term deposits
|
|
16,645
|
|
|
Investment in short-term deposits
|
|
(16,645
|
)
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
(14,504
|
)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
—
|
|
|
|
|
|
|
|
Effect of currency exchange rate changes on cash and cash equivalents
|
|
(2,217
|
)
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(34,783
|
)
|
|
Cash and cash equivalents at start of period
|
|
229,046
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
194,263
|
|
|
|
|
|
|
|
|