Foundation Medicine Announces 2013 Third Quarter Results
Clinical Test Volume Increased to more than 2,500 in the Period
Total Revenues Increased to
"Results in the third quarter demonstrate the growing enthusiasm in the marketplace for our fully informative genomic profile for use across all solid tumors," said
Total operating expenses for the third quarter of 2013 were
Net loss was
Third Quarter and Recent Enterprise Highlights
- The company raised
$111 million in net proceeds from its initial public offering (including the full exercise of the underwriters' overallotment) that priced onSeptember 24, 2013 . - More than 2,100 physicians have now ordered FoundationOne, and approximately 53% of orders in the third quarter came from community-based oncologists.
- The average turnaround time for FoundationOne is now approximately 14 days, down from approximately 21 days at the beginning of 2013. FoundationOne testing success rates continue to be greater than 95%.
- Results from a 24-month, multi-institution collaboration demonstrating the analytic validation of FoundationOne were published in the online edition of Nature Biotechnology.
- The company's second clinical product, FoundationOne Heme™ for hematologic malignancies, which is being developed in collaboration with
Memorial Sloan-Kettering Cancer Center , remains on track for introduction by early 2014. - The company completed a move to its new corporate headquarters, an approximately 62,000 square foot facility containing the company's
CLIA -certified clinical laboratory, R&D laboratory, and business operations.
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Foundation Medicine® is a registered trademark, and FoundationOne™ is a trademark, of
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the benefits to patients of next-generation sequencing of their tumors, the adoption of FoundationOneTM into routine clinical oncology practice, the increasing enthusiasm for products resulting from our molecular information platform, and the commercial launch of FoundationOne for hematologic malignancies. All such forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include the risks that FoundationOneTM and any subsequent products may never achieve significant commercial adoption or reimbursement support;
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| Condensed Statements of Operations | ||||||||||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| | | |||||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Revenue | $ | 8,208 | $ | 3,037 | $ | 19,328 | $ | 5,466 | ||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||
| Cost of revenue | 2,858 | 1,791 | 7,455 | 3,621 | ||||||||||||||||||||
| Selling and marketing | 3,038 | 849 | 7,724 | 2,196 | ||||||||||||||||||||
| General and administrative | 6,448 | 2,134 | 14,353 | 5,833 | ||||||||||||||||||||
| Research and development | 6,988 | 3,567 | 18,067 | 10,190 | ||||||||||||||||||||
| Total costs and expenses | 19,332 | 8,341 | 47,599 | 21,840 | ||||||||||||||||||||
| Loss from operations | (11,124 | ) | (5,304 | ) | (28,271 | ) | (16,374 | ) | ||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||
| Interest expense, net | (61 | ) | (104 | ) | (202 | ) | (325 | ) | ||||||||||||||||
| Other income (expense), net | (1,278 | ) | (81 | ) | (1,380 | ) | (134 | ) | ||||||||||||||||
| Total other income (expense), net | (1,339 | ) | (185 | ) | (1,582 | ) | (459 | ) | ||||||||||||||||
| Net loss | $ | (12,463 | ) | $ | (5,489 | ) | $ | (29,853 | ) | $ | (16,833 | ) | ||||||||||||
| Accretion of redeemable convertible preferred stock | (47 | ) | (78 | ) | (139 | ) | (239 | ) | ||||||||||||||||
| Net loss applicable to common stockholders | $ | (12,510 | ) | $ | (5,567 | ) | $ | (29,992 | ) | $ | (17,072 | ) | ||||||||||||
| Net loss per common share applicable to common stockholders, | ||||||||||||||||||||||||
| basic and diluted | $ | (3.51 | ) | $ | (2.39 | ) | $ | (9.50 | ) | $ | (8.43 | ) | ||||||||||||
| Weighted average common shares outstanding, basic and diluted | 3,565,302 | 2,331,075 | 3,158,013 | 2,025,764 | ||||||||||||||||||||
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| Condensed Balance Sheets | |||||||||||
| (In thousands, except share and per share data) | |||||||||||
| | | ||||||||||
| 2013 | 2012 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 137,927 | $ | 54,838 | |||||||
| Short-term restricted cash | 161 | - | |||||||||
| Accounts receivable | 4,437 | 2,195 | |||||||||
| Inventory | 942 | 803 | |||||||||
| Prepaid expenses and other current assets | 950 | 550 | |||||||||
| Total current assets | 144,417 | 58,386 | |||||||||
| Property and equipment, net | 19,480 | 7,465 | |||||||||
| Restricted cash | 1,725 | 161 | |||||||||
| Other assets | 54 | 27 | |||||||||
| Total assets | $ | 165,676 | $ | 66,039 | |||||||
| Liabilities, redeemable convertible preferred stock and | |||||||||||
| stockholders' equity (deficit) | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 3,339 | $ | 1,609 | |||||||
| Accrued expenses and other current liabilities | 5,022 | 3,463 | |||||||||
| Deferred revenue | 1,304 | 1,622 | |||||||||
| Current portion of deferred rent | 149 | 132 | |||||||||
| Current portion of notes payable | 1,540 | 1,704 | |||||||||
| Total current liabilities | 11,354 | 8,530 | |||||||||
| Other non-current liabilities | 11,677 | 2,248 | |||||||||
| Redeemable convertible preferred stock: | - | 98,658 | |||||||||
| Total stockholders' equity (deficit) | 142,645 | (43,397 | ) | ||||||||
| Total liabilities, redeemable convertible preferred stock and | $ | 165,676 | $ | 66,039 | |||||||
| stockholders' equity (deficit) | |||||||||||
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